Paragon offers a well-planned and step-wise solution to pull the cannabis industry into the mainstream using the smart contract technology. It is taking a slow and steady approach and has ideas of revolutionizing the marijuana network in a systematic and legal manner. The main purpose of initiating paragon is to resolve the several issues that the industry is plagued with and the blockchain process comes as an ideal way to go about it.
One important step that Paragon has taken is creating a new immutable ledger for the industry making it more convenient and easy for services like Doctor registries, prescription verification, issue IDs, and other related services for the users. It also intends to systematize the cannabis services like seed and sale tracking, marijuana harvesting, testing, and similar.
Paragon is building a Paragon Space which will enable its members to meet, work, create a better harmony, socialize and eliminate the issues that the cannabis- related businesses and dispensaries face of getting a lease in good locations. PRG is the token used to work on the smart contract. The company has decided to have a limited supply of the PRG tokens which will be beneficial to the early adopters of the platform.
PRG is not intended to be a payment mode for the cannabis industry. The frequent users will be provided with an identification card provided they have a prescription. The ID card will be issued under strict privacy and confidentiality under highest security leaving no risks of any information leakage.
The PRG tokens can be used to pay the doctor’s consultation fees (medicines and prescription). The users too will be rewarded with the tokens. PRG can be exchanged for other cryptocurrencies like bitcoins, ether, Litecoin, Ripple, Dash and several others etc. It also can be exchanged with fiat currencies. It was decided that 2,00,000,000 PRG will be produced at the ICO and no further tokens will be released. This is to create a demand for the digital coin that could build up the value of the token. All the transactions are secured by encryption, ASIC resistant PoS.
Paragon is a welcome initiative and provides great scope for the cannabis industry. It comes as a legally accepted alternative for the consumers and cannabis business services. Paragon also has offered a detailed road map of how it plans to utilize the funds and the steps it will take.
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