JIBBiT - Where Blockchain Meets Cannabis
CANNABIS INDUSTRY
Hemp or Cannabis is one of the oldest and most diverse crop in the history of mankind. Since centuries, Cannabis played an important role economically in the supply of fibers, food and medicine. Currently, the Cannabis industry is one of the fastest growing industries in the world.
In the field of medicine, Cannabis host a variety of functions and play a vital role in the regulation of pain, stress, appetite, immune system etc.
As countries across the globe liberalize their cannabis laws, the global cannabis market is expected to reach $63.4 billion by 2024, with an annual growth rate of around 21.1%
However, there are problems which is currently affecting the Cannabis industry, which the JIBBiT project aims to solve.
Some of the problems are: -
P1. Need for payment options with cryptocurrencies for cannabis and accessories
P2. Strong growth in the no. of cases of prescription counterfeits
P3. High transaction costs of banks and other payment service providers
P4. Too long transfer time affecting the delivery
P5. Non-offering of anonymous transactions with banks
P6. Need for simple, faster and safer procurement of legal cannabis
JIBBiT Solutions
S1. JIBBiT ecosystem promotes and allows payment with cryptocurrencies
S2. Prescriptions are secure and tamper proof by deploying solutions based on blockchain technology
S3. Significantly low transaction costs due to blockchain technology
S4. Significantly faster and safer transactions
S5. Transparent transaction execution with fully verifiable ledger
S6. JibbitRunner allows ordering and delivery of legal recreational cannabis in a simpler and faster way
The JIBBiT project is conceptualized by the company registered as "Jibbit Gmbh" in Mittelstraße 11-13, 40789 Monheim am Rhein, Germany.
JIBBiT ECOSYSTEM
The JIBBiT ecosystem uses blockchain technology to execute transparent, anonymous and safe payment transactions for all the parties involved in the ecosystem.
The JIBBiT ecosystem primarily consists of 3 core elements: -
JIBBiT Marketplace - It is the core structure of the JIBBiT ecosystem. It is the marketplace for cannabis accessories. Patients, consumers and growers can use JIBBiT Markeplace for shopping cannabis accessories.a
JIBBiT Doc - It is the portal and interface for patients, doctors and pharmacies. The 1st platform solution will be made available in Germany.
JIBBiT Runner - It is the cannabis delivery service for delivery of THC containing cannabis products. It aims to become the next UBER for cryptocurrency based delivery of marijuna.
JIBBiT PROJECT' SWOT ANALYSIS
STRENGTHS
- Strong and experienced development team
- Early market lead
- Good and sufficient capital base
- Solid knowledge of the cannabis market
- Big contact network in the cannabis and crypto sector
WEAKNESSES
- Yet to build the customer base
OPPORTUNITIES
- Global legalization of medical related cannabis products
- Global legalization of cannabis products for private consumption
- Further growth in acceptance of mobile and internet shopping
- Growing acceptance of the blockchain technology and cryptocurrency
THREATS
- Competitive market with growing competition
- Possible regulations affecting the crypto industry (cryptocurrencies)
Overall, the SWOT Analysis for the JIBBiT project illustrates that the business model of JIBBiT has more strengths and provides more opportunities than weaknesses and threats.
JIBBiT (JIB) TOKEN
The JIBBiT (JIB) Token will be the utility token used on the JIBBiT platform. The JIBBiT ecosystem will be hosted on the Ethereum Blockchain Network and the JIBBiT (JIB) tokens will be ERC-20 compatible tokens.
The total number of JIB tokens to be issued will be limited to 700 Million tokens with 420 Million tokens placed for sale during the token sale period. The price per JIB token is fixed at 1 JIB = US$ 0.05.
The token sale is expected to start on 1st Jun 2018 and would take place on the JIBBiT portal i.e. www.jibbit.io. The token sale will end either on the date once the project reaches the hard cap target of appr. $18 Million or on 31st Aug, 2018, whichever is earlier.
[Note: - There will be restrictions on token sale for nationals of US, Republic of China, HK SAR, Canada, Singapore, and countries which are covered United States embragoes, such as Iran, North Korea, Sudan, Syria.]
TEAM
The JIBBiT team consists of people containing wider range of experience in the fields of finance, blockchain technology, computational visualization, application development etc.
For more information on the JIBBiT' team, please refer the following link: -
https://jibbit.io/#team
CONCLUSION
Thus, the JIBBiT project is one of the most conceptualized projects which strives to develop blockchain based ecosystem for the Cannabis industry operating in a legalized way. It aims to bring decentralization and anonymity and build an cryptocurrency led ecosystem for the Cannabis industry.
It targets to bring the next 200 million people into the world of cryptocurrencies.
For more information on the JIBBiT project, please refer the following links: -
*Website - https://jibbit.io/
*Whitepaper - https://jibbit.io/whitepaper
*Join at Telegram - https://t.me/jibbitico
*Follow on Twitter - https://twitter.com/jibbitico/
*Follow on Facebook - https://www.facebook.com/Jibbit-1196046843831431/
*Follow on Reddit - https://www.reddit.com/user/JibbitICO/
*Follow on Instagram - https://www.instagram.com/jibbitico/
*Subscribe on YouTube - https://www.youtube.com/channel/UCIMa1BtqrJLn6446tLn79qA
*Follow on Medium - https://medium.com/@contact_75450#
Published by 'Sameer S'
Telegram ID - @Sameer_R
BTalk Profile URL: - https://bitcointalk.org/index.php?action=profile;u=1978491
Disclaimer: - Kindly conduct your due diligence before making your decision on this project from the investment and legal perspective.