ICO Analysis: BitCanna
The cannabis and crypto industries share many similar qualities. Both are practically brand new, both are extremely controversial, both shine with the potential to change the world, and both are consistently being held down by “The Man.” As banks, credit card companies, and PayPal all continue to deny working with Bitcoin and Cannabis, new ICO BitCanna has come up with a solution for the Cannabis industry. Use crypto to bypass the bank, and use their own distributed ledger to track all the products from seed to sale to help legitimize the industry
“At BitCanna, we are looking to change the way cannabis does business. For too long have things been in a grey area, both retailers and users acting with uncertainty. BitCanna changes this, offering an easy way to establish trust back into the market and give regulators an avenue to regulate”
Starting in Europe, BitCanna will provide a decentralized payment network, with masternodes and POS rewards, for the legal cannabis industry. Customers can use BCNA tokens to make instant purchases in online and brick & mortar dispensaries.
BitCanna will be created in 3 phases, taking around 3 years.
Phase 1: Global Payment Solution (Q1 2017 – Q4 2019)
- Create a decentralized payment network for the cannabis industry. The main goal is to provide an alternative, cost-efficient payment solution besides cash, for unbanked businesses.
- The mainnet will go live directly after the ICO’s time limit is reached, July 1st 2019.
- Mobile wallet, instant transactions. Payment runs directly from customer to merchants, no middlemen.
- Compliance with local regulations. Blockchain ledger allows for true transparency for govt and financial inspections/regulations
Phase 2: Supply Chain (Q1 2020- Q4 2020)
- Integrate mainnet with the supply chain layer.
- Track and trace monitoring functionalities for the entire supply chain of cannabis.
- Distributed ledger will provide all users with a clear insight into the production, transportation, and financial aspects. This will benefit producers, distributors, shippers, government agencies, and consumers.
Phase 3: Trust and Reputation (Q1 2021 – Q2 2021)
- A trust and reputation layer will be integrated into the blockchain.
- All Sorts of apps will be developed to incentivize the network, improve business efficiency and transparency, and enhance customer experience.
- Business analytical tools, inventory management, loyalty programs.
- Secure identity platform.
- Shop and product review and rating system.
What it looks like, 5 layers to the tech.
BCNA token will be used for all transactions on the blockchain. It will be a POS coin with masternodes.
In order to allow for almost instant transactions, they will have 60-second block times. Block reward distribution will be 50% Masternodes, 40% Proof of Stake and 10% Project proposals.
The token will inflate by 10%, decreasing over time until it hits 0%, at which time the system will slowly transition into a transaction-fee-only model.
- 60% Crowdsale
- 15% Team/Advisors
- 15% Future business dev and market expansion
- 10% Marketing Campaign
Use of Funds:
- 40% Product Development
- 30% Marketing
- 20% Unexpected operational costs
- 5% Legal
- 5% Reserved for unexpected costs.
This is one of the largest teams reviewed. There are 19 members listed in the whitepaper, most from the Netherlands, but then they have 13 blockchain engineer/developers living in Ukraine.
Boy Ramsaha i- Founder. Popular guy in the Euro Cannabis culture. Organized several international fairs around the world. 1991, founded High Life and Soft Secrets, 2 popular Cannabis magazines. Founder of Royal Queen Seeds, one of the biggest cannabis seed banks in the world, with 7 brand stores. Also owns a CBD lab in Switzerland. Has over “250 people on the payroll” of his different companies.
Jan Scheele – CEO. Has spent 7 years as Partner/Director at Strabico, an event services company with 2-10 employees, in Amsterdam. 17 years as Director at Caesus, a web development site with 11-50 employees. TedTalk Netherlands host.
Jack Janssen – CFO. Current Business Controller at 4 different companies. Royal Queen Seeds, cannabis seed/oil producing company. Yuqo (30 employees), Cibdol AG (8 employees), and International Blockchain Solutions (parent company of BitCanna?)
Paulo Ramos (CTO), Is the leader of the development team.
Four law advisors round out the team.
There isn’t too much hype around this yet, but it’s still very early. They have a lot of business and media partnerships
In order to get this project running, the team decided to create a network of allies/partners called BitCanna Alliance.
BitCanna Alliance is a strategic initiative formed by leaders in the European cannabis industry. It’s currently made up of some of the most prominent seed banks and cannabis dispensary firms in Europe, serving more than 10 million unique visitors every month. There are over 20 businesses already signed on including some big players; Cibdol (a leading online CBD shop), Zamnesia (biggest online smart and seed shop in Europe), and Royal Queen Seeds (one of the biggest global seed brands.)
- The 20 team members listed in their whitepaper lack blockchain experience. However, supposedly they have a team of 13 senior developers working constantly on the project in Ukraine. “They choose to remain anonymous for their own respective reasons.” -1
- There’s going to be a 10% inflation rate, which will over time work its way down to 0%, but is simply too much. -2
- It won’t be fully developed until Q2 2021. If the token price crashes, which it just might because of 10% inflation, they will run out of funds. -1.5
- If Cannabis gets legalized throughout the entire EU, this coin could lose its purpose. -1
- No MVP, and their GitHub is not very active at all. -1
- As you can see below, it isn’t exactly hard to get into the BitCanna Alliance. And it comes with only benefits to any business that signs up. It’s not like a binding long-term commitment or anything. -1
- The BitCanna alliance is impressive. Denmark’s Leading Online Grow Shop, leading euro CBD shop, etc.. +3
- Huge, exploding billion dollar industry, and everyone wants a piece. +4
- To protect the privacy of consumers, they will develop BitCanna ID where once your id is established, it will be encrypted and hashed, giving customers and sellers identity without having to give out any personal info. +2
- The BitCanna Alliance are currently in Europe. The goal is to expand to the US market and even worldwide once a solid foundation has been built. +2
- Passive income: Masternodes and proof of stake offer large rewards, starting out at 10% inflation.+2
- They are being advised by 4 separate lawyers. +1
The cannabis blockchain competition is not very tough yet. If BitCanna has a successful ICO and mainnet launch, they will probably be the best canna crypto on the market. However, the 30% discount for getting in 8 months early is most definitely not worth the risk. If interested, check on them sometime June 2019. 5.5/10
- Symbol: BCNA
- Blockchain: BitCanna
- Total Supply: 651 million
- Initial Supply: 420 million
- Available for Sale: 252 million
- Hardcap: $20 million
- Softcap: $3 million
- Presale: Nov 1st – Nov 14th ($0.09 per BCNA)
- Public Sale: Nov 15th- July 1, 2019 ($0.12 per BCNA)
- Website: https://www.bitcanna.io/
- Whitepaper: https://www.bitcanna.io/whitepaper/
- Whitelist: https://ico.bitcanna.io/register
- Github: https://github.com/BitCannaGlobal
- Telegram: https://t.me/joinchat/F4JfThITJB3cU-uaCwtKlQ
All unsold tokens will be burned
Featured image courtesy of Shutterstock.