MassRoots a social networking platform for cannabis sector is involved in the development of a crypto token as well as other blockchain-based applications which are aimed at its ecosystem that boasts of over one million users. This was disclosed by the cannabis social media firm in a Securities and Exchange Commission report.
Towards this goal MassRoots has created a subsidiary known as MassRoots Blockchain Technology and engaged MEV, a software firm, to develop the applications.
Per the SEC report MassRoots has sold SAFTs ? Simple Agreements for Future Tokens worth over $900,000 between last year in September and January this year. Around $250,000 of that amount has been invested towards developing features and utilities that are powered by blockchain technology.
Rating products and strains
It started five years ago with the mobile app of MassRoots which has been described as the Yelp of the Cannabis sector as it allows rating of cannabis strains and products by its users. MassRoots has enjoyed a colorful history and at one time its mobile app was booted from Apple?s App Store though it was later reinstated.
According to MassRoots the blockchain technology or digital asset it is developing could serve to enhance information quality for consumers on the social network. It will consequently lead to the recruitment of more users as well as increase activity on the platform.
“?this digital instrument will incentivize user growth and stimulate the platform’s overall activity. ? the digital instrument may also one day be used by businesses within the cannabis industry to, among other things, develop customer loyalty programs,” wrote MassRoots in the annual shareholder letter for 2018.
Low quality reviews
Per MassRoots the number of reviews for cannabis products is low and even when they exist the quality if often biased since there is an incentive for this as the products which possess the most reviews also get more exposure relative to the ones with a lower number of reviews. The system which will be based on ERC-20 and run on the network of Ethereum will thus be a better one. After writing reviews users will earn tokens and these tokens can be redeemed for products and services on the ecosystem of MassRoots.
Dippli is an independent media outlet that covers the current events in the crypto space. Got breaking news or a story to share? Then feel free to contact us at email@example.com.