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POT [2] is a peer-to-peer cryptocurrency which exists with the aim of becoming the standard form of payment for the legalized cannabis industry. PotCoin is not managed by any central authority and provides a decentralised solution for the transfer of value. PotCoin was released on January 21, , via GitHub by three entrepreneurs from Montreal, Canada , who hoped to create a cryptocurrency that would be adopted by the legal cannabis industry across the world.
The nicknames of PotCoin developers are Hasoshi, Mr. Jones and Smokemon On February 17, Chronic Star Medical, a supplier of cannabis foods , was the first merchant to announce they would be accepting PotCoin as a form of payment. On April 19, , PotCoin witnessed a dramatic rise in price, taking its market capitalization over 1 million USD [12] for the first time, fuelled by excitement around the April 20th counterculture holiday.
On April 20, PotCoin experienced its first major crash with the value halving in one day due to speculation by investors. Additional details are available on www. Early showed difficult times for Potcoin. The original development team broke apart and left for various reasons. At this point the community tried to rally Potcoin away from death as a community-driven coin. PotLabs, a group of people who had helped to develop many things for Potcoin in the early years, took charge of the push to keep Potcoin alive and moving forward.
On August 23, , Potlabs released an update for Potcoin, one that was very anticipated. Over the next few weeks there were some issues with the network getting up to speed. Many cryptocurrency exchanges also froze their Potcoin wallets waiting to see what would happen. Within a few weeks the network began to get up to speed and when exchanges were notified they began to unfreeze their wallets allowing normal transactions to resume. Much like Bitcoin , PotCoin is based on a public ledger known as a blockchain.
The initial block reward the number of coins rewarded for solving a block whilst mining was set at PotCoins but on June 1, , the block reward was halved and currently [ when? On August 23, Potcoin changed mining algorithms from Scrypt to POSV, a proof of stake algorithm designed to reward not only the ownership of coins but also transactions.
A PotCoin cryptocurrency wallet is used to store, send and receive PotCoin and is the equivalent of a physical wallet for transactions. Addresses are generated with a private key which can be used to redeem wallet contents and a public key which must be used by the payer to send PotCoins to the payee's wallet.
The public key is a unique identifier of 26—34 alphanumeric characters and is commonly known as one's address. PotCoin wallets can be desktop software or mobile application or can be hosted on the Internet. PotCoin-Qt is an open-source PotCoin client that can be used as a desktop client for regular payments or as a server utility for merchants and other payment services.
Electrum-Pot is an open-source wallet that can be used as an alternative to PotCoin-Qt. The Electrum wallet differs in that a remote server is used and so an end-user does not need to download the blockchain.
A single wallet can also be used on numerous devices by using a secret seed. There are numerous online services dedicated to hosting PotCoin wallets allowing users to store PotCoins remotely and access through a smartphone.
Many online services host wallets on their servers enabling users to deposit and withdraw a balance from their website. The use of physical items to store a private key is known as cold storage with a common example being paper wallets.
The Snoop Youth Football League is c3 non-profit organization that gives inner-city children between ages 5 and 13 the chance to participate in youth football and cheer. FRAXA is a c3 non-profit organization whose mission is to find effective treatments and ultimately a cure for Fragile X. From Wikipedia, the free encyclopedia. Retrieved August 6, Accessed 18 February Potcoin sponsoring Rodman's North Korea trip".
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