Cannabis Cryptocurrency Review: DopeCoin (DOPE)
DopeCoin is the world’s first decentralized, cannabis-themed digital asset providing a cryptocurrency payment and banking solution for the legal marijuana industry. Similar to POTcoin, Dopecoin bills itself as a secure, scalable, cost-saving financial infrastructure for cannabis businesses based on a proof-of-stake network paying 5% annual interest.
In 2015 DopeCoin started the GROW network, which allows Canadian cannabis growers to peg their cannabis plants to DopeCoin. An ultra-secure vault combined with stock/asset certificates will allow DopeCoin users to verify the existence of actual cannabis backing their investment.
It does not appear that you can actually buy any cannabis with DopeCoin yet but having a valuation system in place could be useful in helping the team scale the network for wholesale and retail transactions once legalization spreads. Their website doesn’t look quite as fancy as some of the others but like I mentioned in the previous article, the haphazard nature of legalizing cannabis by state creates plenty of space for multiple currencies to step in and serve multiple markets with payment processing and banking services.
DopeCoin hit an all-time-high around $0.05 recently before plummeting in the recent correction to around $0.02.
This is the second in a five part series on cannabis-themed cryptocurrencies. Stay tuned tomorrow when we’ll be talking about HempCoin!