ICO Analysis Parsl
After decades of being hidden in the pantry with the cupcakes, cannabis is bursting onto the counter. Everyone wants a taste of the devil’s lettuce. The problem now is the diversity of restrictions and regulations depending on whatever jurisdiction you are in the world. Banks everywhere but Canada still won’t take money from cannabis businesses. Parsl believes if they can track the entire cannabis supply chain from seed to sale, then regulators will have all the data they need to start regulating consistently and allowing banks to provide services.
Parsl is a supply and sharing protocol based on the EOS Blockchain. The platform helps growers, processors, transporters, and laboratories get more information on their supply chain to help comply with regulators
Their secret sauce is patented RFID/NFC technology that will help create standards for the following:
- Banking regulations
- Product and financial tracking obligations for the supply chain
- Compliance and red-tape
- Safety regulations
- Marketing requirements
- Packaging regulations
Here’s how it works:
- Growers buy smart packaging, with embedded NFC tags, from Parsl. The tag will be scanned into the ledger whenever it arrives at a new spot in the supply chain.
- Merchants use POD tokens to purchase cannabis from growers. POD is a stable coin, pegged to the USD at a 1:1 ratio
- The merchant puts the cannabis on sale to the end user.
- Buyers can use their Parsl app to scan the NFC tags to see the history of whatever product they are looking to buy. They can also use POD token to purchase the cannabis.
- All the data is neatly organized on the platform for cannabis businesses to plug leaks in their processes.
There will be 2 tokens, one utility and one stable coin pegged to the USD.
SEED is their utility token. All subscription fees (required to use the platform) will be paid in SEED. Other currencies will be accepted and then exchanged into SEED tokens using the Bancor Protocol.
Holders can stake their SEED to the network and receive rewards.
POD token is fixed at 1:1 against the US dollar. It helps buyers/sellers manage purchases across the blockchain. POD tokens are only created when funds enter the Parsl ecosystem. When funds are pulled out of the ecosystem the equal amount of POD is destroyed.
Instead, platform business users just pay subscription fees and buy smart packaging (if needed) to use the system. The subscription fees pay for business costs and some revenue moves to the Parsl Foundation.
The Parsl Foundation advocates for cannabis legalization then uses a portion of those funds to reward holders of SEED tokens.
There’s a total supply of 2 billion tokens. Info is below:
- 45% Reward Drop Program. 1 airdrop to EOS holders, 11 additional drops to SEED holders
- 12.5% EOS token creation
- 12.5% Marketing and Platform Dev
- 25% Internal Distribution (Team, Advisors, Founders)
- 5% Donated to the ITHACA Foundation
From Australia, the team is average, with not much blockchain experience at all.
Dr Isaac Balbin – 7 years as Director at RFBalbin, a consulting company specializing in RFID technology. He was CTO of nTouchAgency, which was sold to YBP connect and became a digital marketing and data collection company. He’s a lecturer at Monash University, Australia. Owns 2 patents on chipless RFID systems.
Zachary Lang – COO. Lots of experience in entertainment management. Founder St Kilda Ink (2013), a popular tattoo shop in Australia.
Dr. Ferenc Birloni – CTO. Does not mention Parsl on his LinkedIn. He has 7 years experience as Director of Operations as MW Engineers. He is a lecturer at the University of Melbourne and currently the CTO at Zinemath Zrt, a film/camera tech company with at least 30 employees.
James Feeny – CBO. Blockchain Officer. He spent 5 years as Director of Marketing for a tourism company, Le Pont Travel. He’s a founding Partner of Globewalker.
No advisers are listed.
Parsl founder, Dr Isaac Balbin, was recently interviewed by a YouTube channel called Exploring EOS. Although he comes off as intelligent, something isn’t right. I’m not going to call this a money grab, AS it seems like he has every intention of implementing his RFID tag technology onto a blockchain for cannabis supply chain management. It just seems like he doesn’t know very much about the cannabis business. And his team has very little experience in cannabis, blockchain, or banking.
- Inflation. There will initially be 2 billion SEED tokens, with an inflation rate of 5% per year. The inflation will go towards maintaining the network and paying operational costs, and also towards rewarding SEED token holders. -1
- 100,000,000 (5%), will be transferred to the ITHACA foundation that will support the advocacy for the legalization of medicinal cannabis around the globe. This seems like an expensive marketing ploy. -1
- No advisers listed. -1
- No partnerships listed. -2
- No MVP. -1
- Their community pretty much doesn’t exist yet. 250 Telegram members. 148 Twitter followers. -2
- The cannabis and crypto industries are huge and only getting started. +3
- Finding banks that will take cannabis money is a tough order. Crypto is the solution.+2
- POD, their stable coin pegged to the USD through Bancor, is very cool. It guaranteed users/businesses that their money isn’t going to disappear due to volatility in the market. +3
- Tracking cannabis from seed to sale should help ease regulators concerns. +2
- The reward drop token distribution is unique and may get the community engaged enough to support this project.+2
- Once the platform is live, people holding and staking SEED tokens will be entitled to a portion of subscription service fees and inflation on the platform. +3
The team is assembled and everything, but appear mediocre. The use case is there, but the idea seems kinda half-baked. 5/10
- Symbol: SEED
- Platform: EOS
- Total Supply: 2 billion (with an additional 5% inflation annually)
- Airdrop #1 : October 29th. 1000 SEED tokens to all EOS accounts with 100 or more EOS in them during 10/24 snapshot
- Additional Airdrops: Each month for 1 year, additional airdrops will be released to SEED holders based on the amount of SEED they hold. To participate in this RewardDrop, users must download the mobile app and participate in surveys and social media interaction
- Website: https://www.parsl.co/
- Whitepaper: https://static1.squarespace.com/static/5bbe5f47fb22a54fc45d996f/t/5bcd7725e4966bca9c90e683/1540192080304/Parsl_Whitepaper_V3_1.pdf
- Telegram: https://t.me/parslio
Featured image courtesy of Shutterstock.