PotCoin – An Analysis
PotCoin is a fork of the Litecoin project, i.e., the source code comes from the Litecoin, and launched in 2014 by three Canadian developers. PotCoin provides banking solution for the legal Marijuana industry that suffers lack of banking support.
Many traditional banking institutions do not support the Marijuana dispensaries, which is a problem in terms of cash handling. And prone to robberies.
The decentralized and blockchain backed PotCoin will act as a proxy service to handle money. Also, the platform has a rewards program to encourage users, a seed bank to ensure supply for farmers, and shop that sells energy drinks for fiat or PotCoin.
The currency symbol is POT. Total supply limit is 420 million tokens, and the current supply is over 218 million. UQUID is a service that provides Crypto debit cards, where you can load POT and can spend or withdraw money all around the globe.
The official PotCoin website provides the detailed information about various online and desktop wallets
Moreover, you can earn an approximately 5% annual interest rate by staking the PotCoin using the desktop QT wallet. Interest calculation will start after eight hours from the time you received or made any transaction. Alternatively, you can separately store the stake coins so that your day-to-day transaction will not affect the interest period.
How to get POT?
CPU, GPU, and ASICs are useful for mining. The mining algorithm changed from Scrypt to POSV (Proof-Of-Stake-Velocity) algorithm at the block number 975,000. The average blocktime is 40 seconds.
Block reward halves for every 250,000 blocks. The current reward is 210 POT along with transaction fees.
Poloniex and Bittrex are the popular exchanges trading POT.
Colorado and Washington states of U.S.A have legalized the medical Marijuana. So, the PotCoin is set up for helping thousands of people suffering from Migraines to buy Marijuana easily.