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ParagonCoin: The Cannabis Industry Hub

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Most cities have office centers where entrepreneurs can make use of free internet and collaborate with startups. This is the model ParagonCoin hopes to emulate for marijuana.

ParagonCoin is a hub for connecting disparate parts of the cannabis industry through blockchain technology. Their goal is to bring industries from “marginalized to mainstream” while advocating for full legalization. It happens in 3 parts: Work spaces for entrepreneurs, social networks for collaboration and a cryptocurrency backed by Ethereum for secure transactions.

3 Part Strategy

The first part of the company is the work spaces they hope to set up in cities with light cannabis laws, or in countries that have legalized altogether (like the Netherlands). Thought of as incubators, these spaces will cater to those involved in every aspect of the business from growing to distributing and processing to buying. The central goal being reducing some of the barriers that patients, doctors and labs all face. Also, helping others with new ideas (banking, technology) to set off on their own and start complimentary businesses.

Second, those without a brick and mortar building within their community get to be a part of ParagonOnline. It works like a social network for people involved in the marijuana business. Members of the community are rewarded with tokens when their ideas are adopted by the collective (upvoted). In this way funding is awarded and everyone benefits. Marijuana is still illegal on a federal level in the US and restricted in other countries. Although laws are loosening everywhere, there are no guarantees that business will thrive. The social network aspect allows for a type of community in the absence of a physical hub for startups.

Third, the purpose of any cryptocurrency is to solve the banking and payments issue. ParagaonCoin (PRG) are bought and sold like other currencies and can be exchanged for dollars at certain exchanges. Owners with more tokens have more say in the direction of the company. Smart contracts are carried out on the Ethereum blockchain. Their ICO was for 100,000,000 tokens at $1 per token. It is possible for anyone to open coin account using Ethereum wallet.

Adopters

An entrepreneur with a growing operation could benefit from connecting to the online community. He could place orders with seed sellers in other states, use the tracking software to follow his purchased goods and ensure his customers are verified. He could also stay up to date on legislation impacting his business by communicating with like minded organizations. He is able to collect money and pay using the tokens through the blockchain supported interface. The potential to track plants from seed to sale is within reach in this connected community of marijuana businesses.

A second type of B2C adopter could be a owner of a dispensary in a state (like Oklahoma) where medical marijuana is legal but recreational is not. The smart contracts allow patients to buy products from the dispensary, verify digital signatures and pay with cash. The cash is a necessary requirement until federal laws change allowing medical cannabis dealers to register.

Another type could be a customer who lives a long way from a dispensary, but has a doctor’s prescription for cannabis based medicine. This person could have the medicine delivered instead of picking it up from a seller. This depends on the laws of the person’s state/country as well though. A patient with access to a cooperating doctor ( in the Paragon Online system) could take care of payment and ID verification remotely.

Paragon Coin ICO Legal Troubles

The California lawsuit claimed that Paragon failed to register their ICO with the Securities and Exchange Commission. If it’s found to be a security, founders and promoters, including Terrell Taylor a.k.a. “The Game” will have to endure some serious financial ramifications. The Paragon project successfully raised over USD 70M during their 2017 ICO.

A lot of the success from the Cannabis industry hangs on legalization around the world. Success has come in fits and starts but without collaboration and seamless execution among supply chains, it faces continued setbacks. Companies with smart contract options will fair best because blockchain takes a lot of guesswork out of payment verification.

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Source: https://blockchainhealthcarereview.com/paragoncoin-the-cannabis-industry-hub/

Blockchain

Bitcoin Unfazed by Monday’s Stock Market Sell-Off, Beats Gold As A Hedge

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Bitcoin-Gold-Stock Markets have been on investors’ radar throughout 2020. Interestingly, after Monday’s major sell-off in the stock market, BTC continues to show its strength and is trading above $13,4000 levels at press time. On Monday, Dow Jones (INDEXDJX: .DJI) corrected 650 points or 2.29 with other indices following the cue.

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This has been the biggest sell-off in the U.S. stock markets after early September 2020. However, unlike the previous time, Bitcoin continues to be going strong and bold. In fact, BTC has remained stronger than its other hedge alternative and physical asset Gold.

This clearly goes to show that BTC has been on the way to decoupling itself from the stock market. Moreover, the recent decoupling of Bitcoin sets the tone for Bitcoin’s next journey ahead. At the current price levels, BTC has already attained a new high for 2020 making the road clear for $14,000 and above.

Big Player’s Entry Helps Bitcoin Sustain

Over the last week, the BTC price has surged nearly 13% with a number of big players making an entry in the crypto space. Some of the big players from the traditional finance and payments sector are getting closer to Bitcoin.

Many analysts see PayPal’s decision to offer Bitcoin trading services as a big push for the world’s largest cryptocurrency. If this wasn’t enough, the latest market news is that Singapore’s biggest commercial bank DBS is launching its crypto exchange.

