Despite seeing an exponential growth in sales and distribution, the Cannabis industry still faces criticism from at least half of the American population. The primary reason behind these concerns is the fragmented nature of the industry, combined with the presence of duplicitous elements in its supply chain. Paragon is here to address these concerns by leveraging the power of blockchain based smart contracts.
Smart contracts offer the one thing cannabis industry desperately requires- transparency. The blockchain technology implemented by Paragon allows storage of every single event in the product life cycle along with a provision to build applications for tracking shipments, identifying patients and their prescriptions, and every single detail that promotes legitimacy in the business. The Paragon project will effectively speed up transactions while facilitating a seamless access to the transaction details to all the involved parties.
The next part of the project, Paragon Spaces, is geared towards creating a complete ecosystem for the companies involved in the Cannabis industry. It is quite challenging to rent a space for cannabis-related ventures. Paragon centers will offer a co-working environment for Cannabis companies, offering them legal and business advice, allowing access to labs and offering a support network for growth. These centers will be setup in places where cannabis is legal, and their main goal will be to promote companies with strong legalization and start-up ideas. Paragon will actually pay startups that will receive a minimum threshold upvotes.
Paragon Online is the next block in the project and the one that will steer the direction of the entire project. The online community will discuss innovative ideas and vote on potential projects. It will serve as a common platform for cannabis entrepreneurs, developers, investors, scientists, doctors, lawyers, journalists, and every professional associated with the industry. Paragon Online community will direct the usage of its controlled funds on various projects. Developers will have a chance of benefiting from our online APIs, getting access to all non-private data accumulated in the blockchains.
Paragon Coin will bring all the pieces together by offering a global cryptocurrency for every transaction performed within our channels. Paragon coin will facilitate business to business fund transfers between growers, suppliers (soil, electricity, fertilizer, water, etc), labs, doctors and so on. These are ERC20 tokens based on the Ethereum platform, and they propel the core functions of Paragon. In order to ensure technological competence, Paragon will upgrade to IOTA platform, which will effectively eliminate transaction fees, enable offline transactions, and even speed up transaction processing. The company will use IOTA’s Oracle smart contract subsystem. Paragon will incorporate a business model to gradually decrease the number of Paragon coins in circulation, by burning them, thereby creating appreciation the price by lowering supply and increasing demand. Further, Paragon coins will be channeled back to the company as payment for using its services, such as Paragon Spaces.
The key strength of Paragon as a company is not only its technical expertise but the presence of people who are committed towards the growth of the Cannabis industry. Jessica VerSteeg, CEO of Paragon and co-founder of Au Box, Inc., a luxury legal marijuana delivery startup, is true to the cause of the legalization of cannabis. Her efforts at Paragon are also endorsed by her friend American Rapper The Game, who is also a successful Cannabis entrepreneur. The Game was also the first celebrity to own a legal Cannabis dispensary, and his effort in championing innovative cannabis products has been appreciated throughout the community. Paragon also has Bess “Cannabes” Myers in its team, who has been a big advocate of the legalization of Cannabis.
Participating in the Paragon ICO
The Paragon Project is looking at bringing greater participation into the booming Cannabis industry through the issuance its own crypto-token in a crowd-sale event starting on September 15th (right after its ongoing Presale) through to October 15th. Total ParagonCoin (PRG) supply will be capped at 200,000,000 PRG and priced at $1 – This value will however increase at various stages of the ICO. ParagonCoins are ERC 20 tokens based on Ethereum making them convertible with a number of other digital assets.
PRG can only be acquired using cryptocurrencies. Investors will be able to purchase ParagonCoin by exchanging various cryptocurrencies such as BTC, ETH, LTC, IOTA and a few others for it.
For more details, follow the ParagonCoin ICO here.