PotCoin was launched with the aim of becoming a payment method for the legal cannabis industry.
PotCoin is a decentralized cryptocurrency that uses blockchain technology and open source software (released on the MIT/X11 license).
PotCoin started out as a fork of Litecoin-QT in 2014, but has diverged pretty far from that today. Among other things, PotCoin has a shorter block generation time, a quicker halving schedule, and a higher upp-limit for the number of coins. Since August 2015, PotCoin has used a Proof-of-Stake-Velocity (PoSV) algorithm, which also distinguishes it from Litecoin-QT.
How old is PotCoin?
PotCoin was launched in January 2014.
The original development team left the project in 2015 and it has been run by PotLabs ever since.
- Name: PotCoin
- Abbreviation: POT
- Symbol: Ᵽ
- Hash function: Scrypt
- Block time: 40 seconds
- Block reward: Ᵽ210
Several different types of hardware works well for PotCoin mining, including scrypt ASICs, CPUs and GPUs.
Until June 2014, the block reward was Ᵽ420 per solved block. On June 1, it was halved to Ᵽ210.
PotCoin was launched on January 21, 2014, by three Canadian entrepreneurs in Quebec who wanted there to be a cryptocurrency available specifically for the legal cannabis industry. Initially, they didn’t reveal their names, opting to use aliases instead: Smokemon 514, Mr. Jones and Hasoshi. PotCoin was launched on GitHub at exactly 4:20 pm local time, since April 20 is Cannabis Celebration Day.
Roughly one week after the lauch, PotCoin appeared on the cryptocurrency exchange Cryptoruch. The following month, Chronic Star Medical became he first cannabis vendor to publicly anncounce theirw willingness to accept payments in PotCoin.
By he end of March, PotCoin was available for trade at the three largest (by trade volume) cryptocurrency exchanges, and the PotCoin project had secured their first seed-round investment.