Decentralization for All Style Platform, Coop Network to Bring Medical Cannabis Market into the Blockchain Era
Coop Network, a recently launched cooperative initiative by people who wish to bring traditional organizations into the 4th industrial revolution of blockchain, is ready to disrupt the medical cannabis business.
A collection of different nations and states, the EU has a difficult time handling the multi-billion cannabis market. Many member countries have regularized cannabis as medical aid and try to keep it highly regulated, but for the most part anything related to its sales cycle, right from the start of production, to transportation, and consumption, remains illegal.
This has resulted in a massive underground industry where the cannabis supply chain can disappear, leaving not only a question mark on the traceability but concerns on the origin and quality of the controlled and legal material in the market. This in turn affects not only the consumers who get low-quality products, but it harms the legal businesses as the industry is still earning a bad name.
Then there is the friction within the supply chain itself. Since it is a controlled substance, there is a lot of paperwork involved with the production, transportation, and sales. The more paperwork, the slower it gets.
In the end, the industry and its stakeholders suffer as a whole.
Coop: Helping Medical Cannabis Market
Using blockchain, Coop can help traditional organizations and industries get things moving along faster because it relies on decentralization and the power of the technology.
With its own blockchain network that is aimed to be faster, cheaper, and more secure than off the shelf options, Coop Network provides a perfect solution to the cannabis industry. Each stage of the complete industry and supply chain is recorded on the blockchain for complete transparency and quick verification and tracking.
This includes inventory management, delivery schedules, official and licensed sellers, etc. This will not only break down the friction in the current cannabis industry but usher in a new era of consumer confidence since they will know that the product is of high quality and legal.
Why The Coop Network?
The Coop Network ecosystem is geared not just another chain or a crypto oriented platform that aims to give financial power through market standard DeFi or other products, but relies on its democratic inclusion of all stakeholders:
- Open Membership: There is no limit to who can become a part of the expanding Coop Network. As long as the principles are aligned, anyone can become a part of the network.
- Democratic Control: All participants and members work towards a common goal, not selfish and standalone targets.
- Economic Participation: Stakeholders contribute towards the funding and capital handling.
- Autonomy: All cooperatives within Coop are independent and controlled by their members.
- Coop Academy: a one-stop training center for young minds to get them on blockchain programming and other technologies like AR/VR, robots, and drones early on.
$GMD: Power Behind Coop Network
Using its own blockchain, the Coop Network runs using its native utility and governance coin, the $GMD. It acts as a medium of exchange, as a means of paying Gas on the network, DeFi related activities, and to secure the complete ecosystem.
One partner said about $GMD,
“We are excited to welcome the $GMD coin to our platform. We highly appreciate the Coop Network’s efforts in delivering the real democratic governance model. We believe the collaboration between our projects will evolve, allowing us and our users to make the most of it.”
$GMD comes with additional features such as:
- Leasing: Lend your coins and earn as much as 3% monthly interest.
- Forging: Validate transactions on the Coop blockchain and reap rewards.
- Node: Be a pillar of the network and maintain the ledger. Earn as much as 15% APY.
- Buy Back and Coin Burning: A deflationary coin, 25% of the profits of Coop will be used to buy the coins back and burn periodically.
The $GMD has had no initial sales of any kind and is available to the public through Changelly, Changelly PRO, BiBox, CoinTiger and BitMart exchanges, with another top exchange listing in progress, along with featuring on CoinGecko and CoinMarketCap in the coming weeks.
Is stablecoin a security? Crypto Investors get rid of stablecoins: USDT suffered the most
The market capitalization of the leading stablecoins has dropped significantly after the FTX crash. Let’s find out what this means for the market and whether it’s worth following the example of other investors and going into fiat. Is stablecoin a security?
The drama surrounding FTX seriously undermined investors’ confidence in centralized exchanges and forced them to get rid of stablecoins en masse. USDT suffered the most: according to CoinMarketCap, its supply has fallen from $67 billion to $65 billion in the last two weeks.
Because of concerns about Tether and stablecoin security reserves, users are redeeming USDT or converting it to USDC. A similar situation was observed after the collapse of Terra Luna – then within two weeks the market capitalization of the asset fell by $10 billion.
However, CTO Paolo Ardoino says that Tether was not affected by the FTX crash and users have nothing to worry about.
