PotCoin is a permissible, secure digital currency banking and financial network that enables transactions on the legal cannabis industry. The cryptocurrency has been created to simplify communication and transactions amongst the marijuana fanatics. The PotCoin members can send the digital coins over the web to purchase, sell, interact and grow the cannabis. It is a Canada-based decentralized network.
The purpose of the effort is to provide a safe, scalable, cost-efficient decentralized banking and payment structure. It has created a unique cryptocurrency POT for this fast-growing industry with the aim of eliminating the use of cash and encouraging the consumers to collect and use the digital money. Potcoin was developed first in the year 2014
PotCoin wallets can be downloaded on the desktops. A Potcoin mobile wallet also has been announced for the Windows and iOS users a few months back. The mobile app called Potwallet app is now available for the Windows users and the iOS version is likely to come up soon.
There are a few exchanges where the POT trading can be done. The investors can buy and sell Potcoins by cash, PayPal, Bitcoin, money transfers, and other cryptocurrencies. All the transactions and dealings can be done without using any centralized banking network. This cuts down the bank charges that are levied by the clearing houses for money transfers.
POT is transferred directly from one consumer to another over the internet They can be used in almost all the countries and the account cannot be suspended or blocked. So, this makes Potcoins safe to use for buying products, pay for services and much more. The PotCoin software is open-source and highly secured with robust encryption. The peer-to-peer cryptocurrency has been released under the MIT/XII license and is built like the Litecoin for the Marijuana industry. POT has a block time of 40 seconds and a block reward of 210 Potcoins.
Potcoin uses the Proof of Stake system (POSV). It has a total supply of 420 million POT. The rewards are transferred instantly and consumers, by staking, earn an interest rate of 5%. Users can sync their desktop computers and have complete control over their money and are rewarded with more POT. The coins are accepted by the traders for all products and services. The developers are looking to improve the network with a new app and create a new system for the new users.
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