A new initial coin offering (ICO) project called Smoke Network will launch a testnet blockchain in time for its token offering, allowing the project to show potential investors a working product prototype before selling a single token.
The cannabis-centered ICO aims to offer marijuana smokers a decentralized social platform immune to censorship that will pay users to upload original cannabis-related content with its own cryptocurrency, the SMOKE token. After a successful pre-ICO held in 2017, the Smoke team released a revised whitepaper, a working beta application, as well as a frontend prototype MVP of their planned social network.
Apart from already launching a working platform prototype, one more feature that sets the Smoke Network apart from other ICO projects is that it won’t use an ERC20 token. The Smoke DApp, Smoke Network’s blockchain-based mobile app, will run on a fork of the latest version of the open source Steem blockchain a Delegated Proof of Stake (DPoS) consensus protocol capable of scaling to thousands of transactions per second.
One driving factor behind the creation of a decentralized social network for cannabis smokers is that anti-cannabis laws around the world prevent users from posting cannabis content on mainstream social networks like Facebook or Instagram. Even when content is posted, it is often removed.
Mainstream social networks also capitalize on their user’s data and keep the earnings for themselves, while the Smoke Network aims to distribute profits back to users.
Smoke DApp allows smokers to post original cannabis content, get paid in SMOKE tokens, and be completely confident that their identity and content will be protected by the network’s blockchain.
In addition, the Smoke Network is running an airdrop event through July 1 during which they will airdrop 50% of all distributable tokens onto Smoke Network subscribers in order to help create a sustainable distribution model for the network.
The Smoke Network will build on previous experience gathering together half a million members of the global cannabis community to launch an “uncensorable cannabis social network.” Aptly enough, the Smoke Network is planning to launch its ICO on April 20 (4/20) with 30% of all SMOKE tokens being offered to investors until May 25.