As BitCanna is new to the Cosmos community, we wanted to make a proper introduction. And what better way to do so than with an AMA (Ask Me Anything) with BitCanna CEO, Jan Scheele. This AMA was hosted on June 10th on the subreddit /r/Cosmosnetwork, a community with over 30,000 Cosmos enthusiasts.
Over the course of this one-hour-long AMA, some great questions were asked, ranging from a general introduction to what problems BitCanna aims to solve within the legal cannabis industry. Jan explained that BitCanna aims to tackle 3 major issues within the industry: unbanked business, unclear origin of product, and reputation. And, that this will be achieved with a:
• Decentralised payment network that handles transactions with a blocktime of ~5 seconds, implemented both in online and offline business within the industry.
• Supply chain layer to track the origin of the product, improving transparency and product quality and giving clear insight into production, transportation, and financial flow of the market.
• Trust & reputation layer; including a business analytics tool, inventory management, loyalty program, secure identity platform, and a rate & review system.
As detailed by Jan, we have already made some impressive achievements toward reaching these goals. To state a few, we have over 1,000 full node wallets and roughly 100 masternodes running and supporting the current BitCanna network. Combine this with an up-and-running payment system at Zamnesia and Royal Queen Seeds—some of the largest names within the industry—processing over 500 transactions per month, and over 75 other confirmed cannabis businesses ready to implement the payment system. For users, a fully functional mobile wallet is downloadable from the Google Play Store and the App Store.
What were the main reasons for switching to a Cosmos-based chain?
“We were exploring Polkadot and decided not to use it because Cosmos provides us with more freedom for development”. Another major factor in this decision is the large and active community Cosmos has; an ecosystem with tight communication between all projects and great opportunities for IBC was the deciding factor.
When is the launch date?
“We actually launched 2 years ago!”. During this time, the team has developed a working chain with a fully operational payment system and gained some serious traction within the industry.
However, the Cosmos-based BitCanna chain is currently being tested by professional validators, staking organisations, and experienced Cosmos users. The aim is to launch before September with our brand-new Cosmos-based blockchain.
There were also some questions about what Jan himself looked forward to the most, and what impact he hoped BitCanna could have in the future.
“In recent years, I’ve spoken with numerous organisations in the sector and listened to all of the problems they face… and we are tackling these with our platform. Really having an impact, supporting organisations to keep growing, offering new ways of getting in touch with (new) customers… It is great to see we actually CAN have a huge impact”.
The launch of our Cosmos-based chain enables us to roll out the BitCanna payment system on a large scale within the industry. As BitCanna systems rapidly expand and spread within the market, so will the positive impact.
Over the course of the hour-long AMA, we received great questions, warm welcomes, and very kind words on the project. Anyone who missed the AMA can read the entire thread on Reddit here. If you are interested in joining the public testnet, or simply want to stay in touch with us, please join our community on Telegram and Discord!
Keep an eye on our socials as we have some exciting news coming your way.