Grower's International (GRW) is a cryptocurrency for legal cannabis growers and entrepreneurs that was announced on bitcointalk on 4/20/2017. I'm particularly excited about this project because I honestly initially believed it might be a scam since I couldn't find much information about the developers and the ICO was to be hosted on Yobit, a scam-ridden exchange currently under investigation by the Russian authorities.
After relaying this to @madhatt, their new PR Rep (Congratulations and thanks for the updates!), I learned that the developers took the advice to heart and have decided to switch their launch to Bittrex! This “measure twice, cut once” mentality demonstrates exactly the kind of integrity we need to cultivate legitimacy and long-term growth in the crypto-sphere.
GRW stands out among the cannabis-themed cryptocurrencies I've come across by starting with an online retail shop for hydroponics and growing equipment you can pay for in Bitcoin or receive discounts for using GRW. Many cannabis currencies have focused on wholesale and retail cannabis purchases but getting people to adopt new currencies can be tricky without a clear, consistently superior reason to do so. GRW plans to offer equipment to GRW holders at the employee-discounted rate of 10% above cost and 20% of profits on all non-GRW purchases will be reinvested in GRW. The website launched on July 3 with over 12,000 products so go check it out!
Forked from the Crypto Circuit's source code, the blockchain will operate on a proof-of-stake consensus algorithm with an 8-hour minimum stake time and 5% annual growth. Their ambitious roadmap includes an ICO, social media and marketing campaign, grower consultations, a licensed grow operation, a blockchain-based seed-to-sale tracking system, strain registration, and investment platform.
I do have one major criticism that has less to do with GRW in particular and more to do with the current state of cryptocurrency and ICO's and my problem has to do with the general lack of recognition between a token with transactional value and a token with speculative value. Based on the currencies I'm currently aware of I would genuinely argue that the USD Tether coin to a lesser degree and Steem Dollars in particular have a better chance of actually being used to buy coffee ten years down the road than king Bitcoin or any of the other major digital currencies in circulation. Why?
People know when they buy Steem Dollars that the value will purposefully be kept at a given level. The ingenuity of Steemit splitting their currency between Steem, Steem Dollars, and Steem Power has to do with the ability of each asset to perform a given function. Trying to use a single token for both speculative and transactional purposes doesn't make sense because we haven't found a good way to balance those characteristics in a single token yet. Steem Dollars have transactional value, Steem has speculative value, and Steem Power maintains reputational value on the Steemit platform. If GRW issued two tokens – one representing speculative interest in Grower's International as a business and one focused on transactions – I believe they would be much better positioned to service the legal cannabis industry.
That being said, I also wish the developers would share a bit more about themselves on the announcement but they certainly deserve a lot of credit for taking their time and having such a thorough plan. The legal cannabis industry has a plethora of opportunity for those who can help producers and retailers navigate the complexities of payment processing and banking through the gray area in which many cannabis laws have been enacted. If they continue on with the solid foundation they seem to be laying I expect great things from Grower's International so make sure to keep an eye out for them!
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Hey dude.
This was a great idea, as you say also in how Steem is managing its tokens (splitting between speculative, rep and transactions) is a great diversification of functions between assets and how they actually are to be used.
I had not really thought about it before reading your article, but you make great points (for both Steem and GRW, lol). You gave me a better understanding of why Steem does as they do also, which i value!
As a home-grower myself i love this idea. To be able to stake a currency that could later be used to buy seeds or equipment is enough awesomness in itself.
There are popping up quite a few crypto-weed-companies lately, i think some of them might be gold while some just ride the "weed" name. This one seems like it could have it´s place in the market, focusing more on the growers and not dispensaries like potcoin does.
Keep the great posts coming, following with excitement!
Edit: This one deserves a Resteem, very well written!
It's awesome thinking of all that will be possible, no? :) Thanks for the resteem! Much appreciated, we need to reach as many people as possible before we launch our ICO (Bittrex, we hope).
Their ICO is tomorrow on bittrex isn't it?
Great article. A lot of things I didn't know about GRW and from the sounds of it, they are treating it like a real business. That gives me confidence.
The ICO location has changed and the Bittrex launch date will be announced soon.
Thank you for letting me know. Sounds good!
No problem! Glad to answer any question you might have. Today, we filed paperwork with Bittrex. All is up to them now...!
Thanks for the review!
We have put a lot of work into this already, and we are looking forward to the release date! Currently hammering out the details with Bittrex.
Good post... upvoted :)