This interview is part of our new Blockchain In Cannabis series, where we interview the world's leading thought leaders on the front lines of the intersections between blockchain and cannabis.
In this interview we speak with Adam “Exile13” Wallace, Project Manager at HempCoin, to understand how his company is using blockchain to transform the cannabis business, and what the future of the industry holds.
1. What’s the story behind HempCoin? Why and how did you begin?
AW: The story behind $THC is simple, in 2013 the beginning stages of Hemp farming battle was starting. $THC knew it would be legal soon along with cannabis becoming legal in more states. Blockchain technology was just getting started and $THC saw an opportunity to provide an option for the Agricultural Industry to incorporate the security of cryptography into their daily operation. $THC achievements include a massive 170-million-dollar market cap in January 2018, THC traded over 20 Million dollars per day, and it reached the top 100 on CoinMarketCap. $THC is fully vetted by Bittrex for the SEC as a non pre-mined fair coin. $THC is a community organically grown coin like Bitcoin!
2. Please describe your use case and how HempCoin uses blockchain:
AW: The HempCoin will provide an option for the Agriculture Industry to track & audit their plants cryptographically, it's supply chain data will be viewable only by trusted parties deemed by the data owner(s). Growers will be able to use the tracking system to audit and submit to state/nation regulatory approval in the palm of their hands. Masternodes currently being used on our network will no longer be of use for $THC because our new asset chain on the Komodo ecosystem will provide optional locking of funds with rewards. Currently on the PIVX chain The HempCoin is 100% PoS. Upon the migration to the Komodo Platform this PoS will be secured by dPoW.
3. Could you share a specific customer/user that benefits from what you offer? What has your service done for them?
AW: Now, the blockchain provides for rewards by having coins in your wallet and MasterNodes as an option to gather rewards as well. With the planned migration of Komodo, $THC's use case will be built secure and ultra fast as Komodo's technology supports transactions at 800k payments a sec.
4. What other blockchain use cases in the cannabis industry are you excited about?
AW: $THC is interested in providing a DEX platform for the community to exchange their goods, by using our network growers could securely make arrangements to market goods and services.
5. Where will HempCoin be in five years?
AW: The HempCoin will be used as an option to track and submit agricultural data to the correct channels in the community as well as allowing clients to interact with merchants on the blockchain. $THC verified would be a certification given to verified products on the chain and tracking the genetic content may be beneficial as well.