What is PAID Network
What is PAID Network?
PAID Network is a comprehensive business toolkit for all business transaction needs. Traditional legal contract systems obligate the participants to employ legal counsel, using long and complex contracts filled with legal jargon that is difficult to understand. PAID’s SMART Agreements are simplified business contracts which are written in easy-to-understand language and signed on-chain, between two parties conducting business with one another.
To support this process, escrow, insurance, dispute arbitration and resolution have been developed to deal with disputes. Escrow functions as an intermediate store of value to reduce transaction risk between parties, while insurance allows either party to insure their contract against default. In the event of a dispute, three arbitrators are selected at random from the community. Arbitrators gain the rights to arbitrate by staking PAID tokens. Chainlink’s random number generator is the mechanism by which arbitrators are selected. Furthermore, biometrically-enabled reputation scoring prevents bad actors from creating new accounts to defraud future business contacts, and allows other business contacts to view others’ transaction histories and feedback.
In addition to the features mentioned above, PAID also utilizes DeFi tools such as borrowing, lending, and insurance pooling. PAID holders can deposit their tokens into liquidity pools for lending and insurance, while also being able to take out loans for their business endeavors, with loan applicants vetted using the reputation scoring system.
Finally, PAID also employs a DAICO model, to organize and collect investment for new projects. New blockchain projects are monitored and measured against their project roadmaps, with accountability to investors not seen in traditional ICOs. In the event a project is falling well short of it’s promises to investors, those investors can receive refunds from the respective company. This risk-mitigation strategy reduces overall risk for investors and forces new projects to be better prepared.
Who are the founders of PAID Network?
CEO Kyle Chasse has been in blockchain since 2012, with investments into over 40 different companies including Kraken, Coinbase, Ripple, Abra, Bitstamp, Bnktothefuture, Bitfinex, Circle, and many many others. The full portfolio of his investments are here https://master.ventures/portfolio . In 2013 he built World Super Lotto, the world’s first Bitcoin based lottery. It was launched in 2014 and it ran until 2015. Kyle is a keynote blockchain speaker and an advisor to multiple crypto projects including Hathor, PlasmaPay, Elrond, and others. His extensive background in the crypto industry positions him well to lead PAID Network.
Lawrence Hutson, Chief Technology Officer, is the founding CTO of Travelocity, founded in 1995 and the third largest company under the Expedia group, with over 12.4 million unique visitors and 91 million page views. Lawrence has been a CTO for over 32 years, bringing his long and varied experience to PAID Network’s technical team.
Dane Hoy, Business Development Officer, has been in the blockchain industry for over five years, bringing his entrepreneurial experience from multiple blockchain companies and blockchain accelerators including Block Nexus, Crypto Council, and Master Ventures, with strategic advisory positions for several blockchain companies, investment firms, and governments.
What makes PAID Network Unique?
PAID is the first to develop SMART Agreements, simplified business contracts able to be signed on-chain. Using this proprietary technology as a basis to build upon other aspects of business transactions, PAID comes closer to providing a viable alternative to domestic and international business transactions than previous blockchain projects. The comprehensiveness of tools in the business toolkit are a defining feature of PAID Network, allowing users to establish, track and complete business transactions in a wide variety of business scenarios.