We have already seen BitCanna, the Dutch blockchain and cryptocurrency for the global legal cannabis industry, several times here at Crypto Insiders. At the beginning of the year, we examined the ad of the new cosmosbased network to which it will migrate. This moment is finally here! Today the new BitCanna blockchain goes live.
What this means for the network
The current (old) blockchain is based on BitCoin/Dash technology and with this transition to Cosmos, the BitCanna blockchain will take a leap in time. After the transition to Cosmos, the network will go from being a proof of stake yet Delegated Proof of Stake (DPoS) block chain.
This means that it is possible for everyone to start with of strike within the network. Data and transactions are controlled by a limited number validators which are chosen based on the number of currencies they manage. This amount is made up of the validator’s own currencies and the amount assigned by the delegates or strikers. As a result, each holder of BCNA coins have a say in who validates the data within the network. As a reward for temporarily allocating coins, you will receive rewards in the form of BCNA coins.
Where it has already engaged with some big names in the industry, Cosmos’ technology will contribute to the scalability of the BitCanna Pay payment platform. It will also contribute to future developments as mentioned on BitCanna’s road map; where it strives to be a supply chain and a reputation/review module for the cannabis industry.
Cosmos also brings various benefits related to Inter Blockchain Communication (IBC). Cosmos, the technology on which the new string of BitCanna acts as an ecosystem within the blockchain space† Different blockchains based on Cosmos technology can effortlessly communicate with each other.
The network can communicate with other chains outside the Cosmos ecosystem through bridgeswhich, as its name suggests, unites different networks, such as the Ethereum network.
This direct communication makes trading at BCNA much easier and available to a wider audience. This can be done via decentralized exchangeswhat’s more by dex such as Osmosis and Gravity DEX.
What does this transition mean for BCNA holders?
As the project changes underlying technology that does not communicate with each other, a currency exchange occur. Here, the coins of the current network are exchanged or exchanged for the same amount of coins in the new network.
If your coins are on the Coinmerce exchange, no action is required. These coins are automatically exchanged for the new Cosmos-based coins.
when you are a master node runs on the network or has coins elsewhere, it is possible and necessary to exchange your coins through BitCanna web wallet.
Don’t panic, this exchange period will be open for a long time.
The web wallet is expected to be available to everyone from the first week of October. From this web wallet it is also possible to bet your new BCNA coins within the network. The network will be launched in phases to stabilize the blockchain. look at launch procedure for all information about this release.
One exciting piece of news the team has shared is the announcement of a burn coins† Coinburn is a common term within the world of cryptocurrencies. This means that the coins will be taken out of circulation so that the circulating supply decreases For a blockchain project, there are several reasons why you might choose to have a coin burn take place. The reasons that the BitCanna team mentions are; increase scarcity, create value for BCNA holders, and increase decentralization.
As the team behind BitCanna has release it will 25 million burning coins from the current circulating supply of some 397 million coins. Therefore, this is a decrease of approximately ~6.3%. The blockchain transition provides the opportunity for this, and BitCanna makes optimal use of this.
The coins that are burned come from your own team’s wallets. This coin burn will take place at the same time as the transition to the Cosmos network.
In short, a series of great developments for this project on Dutch soil. Stay up to date on the project by following its channels on Telegram† Discord Y Twitter†