HempCoin – Optimizing Services in the Agriculture Trade Industry

Project Reviews / 11.08.2019

Agriculture has proven to be one of the strongest backbones to the development of several countries across the world, especially in Africa. The agriculture industry comprises several sectors hence giving jobs to numerous groups of people as well. The Hemp Industry another pivot in the Agriculture industry has seen significant growth and recorded about $700 billion in 2016 as reported. Another industry which is also breaking records in its market growth, is the Tobacco Industry whose worth has been estimated to reach a whopping $1.64 billion by 2025.

These tremendous growth are as result of recent legalization of these plants across several countries, like the US. However, because of the long chain of transactions involved in its production stages the industry accumulates substantial amount of losses. Hence the need to put in place effective mechanisms and systems which would ensure that we maximize output from these industries.

The blockchain technology has proven to be one of the safest, transparent and decentralized technology that originated about a decade ago. Though this technology is still young, some existing industries have inculcated their operations unto it and they are already amazed by the results. Hempcoin is a blockchain solution that was developed about five years ago (2014) with its sole purpose of facilitating transactions between farmers, distributors and consumers whilst adopting the robust security systems of the blockchain technology.

The Robust and Impenetrable Security of HempCoin

To ensure maximum security, the prevention of 51% attack and also the engagement of its community in running their network, HempCoin blockchain network was designed based on the Proof-of-Stake consensus protocol. This protocol allows community members to contribute to the HempCoin Network by having in stock the collateral coins needed to run a masternode. In addition to this, HempCoin has inculcated into its network chain locking mechanism which ensures that collateral funds of masternode owners are locked up for a period of 60 days whiles they receive block rewards by approving transactions instantly and privately on the network.
This locking mechanism is very fair compared to most masternode projects that are in the cryptosphere which requires members to lock up their collateral funds permanently. Below is an image showing the specifications for running a masternode with HempCoin.

HempCoin’s Migration to Komodo Platform

Security of funds is of great concern to any cryptopreneur and the recent breach of security on some projects out there raised a whole lot of concerns about the security features of Proof-of-Stake protocol hence the need to improve upon the security system of HempCoin though it has not suffered any attacks yet. To provide maximum security to its members was one of the reasons why HempCoin decided to migrate unto Komodo network. On the 14th July, 2019 at block 554,496 a snapshot of HempCoin’s blockchain was made to ensure a successful migration unto Komodo blockchain network.

Komodo Network has its core technology being the Iguana Core Technology which gives blockchain network additional features of improved security and speed in making transactions based on its C programming language specifically JL777. Many crypto enthusiasts have come to the conclusion that the bitcoin network can’t be attacked due to its hash growth and decentralization even though it is expensive maintaining such a network. Iguana Core technology through the consensus mechanism of notarization has found a way to enjoy Bitcoin’s high level of security yet pay less fee in doing this.

There are 66 notary nodes which are chosen based on stake-weighted voting mechanism and their main function is to make copies and transfer all records of transactions on the Komodo Ecosystem to Bitcoin network which is the chosen Proof-of-Work network.

These notary nodes are fully decentralized and the ecosystem requires at least 13 of them to be online to ensure smooth process of notarization. Cases of 51% attack is highly impossible as it requires the compromise of about 53 notary nodes to achieving this. Aside this impossibility of getting all these notary nodes to compromise on a decentralized network, the notary nodes would also not be rewarded its block rewards and can even lose its seat in notarization for the ecosystem. The process of notarization unto an already slowed Bitcoin network allows 2-6 notarizations per hour hence giving Komodo a delayed proof-of-work consensus protocol.

HempTRAC – Creating a Decentralized and Transparent data storage for the distribution and tracking of Agricultural (Hemp & Tobacco) Products

Hemp has been identified to have essential health benefits and having less of Tetrahydrocannabinol which causes euphoria in users. This has led to the legalization of the growth of hemp but taking into consideration the similarities between hemp and marijuana care must be taken so that farmers don’t grow marijuana instead of hemp. In this ever-growing world of ours most existing online data storage can not afford the transparency and security needed to track all records that goes through the production of hemp.

HempTRAC is a blockchain solution that has been developed by the HempCoin team to provide a real time data storage platform right from the growth, distribution and consumption of hemp products. The information required from both farmers and consumers would provide a real time tracking pathway for the hemp industry. This technology is the first of its kind and all records are stored on the immutable blockchain distributed ledger which is secured by both the Komodo Ecosystem and the ever-secured Bitcoin Network.

Reference to the estimated growth of the Hemp Industry we can assume to be working with enormous size of data. This calls for an additional security feature to ensure that there are no unauthorized duplicates of details taken into the system. HempTRAC solves this as it also implements the use of Unspent Transaction Output (UTXO). The implementation of UTXO on its smart contract will ensure that once a specific data is entered about a farm, product or distributor the same details can’t be entered again. This would go a long way to prevent any form of fraud that is usually encountered with the use of Centralized Data Institutions. All the required information needed on the HempTRAC system are displayed on the website.

HempCoin Expands its Borders onto BinanceDEX

Binance project is among the few crypto startups that have survived the test of volatility in the cryptosphere for project development. From a Centralized Exchange to a Decentralized Exchange, this project keeps expanding its community reach in the cryptosphere. HempCoin values the efforts of community members in the success of any blockchain solution. Effort has already been made to secure potential partners and also listing on several exchanges to give HempCoin the maximum exposure it needs in the cryptosphere. To compound to this exposure, the team of HempCoin has made a proposal to list on BinanceDEX. With a trading volume of over $3million US and active trade markets over 60 projects this is a growing and sustainable community to be part of. This was just not a mere wish but actual work has already been put in place to get listed on BinanceDEX and now requires the vote of community to get it listed.

Conclusion

HempCoin provides both farmers, distributors and consumers a state-of-the-art blockchain solution to help keep track of all products of hemp and other agricultural products but most importantly also providing them a payment solution void of any regulations from Central Banks. Hempcoin has the full support of a secured and robust Bitcoin and Komodo networks which would prevent any form of security breach other crypto projects face daily.

Useful Links

Connect with the team on their official channels for more information:

Website | Whitepaper | Telegram | Discord | Medium | Twitter | Facebook

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Holds a degree in BSc. Nursing from the University of Cape Coast, Ghana yet an addict to the blockchain technology and the cryptosphere. He combines the promotion of crypto projects and also the making of professional contents all to get innovative projects to the real world. He is a passionate Community manager and a Marketing Advisor for blockchain startups.