PotCoin
Crypto Overview
Overview
PotCoin (POT) was launched in 2014 as a cryptocurrency designed specifically for facilitating transactions in the legal cannabis industry. The project aimed to provide a banking solution for cannabis businesses that faced difficulties with traditional financial services due to regulatory constraints.
Purpose and Utility
The intended purpose of PotCoin was to serve as a medium of exchange for the legal marijuana industry, enabling dispensaries and customers to conduct transactions. However, current data shows very limited adoption in its target market.
Business Model Analysis
While the underlying concept of facilitating legal trade is not inherently haram, the project's exclusive focus on the cannabis industry raises concerns from a Shariah perspective since marijuana is considered haram by the majority of Islamic scholars unless prescribed for legitimate medical purposes.
Development and Adoption
The project shows minimal recent development activity on its GitHub repository. The official website appears to be non-functional, and there is little evidence of active development or significant adoption by cannabis businesses.
Token Distribution and Governance
Information about current token distribution and governance structure is limited due to the project's apparent dormancy.
Crypto Impact
To assign a comfort level investing in PotCoin from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to PotCoin.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.