Bitcoin ‘Too Slow’ for Cannabis Industry Until Block Size Changes
Bitcoinist spoke with CSO and Founder Kevin McKernan, whose company Medicinal Genomics has successfully put cannabis strains on the Bitcoin Blockchain. He explains how strains are actually traced, why his company chose Bitcoin, and why he believes Bitcoin is currently “too slow” if not “useless” for cannabis dispensaries as a currency. Kevin McKernan: ‘Bitcoin is a Battery of Trust’. Bitcoinist: First, how do you actually put “strains on the Bitcoin blockchain”? Kevin McKernan (KM): We take the sequence files (VCF or variant call format) and run SHASUM on the files to generate a SHA-256....
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Colorado, a US state known for its liberal regulation of cannabis, is now going to host the Crypto Cannabis Conference on October 24th & 25th, 2015. The organizers expect the attendance from the best minds in the cannabis industry who will discuss the pros and cons of Bitcoin for the cannabis industry. Inviting the best minds in the Bitcoin world, Crypto Cannabis Conference organizers don’t charge any registration fees. People involved in the legal cannabis business have a lot of advantages if they use Bitcoin, and this conference explores those advantages. Similarly, the organizations....
Potcoin is helping legal cannabis sales to have a simplified method of transaction. With many places in the world having legal cannabis sales, including some states in the USA legalizing cannabis, PotCoin has a nice growing merchant-base for accepting Potcoins for payment. Potcoin Review. Market Cap: $812,348. Maximum coins issued: 420M POT. Hash algorithm: Scrypt. PoW or PoS: PoW. Is it able to be mined: Yes. Exchanges: Cryptsy, SwissCEX, HashFlo, BitTrex, MintPal. Block explorer: PotChain. Launch date: January 21st, 2014. What is the coin's purpose? The newly legalized Marijuana industry....
Cannabis and crypto go a long way. They share the same “high” and miseries. Still a taboo in many countries, the U.S. Cannabis industry sees cryptocurrency as its saving grace after being declined by the traditional banking sector. Being ignored by banks is just one of the many gnawing hurdles that the weed industry is […]
This week, bitcoin Jesus Roger Ver weighed in on the block size debate stating that the block size limit should be increased if it is technologically achievable. Specifically, Ver tweeted: The block size debate has been underway for some time now and a lot of developers including Bitcoin Core Developers and the Bitcoin community are getting exasperated with the current impasse. In addition, many developers are now spending a lot of time and money seeking alternative solutions. If every 1MB block were always full, it would take over 55 years to fill my new HD. Let's raise the block size....
Bitcoin payment processor Bitnet has indicated it is willing to implement block-increase proposals other than BIP (Bitcoin Improvement Proposal) 101. This makes Bitnet the third signatory of the industry letter supporting BIP 101 that indicates that it is open to alternative proposals. Bitnet co-founder and CTO Stephen McNamara told Bitcoin Magazine that he is still convinced that the block-size limit must be increased sooner rather than later. While the industry letter sent out in August of this year expressed support for BIP 101, which increases the block-size limit to 8 megabytes and....