A closer look at the world around us will reveal a number of interconnected networks created by both human hands and nature, from society to the plant world and even extended to the Internet. To maintain jobs, everyone works according to their own rules. However, what makes each of these networks so powerful are the nodes that, when connected, can achieve more, faster and more efficiently. A fact that is also relevant to the blockchain.
This is where the universe comes into the picture. Cosmos is designed to build bridges between blockchains that previously served as isolated islands, allowing them to communicate and trade freely. These bridges are part of a protocol known as IBC (Inter-Block Communication), which has much in common with the Internet. Just as the Internet connects a server to users using TCP / IP, IBC uses a similar method to ensure that messages are delivered. With so much potential, the “blockchain internet” is what caught the attention of BitCanna.
BitCanna previously revealed why it switched to Cosmos, in part due to lower transaction fees and faster payments. Now the same team that harnesses the power of the blockchain to create a level playing field for all the cannabis-related industries has taken this partnership and turned it into a series of promising announcements for their users. In addition, the IBC-backed blockchain was said to be exactly what the team looked at in its offerings for expansion opportunities and participation in further partnerships.
Among them is a platform listed on the Decentralized Osmosis Exchange (DEX). Following this release, two key pairs are available, including (ATOM / BCNA) and (BCNA / OSMO). In addition to this listing, there is the liquidity pool problem. For users, the main advantage is that they will receive a percentage of trading commissions equal to their share of the pool, even if prices remain stable.
In light of these updates, El Jay shares the new balance sheet:
“Watching Bitcanna move to the new IBC-enabled blockchain and discover all the possibilities that the Cosmos ecosystem offers, it was difficult to hold back my excitement. As an accountant in the BitCanna network from the start, I’m glad to know that the future holder for BitCanna. »
Duty of ownership
As mentioned in a previous article, BitCanna uses the blockchain to bridge some of the contradictions between high industry standards and questions often asked by outsiders. Through the openness that blockchain provides, BitCanna can serve as proof of the quality and legitimacy of a product, eliminating any notion of a superficial industry.
However, this obligation cannot be fulfilled overnight. To demonstrate the project’s commitment to society, BitCanna has since pumped 73.5 million out of 127 million tokens to create a decentralized network that covers the entire legal cannabis industry. When these currencies are converted, they become “locked” or “non-convertible”.
Thus, while the original owners still own these tokens and can delegate or vote, the coins cannot be transferred, which significantly reduces the pressure to sell the coin. In this case, the remaining 53.5 million uninvested tokens will continue to be used to stimulate liquidity and increase trading volume on the platform.
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BitCanna has also partnered with Cosmostation, an enterprise-class end-user application developer and validator node operator. As part of the partnership, BitCanna will appear in Cosmostation’s web wallet, browser and mobile wallet, allowing BCNA holders to easily transfer and host their assets and share management capabilities. Together, users can look forward to UI and UI applications that enhance overall network availability and industry appeal as a whole.
BitCanna’s journey began in 2017, after the end of a bull market, when the popularity of cryptocurrency was at a low level. However, BitCanna has grown into a large and supportive community that includes an extensive test network and blockchain supported by IBC with more than 70 active validators. These efforts are said to be followed by the inclusion of a payment method in the platform for more legitimate online cannabis stores and the implementation of their supply chain level.