Perkscoin

From CEOpedia | Management online

PerksCoin (PCT) is a cryptocurrency. It was created in 2014 to be used in cannabis industry. PerksCoin was created by CannaSOS, a Canada-based company founded by Oleg Cheine. The most popular cryptocurrencies, as bitcoin or ethereum were created as universal currencies. The PerksCoin is different, and aims at certain market niche - cannabis industry. All modern cryptocurrencies are based on blockchain technology.

The cryptocurrencies not only ease trade, but also ease laundering money. Therefore, more and more attention is given by governments and regulators on that type of currency. As the cannabis industry is illegal in some countries, it had long-time financial problems. The PerksCoin was designed to help solve those problems. Even if cannabis trade is legal, the banks are not eager to lend money due to possible impact on bank's image. Thanks to PerksCoin it is possible to legally trade and finance production of cannabis.

CannaSOS

PerksCoin is a digital currency for users, who are selling their goods via CannaSOS, cannabis social network.

Whole CannaSOS system is based on reward system. Users activity is rewarded with currecy, for example: writing articles, leaving comments or pieces of advice, all of digital activity is converted into PerksCoins.

PerksCoin can be purchased or given strict to other member. There are plans for developig a PRC Reward Card (a card, which can be used in the whole CannaSOS network) and the next important thing is the possibility of utilizig PerksCoin in partner dispensaries.

Now users have opportunity to create an account in PerksCoins, USD, EUR, CAD or GBP. PRC points can be exchanged for currency or goods and advertising.

The whole CannaSOS concept provides users knowledge and help to increase marijuana-related business[1]

The PerksCoin transaction platform, or Peer to Peer (PTP), will offer a way for secure transactions to be conducted in business-to-business (B2B) and business-to-consumer (B2C) use-cases.

PerksCoin wants companies to use it for PTP (each participant in the network is equally privileged).

Secure Sale System

The history of idea the whole concept is connected with cancer. One of the company's CEO friend, in 2013, had a hemp farm. He was trying to heal his aunt with cannabis. In the same time, his daughter was diagnosed with liver cancer. She went for chemotherapy, and aunt went through medical cannabis treatment. The daughter passed away after five months and the aunt, after eight months treatment, recovered.

Users of CannaSOS can search over 5,000 strains of marijuana, read different reviews, share treatment success stories. But there is a big danger of being robbed, every transaction is connected with drugs. So company is using Secure Sale System. For customers, it's just another way of payment and they get loyalty rewards of more PerksCoin tokens.

Secure Sale is a system, which protects both sides. Customer pays for product, and Perkscoin platform holds the money until supplier send weed to a customer. Then, when everything is fine, you can unblock the transaction, and money goes to the seller. When something is bad, supplier must correct it, and then he gets the money.

Right now, 10% of users come from Canada. 70% come from the United States. The rest come from the U.K., parts of Europe, Australia and Africa. But the biggest amount of clients come from Canada is from Vancouver and Toronto.

In this moment, there are 2.5 million users on the site[2]

Risks

There are many risks for PerksCoin. Companies must pay for this function that offers deposit, arbitration and functional functions. This creates an environment in which PerksCoin does not exist. This makes the PerksCoin token similar to a company that can only be used after fulfillment of the assumptions.

Another threat to PerksCoin is that governments can change the regulations on cannabis, for example legalize drugs. This could even change to whole comcept to using the traditional financial system[3]

Examples of Perkscoin

  • Perkscoin can be used to purchase cannabis-related products and services. This includes products such as cannabis-infused edibles and topicals, cannabis seeds, and other cannabis-related products. Additionally, the coin can be used to pay for cannabis-related services such as cannabis delivery, cannabis-related consulting, and cannabis events.
  • Perkscoin can also be used to fund cannabis-related projects. This includes projects such as cannabis research, cannabis business startups, and cannabis-related charities.
  • Perkscoin can also be used to reward people for their cannabis-related activities. This includes people such as cannabis activists, cannabis researchers, and cannabis entrepreneurs.
  • Finally, Perkscoin can also be used to pay for cannabis-related advertising. This includes advertising on social media, cannabis-focused websites, and other cannabis-related platforms.

Advantages of Perkscoin

PerksCoin (PCT) is a cryptocurrency created by CannaSOS in 2014 to be used in the cannabis industry. It is based on blockchain technology and offers several advantages over other cryptocurrencies. These include:

  • Low transaction fees - PCT offers some of the lowest transaction fees of any cryptocurrency, making it ideal for businesses and individuals who want to transfer money quickly and cost-effectively.
  • Secure storage - PCT offers secure storage of funds, protecting them from hacking or theft.
  • Robust infrastructure - PCT is built on a robust infrastructure and is designed to be able to handle high transaction volumes.
  • Increased privacy - PCT provides increased privacy for users, which is important for those who wish to remain anonymous when making payments.
  • Fast transactions - PCT transactions are lightning fast, making them ideal for those who need to make payments quickly.
  • Global access - PCT is available globally, making it a great option for those who need to make payments across borders.

Limitations of Perkscoin

PerksCoin (PCT) has several limitations that should be taken into account before investing or using it. These limitations are:

  • Limited acceptance - As the currency is mainly used in the cannabis industry, it is accepted by few merchants and businesses.
  • High volatility - As the currency is not widely used, its value is highly volatile, making it a risky investment.
  • Limited liquidity - Since PerksCoin is not widely used, it is not always easy to find buyers and sellers for it.
  • Low risk/reward ratio - PerksCoin does not offer much potential for reward compared to other cryptocurrencies with higher liquidity.
  • Lack of regulation - Since PerksCoin is not regulated by any government or financial authority, its value and security are not guaranteed.

Other approaches related to Perkscoin

  • PerksCoin is also used to incentivize participation in the CannaSOS ecosystem. Users are rewarded with PCT tokens for interactions such as creating reviews, content, and participating in surveys.
  • PerksCoin is also used to access exclusive discounts and promotions from participating businesses.
  • PerksCoin is also used as payment for goods and services on the CannaSOS marketplace.
  • PerksCoin is also used for crowdfunding of cannabis-related projects.

In summary, PerksCoin is a cryptocurrency used for incentivizing participation in the CannaSOS ecosystem, accessing exclusive discounts and promotions, making payments for goods and services, and crowdfunding of cannabis-related projects.

Footnotes

  1. ↑ The 420 Digital Currency, "Introducing Perkscoin"
  2. ↑ Toronto Sun, "New cryptocurrency for medical cannabis industry still hazy: economists"
  3. ↑ PerksCoin Definition


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References

Author: Maja Rogalska

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