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Business News/ Technology / News/  CannaDAO to launch blockchain platform for cannabis industry
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CannaDAO to launch blockchain platform for cannabis industry

The decentralized autonomous organization (DAO) launch is slated for 20 April and will be powered by the Aurora cross-chain bridge running on the NEAR protocol

The DAO will allow the community to participate and earn rewards from real-world operations within the cannabis industry. (AP)Premium
The DAO will allow the community to participate and earn rewards from real-world operations within the cannabis industry. (AP)

CannaDAO has announced the launch of its platform for cannabis growing and operations in a bid to disrupt, destigmatize and decentralize the cannabis industry. The decentralized autonomous organization (DAO) launch is slated for 20 April and will be powered by the Aurora cross-chain bridge running on the NEAR protocol. 

The DAO will allow the community to participate and earn rewards from real-world operations within the cannabis industry. 

Contributors to the project are projecting a $100 million total value locked (TVL) in the next six to 18 months. In addition to Eric Benz (CannaDAO Contributor and former CEO of Changelly, and serial entrepreneur), they include Jon Matonis, founding director at the Bitcoin Foundation, and Nicholas Gregory, CEO of CommerceBlock. 

“The hard-fought legal battles around cannabis rights have resulted in significant breakthroughs and increased tolerance around the world," Benz said. “But the vast majority of the world is still excluded from the benefits of the legal cannabis industry, whether consumers, growers, or businesses. CannaDAO removes the hurdles for so many who want to participate in this blooming economy while at the same time having a strong social impact." 

With a series of non-fungible token (NFT) releases as well as a P2E game, CannaFarm, an open-ended marijuana farming game, will launch on 7 March on Aurora. Users will be able to participate in a decentralized and gamified governance model. The DAO will drop on 20 April with the governance token ($CANNA) available on Ref.finance. 

The governance token $CANNA plays a key role as a utility token allowing members of the CannaDAO to participate in project governance, including the proposal of new cannabis growing opportunities, voting on submitted proposals and funding approvals, and participating in grow operations harvesting yield through token staking. 

$CANNA will include governance utility interacting within the CannaDAO ecosystem with proposal submissions, voting mechanisms, membership with prestige levels, payment modules for cannabis-related services on and off-chain, transaction visibility, and accountability.

 

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Published: 17 Feb 2022, 06:52 PM IST
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