When the CannaDAO project was taking shape, the most obvious question was on which blockchain to run. The past years in crypto have seen the birth, success and decline of various blockchains: With different tech, protocols, use cases, more or less decentralization, etc. And also, in recent times, the conscience of protocol sustainability and energy efficiency has grown stronger in the crypto community.
CannaDAO is aiming to be green and clean, to build a foundation welcoming like-minded communities together, and to decentralize participation in real-world cannabis grow operations through a DAO on a blockchain. Plus, to create a metaverse, the “Cannaverse”, offering fun gaming and virtual social experiences.
In our quest for the most suitable blockchain, there was only one obvious and logical choice: The NEAR protocol. Launched in 2020, it matches one-on-one our mutual goals:
The greenest blockchain: Aiming to be climate neutral, by using the Proof-of-Stake (PoS) consensus instead of Proof-of-Work (PoW), and by offsetting carbon emissions with reforestation projects.
Decentralized and community driven projects: At the heart of NEAR, is the expansion of DAOs.
Sustainable: Not only on the ecological level, but also as a long-term proposition for crypto projects. In October 2021, NEAR announced an $800 Million incentive program to support the ecosystem’s growth. A 2022 study ranked NEAR as the third blockchain which attracted in 2021 the newest developers creating code on it, a very strong indicator in the belief of its longevity.
DeFi: Decentralized finance is key to the success of our mutual endeavors.
Scalable, low-cost transactions and fast: Cannabis is a big market, so is the potential of new users who could join the CannaDAO project and would want to enjoy a smooth experience on NEAR.
CannaDAO will play a major role to further grow the NEAR ecosystem, by attracting capital and users from the legal cannabis market, and from Ethereum, still the number 2 behind Bitcoin to this day in the crypto market.
The strategy is to initially raise capital on Ethereum – where most of today’s crypto liquidity resides – through the Copper Launch platform, in parallel with a capital raise on Skyward Finance on NEAR itself. The raise on Ethereum will bring the spotlight to NEAR through CannaDAO. It will be followed by the launch of an EVM compatible game on Aurora, for a large and seamless access to all crypto users, with a first capital inflow from Ethereum. The DAO and participation platform in real grow operations will run on the native NEAR blockchain: Next to the NEAR users, liquidity and users will further be bridged from Ethereum, new users from the Cannabis market will be directly on boarded on NEAR.