The PAID Network is a new cryptocurrency project that seeks to disrupt the current financial industry by creating a decentralized platform where users can buy and sell goods and services without the need for banks or governments.
A new and easy way to do business is the PAID Network Review. The review was written by a writer that has been in the industry for over 4 years. Read more in detail here: paid network price prediction.
During the past several years, smart contracts have been all the rage in the crypto world. Almost every decentralized platform, from Ethereum to NEM, has attempted to include smart contracts into their architecture. After all, why not? It has evolved into a critical instrument in the growth of any ecosystem.
It would be foolish for any future platform to ignore them. What if a new protocol emerges that has the ability to take smart contracts to the next level? Not only that, but the goal of this new protocol is to take out the legal intermediaries and make doing business a lot simpler, making conventional smart contracts seem old and out of date.
PAID Network, a new up-and-coming decentralized protocol scheduled to launch their Initial Dex Offering (IDO) on January 20th, 2021, is the subject of this article, which offers a thorough and comprehensive analysis. We’ll talk about its distinctive characteristics, where it’s headed, and if it’s a smart investment in this post.
What is PAID Network, and how does it work?
PAID Network, as previously said, is a decentralized protocol that extends the decentralized world by simplifying the legal aspects of conducting business, making it simple to use, more cost-effective, and more peer to peer.
The Polkadot ecosystem hosts the PAID Network protocol. Many of its features, including escrow, reputation scoring, staking, smart agreements, and others, were released in the first quarter of 2021, after being conceived in the second quarter of 2020.
They conducted a successful private token sale in December 2020 and are now planning a public IDO in January on the Polkastarter platform, a protocol for cross-chain token pools auction based on the Polkadot ecosystem.
Chainlink, Alphabit, Masters Ventures, and Brilliance Ventures, to mention a few, are among the companies that have collaborated with and supported PAID Network.
What is the purpose of PAID Network?
PAID’s decentralized application (dapp) is critical for any company and/or user/client with limited expertise, money, or a desire to avoid using legal services. PAID’s dapp uses smart agreements to solve the legal system’s numerous recurrent problems.
What’s in the Box
PAID Network is equipped with a variety of tools and technologies. Its own utility token, PAID, has been created. It makes use of a decentralized and interoperable blockchain network to verify that transactions are transparent and fair. Their dapp will be completely interoperable with various blockchains as a result of this.
They created their product to be as legal, safe, and accessible to as many people as possible. They’ve added a respectable company rating system, so users can only do business with companies that come highly recommended. Insurance protection and ad hoc services have also been added.
Both a desktop and mobile version of their app will be accessible.
A summary of the characteristics
PAID highlights five key characteristics that fuel their ecosystem on its website:
1) Smart agreements; a new standardized form with auto-filled smart features. Users may fill up terms and conditions on their own and sign business contracts from anywhere in the globe. Smart agreements have the potential to be that “evolutionary” step that allows users to legally build up more complicated contract terms and conditions than previously believed feasible.
2) Using insurance pooling and escrow to incentivize lending and liquidity pools. Parties agreeing to employ an escrow service, which may be paid by both parties, to guarantee that money are safeguarded. All escrow borrowing and lending will be done via the PAID platform’s decentralized P2P marketplace.
In addition, the platform includes a method to guarantee a beneficiary’s payments via an insurance pool. Any member who has invested in the platform may join these insurance pools by putting their money in and receiving premium payments in return.
3) Mediation. Arbitrators, who are responsible for preserving the ecosystem’s integrity, will resolve any disputes arising from smart agreement conflicts for a charge. This includes any PAID community members who have a strong interest in the outcome.
4) A reputation score, akin to a credit score, is maintained by the PAID Network. The better your reputation score, the more trustworthy a user/company you are, and the more likely the network will suggest you to others for business.
5) Any stakeholder or Token holder may participate in the governance system. Members have the option of making suggestions.
Their PAID token serves as their primary utility, granting token holders access to and privileges such as:
Token of access:
- Agreement and subscription service costs are purchased.
Defi (decentralized finance):
- For staking, users get rewarded.
- For lending insurance, you may get premium incentives.
- DAICO & Escrow
Governance & Reputation:
- Voting on network proposals and modifications
- On the blockchain, reputation scores are calculated.
PAID tokens have a current circulation of 19,884,000 and a maximum supply of 594,717,456. The coin is deflationary since a portion of tokens used for transaction fees will be burnt, reducing the supply over time.
The Team is made up of a diverse group of educated and experienced people. PAID Network’s current CEO is Kyle Chasse. He created several start-ups, including World Super Lotto (WSL), the world’s first worldwide lottery based on Bitcoin, as a veteran of blockchain technology development and entrepreneur.
There’s also Lawrence Hutson, the current CTO, who has a polished résumé. He was the driving force behind the design and launch of Travelocity.com, the world’s first travel website, and has more than 30 years of expertise developing innovative products and ideas.
As part of the team, you also have a number of blockchain engineers and software developers. You may be certain that this project is being supported by a team of highly qualified professionals that know what they’re doing.
PAID Network also features a sizable advisory board. Ryan Williams, the founder of the globally renowned legal firm Ashbury Legal, which has a history of assisting bitcoin and blockchain clients, is one of these Advisors. There’s Joeri Van Geelen, a rising star in the business.
Prysm Group, an economic consultancy company headed by Harvard Ph.D. economists, has him as the Managing Partner of APAC. The advisory board also includes Ivan on Tech, a well-known YouTuber. He has a YouTube account with over 200,000 followers. You also have Didi Taihuttu, entrepreneur and father of the renowned “Bitcoin family,” who liquidated his company and home in 2017 to “go all in” on Bitcoin.
Since then, he and his family have been touring the globe, spreading the word about Bitcoin.
Other reviews and more information
On December 17, 2020, crypto ex-pat, a Youtuber, published a video explaining what PAID Network is and providing visual instructions via their main page. Please view the following link:
Here’s another video tutorial:
The PAID Network’s whitepaper, which explains their goal, strategy, tokenomics, and other aspects, is available below.
In addition, there is a PDF file below that has all of the information regarding PAID Network, including what it is, who supports it, and so on.
Conclusion of the Review of the PAID Network
After scanning and reading over PAID Network’s whitepaper, website, and press sources, it seems that the company has a strong foundation on which to launch itself and see it become widely accepted inside, at the very least, the Polkadot ecosystem.
Their major card in the game is the development of smart agreements. It has the ability to alter the way conventional business is done and agreed upon, as well as disrupt the present use of defi and smart smarts. This idea seems to be interesting to this writer, and one that prospective investors should certainly keep an eye on.
However, there is some cause for worry. Even if the idea is well-thought-out and supported by some well-known companies and people, being an early investor, as with all new ventures and start-ups, comes with significant risks. Crypto Expat seemed unenthusiastic about the idea in a YouTube video. He did, however, make an excellent point.
It doesn’t matter how well-thought-out, interesting the project is, or how brilliant the team is until the protocol can be widely accepted.
This initiative is still in its early stages, and there is little question that the team and its investors will face some challenges until it is fully operational. Discipline, hard effort, further research and development, and strong confidence in both the project’s concept and its crew will be required. However, after reading this essay, this writer thinks that this initiative will succeed spectacularly.
PAID Network Review
- The Product’s Motivation
- The Trustworthiness of the Project
- The Ease of Using
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