Seeing potential with Blockchain Technology and cryptocurrency, Jessica VerSteeg, a model and former Miss Iowa 2014, has launched her new Blockchain company Paragon. This venture intends to introduce initial coin offering for her cannabis start-up, based in California. She has also teamed up with a rapper, called The Game, to promote Paragon’s PRG tokens.
Her intention is to launch cryptocurrency for business-to-business (B2B) transactions in the marijuana industry and bring in place a Blockchain-powered supply chain system to maintain legal transparency and quality assurance.
Initially, when she launched her new business, inconsistent record-keeping and product-labeling annoyed her. This led her to set forth a new cannabis ecosystem by raising up to $100 million with Paragon’s September ICO, an Ethereum based platform which would put it among world’s top earning ICOs.
Paragon’s ICO goal is ambitious for seasoned Blockchain developers and making people skeptical about it. VerSteeg bought her first Bitcoin two years ago and hardly played with it, she is not among the cryptocurrency veteran. Egor Lavrov, her husband and business partner, is more exposed to the technology. Vadym Kurylovych, Ukrainian fintech entrepreneur, is the Paragon’s CTO. Other advisory board and team includes general Silicon Valley professionals, and celebrities like soccer player Bakary Soumare.
There are multiple Blockchain companies working for cannabis industry’s woes like Singlepoint and WebJoint. Many popular ICOs underwent technical glitches due to too many buyers flooding the system. Heavy-handed regulation, banking discrimination make things further difficult for cannabis companies. To make things worse are inherently tricky cannabis supply chains, in terms of social credibility and legal compliance. However, Paragon’s business objectives and underlying technology are sound.
Paragon is taking ideas for cannabis industry smart contracts and cryptocurrencies to streamline them into simple, cohesive approach. Blockchain solutions have the potential to track cannabis product from seed to consumers.
VerSteeg told International Business Times, “I think what people want is trust”.
PRG tokens wouldn’t be used by people buying medical marijuana, instead tokens would be traded between transporters, suppliers, dispensaries and all the businessmen involved with the same cash flow problems. This isn’t “just another cannabis coin,” VerSteeg said.
To create the underlying technical infrastructure, this California cannabis startup is collaborating with the IOTA foundation, a widely acknowledged Blockchain nonprofit.
VerSteeg also said, “I wanted people from tech and cannabis to collaborate. Our tokens work like escrow for business to business.We’ve already started talking to a few suppliers who will use it [PRG] for growers who want to buy soil.”
Founder of IOTA foundation, David Sonstebo, said, “The beautiful thing about the Paragon project is they are combining the technologies that actually make sense. Rather than creating a token specifically for a certain transaction, they are using pre-existing protocols to actually build a framework.”
“All the way from whether we can measure the PH levels in the soil, whether they use herbicides or pesticides in the crop itself, how the crop was actually prepared before it was sent off to the clinic.you get this complete provenance that is completely tamper-proof.”
VerSteeg is in love with both makeup and Blockchain. She isn’t letting her reputation as a fashion model curb her ambition to join cryptocurrency. She has the ability to recognize untapped potential rather than trying to reinvent the wheel like others. Click here to participate in the ICO.
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