Today we are digging into Paid Network, this is a project I covered a few months ago when they were hacked but I didn’t get the chance to do a deep dive into what they are building so that is exactly what we will be doing today. Going through PAID Network’s whitepaper, roadmap, tokenomics, main use cases, Ignition Launchpad, $PAID token & more.
What questions do you have around PAID Network and their Ignition Launchpad?
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The origin of the article: https://www.youtube.com/watch?v=xHuTCMhJpWM
🔺 DISCLAIMER: The article is for information sharing. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Not investment advice or legal advice.
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PAID Network is an ecosystem DAPP that leverages blockchain technology to deliver DeFi powered SMART Agreements to make business exponentially more efficient. We allow users to create their own policy, to ensure they Get PAID.
The platform we designed with efficiency and cost-effectiveness as our top priority. PAID minimizes the expensive, unnecessary, and relatively inaccessible services of legal counsel, eliminating the friction between fragmented jurisdictions and conflicting national legislation. PAID is empowering the community through equal opportunities created by decentralized financial toolsets. Our ultimate goal is to ensure you get PAID.
Fuel for the Fire
Research conducted by the Research Excellence Framework in co-operation with the European Commission in 2014 highlights the following:
“The underpinning research, in this case, examines how cross-border commercial and consumer disputes can be solved using internet technology as an alternative to national courts. Building on existing research on Alternative Dispute Resolution (ADR), the research examined how ADR can be applied specifically in an online context and has had a significant impact on legal practitioners, policymakers and governments. This is a new field of research. The work has been used by the European Commission to draft the first European legislation on Online Dispute Resolution (ODR) and has informed the approach taken by policy-makers in the UK to implement this legislation. It has also critically shaped the discussion of ODR in international, regional, and national organizations.”
PAID has its Place
PAID is solving a significant problem for all conducting business, both locally and across borders. The most famous civil case PAID would have facilitated seamlessly and without fuss is that of Ray Kroc and the McDonald brothers.
After Ray Kroc stumbled across the brother’s restaurant in 1954, he was so impressed and volunteered to franchise it for them. The brothers were wary at first, but with a background as a door to door salesman, Ray eventually had them in agreement. The problem was that this was a gentlemen’s agreement, a handshake. Things started smoothly, but as the money began flowing, disagreements over almost everything began causing business and personal issues amongst the three men.
The gentlemen’s agreement included royalty fees of 0.5% with the brothers retaining the business’ naming rights. In 1971, Ray Kroc found a legal loophole allowing him to re-incorporate the company and take complete control and naming rights, forcing the brothers into a measly sellout of just $2.7 million.
Relatives told the daily mail in 2015 that Ray also cheated them out of their 0.5% royalty fee, which would have been worth around $305 million in 2012.
The McDonald brothers are the fast-food equivalents of Tyler and Cameron Winkelvoss, the twins who claim Mark Zuckerberg stole the Facebook idea from them. The Winkelvoss twins eventually did get a settlement, but the Mc Donald family was not so lucky.
Had this agreement between Facebook and the McDonald brothers been drawn up, escrowed, and arbitrated on the PAID network, social media and fast food as we know it may have been very different.
The PAID Protocol
The proof is in the protocol and that is what makes our infrastructure and service offering so unique and valuable. PAID will deliver utility across the following areas:
Drafting, executing and enforcing an agreement in today’s traditional landscape requires expensive, complicated procedures filled with unnecessary complex clauses. PAID has designed simplified SMART Agreement templates prioritizing deliverables associated with business agreements.
PAID removes the complex verbiage of traditional agreements, eliminating the need for expensive legal counsel. PAID has consulted with a network of legal professionals to meet the requirements for a formal, traditional legal agreement, setting a new standard of simplicity that allows anyone to understand, confidently sign, or arbitrate an agreement.
Users can access PAID’s SMART Agreements through a subscription and staking model via PAID DApp, tremendously reducing cost and service barriers.
Simplicity in PAID’s SMART Agreements serves two purposes.
First, it allows interacting parties to clearly understand all terms and conditions stipulated without the need for legal counsel.
Second, in the event of a dispute, the agreement can be easily interpreted by our community of arbitrators to where a swift judgment can be made, with arbitration fees equally distributed among participating arbitrators.
