Paragon and IOTA recently announced a partnership aimed at creating a transparent, verifiable database to help the cannabis industry move towards greater legitimacy. By incorporating IOTA’s unique approach to cryptocurrency and distributed ledger technology, Paragon hopes to deliver a faster technology with lower fees. Paragon will build a fully verifiable database to track prescriptions, and data on batches of cannabis (such as their farm of origin, or THC levels).
“IOTA is an open platform that can ensure data integrity for free at higher volume than any Blockchain can. Therefore it has natural potential in agritech to secure data about the crop,” IOTA’s Co-Founder David Sønstebø said, “We support Paragon’s efforts to create a legitimized and auditable provenance for agricultural crops.”
The first version of Paragon will be built on the Ethereum Blockchain, as previously announced, and then it will transition to a hybrid with IOTA, with technical assistance provided by the non-profit IOTA Foundation.
Whereas Blockchains rely on every node in the network having a full copy of the database and verifying the data, in IOTA’s distributed ledger, peers keep only the data needed, and transactions are verified by a couple of randomly-selected peers. This lightweight design allows IOTA to process transactions faster than Bitcoin and Ethereum. Currently, IOTA is the fifth largest cryptocurrency, with a market capitalization of over $2.6 billion.
To learn more about Paragon’s plans to revolutionize all things cannabis with Blockchain, read the white paper here. Paragon will sell 100 million ParagonCoins for $1 each from September 15, 2017 through October 16, 2017. ParagonCoin will begin trading on cryptocurrency exchanges in November 2017. To stay up to date with Paragon’s upcoming announcements, join their community Slack channel here.
- Algorand Launches Protocol Upgrade, Setting the Stage for the Next Wave of Distributed App Development - November 21, 2019
- ArcBlock Partners with Ride-Sharing Service GoFun to Develop Services and DApps on Blockchain - November 20, 2019
- Hacktivist Phineas Fisher Cracks Cayman National Bank and Trust – Offers $100,000 Bitcoin/Monero Bounty To Other to Hack Banks, Big Companies - November 20, 2019
- Graph Blockchain to Acquire Shroom Street – Cracking Psychedelics Market - November 20, 2019
- OpEd: Burned By Bitwala – Visa Card Money Gone When Wavecrest Wound Down - November 19, 2019
- Chinese Military Eyes Blockchain Technology for Rewards Programme – Boosting Training and Gamifying System - November 18, 2019
- FinCEN Boss: American Regulators to Strictly Enforce AML in Crypto Industry - November 18, 2019
- Visa’s Rolls Out New Blockchain LucidiTEE – Tackles Concerns related to misuse of sensitive user data, when shared with third-parties. - November 18, 2019
- Utrust Joins Forces with Alternative Airlines for Flight Bookings with Crypto - November 13, 2019
- Dark Web Drug Dealer Pleads Guilty To Using Cryptocurrency to Launder More Than $19 Million - November 13, 2019
- Dutch Police Bust CEO of Blockchain Game Firm, Komodore64 – €78 million Gone? - November 13, 2019
- Celsius Hits over $4 Billion in Crypto Loans – Leading the Industry - November 12, 2019
- Coinbase Introduces Staking Rewards on Tezos - November 6, 2019
- Volvo Cars to implement blockchain traceability of cobalt used in electric car batteries - November 6, 2019
- EU-Funded Acceleration Project, LEDGER, Offering Support Services and Up to €200k Equity-Free for Blockchain Data Governance Projects - November 6, 2019
- Global Financial System Regulators – the Financial Action Task Force – Issue Draft Guidance on Digital Identity - November 5, 2019
- David Chaum Releases XX Alpha Messenger Promising Unprecedented User Privacy - November 5, 2019
- Æternity Blockchain Developers Plan to Take On Ethereum With Final Hardfork – Handing over Governance to the Community - November 5, 2019
- Researchers Claim Cross-border B2B Blockchain Transactions set to Explode to $4.4 Trillion by 2024 - November 5, 2019
- Global Companies Unite to Unveil Comprehensive Framework for Tokenization – It’s About Time - November 5, 2019