“Almost all companies in the cannabis industry have problems with payments,” said Leonoor, BitCanna’s community admin. “It is difficult for buyers and sellers of cannabis products to have a fixed currency in this market. Suppliers deal with different global currencies, and most do not have access to a bank account.”
BitCanna allows everyone in this industry to essentially pay with the same currency.
It goes further than buying a joint with crypto. From the growers to the cbd industry; the entire cannabis world can reap the benefits of BitCanna. It is my largest holding company and I believe in the use case of our crypto and its blockchain.
Polkadot and Cosmos
In addition to BitCanna, Leonoor also invests in Polkadot (DOT) and Cosmos (ATOM), and that has to do with their use case; connecting blockchains together.
“They both do pretty much the same thing, but what I find striking about this is that Cosmos (ATOM) is significantly undervalued in its price. Polkadot (DOT) has good marketing, but they don’t have an active chain yet, while Cosmos has already proven that. People don’t realize this yet.”
Polkadot has a market capitalization of approximately $19.17 billion at the time of writing. While Cosmos has a capitalization of 2.66 billion. A difference of around 16 billion euros.
The BitCanna network now runs on a fork of the bitcoin blockchain. As a result, the crypto has fast transactions and there are already two partners in the Netherlands where you can pay with BitCanna. Still, BitCanna chose to soon switch to the blockchain of one of Leonoor’s favorite coins: Cosmos.
Cosmos was built to allow blockchains to connect and communicate with each other in a so-called ‘inter blockchain’. According to Leonoor, this is where the most of all blockchains are developed. “In the pilot phase of BitCanna on the Cosmos chain, it has already been possible to send other tokens over the BitCanna network and vice versa,” she says.
The same applies to data. This allows people to record their identity on a blockchain and transfer it to other blockchains at any time. For example, you can transfer your identity – which you have stored on the BitCanna network by means of your driver's license, for example – to the blockchain with which, for example, the coffee shop works. For example, these types of companies, which require age verification, can read from that blockchain whether someone is allowed to buy weed.
The cannabis market
Despite the positive outlook for the crypto token, BitCanna is dealing with the fact that it represents a certain market. “The cannabis industry doesn’t have the best image,” Leonoor says. “This means that you sometimes have opposition that other companies do not have to deal with, but we go for quality instead of quantity and speed.”
Nevertheless, successes are being achieved with this token for the cannabis supply chain. For example, Android has a wallet app from Bitcanna, and recently it is also in Apple’s app store. “That was a nice gesture. One of the largest US companies to recognize BitCanna,” she says.
Whether BitCanna would save the cannabis market from payment problems is open to question. But the fact is that BitCanna is moving into two fast-growing markets: cannabis and crypto. In this they have built up a large network of partners who see a future in the token, so that a little Dutch pride is not misplaced.
Chatting with and asking questions to Leonoor about the developments of BitCanna, Cosmos and other things related to crypto? Then feel free to knock on Leonoor’s digital door in our Discord community.