Overview

There is no arguing the fact that a large percentage of food products go to waste before they move from farmers to distributors or final consumers (especially in less developed regions). Participants in the industry have to deal with barriers in transportation, storage, and even payments. HempCoin aims to solve the problem of payments in the agricultural sector.

Interestingly, HempCoin (THC) is one of the first 30 cryptocurrencies that hit the crypto space in 2014. Their tech and algorithm have close links to Bitcoin, but with improved security and payment features. The blockchain-based project hopes to increase the level of global liquidity in the Agricultural and Farming sectors, with a particular focus on decentralizing payments for medical and recreational Hemp, Cannabis, and Tobacco.

According to them:

Our vision is to overcome the HempCoin’s key liquidity issues affecting mainstream adoption and increase usability. The HempCoin is embracing trends in payment technology to provide a real-world banking solution for the legal cannabis industry and easy-to-implement alternative payment solutions for the agricultural and farming industries, industrial hemp industry, cannabis dispensaries, and hemp, cannabis, and tobacco-related retailers.

Masternodes

HempCoin recently announced the release of their masternode. Although full details such as KYC requirements, and country-specific information has not been revealed, intending participants need to set aside 50,000 THC as collateral. Also, the team has announced that the Masternode Blockchain Reward will be multiplied by 5 for the first 30 days.

In line with the upcoming masternodes, THC will be upgrading their blockchain network to a Proof-of-Stake (PoS) consensus algorithm. Additionally, private transactions will be performed using the Zerocoin protocol technology, and SwifX will be employed for instant transactions.

Top crypto exchange, Bittrex has the following to say to their users who were holding/trading THC. The Bittrex swap will take place on July 19.

All HempCoin users will retain the balance of their HempCoin addresses, which will be migrated to the new blockchain… Users' THC Bittrex exchange balance totals will reflect the same total that they had prior to the swap in a 1:1 manner. Once the swap is complete, all tokens from the old blockchain will no longer be supported or traded on Bittrex.

Website — http://hempcoin.org/

Twitter — https://twitter.com/thehempcoin