Paragon is a company that is introducing an all new distributed ledger system for the marijuana industry and supply chain by adding blockchain network to enable secure, transparent and streamlined records. They claim to revolutionize the way the cannabis industry is being run and are working to bring the industry together to make it easier for all aspects related to cannabis such as, doctor registries, marijuana IDs, prescriptions on one end and harvesting, seed to sale tracking, cannabis related services for consumers and B2B on the other.
The protocol can also be used to log data pertaining to cannabis products, including time of harvest, origin, organic status, CBD/THC content, and sustainability. The cannabis industry is fragmented, illicit and untrustworthy right now and by providing it with the power of blockchain based smart contracts, Paragon will connect various links within the industry thereby making the entire process a lot more streamlined (also helping with the legalization of cannabis across the world).
While still being in the initial phases, Paragon plans to cover every aspect of the cannabis industry and by bringing Blockchain based smart contract to the industry they will be able to organize and bring verification and stability to this traditionally unchecked industry.
How Does Paragon Coin Work?
Paragon Coin is a token which will work on the ‘blockchain working on Ethereum Smart contract’ (not sure if phrasing is correct here) that would be used within the Paragon Ecosystem. The token would be essential for use on the offline and online ecosystem, thereby targeting legal related cannabis businesses around the world. Additionally, Paragon will integrate all trusted sources and make an easy to use seed to sale supply chain tracking, lab testing results, medical prescription verification and an eco-system for all cannabis-related start-ups etc. (all verifiable through the blockchain on the Paragon eco-system).
The company has a limited supply of Paragon Coins (PRG) which would benefit and reward early adopters once the coins are mass adopted. The Paragon Coins (PRG) will not be a payment solution for cannabis trade, but provide an effective solution for the cannabis industry to use as a whole. For example, some of the unique features of this service include:
- Anonymous and unique ID verification for a frequent buyer who has prescription
- Consultation to a Paragon verified doctor who can be paid with PRG for the prescription and consultation.
Also, Paragon plans to incentivize the PRG user community and the content platform using the digital tokens. These tokens can be exchanged with fiat currencies along with cryptocurrencies such as Bitcoins, Ether on various exchanges after the completion of the ICO.
About The ICO
The initial token crowdsale will take place between September 15, 2017 and October 16, 2017, and can be accessed via paragoncoin.com. A total of 200,000,000 of PRG will be generated following which there will be no further production of tokens. Thus as time goes by, once all of the tokens are in circulation, the demand is expected to increase allowing for a surge in the overall value of the currency.
To take part in the ICO, users will have to create a personal login which will be easy to use for the purchase of PRG. Additionally, users can also exchange the following cryptocurrencies on the website: Bitcoins, Litecoins, Ripple, Dash, Ether Classic, Ether, SibCoin, TorCoin, Waves, Moreno, ZCash (Paragon plans to add more cryptocurrencies to the list as the time goes by).
To ensure maximum security, Paragon accounts will consist of Ethereum wallets. And will be based on a network that is truly decentralized and uses peer-to-peer technology to operate with no central authority. The network collectively carries out the issuing of ParagonCoins and works everywhere, anytime, so that business can take place 24/7 in any part of the world.
Post-crowdsale , interested people will also be able to purchase and sell PRG on exchanges, subject to applicable regulations in their country of residence. All transactions will be secured with state-of-the art cryptography, and the blockchain integrity will be protected by CPU-efficient, ASIC-resistant proof of stake. This unique model will allow us to speed up transactions and satisfy banking needs for cannabis-related businesses. In particular, it will offer cannabis businesses and consumers a legal alternative to the current regulatory restrictions. Paragon is committed to the cryptocurrency community and want to keep the value of PRG strong and growing.
Lastly, Paragon does not want their token crowdsale to affect the value of Bitcoins. To ensure this, the company will be very careful as of when they convert the token crowdsale proceedings to fiat currency to pay for expenses. Paragon will stage the conversion of the token crowdsale proceeds over time and through multiple cryptocurrencies and ex-changes. This will dilute any impact that volume might make on either PRG or other cryptocurrencies.
Paragon is a startup company led by CEO Jessica Versteeg. The company made headlines on the internet on August 10 when it was mentioned by rapper The Game in a tweet, accompanied by a video. The CEO released more information about Paragon and Paragon Coin on August 15, including exactly how the company plans to disrupt the cannabis industry, and how Paragon Coin will be used. Paragon has a detailed roadmap out and it seems to know the cannabis niche very well.
A experienced core team in their arsenal, we can take an educated guess that the company has a potential to become a powerhouse of a billion dollar cannabis industry. Only time will tell how the company performs but with celebrities getting involved and their widespread reach. Cannabis is a billion-dollar industry and it only seems like a positive move for it to streamline and make cannabis much more accessible. Paragon is also a part of legal battles to make cannabis legal across the United States and the world by providing the benefits of cannabis. If they succeed, the cannabis industry is going to get bigger and better.