Cannabis-focused crypto network enables IBC and announces listing on Osmosis DEX

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Cannabis-focused crypto network enables IBC and announces listing on Osmosis DEX

Inter-blockchain technology takes independent chains and shapes them into a network, as seen by a cryptocurrency team focused on cannabis-related industries.

A close look at the world around us would reveal a series of interconnected networks, both man made and in nature, from society to the plant world and even extending as far as the internet. To maintain functionality, each operates with its own rules. However, what makes each of these networks so powerful is the nodes that, when cooperating, can achieve more, faster and with greater efficiency. A truth that also rings true for the blockchain.

This is where Cosmos comes into play. Cosmos was designed to build bridges between blockchains that previously operated as isolated islands, enabling them to communicate and trade freely instead. These bridges are a part of a protocol known as IBC (inter-blockchain communication), which has many similarities to the internet. Like the internet connects the server to the users, with TCP/IP, IBC uses a similar method to ensure messages are being delivered. With so much potential to offer, “the internet of blockchains” is what caught BitCanna’s attention.

Earlier, BitCanna revealed why they made the switch to Cosmos, in part for its low transaction fees and faster payments. Now, the same team harnessing the power of the blockchain to create equal opportunities for all cannabis-related industries has taken this partnership and turned it into a number of promising announcements for its users. Moreover, this IBC-enabled blockchain was said to be exactly what the team was looking for in its provisions of opportunities to scale and engage in additional partnerships.

Among them is the platform being listed on Osmosis decentralized exchange (DEX). Upon this release, two key pairings are made available, including (ATOM/BCNA) and (BCNA/OSMO). Alongside this listing is the release of a liquidity pool. For users, the main advantage is that they will receive a percentage of the trading fees equal to their share in the pool, even if the prices remain stable.

In light of these updates, El-Jay, the New Balance validator, shares,

“Experiencing Bitcanna’s transition to the new IBC-enabled blockchain and discovering all the possibilities that the Cosmos ecosystem has to offer, it’s hard to withhold my excitement. As a validator in the BitCanna network from the start, I’m super excited to learn what the future will hold for BitCanna.”

A vesting commitment

As noted in a previous article, BitCanna looks to the blockchain to solve some of the discrepancies between the industry’s high standards and the questions that outsiders often raise. With the transparency that the blockchain provides, BitCanna is then positioned to serve as proof of the quality and legitimacy of the product, eliminating any thoughts of a “sketchy” industry.

However, this commitment is not one that can be achieved overnight. To prove the project’s commitment to the community, BitCanna has since vested 73.5 million of their 127 million total tokens to build a decentralized network that spans across the legal cannabis industry. When these coins are vested, they become “locked” or “untransferable.”

Therefore, while the original owners still hold these tokens and can delegate or vote, coins cannot be moved, drastically reducing the selling pressure of the coin. In this case, the remaining 53.5 million tokens that are unvested will continue to be used to incentivize liquidity and increase the trading volume on the platform.

BitCanna has also partnered with Cosmostation, an end-user application developer and enterprise-level validator node operator. In partnership, BitCanna will be listed on both the Cosmostation web wallet, explorer and mobile wallet, enabling BCNA holders to transfer and stake their assets easily and participate in governance opportunities. Together, users can expect applications with a user interface and user experience that further improves the overall accessibility of the network and its appeal to the industry as a whole.

Running the test

The BitCanna Journey started back in 2017, following the end of the “bull market,” when cryptocurrency popularity was at an all-time low. Regardless, BitCanna has grown into a large and supportive community, which includes an extensive test net and IBC-enabled blockchain with more than 70 active validators already. These efforts are said to be followed by enabling the platform’s payment method for more legal cannabis webshops and the introduction of their supply chain layer.

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you with all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor can this article be considered as investment advice.

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