Supporting a thriving ecosystem, layer five will provide essential functionality designed for cannabis consumers across the globe. Add in advanced tools specifically for businesses, and BitCanna firmly cements its position as an all-encompassing solution for the cannabis industry.
Layer Five and Beyond
Although layer five signifies the final stage of BitCanna’s infrastructure, it will unify the previous three layers with the launch of purpose-built applications. To be an absolute solution, BitCanna needs to have functionality beyond that of just being a payment platform. It is the application layer that provides a level of usability all cannabis consumers and business will be able to take advantage of.
Several principles and systems have been put in place to encourage a self-sustaining network. What’s more, the incentives awarded for active network participation will not only drive continued use, but the rewards become greater as more users join. For BitCanna, success breeds success.
Building a Sustainable Ecosystem
The level of capability offered by any cryptocurrency is wholly irrelevant if there is not an engaged community to use it. While ICO’s, private sales, and token discounts support the growth needed to establish a blockchain, building and keeping users incentivised, still proves to be one of the crypto markets most significant challenges.
The “network effect” is a term used to describe the positive effect on a blockchain ecosystem when the number of users increases. With BitCanna, the annual stake reward, part of the proof of stake consensus, increases based on the number of active nodes. Starting at 5%, BitCanna aims to offer up to 10% as a block reward in line with community growth. BitCanna’s goal to sustain the network effect continues with the use of governance and budgeting via masternodes.
BitCanna will retain 10% of each block reward. Then, those that are running masternodes will have the option to vote on future development of the BitCanna blockchain. The investment collected from block rewards will be used to fund and implement the changes approved by the community. Again, as the number of users and transactions increases, so too does the block reward. More substantial block rewards equal significant investment in future development. BitCanna will be self-fulling, able to invest in the latest technologies and stay at the forefront of the cannabis industries needs.
The final means of incentive comes via the BitCanna platform. It will act as an exclusive tool for advertising and marketing. BCNA incentives will exist for both businesses and their customers.
Functionality for all
Throughout BitCanna’s development, we have always been focused on the creation of tools that satisfy the needs of all cannabis-related parties. Whether you shop online, or in the high street, BitCanna’s payment platform will be available. If you are a distributor, seed producer, e-commerce business, influencer, or grower, again, BitCanna has built tools exclusively to support you.
The biggest stumbling block of other major cryptocurrencies is that the use of their token in everyday scenarios is simply too complicated. In conjunction with the launch of BitCanna’s mainnet, users will have immediate access to a desktop-based lite wallet and a node wallet. Both will allow the storage of BCNA, with the latter enabling access to stake rewards. Shortly after, a revolutionary mobile wallet will launch. In the UK alone, 38 million people accessed funds via a mobile banking app. The desires of cannabis consumers are no different. You want to be able to access your balance anywhere and pay using QR technology. With BitCanna, that is precisely what you get.
The BitCanna mobile app also forms the gateway to several other incredible features. In line with the timescales set out by the BitCanna roadmap, mobile identity, database, customer reviews, BitCanna maps, adverts, loyalty programs and a product scanner will also be integrated.
A mobile app that goes further
Mobile identity acts as a link between your exclusive BitCanna ID and the network. Any identification needed in dispensaries can also be verified via mobile identity. Once a user identity has been approved, they will have access to the industries largest database. It will store the information of hundreds of dispensaries and over 15,000 products. Unsure what the circumstances are of a particular strain? Access the database from your phone and check all the relevant qualities in an instant.
Acting as a natural extension of the database, verified and vetted customer reviews will tell you exactly what the community thinks of a product. While the BitCanna maps will point in the direction of dispensaries and vendors that accept BitCanna tokens. If you are after a potent indica, or an uplifting sativa merely enter your preferences and the BitCanna map will guide you to the nearest approved seller. Finally, the product scanner can be used in brick and mortar locations to give access to a wealth of information. Thanks to the supply chain layer, producer, location, timestamps and quality certificates can all be accessed with ease.
The BitCanna loyalty program and the advertisements initiative, although part of the BitCanna mobile app, are also intrinsically linked with the BitCanna platform. Bringing all of the tools together, details of the BitCanna platform are below.
A modular design allows the business functions to be implemented as their development is completed. Once the full suite is available, companies can pick and choose the tools that matter the most to them.
Much like the wallet options, applications will be phased. Version 1.0 of BitCanna business will contain the online plugins necessary to accept BitCanna tokens. Shortly after similar plugins for hardware will be released providing high street stores and dispensaries with the same privileges. The last essential module, one that will be used by all commercial parties, is an identity verifier. This will allow the hashed BitCanna identification of customers.
The remaining three modules, while not essential for business users, will permit fantastic improvements in efficiency. This refinement in process will see cost savings across multiple business sectors. Inventory management will vastly improve the visibility of stock as it moves through the supply chain. Armed with the relevant information, businesses can make informed decisions on stock holding. The aim is to help companies minimise stock loss. Only what is needed can be ordered rather than holding too much inventory, or risk selling out.
The details of BitCanna’s compliance tools have been covered in length as part of the overview of layer three, the supply chain. In principle, businesses can verify the origins, integrity, and quality of any product on the network.
The final optional module, analytics, will feed directly into the BitCanna platform. As long as a customer agrees, analytical information will be available to merchants based on shopping preference and the location of BitCanna users. Client-specific product recommendations and advertising will become a vital tool in increasing overall customer spending.
Unifying all the application features listed above, the BitCanna platform is an extension accessible to both consumers and businesses. Designed exclusively as an incentive platform, it supports the growth of BitCanna’s userbase. Rewards will be the accumulation of BitCanna tokens based on participation. That participation includes watching adverts on your mobile, repeat purchases, and leaving a legitimate review. In the preliminary stages of BitCanna’s launch, BitCanna alliance partners can also offer enhanced services to early adopters of the network. For example, price reductions when using BCNA, bonus products linked to a total basket spend, and free samples.
Throughout every stage of a nodes interaction with the network, there are small but crucial incentives. These will drive customers to the network, keep them engaged, and encourage the user base to grow even further. In doing so, the token value, and the block rewards increase, again, compelling wave after wave of contribution from cannabis consumers. BitCanna is developing tools that matter. They offer real-world functionality that will improve efficiency, workflow and access to cannabis-related products. With all five layers of BitCanna’s infrastructure covered, all that remains now is to become an early adopter of BitCanna to reap fantastic rewards. With the public sale now open, what are you waiting for?!