Powered by Polkadot, PAID Network is a comprehensive suite of decentralized applications (dApps) with a core focus on legal services. The aim is to deliver a complete toolkit for businesses. The project is the first to develop SMART Agreements – or simplified business contracts – that two parties can sign on-chain.
$PAID is the native token of the network that acts as the core utility within the PAID ecosystem. Moreover, token holders can utilize $PAID to avail multiple DeFi services of the project. They can also participate in project governance. In this article, we will explore why we are very bullish on PAID Network.
Solving Real-World Problems
- Traditional legacy business agreements are not only centralized but also overly complex. It means they require expensive legal counsel. PAID Network solves this problem by offering proprietary SMART Agreement templates to create business agreements easily.
- Complex arbitration is a common problem for parties operating in different jurisdictions. PAID Network’s SMART Agreements are the easiest to understand by any party. Members with a significant stake in the decentralized platform arbitrate disputes relating to such contracts. In return, they get incentives for acting in the best interest of the PAID users.
- Nowadays, blockchain-based projects rely on public fundraising efforts to receive funding. These methods have no accountability measures for projects to ensure their progress aligns with the proposed roadmap, thereby increasing the risk for investors. PAID Network has built a DAICO fundraising platform to redefine the agreement structure between investors and projects. It will release funds in tranches, based on the community-monitored progress, thus reducing investor risk.
- PAID Ignition Platform: Ignition is an Initial DEX Offering (IDO) crowdfunding platform which facilitates the whitelisting and auction process for projects wanting to launch their token on a decentralized exchange. The platform allows users to participate in private and public token sales by staking PAID tokens.
- Reputation Scoring: The way Amazon has a review system, PAID Network has Decentralized Digital Identities for its on-chain reputation scoring system. This score will decrease or increase as per the feedback from their business deals. Platform users can utilize this information to review and analyze the trustworthiness of potential business contacts.
- Insurance: The platform also offers users the ability to insure their payments through a decentralized insurance pool. Stakers can participate in the insurance pools by locking their capital into the pool and receive interest in return. The insurance is paid out to whosoever falls victim to any fraudulent activity.
- Escrow and Lending: Parties getting into an agreement have the option of requiring (and offering) escrow to take (or provide) guarantees for payments. PAID Network keeps escrow funds within the smart contracts to ensure their immutability and that no one can manipulate them. Parties can fund the escrow by taking part in the agreement (or borrow the fund from PAID token holders).
PAID Network is the brainchild of Kyle Chasse – a veteran of blockchain technology who has founded startups like World Super Lotto, the first lottery based on Bitcoin. He is also the founder of Master Ventures, a blockchain advisory and a think tank.
The CTO of PAID, Lawrence Hutson, is a computer scientist and economist who also led the design and launch of the world’s first and largest e-commerce site.
PAID network also has a whole array of blockchain engineers and software developers as part of the team. Moreover, the project is backed up by a large Board of Advisors, including Ryan Williams, Joeri Van Geelen, Ivan on Tech, Didi Taihuttu, and many more reputable figures of the blockchain industry.
PAID Network has partners and backing by reputable enterprises, including Alphabit, Masters Ventures, DuckDAO, Plasm, Brilliance Ventures, to name a few.
PAID Token: Use Case and Price Analysis
Each PAID token acts as the core utility within the PAID network and is used for:
– Purchasing agreements and subscription services.
– Staking, provision of lending/insurance products, escrow services, and DAICO.
– Reputation scoring.
– Resolving disputes through PoS.
– Governance of the PAID ecosystem.
As of the time of publication, the token is trading at $2.10 with a 24-hr trading volume of $3,146,464. It currently ranks on CoinGecko at 286. There is a maximum supply of 594,717,455 PAID tokens. The token is available on Uniswap, 1inch, and HotBit.
PAID Network is combining the existing services of the decentralized finance market in one space. It includes IDO, escrow payments, governance, staking, lending and borrowing, insurance, payments, and much more.
Being the first to introduce SMART agreements in the crypto space, PAID Network has seen exponential growth since its inception. Its private and public sale investors have seen more than 100x+ gains on PAID tokens.
Another contributing factor for such growth is the development of PAID Network as per its roadmap. If the team continues to build features planned for PAID Network and introduce quality IDO project launches for Ignition, PAID tokens should see a soaring demand in the long run.
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