BUSD and DAI were also hit
USDT is not the only stable coin affected by the FTX story. For example, the circulating supply of BUSD fell from $23 billion to $22.5 billion, and DAI fell from $5.7 billion to $5.2 billion.
On the contrary, the capitalization of USDC and Pax Dollar steel blockers increased. Over the past two weeks, USDC’s supply reached $44.7 billion.
The cryptocommunity is actively discussing this on Twitter and speculating about the reasons for this growth. Some believe it may be due to USDC’s profitability and the influx of former USDT holders into the asset.
FTX collapse undermined investor confidence
The fall of the Sam Bankman-Fried empire has undermined user confidence in the cryptocurrency and led to a massive collapse in prices.
But market participants also fear that other platforms will follow FTX’s lead. So it’s no surprise that many retail investors are choosing to hold their own assets rather than hold them on centralized exchanges.
Previously, we reported that Poloniex curtailed support for stablecoins on the BNB Chain.
U.S. authorities launch investigation into Genesis investing system
The Securities Commission of Alabama launched an investigation into the Genesis investing system. This edition of Barron’s, citing the head of the regulator, Joseph Borg.
Borg refused to elaborate on what exactly Genesis is suspected of. The newspaper said the Alabama regulator as well as agencies in several other states were investigating whether Genesis had encouraged U.S. citizens to invest in securities.
Which other regulators are in question is unclear. Borg himself has not directly stated the investigation against Genesis. Instead, he said that “if a firm serving institutional investors fails, retail depositors will be affected [as well].”
Is Genesis investing legitimate?
Genesis Global Trading has hired consultants from investment bank Moelis & Company to consider options for restructuring the business, including bankruptcy. As The New York Times has learned, the broker has not yet made any final decision and still hopes to avoid bankruptcy.
It is worth noting that Moelis & Company consultants also tried to save the bankrupt broker Voyager Digital. A Genesis spokesperson said in a media comment that the firm is still trying to find a way to resolve the issue without declaring bankruptcy.
Genesis’ problems have already affected the firm’s partners. The credit division of cryptocurrency exchange Gemeni is known to have frozen the withdrawal of client assets, citing Genesis’ difficulties. The exchange later said it was working on a solution, but did not provide details.
We previously reported that Binance is launching a reserve-proof system.
How the SEC is trying to create conditions for money control bitcoin. What could it lead to?
When CME Group launched the first bitcoin futures contract in 2017, Chairman Emeritus Leo Melamed said he would “tame” the major cryptocurrency. The SEC has since approved several ETFs. But as exchanges increased their supply of BTC, the community began to have questions about market manipulation. Today, it’s about money control bitcoin.
Banks want to control bitcoin. Can banks control bitcoin?
Manipulating bitcoin with ETFs will lower its price in the short term, but will help accelerate the mass adoption of the cryptocurrency by traditional market participants.
The SEC approved the first bitcoin ETF in October 2021. The ProShares Bitcoin Strategy exchange-traded fund appeared on the New York Stock Exchange on Oct. 19, a day when the fund’s shares traded nearly $1 billion.
The Bitcoin ETF is not suitable for retail investors because it gives institutional investors an advantage. A bitcoin futures ETF has “the potential for price suppression and greater volatility due to the dominance of futures.” BTC futures will appreciate relative to the spot price because of positions opened by hedge funds.
The gold standard. Who controls cryptocurrency?
It’s a common belief in the gold market that ETFs are currently outpacing prices. The same practice seems to have been adapted for the bitcoin market as well. CME Group claims that bitcoin ETFs will help investors “benefit from efficient price discovery in transparent futures markets.”
“Paper” bitcoin may change the minds of crypto skeptics
Bitcoin’s core value comes from two factors. First, BTC is truly decentralized. Second, its maximum supply is 21 million coins. However, bitcoin ETFs increase the supply of BTC by selling “paper” assets and thus affect the value of the cryptocurrency.
The threat of decentralization
Bitcoin futures ETFs can accelerate mass adoption. However, their existence runs counter to the decentralization ethic advocated by the BTC. There is concern that the BTC could be “hijacked” by hedge funds and big banks, which could end up manipulating the price.
We previously reported that Polkadot is offering money to fight cryptocurrencies.
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