Topic: [ANN] Cannacoin (CCN) | PoW->PoSV | No premine | No IPO - page 61. (Read 188520 times)

Everything is coming along nicely.  Cannapay will probably remain in beta for quite a while longer, as it's probably only about 5% complete in terms of features we envision.  

At this point, Proof-of-Stake is going to be a priority and hopefully we will have a wallet out in a week.  We'd like to have it tested thoroughly which means we may have to push the changeover date up to November 1st.  It's important to make sure we get it right so there's no issues.

We'll keep everyone posted!

Yes, having a dividend for cold storage makes sense and those who want to become a node are rewarded as well.

I like that dividend even for the wallet in cold storage, if someone wants to take more risks and become a node then they can earn more rewards.

A little pot coin promotion, are they contributing?

Re: Cannapay Web Wallet

Remember we are still in beta and nothing is static, so if you have any changes you recommend or concerns, please let us know.

the cannastore looks purdy sweet

Thanks for the questions, we very much appreciate it, and will answer them now:

What's the difference between the 1% stake and the 30 day dividend?

1% stake is an extra reward that you get for becoming a node on the network.  You will not have to stake your coins in order to receive dividends.

How often will the 1% stake be paid?

The 1% stake is something that pays you to become a node on the network.  The more coins you have staked, the more you will receive.  However, not everyone will want to stake their coins or may want to hold their coins in cold storage offline.

This is where the dividends come in. The 1% dividends will be paid at the beginning of the month to any wallet that has held more than 10,000 coins for more than 30 days, even one that is offline and in cold storage.  At that point, you will be paid based upon the number of coins in your wallet by simply multiplying the number of coins in that wallet at a certain date/time by the amount of dividends per coin.

If you decide to stake, you will be rewarded both a 1% stake reward for running a Cannacoin client on your computer (you become a node) as well as the 1% profit dividend.

How will revenues be generated?

We are currently not sure exactly the source of the profits because we are running in beta right now.  We will build revenue streams into all of our products and services through advertising and sales.

Also, will revenues be published every month?

We've not talked about this yet, but it makes sense that we would publish these revenues.

And, will all revenues go into dividends?

No.

These are businesses that will have operating and fixed costs, employees, licensing, rents, utilities, etc. to pay.

Right now we are considering 1% of all profits to be paid as dividends to CCN holders in the form of CCN.  This is the easiest route as we simply have to do a blockchain analysis and write a script which will payout those addresses.  We are currently working on all of the logistics.

What is the current monthly revenue now?

There is currently no revenue generated right now through any of the current products and services as they are still in beta.  Anyone can test and participate in the beta at the moment of Cannapay , NWGT.tv , TokeTalk.Net , and the Cannacoin Store .

What is Cannacoin?

Cannacoin is an internet based digital currency for the cannabis industry: a distributed, worldwide, decentralized digital money. Unlike traditional currencies such as dollars, Cannacoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Cannacoin. The Cannacoin protocol was announced on February 22nd 2014 released on March 28th 2014 with 0% pre-mine - meaning every coin on the network has been mined fairly since the beginning. The Cannacoin protocol is based on the scrypt algorithm and is scheduled to switch to proof-of-stake based on the Blackcoin 2.0 codebase on November 1st 2014

What is the Cannabis Community Network?

The Cannabis Community Network (CCN) is the larger umbrella organization of which all of our products are branded under. Everything we do in terms of products and services are a part of the Cannabis Community Network and the Cannacoin open-source protocol is the backbone of CCN. Thus, CCN is the Cannabis Community Network. If you want to purchase shares of CCN or Cannacoins, they are one and the same. On our network, CCN will serve multiple functions as both a digital currency as well as shares of our productivity. Cannashares will essentially be coins that are tied up and held for 30+ days. We are currently working on the logistics for this.

So there's no difference between Cannacoins and Cannashares?

Cannacoins and Cannashares are the same thing. Once the Cannacoin protocol goes to proof-of-stake, you will able to produce a 1% annual return simply by staking your coins in the network. On top of that, our team plans to pay dividends from multiple revenue sources to wallets that have held a balance for 30+ days and those who continue to hold a balance will be paid dividends thereafter. Dividends will be paid every 30 days.

Where will these revenues come from?

1) Cannapay (merchant processing, brokerage and escrow services, and more)
2) Cannacoin Store
3) Point-of-Sale (PoS) systems
4) NWGT.tv
5) Retail Store (currently in development)
6) More to come!

So, by owning CCN, I basically become a stakeholder in not just the network but also the future projects and businesses?

Yes, you will have special priviledges and access to more features as a CCN holder as well as dividends from our projects. CCN, the Cannacoin protocol as the basis for the Cannabis Community Network will seek to include any and all cryptocurrencies and Cannabis organizations. We are currently in discussions with some other individuals working on other Cannabis related products and hope to have some official announcements soon. BitSharesX did something similar, however we have simplified it greatly and rather than spinning off multiple cryptocurrencies and projects separately everything will be tied to CCN. It's like a decentralized corporation with a 0% pre-mined ownership. Meaning we never owned these in the first place, we are actually buying back shares in our own projects by acquiring CCN. This is completely legal because we never issued these coins through an ICO or IPO. These are simply Cannacoins that we now recognize as equity and will afford holders dividends and special access to our future projects.

http://www.reddit.com/r/cannacoin/comments/2ipl4d/cannabis_community_network_frequently_asked/

Sure you guys are busy getting everything ready for the rollout of the new wallets and PoS! Can't wait to find out more info about it! Looks like the coin has stabilized at a decent value while the hashing looks to have stayed pretty decent as well! Keep it up!

If I was a developer I would most certainly help contribute. I like what you guys have going on with cannacoin/cannapay

cool, thanks for the heads up!

Thanks for the suggestions, while we don't have plans for an app at the moment we do have plans to make our services cross browser compliant which means iphone/android/windows phone etc.  A dedicated app would be nice but we haven't quite found the exact need for one quite yet. I will however look into phonegap and see if it might be worth the time to try and port something like Cannapay using their service.

Side Note: If there are any developers who are interested in getting involved with some of our projects and learning along the way, please feel free to contact us at [email protected] we always love to see fellow nerds

Since they built this as a website I would recommend checking out "phone gap". It's a maturing technology used to turn websites into apps.

any plans for a cannacoin app in the works?

great work with cannapay btw

Thank you, thank you! Works like a charm. 

you can use port 3355 for high speed asics and services like nicehash. start diff for this port is 512!

let me knowe if you still have issues

It doesn't work with nicehash, keeps disconnecting because pool difficulty is too low at 32... I tried to contact them to have it increased so I can mine but the contact mail doesn't go through. Is there some way to reach the pool operator? What is the difficulty setting for the pool you've set up? I'll try it tonight.

Epiphany, looks like youngwebs is back up and running.

Should I be using this pool? I mined on the other pool (youngwebsolutions) before so I already have an account but the difficulty is too low for the NiceHash contracts. Can this be fixed or should I just start using the new pool?

FYI pool difficulty needs to be 128 for NiceHash contacts to work.