The BitCanna

FAQ

All your questions

in one place

General FAQ

BitCanna is an initiative by the cannabis industry, for the cannabis industry. The main goal is to build a digital ancillary platform that will contribute to the maturing of the industry and support the exponential growth that’s predicted. 

With the current exponential growth of both the global cannabis industry and blockchain technology, there is a potential partnership that stands to benefit both. Within the cannabis industry, there is a growing demand for payment solutions, track & traceability of crops, and trust mechanisms. BitCanna is combining the best of all worlds, addressing each of these problems through the launch of its blockchain platform and associated cryptocurrency.

BitCanna is well-placed to benefit from this growing industry. The company will have direct integration with some of the largest online and offline cannabis shops when it launches in Q3 2019, including big names like Barney’s Farm, Royal Queen Seeds and Spliff Seeds amongst others. 

Bitcanna is an initiative from leaders in the European cannabis industry. With their shared interest they are committed to providing the best solution to address the challenges that are currently holding back the cannabis industry. The ultimate goal is to open up the restrained business attitude of the current market in order to earn back trust from consumers, regulators and financial institutes.

The BitCanna coin is not a digital currency, it is a utility token. It 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 utilized for more than basic peer-to-peer financial transactions. Bitcoin would not enable this distinct, in-platform problem solving. Using the dedicated BitCanna network allows for a better scalable solution than any other blockchain platform could offer. The BitCanna platform will gain traction (adoption) by network effects. By marketing BitCanna as the blockchain platform for the cannabis industry, this binds the community and will continually strengthen the network.

Nobody owns the BitCanna network. BitCanna is controlled by all the BitCanna users around the world.

The BitCanna coin (BCNA) is a utility token that acts as a means of exchange and the unit of account on the BitCanna blockchain between consumers, businesses, and can be utilized directly by all users of the BitCanna platform.

Purchase BCNA coins at a cryptocurrency exchange. 

The BitCanna cryptocurrency BCNA is listed for trading on the Coindeal Exchange. https://coindeal.com/

 

Earn BCNA by staking your coins.

The BitCanna protocol runs a proof-of-Stake consensus algorithm, in contrary to Bitcoin’s Proof-of-Work. In PoS, the nodes are known as the ‘validators’ and, rather than mining the blockchain, they validate the transactions to earn a transaction fee. This is done by ‘proving’ your stake to the network of nodes. The more coins you stake, the better chance you have at successfully creating a block.

 

Accept BitCanna as payment for goods or services.

The easiest way for Businesses to acquire BCNA coins is to implement BCNA as a payment solution. If you are operating as a cannabis related business, we’d like to invite you to join our Alliance.

BitCanna will have 3 types of wallets where you can store your BCNA coins. A full node wallet, a lite wallet and a mobile wallet.

The full node wallet and the desktop lite wallet are available for download here.

The mobile wallet is planned for release in Q4 2019.

A staking node, or ‘Full Node’ is a program that operates on the network by validating transactions and blocks, and relaying them. The node wallet syncs with the blockchain, and stores a live version of the BitCanna blockchain on your device. This requires some disk space as it is obligatory to download the blockchain’s data. While having your node connected to the network you actively participate in the maintenance and security of the network. You will be rewarded accordingly for your contribution by means of the staking rewards.

All that is needed to stake your coins is an active internet connection, enough storage space to save the blockchain data and some BCNA coins.

BitCanna aims to offer a 5-10% annual stake reward of BitCanna coins. The exact rewards depend on the number of active nodes in the network and the amount of coins that are staked. The reward system will be actively monitored and if it needs correcting, this will be done accordingly. The goal is to create an efficient network that incentivizes its participants correctly.

For more information about the reward structure in the BitCanna Network, more information is available on the Masternodes page.

The lite wallet is an easy-to-use desktop wallet that provides a secure way to store your BCNA coins, and has its primary focus on easy receiving and sending BCNA coins. The lite wallet is significantly smaller in size (storage space required) than the node wallet as it does not store a copy of the blockchain on your device. However, you won’t be able to produce staking rewards by storing your coins in the lite wallet. 

The BitCanna mainnet is launched with an initial supply of 382.162.276 BCNA coins. Every block new coins are generated. This process is in place so that participants are rewarded by the network for their services. The nodes in the network are processing transactions, creating blocks and checking if the data in the blocks is valid. The BitCanna protocol is designed in such a way that new BCNA coins are created at a fixed rate per block. The maximum coin supply of BitCanna will be 420.000.000 BCNA coins.

Coins don’t get lost, they always remain on the blockchain. However the keys that provide the rights to transact the coins can be lost. When a user loses access to the wallet, it basically has the effect of removing money out of circulation. The BCNA coins remain dormant forever because there is no way for anybody to find the private key(s) that would allow them to be spent again.

Therefore it is VERY IMPORTANT to backup your keys accordingly and we highly recommended to read the wallet guide that describes best practices.

These coins are generated and flow towards the community fund. Eventually the community of Masternodes is able to vote on budget proposals and dictate fund allocation.

Primarily, the proposals will be themed among efforts to increase the number of users of the BitCanna network. E.g. the coins generated into the community fund can be used to incentivize users on the platform. At a later stage, provided that we have sufficient volume for the BCNA coin, the budget can be used to fund proposals surrounding strategy and development that benefit all the community’s stakeholders.

You can contact the BitCanna team directly via Telegram, e-mail, send us a DM on Twitter, or leave a message in the contact form.

Telegram – https://t.me/bitcannaglobal

E-mail – [email protected]

Twitter – https://twitter.com/BitCannaGlobal

With all the  developments that lie ahead in the coming months, we are busy with BitCanna to scale up in various areas. We are therefore looking for a number of enthusiasts who want to join our team. Specifically, we are looking for implementation for the following full-time positions on location (Eindhoven/ ‘s-Hertogenbosch region):

  • Customer Support
  • Marketing Manager
  • Front-End Developer

For more information checkout the Jobs page.

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Masternode FAQ

A masternode is a type of full node that offers various services to the network and is compensated by the network for this service. Masternodes run on dedicated servers, this significantly improves network stability and security. In addition, Masternodes ensure instant transactions on the BitCanna blockchain.

There is not a cap to the number of masternodes. If the network gets crowded with masternodes the rewards per masternode decreases and causes the number of masternodes to also gradually decrease and vise versa. This economic system will balance out in a natural way.

To run a Masternode there are some requirements. First there is an entry barrier in the form of collateral of 100.000 BCNA coins. The collateral never leaves the user’s possession, it can be moved at any time, however doing so will disconnect the Masternode from the network. To run a Masternode, the following is required:
•    Masternode collateral: 100.000 BitCanna
•    A VPS or server to host the wallet 24/7
•    A Dedicated IP address
•    Storage space to save all blockchain data

The initial release of the Mainnet will exclusively offer the option for Masternodes in the Linux version of the Node wallet.

The 100.000 BitCanna collateral is used as a type of “trust” for the network. The collateral serves to prevent Sybil attacks on the network, whereby an attacker could create numerous masternodes and interfere with network operations. Nodes with so called ‘skin in the game’ are therefore less likely to act maliciously. The more Masternodes that are active in the network, the higher the cost of such an attack.

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Crowdsale FAQ

As of the 30th of July you will be able to download the wallet an claim your coins in the ICO panel. For more information read the ‘how to claim your coins’ guide.

If you are not able to claim your BCNA coins in the ICO panel, please contact us either via e-mail:[email protected] or contact the support team on Telegram:https://t.me/bitcannaglobal.

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