As usual, please provide detailed info on how/when/where you got this kernel panic message otherwise I can't be much help
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I'd assume you have perfectly working EI Capitan. I simply followed the Tony's Sierra unibeast method to upgrade from EI Capitan to Sierra. You simply skip the steps where the guide instructs user to format the drive for clean install.
Now I'm beginning to think that this KP is specific to ASUS mobo given multiple users who have used my method to solve this issue had ASUS Mobo. After you've succeeded in upgrading, you're likely going to get HD530 flickering issue as well unless you have GPU. So I'd say if this is critical, you might as well wait until HD530 issue is solved.