Paragon – ICOindex Due Diligence


This is not an investment recommendation! ICOindex has done a verification that covers several key aspects that we personally consider to be very important to determine whether the ICO project is legit or a possible fraud. These aspects do not reflect the investment potential or risk. Investing into any initial coin offering (ICO), crowdsale, token sale or any other cryptocurrency presented on this website can result into partial or complete loss of your money. Do not invest into things you do not understand. Do not invest more than you are willing to lose. cannot be hold responsible for any issues relating to projects listed on website. 

Project Description:

Paragon is a blockchain solution for the marijuana industry. A blockchain is a public distributed ledger that is ideal for securely and transparently tracking data, a capability that is particularly important for the expanding cannabis market. Paragon’s data and tracking services will be open to all participants in the cannabis supply chain, including growers, labs, doctors, customers, and retailers. For example, using Paragon, a doctor could digitally certify a patient’s prescription, which a vendor could then verify at the point of sale. Or a batch of cannabis leaving the farm could be digitally stamped onto the blockchain, creating an indelible digital record of when it was harvested, shipped, and perhaps certified by an organic certification body. All of these components of the cannabis ecosystem present opportunities for new businesses and economic development, which Paragon will support and accelerate.

ICOindex Verification Process:

The Whitepaper clearly describes the problem and solution of Paragon to support the cannabis industry. A simple roadmap without specific deadlines and business model description can be found in the  whitepaper. Their project is highly ambitious as it wants to tackle the full cannabis ecosystem from the suppliers to the final buyer. It is unclear whether a recently founded startup can revolutionise and tackle that many issues at the same time, in fact, many startups normally focus on one specified niche target and after they achieved it, they move on the next. Paragon’s approach to tackle a plethora of issues might not be feasible.

The identity and the experience of the team members can be verified through their social media accounts and various media interviews and videos. The social media presence and marketing effort of Paragon Coin are extremely high. The discrepancy between 137.000 Facebook likes and around 2.000 Twitter followers is enormous. Furthermore, Paragoin Coin is being promoted through advertisements and extensive media coverage.

The Token will be used on the ERC20 standard. Currently there is no Github available but it is planned to be released soon. Originally, Paragon claimed to be a partner of IOTA and the IOTA logo is viewable on their marketing material. The IOTA team declined this on their Slack channel, however, Paragon is planning to integrate IOTA later for high scalability and low transaction costs.

Paragon + IOTA “partnership” has been debunked in IOTA slack

The use of third party Escrow service is planned and the third party may consist of Clayton Goree, VP of Business Development at Wells Fargo, and Julian Zegelman, Partner at Velton Zegelman.

The current project status is a concept as a working prototype or MVP of the technology has yet to be seen. The next step of the project is to list the Coin at various exchanges around 15. November and to enable a basic web application, however, no strict deadline is stated for this.


Paragon Coin is a highly ambitious project with a quite experienced founding team. However, their marketing efforts are extremely high and their business model description leaves a lot of questions unanswered. It is yet to be seen if Paragon can establish a wide range of services from Co-Working spaces, an accelerator, an online platform and community and supply chain tracking of the Cannabis industry all at once. Lastly, it needs to be stated that many individuals of the blockchain community were party blocked or banned from the sub reddit of Paragon and the AMA of Paragon did not give sufficient information either. The overall rating of the due diligence evaluation by ICOindex is therefore “suspicious”.

Due diligence was done by Patrick Alexander Fuchs, Cryptocurrency Investment Analyst at ICOindex