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Hello everyone,
I hope you all are having a great day, welcome to CryptoGod-1's blog on all things Crypto. In this post I will be looking a new coin and group I have come across known as Stellar Cannacoin. It is based on the Stellar Lumens (XLM) network, with a growing Reddit, Twitter, and Discord community who are pretty cool and chill. I will disclose that I have a small holding of Stellar Cannacoin, but I have not received anything to do this post. I also shall not be biased, merely outlining what the group are aiming to achieve, what they have achieved so far, and how the outlook seems.
What is Stellar Lumens (XLM)?
Stellar Lumens (XLM) is the native cryptocurrency of Stellar, a blockchain-based payment network which is designed to be a faster and cheaper method of making global payments compared to traditional options such as MoneyGram and Western Union. Those companies are known for charging high fees and long transaction times, compared with the low cost and instant speeds of Stellar. They also have their own Decentralized Exchange for the exchange of cryptos, along with Stellar Anchors for holding non-crypto assets such as gold. The platform then issues tokens tied to those assets to the depositor and returns the assets upon withdrawal/ redemption of the tokens. That all takes place on the Stellar ledger.
What is Stellar Cannacoin?
Below is an extract from their Whitepaper from their website:
"Stellar Cannacoin is a cannabis friendly community, based on the Stellar Lumens (XLM) Blockchain, aiming to become the go to system as part of purchasing legal cannabis. Many banks still refuse to handle “Cannabis money” even though it is perfectly legal money and Cannacoin aims to establish itself as a go to option for transferring, rewarding, and minimizing the need for FIAT in transaction of legal cannabis. Stellar Cannacoin has instant transactions and minimal transfer fees, meaning its potential utilities are endless. Stellar Cannacoin is a solution to the legal cannabis industries troubles with big banks and cash transactions. It has a total supply of 5.2 billion with no plans to mint more unless it’s warranted to maintain the functionality of its purpose. Active, helpful members of the community are generously rewarded, which allows members to accumulate Stellar Cannacoin without the need to purchase."
How to Get Stellar Cannacoin
Available on the Stellar Lumens (XLM) network, users can store and trade the coin in native Stellar Wallets. The most popular and recommended one is Lobstr, which is available as a desktop and mobile app. It require 1 XLM to activate the wallet, along with another 0.5 XLM to add each additional assets to the wallet. To fund the wallet from the Stellar Cannacoin earnt in Reddit, users can add it via trust line. The coin can also be bought and sold in the Lobstr wallet, allowing users to add to their holdings or sell off when they feel they wish to.
You can find more info on the current price of Stellar CannaCoin on Lobstr here: https://lobstr.co/assets/CANNACOIN:GBLJ4223KUWIMV7RAPQKBA7YGR4I7H2BIV4KIMMXMQWYQBOZ6HLZR3RQ
Social Media
The group are fairly active on Social Media since they appeared in early 2022. As noted above they have a Reddit Group, their own Website, Twitter account, and a Discord Community. The group are generally pretty active, posting fun meme's and updating the community with their progress on a regular basis. They also have links available to help new users set up a Stellar Lumens (XLM) Wallet, generally recommended is the Lobstr Wallet, and Trust line for transferring Cannacoin from Reddit, etc to your own private wallet. They are also excellent at tipping Cannacoin to new users and rewarding posts and general interactions with the community, which is a handy way to build up your stash.
You can find links to them here:
Reddit - https://www.reddit.com/r/StellarCannaCoin/
https://twitter.com/stellarcanna?s=21
https://www.stellarcannacoin.org/
Outlook for the Future including Partnerships
So far the group has shown positive growth, surpassing the "420" member total in the last week and are continuing on an upward trajectory.
The graph below shows the growth so far, which spiked in late January as the project gained attention and traction. It has levelled off somewhat since then, but the price is solid with the market cap growing steadily. While not all users are holding their Cannacoin within a Stellar Wallet, the more growth and users who do this, the more solidity the project will have.
So far from posting in the group they have also announced links with the following to help the growth and promotion of the community:
Stoner Scientist: https://www.reddit.com/r/StellarCannaCoin/comments/sqz9rh/our_partner_stoner_scientist_is_giving_away_some/
Humble Jungle: https://www.reddit.com/r/StellarCannaCoin/comments/spn1hc/new_partnership_id_like_to_introduce_you_to_the/
The project also involves the option of staking your coins in a staking pool, accessed via Albedo. Users can import their Lobstr wallet here and stake an equal amount of XLM and Cannacoin to the pool. The rewards are giving as a % of the transfer fees on each transaction, split amongst the pool. While it currently is not a high yield, the more users who get on board, the higher the rewards will become. There is also no lock up period, meaning you can accessing your funds at anytime.
Conclusion
As a fairly new coin and community, the Stellar Cannacoin its making good ground so far. The community is, as expected with a coin based around cannabis, fairly chill and relaxed but also seem determined on achieving their goals. The growth has been steady and strong so far, with plenty of further potential to expand even further. As the community and partnerships expand, the coin will more than likely see further uptake, garnering a wider community and hopefully higher market cap potential. For a new project on the scene, it might be worth looking into to invest a few spare XLM, or even just join the community for the fun memes, interesting topics, and excellent moderators who always tip worthwhile posts.
Thanks very much for reading and I hope you enjoyed the article, and feel free to check out the group if this is a project you might be interested in. This is not financial advice nor am I advocating that this coin will shoot for the moon. I have not received anything for doing this article, merely wanted to share an interesting group I stumbled upon and think has some positive vibes so far.
Have a great day.
CryptoGod-1.
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