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ATOM · 5w

An Introduction to BitCanna - AMA Recap 6/10

Two weeks ago we got the opportunity to get some insight straight from **Jan Scheele, the CEO of BitCanna.** Bitcanna's mainnet is set to launch very soon, and it will be a clever addition to the Cosmos Ecosystem. **Background** The global cannabis industry has been inhibited by regulatory restrictions for most of recent history, but the legal market has emerged rapidly as more governments legalize medical and recreational use. Due to the ‘shady’ image of the business, most banks, credit card companies, and payment providers won’t handle the money generated by the cannabis industry, even in places where it is completely legal. This leads to inefficient and costly solutions such as high bank fees and cash transactions, which only add to the shady image of the industry. **What problems does BitCanna solve?** In the interview, Jan mentions that there are 3 major issues with the cannabis industry as it stands. There are some businesses that exist but don't have access to banking systems for their revenue. Sometimes the origins of a product can be unclear. Reputation Management He goes on to explain how BitCanna is, “A fast and decentral network (5s blocktime in our new Cosmos network) to settle payments both on- and offline instantly. No more cash problems for unbanked cannabis businesses. A supply chain layer built on our network to track the origin of legal cannabis products to improve transparency and product quality; clear insight into production, transportation and financial flow of the market. A trust & reputation layer; including a business analytical tool, inventory management, loyalty program, secure identity platform, rate and review system.” **BitCanna Is A Utility token.** Jan was quick to point out that BitCanna is not intended to be a digital currency; it is a utility token that can be “used as a unit of account between consumers, businesses, and can be utilized directly by all users of the BitCanna platform. The BitCanna platform will be utilize...
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