About the Project
Ticker symbol: PRG
Project type: DECENTRALIZED LEGALIZE AUTONOMOUS ORG
Company: Paragon Coin
ICO: September 15, 2017
Sale length: 4 weeks
Token type: ERC20
Total tokens: 200,000,000 RPG
Available in Token Sale: 50%
Fundraising goal: min cap – 10,000,000 USD
Price: 1 USD
Accepted: BTC, ETH, LTC IOTA and others
Bonuses: Early Bird, maximal discount - 25%
Team size: 13
GitHub: no data available
Slack: 684 followers: https://paragoncoin.com/slack
Twitter: 253 tweets, 984 followers: https://twitter.com/paragoncoin
Medium: 14 posts, 69 followers
Reddit: 99 subscribers: https://www.reddit.com/r/icocrypto/
Facebook : 5,526 likes, 5,681 followers: https://www.facebook.com/paragoncoin/
Telegram: 563 members: https://t.me/joinchat/Clv-u0IXuCq2B0xvCIlRXw
The Paragon project is an American blockchain-based platform for b2b cannabis sale transactions. It is a legalized decentralized system using PRG tokens.
The founder is Jessica VerSteeg. She is a famous American model and business woman; her company AuBox is a cannabis delivery company. Jessica and her team intend to reform the cannabis distribution market. The team includes The Game, a famous rapper.
The founders state that using blockchain-based smart contracts will help to make the system transparent, organized and easily controlled. Besides that, blockchain-based smart contracts will help to:
- create a ParagonChain single database;
- use the ParagonCoin payment system;
- create a ParagonSpace jobs system;
- arrange global ParagonOnline legalization;
- to fix norms for licensing, lab researches and trials, transactions, delivery, and ID data verification using ParagonAccelerator applications.
Paragon is both an online and offline project; the main activity is offline. The founders consider it as «a professional co-working space for cannabis and a creative hub for scientists, journalists, investors, marketers, doctors, developers, fintech specialists, entrepreneurs, startups and lawyers in the cannabis space». For this purpose they intend to run offices in all the American states where cannabis is legalized.
We believe that Paragon is one of the most interesting current projects, in spite of the fact that cannabis industry market problems are not of great interest to the majority population. Regarding the project’s technology, it sets a precedent for blockchain-based projects as to regulation methods.
The main problem for the project is that it is a semi-legal business activity; banks and payment systems do not want to deal with a semi-legal company. But if the project implements the services it indends to, it will solve the problems of legislation.
Speaking about the ICO in the Whitepaper, the founders say: «Engage one of the “Big Four” accounting companies for annual third-party audits». It is known that large-scale audit companies would like to deal with blockchain-based start-up companies. It could be that the audit carried out for Paragon will set a precedent for the cryptocurrency market in future.
Nevertheless, there are risks in token purchase. The founders do not describe the engineering aspects of the project. Taking into account current legislation we cannot foresee the idea’s implementation; Paragon could encounter problems in this area. It could be stopped at the stage of just being a beautifully-packaged idea.
- a large scale cannabis industry market which is under development.
- the business model is planned in detail. The services are in demand; the staff are prominent and well-known.
- the community and investors are impressed.
- intensely political nature of the industry, which can interfere with globalization of the project.
- engineering aspects are not described.
It is not a novel idea to regulate the cannabis market with the help of blockchain technology. Start-up companies should solve the following potential problems: legality, safety, and protection.
Within recent years there have been many IT projects in the USA trying to improve the cannabis sales market. Most of them focused on anonymous banking, secure links and other financial infrastructure supporting the cannabis market, and other problem campaigns like migrant interconnection. Among these projects are Serica, Tokken, and Hypur.
The blockchain-based projects include SinglePoint and WebJoint; SinglePoint operates using a seed-to-sale blockchain system controlling cannabis product life cycle. The blockchain-based WebJoint project offers reliable cannabis delivery to the door.
Paragon is the first blockchain-based project able to solve all cannabis market problems.
We should take into account legalization problems before this market sector evaluation. The UNO Single Convention on Narcotic Drugs, dated 1961, was adopted by 185 countries. The Convention was focused on the control of cannabis circulation; the result being that cannabis industry legalization in the USA was impossible.
Colorado state held a referendum and legalized the cannabis industry in 2014. 25 American states permitted cannabis as a medicine in 2016; that year the legal cannabis market’s income was at $7 billion. The illegal market total value was at $53 billion.
Legalized cannabis markets exist in the following countries: Netherlands, Canada, Czech Republic, Georgia, some states in America, Spain, Portugal, Croatia, Israel, Poland, Greece, and some other countries. Total market turnover is $156 billion.
