|Creation Date||August 2017|
Introduction to Paragon
Paragon defines itself as the “world’s first crypto-currency-backed brick-and-mortar cannabis project”. The team aims to rent & buy buildings in the real world and rent them again to cannabis dispensaries. These buildings will be called “Paragons Space” and customers will be able to shop from more than one dispensary. Think of these buildings as “malls for cannabis dispensaries”. The only accepted currency will be PRG tokens in these buildings.
Paragon has been besieged by problems since their ICO in which they remarkabkly managed to raise $70m, largely due to heavy advertising and paying celebrities such as rapper The Game to promote it. They never registered with regulators, and ICO investors are now asking for their money back. There are still a lot of scam accusations being thrown at Paragon, and there is certainly still a lot of suspicion about the legitimacy of the project. Our personal feeling would be to stay clear of investing.
What is Paragon?
The Paragon project consists of two parts: Paragon Space buildings, which will host the cannabis dispensaries; and Paragon Online, which will be a social media platform for cannabis users, like Reddit and Steem. Paragon won’t sell cannabis online. To buy cannabis from Paragon, you would need to visit a Paragon Space building. According to Paragon, these buildings would open in all states and countries where cannabis is legal. Legal dispensaries would be able to rent a space inside these buildings and offer their services, and every dispensary renting space inside one of their buildings would need to accept PRG tokens as a method of payment.
Paragon Online, on the other hand, would be a social media platform for cannabis users. For example, you will be able to recommend a specific strain of cannabis, create a “beginners guide”, and rate the dispensaries.
What are PRG tokens used for? Is there any value to holding them?
The only proposed use for PRG tokens would be for buying cannabis from the dispensaries in the Paragon Space buildings. Each PRG token would store a lot of data about the cannabis you buy, such as its strain, history, seed quality, etc. In addition, they would be used as a reward on the Paragon Online platform, where users of the platform will be able to send PRG tokens as an “upvote” to content creators.
The Paragon Team
The Paragon team is… interesting, to say the least. The CEO of the project, Jessica VerSteeg, is a professional model. To get to know her more, you can watch this video: https://www.youtube.com/watch?v=yxZ1TBzv_SM She doesn’t seem to have any experience in blockchain or business, that can be evidenced.
The legitimacy of the rest of the team is also a little questionable. Giovanti Humphries, who is still listed as CFO at the official website, actually left the company 6 months ago, according to his Linkedin profile. And the CCO is actually a mobile game developer. Vadym Kurylovich, who is listed as the CTO, has no Linkedin profile. The Paragon team refuses to provide additional information about their team members (1).
The Paragon team has accounts on multiple social media platforms. They seem to be most active on Reddit. However, they do not have a good reputation at all. They recently did an AMA (ask me anything) a Reddit and removed/censored almost all of the comments/questions. Take a look at these two threads, for example:
(this one has nearly 30 comments and all of them are deleted)
(This entire thread is deleted. People are asking some “hard” questions and the team fails to answer
Their BitcoinTalk thread is no different. Crypto-communities seem to think Paragon is a scam project. The most basic question everyone has (and the team fails to answer) is this: “Are you asking us to give you money so you can open these brick-and-mortar cannabis centers? Do you have any kind of funding at all or do you depend on us to provide you the money? If so, why should we trust you?” For some reason, the Paragon team cannot answer this question directly.
|Block Time / Transaction Fee||None / $.000000005|
|Current Value (Total)||$ 10,444,226|
|Can Be Traded In||HitBTC, Live Coin, Tidex|
|Can It Be Used in Real World?||No|
- Q1 2018: First Paragon space acquired in Los Angeles (Note that we have no information about its address, this is just a claim)
- Q2 2018: Pilot testing for “seed to sale” tracking starts
- July 2018: “Paragon Space” building opening day