MassRoots Inc (OTCMKTS:MSRT) recently declared in its annual report that it will be developing an Ethereum-backed crypto token and will also use the applications of Blockchain technology to reward its one million registered users. The report was opened in front of the Securities and Exchange Commission a few days ago.
The Cannabis social networking platform formed a subsidiary- MassRoots Blockchain Technologies in December 2017 to fulfill its vision of implementing Blockchain Technologies in its working. The work for the company has already started with the software company MEW already engaged in developing the applications for the subsidiary of MassRoots. The report says that the company has already sold Simple Agreements for Future Tokens (SAFTs) and has in turn collected $942,500 from September 2017 to January 2018 from 10 investors.
MassRoot’s Token To Run On Ethereum
The Colorado-based social networking site for Cannabis community has already invested $250,000 for developing the blockchain-based features and utilities. One of the primary aims of the company for developing crypto token is to encourage high-quality reviews that could automatically lead to incentivize user growth. The company is developing an ERC-20 standard digital token eligible for Ethereum network.
MassRoots is an app that was first introduced online in 2013 and is many times compared to Yelp- dedicated specifically to cannabis. The app allows users to give ratings to various cannabis products and strains. There were a few difficult times for the public-traded company when the online store of Apple banned the app. However, later on, the move was reversed and the store restored the presence of MassRoots app.
In its report, the company has said that they are introducing the blockchain technology in their working mostly so that the quality of the information that is available on their platform for the consumers can be improved. The documents say that there are many technology companies that are trying to come up with the best information on the cannabis-related strains and products. However, compared to that the reviews for these cannabis products are quite low and many times these are somehow influenced by various factors.
MassRoots believes that their new step will help them to get unbiased reviews of the cannabis strains and products.