Currently, cannabis legalization is a so-called liberty global market trend. After many medical trials proving the benefit of cannabis usage for treatment of serious diseases, cannabis market legalization lobbying grows more and more popular.
We cannot currently judge the engineering aspects of the platform; in the white paper, there is too little information concerning this. It is known that the ERC20 smart contract plays a leading role in the service. Platform access is carried out with the help of mobile applications.
It is interesting that Paragon is cooperating with the IOTA project. IOTA offers the opportunity of scalability and transactions at high speed.
The white paper provides potential investors with all necessary information to make decisions on future investments; it is a large 44-page document, but is easy to read and understand.
All useful themes are disclosed. The ‘RISKS’ section describes potential legal and operational risks, and risks connected with the private wallet.
However, the engineering aspects of the project are not described at the time of writing. The project does not have repositories, and codes are not available.
- Starts: September 15, 2017
- Sale length: 4 weeks
- Token type: ERC20
- Total tokens: 200,000,000 PRG
- Available in Token Sale: 50%
- Min Fundraising goal: 10,000,000 USD
- Price: 1 USD
- Accepted: BTC, ETH, LTC IOTA and others
- Bonuses: max 25% discount
There will be two stages in the token sale. The first stage is described above; there will be 100,000,000 PRG tokens available for sale at 1$. The rest of the first batch of unsold tokens will be cancelled. The second stage is planned for 2021, with issue volume of 50,000,000 PRG at the price fixed by the time of the start of the second ICO.
Before the first ICO, there will be three pre-ICOs. The dates of pre-ICO: August, 15-25; August, 25 – September, 05; September 5-15. Bonuses during the pre-ICOs are:
- August 15-25– 5,000,000 PRG - 25% discount;
- August, 25 – September - 10,000,000 PRG - 15% discount;
- September, 5-15 - 25,000,000 PRG - 10% discount.
After the main ICO launch there will be a maximum discount of 5%. “During the first 5 hours of the token crowdsale we will offer an early bird 5% discount. Following that, the price will remain at $1 for the remainder of the first 24 hours. Then it will increase $0.05 each 24 hours for 30 days or until all tokens are sold.”
Total ICO raised funds are spent on development under the given roadmap. The remaining 25% of the PRG tokens are distributed as follows:
- 20% - Controlled Reserve Fund. According to the white paper: «Unique to crowdsale startups, Paragon is dedicated to ensuring a stable token to serve the purposes it represents. We are very aware of the ongoing issues with pump and dump schemes that many cryptocurrencies are prone to and intend to address these. Additionally, short- and long-term fluctuations in circulating tokens can negatively impact the core functionality of our business model. The Controlled Reserve Fund will be split into two core functions to keep PRG stable.».
- 5% - Community Reserve: This is a budget for start-up companies launching within ParagonAccelerator.
The Paragon roadmap is available on the website and white paper. It describes one year of project life. The founders intend to do much within this short period; here are the main steps of development:
- by November 15, 2017 they intend that the PRG token is listed on the main stock exchanges. By this time according to their forecasts the main services are to be launched. The following services will be available: Online business management, open access to database and medical certificates, and cooperation with specialists in marketing, PR and mass media in the cannabis industry.
- the first Paragon Center will be launched in Oakland, CA, USA in February, 2018.
- the blockchain smart contracts and all intended services will be launched in full by November, 2018.
It is difficult to say right now if all ideas will be implemented successfully, because the founders do not explain the engineering aspects of the services that have been announced. We must rely on the staff’s experience.
There are 13 staff members and 13 advisors. According to the given information the staff consists of experienced specialists in the field of blockchain technology, marketing, legal support and cannabis sales.
Jessica VerSteeg and Egor Lavrov are the leaders of the team
Jessica VerSteeg – CEO. Jessica is the CEO of AuBox, an upscale marijuana delivery service in the Bay area. Her fast-growing two-year old company has been covered by Forbes, Vogue, Marie Claire, and other prominent media.
Egor Lavrov - CCO. Egor is a Russian entrepreneur who made his fortune in Internet-related projects, political PR, and a number of businesses in the United States and Latin America.
The marketing campaign is large in scale. The project is registered on the main social networks, where there are many followers. In addition, Paragon was announced in popular blockchain periodicals such as coindesk.com. It was announced on the website of International Business Times as well.
The team communicates actively on Telegram, Slack, and Medium.
The information contained in the document is for informational purposes only. The views expressed in this document are solely personal stance of the ICOrating Team, based on data from open access and information that developers provided to the team through Skype, email or other means of communication.
Our goal is to increase the transparency and reliability of the young ICO market and to minimize the risk of fraud.
We appreciate feedback with constructive comments, suggestions and ideas on how to make the analysis more comprehensive and informative.