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JP Morgan: Bitcoin $40,000 Is Coming

On the other hand, JP Morgan has completely flipped its position in favor of Bitcoin. From Bitcoin is a ‘fraud’ in 2017 to Bitcoin could “crowd out” Gold, the banking giant has come a long way. As reported by Fortune, JP Morgan analysts are saying that Bitcoin could triple from the current levels.

The $40,000 price prediction for BTC comes in a research note published by JP Morgan last Friday. JP Morgan highlights Bitcoin’s emergence as a Gold-alternative, especially among the millennials. “The older cohorts prefer gold, while the younger cohorts prefer Bitcoin as an ‘alternative’ currency,” mention the research note.

The bank analysts further add that if the trend continues, it can potentially challenge Gold in the long-term term. “Even a modest crowding out of gold as an ‘alternative’ currency over the longer term would imply doubling or tripling of the Bitcoin price from here,” noted the bank.

The recent commentary from the bank comes on the heels of PayPal’s entry to the crypto space. Here’s a look at how BTC has attracted big players over the last few months.


To keep track of DeFi updates in real time, check out our DeFi news feed Here.

Author: Bhushan Akolkar




Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

Source: https://coingape.com/bitcoin-unfazed-mondays-stock-market-sell-off-beats-gold-hedge/

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Eight more projects jump on board Open DeFi

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The global DeFi alliance launched a western arm as eight new top projects commit to the consortium

The alliance, backed by a Shanghai science and technology institution, welcomed new members in eight of the western world’s top DeFi projects. The Open DeFi Alliance will now have a reach that spans from East to West following the latest onboarding. The alliance has only been around for a short while having been established last month, but it seems to be on the right track.

The eight new members are Balancer, Aave, BlockScience, SuperRare, Ocean Ventures, DyDx, Quantstamp and Outlier Ventures. These latest additions mean that the alliance now has four members that are among 20 of the largest DeFi protocols in terms of locked cap.

The pre-existing members of the consortium are Antelope Holdings, Conflux Network, Blockpower Capital, MoonSwap, dForce, DeBank, Sequoia Capital and MCDEX.

The Open DeFi Alliance was founded to pull together trendsetters in the decentralized finance space. The alliance focuses on building a universal cooperative consortium targeting key areas like liquidity strategies, risk management and innovation.

Stani Kulechov, CEO at Aave, expressed his admiration for the alliance and lauded its efforts in promoting the borderless ethos of DeFi. Kulechov added that he was delighted to work alongside other members towards realizing the objectives of the alliance.

David Gogel from DyDx asserted that joining the alliance afforded the firm with a chance to join forces and work jointly with China.

“China plays an important role in the global DeFi ecosystem and remains a key market for our long-term success…China has a massive user base that will bring liquidity, volume, and more innovation to global markets for greater growth potential,” he explained.

A couple more alliances have been formed in the DeFi sector this year with the most notable ones being Chicago DeFi Alliance and Ren Alliance. The latter was founded jointly by Ren and Polychain Capital back in March. The Chicago DeFi alliance is a collective effort of Cumberland DRW and TD Ameritrade and was launched in April. Huobi exchange also announced a DeFi organization in August intending to unify the East and West.

Source: https://coinjournal.net/news/eight-more-projects-jump-on-board-open-defi/

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Bitcoin price nears $13.5K as CEO eyes new all-time highs in 3 months

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Bitcoin (BTC) hit new highs of $13,480 on Oct. 27 as fresh news that a bank was entering the cryptocurrency space fuelled already bullish markets.

Cryptocurrency market daily overview from Coin360

Bank news drives BTC price to $13,480

Data from Cointelegraph Markets, Coin360 and TradingView showed BTC/USD climbing once again during Tuesday trading, adding 2% in just over an hour.

The move followed an as yet unconfirmed news that Singapore bank DBS had decided to build a cryptocurrency exchange and offer crypto custody services, fully regulated by the city state’s de facto central bank, the Monetary Authority of Singapore (MAS).

The move originally came to light via a cached website page which subsequently disappeared from public access. DBS had yet to confirm as of press time.

Despite this, Bitcoin immediately reacted, climbing out of its range in the lower $13,000 area and rebuffing concerns that a correction was imminent.

BTC/USD 1-day chart. Source: TradingView

Pal: New all-time highs in 3 months “at the latest”

For Raoul Pal, CEO of Real Vision, the bullish atmosphere had been reinforced, and further gains were more likely than ever.

“There are literally only two resistances left on the #bitcoin chart – 14,000 and then the old all-time high at 20,000,” he tweeted.

“I fully expect new all-time highs by early next year at the latest.”

That would take Bitcoin up by another 50% in around three months — the largest cryptocurrency has already delivered year-to-date gains of over 85%.

Source: https://cointelegraph.com/news/bitcoin-price-nears-13-5k-as-ceo-eyes-new-all-time-highs-in-3-months

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