The world around us today is interconnected as it spans natural and man-made forms. And no, it is not leaving the internet behind. To make functionality a sustainable process, each network has its standing rules. But what brings the best out of these networks is the collaboration between them. This helps them achieve more with great speed. The same holds for the reality behind blockchain.
This is the standpoint from which Cosmos plays a significant role. Cosmos is a network built to connect blockchains. As a result, no single blockchain will be an isolated island again, and communication will be accessible across networks. Likewise, users can trade efficiently across networks via Cosmos.
This interconnection is termed “bridges,” They are a unit of a protocol called inter-blockchain communication (IBC). IBC has a lot of similar features as the internet. IBC leverages the same method internet uses to deliver messages across networks. Due to these potential benefits, IBC is presenting the blockchain ecosystem, BitCanna — a platform leveraging blockchain to create opportunities in the cannabis industry — gears its attention towards it.
As part of BitCanna’s revelation of moving to Cosmos, they mentioned that low transaction fees and payments occurring at the speed of light are one of those reasons the platform appeals to them. This company maximizing blockchain for the cannabis-related ecosystem is advancing its partnership for more users’ benefits.
The team revealed that the blockchain-backed by IBC is their focal point for the partnership. They believe it will scale up their partnership opportunities and engage suitable entities. Another significant development is the listing of BitCanna on Osmosis decentralized exchange (DEX).
Test of Commitment
As mentioned earlier by BitCanna, they are moving to the Cosmos network to dissolve the discrepancies in the industry. They want to ensure that the problems of high standards are solved, and outsiders’ questions receive answers while leveraging blockchain capacity.
As a result of blockchain transparency, BitCanna is becoming the platform for the industry to certify product quality. Likewise, this proves the legitimacy of such a product while removing skepticism within the industry. And this cannot be an overnight success for BitCanna. This has led BitCanna to invest about 60% of its tokens towards building a decentralized network.
This network crosses across every nook and cranny of the legal cannabis industry. Upon vesting these coins, they lock them in an inaccessible wallet or become untransferable. This is one of the ways BitCanna can establish its commitment to the legal cannabis community.
In the meantime, the selling demand for the coin is reducing because the coins are not moving despite the original owners holding onto these coins, which their holding right can only make them vote. As a result, the remaining 40% unvested tokens will bring more incentives to the liquidity state and increase the rate at which traders execute trade orders on the platform.
To keep making transactions and payments accessible for the cannabis industry, BitCanna signed a partnership with Cosmostation. Their collaboration will make listing BitCanna successful on the Cosmostation web or mobile wallet and explorer. And the benefit of this partnership is that holders will be able to transfer their assets across platforms and involve in governance opportunities.
With all of these, there is a further appeal to the industry because users can now have access to a platform with a quality user experience and user interface that gets optimized to improve network accessibility.
The Test of Time and Sustainability
The BitCanna network has stood the test of time and proven its credibility since it began in 2017. This was after the bull run that occurred in the crypto market following the popular all-time low of the market. Since then, BitCanna has become a growing community that supports the cannabis industry. This involves leveraging extensive test net and initiating blockchains that are IBC-enabled with over 70 validators.
With different efforts from BitCanna, webshops in the legal cannabis industry can now integrate the platform’s payment system to allow consumers to make easy payments and ease the supply chain process.