The legal cannabis industry is growing at a blistering rate, showing a 60% increase over the last year, according to Forbes data. The global market is forecast to reach $31.4 billion by 2021, up from $7.7 billion at present, and blockchain can be a facilitator of the industry’s development.
Smoke Network is building a vibrant cannabis culture community through its innovative and self-funding social media application. It will reward users for participating in a blockchain-based social network inspired by Dan Larimer and his idea of an autonomous Mutual Aid Society.
Smoke.Network vision, mission and goals
The team wants to combat the blind censorship of cannabis-related content as it harms legal business and impedes industry growth. By exploiting blockchain database benefits such as immutable records and resistance to censorship, Smoke.Network will be able to create a decentralized and self-governed cannabis user community, allowing people to earn real money for real contributions to market development.
Smoke.Network basic features
Social networking will allow users to post stories, curate and up-vote published content and get rewarded for their activity. The platform will use a Smart Reward System to combat spam and network abuse by large token holders. The rewards will be calculated via a two-factor method, measuring both the number of users’ SMOKE tokens and the reputation of their accounts.
There is no central authority to control Smoke.Network, modify rules or govern the application.
"The network is owned by all users and token holders in a distributed manner," comments Jonathan Hunter, founder and CEO of the project. "This creates an incentive for all users to help grow the network together and reward the users that provide the most value for their contributions."
Strain reviews will allow participants to earn rewards by reviewing and scoring strains in the Smoke.Network database. Advanced search and landing pages for popular strains will ease navigation.
The dispensary reviews feature will work in a similar way, providing users with reliable information on the most popular dispensaries as scored and reviewed by the participants.
The team has built Smoke.io - the first DApp built on Smoke.Network blockchain - that showcases the basic features of the network. It allows users to post images and articles, share stories, up-vote, follow and curate content created by others and collect rewards for their efforts.
The test-net application is also live here: https://testnet.smoke.io and serves as an MVP for those interested in trying it out.
Smoke.Network ICO details
The Smoke.Network pre-ICO has already closed. The token generation event starts on April 20 and will be live until May 25, 2018, or until the hard cap of $10 million is reached, whichever happens first. The team is distributing 50% of tokens via airdrop until July 1, 2018. It is open to anyone globally, while only non-US residents can participate in the main crowdfunding event. Coins will be distributed to all users by email in the third quarter of 2018.
If you’re interested in the Smoke.Network ICO, you can visit the official website or follow it on Twitter and Telegram.
This article appeared first on Cryptovest
