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Along with popular cryptocurrencies such as Bitcoin, Ethereum, Litecoin, etc., more and more exotic varieties have started to appear. One of the novelties of 2022 is the CBD cryptocurrency. It is specifically addressed to the growing medical marijuana market. 420 fast buds is the biggest platform dealing with it.
Another cryptocurrency, Dogecoin, was created by Jackson Palmer, a product manager at Adobe, and Billy Marcus, a software engineer at IBM. The name of the coin is a homage to the Internet meme known as Doge, which became popular in 2013, featuring the face of a Shiba Inu dog with various humorous captions. Today, Dogecoin is considered one of the most popular of all alternative cryptocurrencies.
At first glance, a great number of cryptocurrency names may seem ridiculous, but it would be worthwhile to figure out which ideas were embedded in their creation. This is especially true about tokens. Unlike the original cryptocurrencies, which act as money with decentralized emissions and a high degree of security, tokens usually solve limited tasks.
With the growing popularity of cryptocurrencies, more and more new digital assets began to appear, embodying unique features inherent to each one. These can be, for example, digitized collectibles, copyrights, or other valuables. A special term Non-Fungible Token (NFT) has been created to designate them. Its value lies not only in the very concept of cryptocurrency with all its pluses and minuses but also in the interest in the item itself. If, for instance, a digitized masterpiece of art is presented as a token, its price may include the copyright for the work, be it a painting, a song, or a photograph.
Some NFTs give the owner the right to receive passive income from owning the copyright. In this sense, an NFT can act as a kind of stock. This income will go to the owner for as long as there is a public interest in the work. At the same time, the disappearance of such interest will bring down the value of the token. Thus, this kind of risk does not have economic prerequisites but rather is associated with culture, fashion, and social traditions.
An excellent example of this approach is provided by British composer Gil Cang, the author of one of the most popular songs in Michael Jackson’s repertoire, "Whatever Happens," from the album Invincible, released in 2001. Gil Cang embodied his copyright to the publication of this song in the creation of the MJ token, while MJ stands for Michael Jackson.
From now on, the ownership of all MJ tokens in circulation is equivalent to 10% of the income (or 26.67% of the share of Gil Cang himself) from each publication of the song "Whatever Happens." This is implemented using a DeFi (i.e., decentralized finance) smart contract created based on Ethereum technology. All deals with the MJ token are possible only with the consent of Gil Cang. Such a deal can only be made on the Deliciae platform, created by the enthusiast Seyi Awotunde. According to him, there is a great demand on the part of collectors for access to high-quality assets. In his opinion, the monopolies of giant corporations in owning copyrights to works of art will be destroyed step by step, which will be facilitated by the ideas embedded in NFTs and smart contracts.
The legalization of marijuana in a number of countries for medical purposes has led to the possibility of investing in the cultivation and trade of cannabis-based products. To this end, the CannabisCoin (CBD) token was launched in January 2022. The project started with a group of four founders, which has since expanded to include community management administrators, a support team, and marketing experts.
CannabisCoin is a rapidly growing platform, the interest in which is supported by the limited issuance of coins: no more than 1 billion. In this sense, CBD is much like Bitcoin, which has a limit of 21 million coins. Potentially, CBD is bullish, making it a solid investment coin. The cost of each cryptocurrency depends on the supply-to-demand ratio. On the one hand, the supply of CBD is limited to 1 billion coins. On the other hand, the growing harvest of cannabis and the steady demand for cannabis-based drugs increase the interest in the coin.
The CBD blockchain is based on the BNB SMART chain algorithm, which in its turn is based on Ethereum code, but with much lower transaction fees. This choice is not accidental: BNB smart contracts reliably protect the demands of investors for the security of transactions, given the specifics of the medical cannabis industry. By the way, now in the world, there are already a number of crypto assets specially created for this purpose.
Back in 2014, the CANN coin was created on the Bitcoin blockchain. It gave the right to legally purchase 1 gram of medical marijuana. The algorithm of CANN included functions that allowed the special services to check the participants in the transaction for the absence of criminal overtones. At that time, it was technically a good solution, but it also had disadvantages and functional limitations in common with Bitcoin. The main of them were the high costs of machine time and the lack of flexibility to implement the terms of contracts. The introduction of Ethereum technology made it possible to solve these and other problems.
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