Business agreements often entail much more than a single contract, such as escrow, insurance, lending, borrowing, arbitration and so on. In order to offer a complete product, PAID will feature a suite of DeFi products. These DeFi products add value to our users through their ability to complete the process from beginning to end in a single app. They also create incredible value for our community to participate in these historically high-performing offerings.
All services offered in the ecosystem will be payable using the PAID token.
Staking Pools on PAID
PAID’s insurance offering allows users peace of mind when interacting with the protocol and fellow users. When entering agreements, full or partial insurance can be purchased to cover the contract in question. Users can also provide insurance coverage as a means to earn returns.
Escrow, borrowing and lending will be facilitated through a decentralized, P2P marketplace within the PAID platform. Users can submit, accept and decline requests for loans based on stipulated terms and conditions. Should these terms be unsatisfactory, users can enter into a negotiation phase.
Escrow services in a decentralized, trustless ecosystem play a vital role in ensuring its success. Having peace of mind when conducting cross-border business, potentially unfamiliar business contacts is a top priority in the modern world.
Blockchain projects often rely on community-driven, public fundraising in order to raise the capital they need. Today’s current industry methods leave no room for accountability, progress monitoring or assessment of roadmap deliverables. These traditional methods do not sufficiently mitigate investor risk. PAID seeks to set a new standard for blockchain project funding.
PAID has implemented immutable, on-chain reputation scoring as a means to score and monitor users and their interactions with the protocol. This allows a transparent platform for users to make informed decisions about who they do business with.
PAID makes use of Decentralized Digital Identities (DID) for its on-chain, immutable reputation scoring system. Once a user creates a PAID profile and verifies their identity, they will be assessed and assigned a reputation score starting at zero. This reputation score will increase or decrease based on feedback from the network with which they do business.
In order to ensure that individuals are unable to create a new user profile if they receive negative feedback on an existing profile, PAID profiles will require digital identity verification including biometric signatures to ensure the integrity of the reputation system. Subsequently, duplicate biometric signatures will be identified, and blocked from creating new profiles.
Users who faithfully and consistently adhere to terms in their business agreements would accrue a positive reputation over time, gained by the positive feedback from their business transactions.
This allows other users to clearly evaluate the trustworthiness and integrity of their prospective business contacts.
Conversely, if a user consistently violates the terms of their agreements and is frequently embroiled in contract disputes, their digital reputation score will decrease. This will make user behavior transparent to the rest of the community, thereby allowing users to accurately assess the trustworthiness of potential business contacts, reducing their risk.
In order to seamlessly facilitate the aforementioned features, PAID’s platform requires a complex technical design composed of contracts and SMART Agreements.
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PAID has been listed on a number of crypto exchanges, unlike other main cryptocurrencies, it cannot be directly purchased with fiats money. However, You can still easily buy this coin by first buying Bitcoin, ETH, USDT from any large exchanges and then transfer to the exchange that offers to trade this coin, in this guide article we will walk you through in detail the steps to buy PAID
You will have to first buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT)…
We will use Binance Exchange here as it is one of the largest crypto exchanges that accept fiat deposits.
Binance is a popular cryptocurrency exchange which was started in China but then moved their headquarters to the crypto-friendly Island of Malta in the EU. Binance is popular for its crypto to crypto exchange services. Binance exploded onto the scene in the mania of 2017 and has since gone on to become the top crypto exchange in the world.
Once you finished the KYC process. You will be asked to add a payment method. Here you can either choose to provide a credit/debit card or use a bank transfer, and buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT)
Step by Step Guide : What is Binance | How to Create an account on Binance (Updated 2021)
Next step - Transfer your cryptos to an Altcoin Exchange
Since PAID is an altcoin we need to transfer our coins to an exchange that PAID can be traded. Below is a list of exchanges that offers to trade PAID in various market pairs, head to their websites and register for an account.
Once finished you will then need to make a BTC/ETH/USDT deposit to the exchange from Binance depending on the available market pairs. After the deposit is confirmed you may then purchase PAID from the exchange.
Exchange: Gate.io, 1inch Exchange, Uniswap (V2)
Apart from the exchange(s) above, there are a few popular crypto exchanges where they have decent daily trading volumes and a huge user base. This will ensure you will be able to sell your coins at any time and the fees will usually be lower. It is suggested that you also register on these exchanges since once PAID gets listed there it will attract a large amount of trading volumes from the users there, that means you will be having some great trading opportunities!
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