Rapper The Game announced that the tech company Paragon would be releasing details about its upcoming initial coin offering (ICO) Paragon Coin, a cryptocurrency based on blockchain technology. Today the company will be airing a live broadcast.
A blockchain is a public distributed ledger that is stores bitcoin or cryptocurrency transactions that are recorded chronologically and cannot be erased. ICO’s, a new fundraising vehicle, are exploding in growth, according to Autonomous NEXT. Companies can issue their own currency that can be spent for business-related transactions.
“Preparing a cannabis revolution with blockchain… and I will tell you more about our upcoming ICO on August 15th,” The Game tweeted on August 10. On August 15, Paragon released its whitepaper detailing their mission to revolutionize the cannabis industry. “This is a crucial moment for the cannabis industry,” The Game stated. “This is its moment – legalization is happening. What Paragon is doing is bringing cannabis up to speed with mainstream businesses – actually not just up to speed, but bringing it ahead of other businesses with next-generation technology.”
Paragon’s data and tracking services are available to nearly every point along the cannabis supply chain such as growers, labs, doctors, consumers, and retailers. The system could be used to certify medical cannabis recommendations, and shipments of cannabis could be permanently logged in.
Interestingly, Paragon was founded by Jessica VerSteeg, former miss Iowa US, and former reality TV star is shattering stereotypes about female models. Her ex-boyfriend and Super Bowl champion Tyler Sash overdosed from painkillers, propelling VerSteeg into a passionate career as a cannabis advocate. Versteeg said that Paragon isn’t just another cannabis bitcoin.
Paragon is planning a live Q&A on Facebook on August 16 at 12 p.m. PST. The company will answer questions and explain how blockchain technology works and why the technology is about to revolutionize the regulated cannabis industry.