Cannabis social network MassRoots is launching an Ethereum token
Tokens will initially be utilized as rewards to encourage high-quality reviews, plus incentivize user growth.
MassRoots, an online platform aimed at connecting the cannabis community, has revealed its intentions to utilize blockchain technology and develop an Ethereum-backed token to act as a rewards incentive for users.
The social networking app and website offers its one million registered customers access to product reviews, written tips and visual learning tutorials, cannabis community news, a business dispensary portal and more.
As part of an annual report to the US Securities and Exchange Commission (SEC), the company explained that late last year MassRoots BlockChain, a wholly-owned subsidiary, was formed to explore distributed ledger tech.
Between September 2017 and January 2018, MassRoots BlockChain raised $942,500 from ten investors and has since allocated $250,000 towards developing blockchain-powered features and utilities for its own platform.
MassRoots has focused on creating an ERC-20 standard digital token that will run on the Ethereum network.
Currently, a number of technology companies are attempting to curate the best information available on cannabis products and strains; however, the number of cannabis product reviews are low, such reviews are often biased and the most commonly reviewed products receive greater exposure than the less reviewed products, which results in incomplete information for consumers who utilize such reviews for making purchasing decisions.
In an effort to enhance the user experience, MassRoots plans to utilize its forthcoming digital token as a “form of reward currency”. The company also hopes its digital currency will encourage high-quality reviews, including reviews of new products, and incentivize user growth and stimulate the platform’s overall activity.
To begin with, the tokens will only be used to purchase products and services on MassRoots. However, the company expects that eventually these tokens could be made available outside its own ecosystem and “may be used by businesses in the cannabis industry including ancillary businesses such as vaporizer companies”.
At one time, MassRoots had its app banned from Apple’s online store, only to have the decision reversed.
The hot topic of cannabis legalization across America has ignited an entrepreneurial spark. Main players in this green economy are women from diverse backgrounds, closing the business gender gap and shaping the field.
You can learn all about different exchanges, understand exactly how to buy and sell cryptocurrencies, calculate your taxes, discover digital wallets to hold assets and explore a list of all the alternative coins on the market.
- Cryptocurrency: Why all eyes are on eToro’s USA launch
- Bitcoin weekly price analysis 28 August: Token’s value soars in face of ETF rejections
- Most global companies are slow to adopt blockchain technology: PwC survey
- Leading universities are offering a growing number of crypto courses: Coinbase
- Cryptocurrency: Value-making coins vs value-giving coins