A New And Easy Way To Do Business – PAID Network Review

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Smart Contracts have been all the hype over the crypto space during the last few years. From Ethereum to NEM, practically every decentralized platform has been trying to integrate smart contracts into their protocol. And why not? It has become a crucial tool in the development of any ecosystem.

Any upcoming platform would be crazy not to use them. What if there is a new protocol that is potentially taking smart contracts up to the next level? Not only that, but this new protocol's mission is to cut out the legal middlemen and make the practice of conducting business that much easier, thereby making standard smart contracts look old and outdated.

PAID Network Review

 

This article provides a detailed and comprehensive PAID Network review, a new up and coming decentralized protocol set to launch their Initial Dex Offering (IDO) on January 20th, 2021.  In this article, we will discuss its unique features, where it is going, and whether this could be a good investment.

What is PAID Network?

As mentioned, PAID Network is a decentralized protocol that further expands the decentralized world by simplifying the legal aspect of doing business, making it easy to use, highly cost-efficient, and more peer to peer.

The PAID Network protocol is on the Polkadot ecosystem.  First conceptualized in the second quarter of 2020, the first quarter of 2021 saw the release of many of its features that we will get to in a bit, including escrow, reputation scoring, staking, smart agreement, etc.

They held a successful private token sale in December 2020 and are now set to hold their public IDO in January on the Polkastarter platform, a protocol built on the Polkadot ecosystem for cross-chain token pools auction.

PAID Network is partnered and backed by some well-known enterprises, namely Chainlink, Alphabit, Masters Ventures, Brilliance Ventures, to name a few.

 

Who is PAID Network for?

PAID's decentralized application (dapp) is essential for any business and/or user/client who have either little experience, have very limited funds, or wish to avoid seeking legal services.  PAID's dapp seeks to address the legal system's many recurring issues via its smart agreements.

PAID Network Review

 

What's Included

PAID Network has several tools and technology.  It has its own utility token called PAID.  It utilizes a decentralized and interoperable blockchain network for transparent and fair transactions to be verified.  This will allow their dapp to be fully compatible with other blockchains.

They have devised their product to be as legally sound, secure, and available to as many users as possible.  They have included a reputable scoring system on businesses, so users would execute business contracts with those that come highly recommended.  They also have included insurance protection and arbitrary services.

Their app will be available on both desktop and mobile.

Overview of features

As per their website, PAID outlines five distinct features that power their ecosystem:

1) Smart agreements; a new template that is standardized and has auto-filled smart features.  Users can fill the terms and conditions and execute business contracts all on their own, anywhere in the world.  Smart agreements can potentially be that ‘evolutionary' step that gives users legal flexibility to set up more complex terms and conditions on contracts than was previously thought possible.

2) Incentivizing Lending & Liquidity pools through Insurance pooling and escrow.  To ensure that funds are protected, parties agreeing can use an escrow service, which can be funded by both parties.  All escrow borrowing and lending are to be placed via a decentralized P2P marketplace within the PAID platform.

Also, the platform has an insurance pool mechanism to insure a beneficiary's payments. Any member who has staked into the platform can participate in these insurance pools by investing their capital into the pool and receive premium payments in return.

3) Arbitration. Responsible for maintaining the integrity of the ecosystem, arbitrators are to settle any disputes resulting from smart agreement disagreements for a fee. These are any PAID community members that have a significant stake.

4) The PAID Network maintains a reputation score, similar to a credit score.  The higher your reputation score is, the more reputable of a user/business you are, and thus, the more the network would recommend you to others to do business.

5) Any Token holder or staker can be part of the governance system.  Members have the opportunity to submit proposals.

Their PAID token acts as their core utility and grants any token holder the following access and privilege:

 

Access token:

  • Purchasing of agreement and subscription service fees.

 

Decentralized finance (Defi):

  • Users receive rewards for staking.
  • Receive premium rewards for lending insurance
  • Escrow & DAICO

 

Reputation & Governance:

  • Voting on proposal and changes on the network
  • Reputation scores on the blockchain

 

Arbitration:

  • Dispute resolutions

 

The current circulation of PAID tokens is 19,884,000 with a max supply of 594,717,456.  The token is deflationary, as the supply will decrease over time due to a percentage of tokens used for transaction fees being burned.

The Team

The Team is composed of many well intelligent and experienced individuals. Kyle Chasse is the current CEO of PAID Network. A veteran of blockchain technology development and entrepreneur, he has founded many start-ups, including World Super Lotto (WSL), the world's first global lottery based on Bitcoin.

You also have Lawrence Hutson, current CTO, who also has a very polished resume.  He led the design and launch of Travelocity.com, the world's first travel website, and has well over 30 years of experience building out new products and designs.

You also have a whole array of blockchain engineers and software developers as part of the team.  You can be sure that this project is backed by some highly skilled people who know what they are doing.

PAID Network also has a rather large Board of Advisors. Some of these Advisors are Ryan Williams, founder of the internationally reputable law firm, Ashbury Legal with a history of supporting cryptocurrency and blockchain clients. There is Joeri Van Geelen, an upcoming industry leader.

He is the Managing Partner of APAC at Prysm Group, an economic consulting firm led by Harvard Ph.D. economists. Ivan on Tech, a famous Youtuber, is also part of the advisory board. He has his own channel and has well over 200,000 subscribers. You also have Didi Taihuttu, entrepreneur and patriarch of the famous ‘Bitcoin family,' whose family ‘went all in' on Bitcoin in 2017 when he sold his business and house.

He and his family have been traveling around the world and spreading the Word about Bitcoin ever since.

Additional Information and other reviews

Crypto ex-pat, a Youtuber, released a video on December 17, 2020, that explains what PAID Network is and provides visual guides through their home website. Please see the link below:

Here is another video guide below:

Below is the PAID Network's whitepaper that outlines their mission, strategy, tokenomics, etc.

https://docsend.com/view/jdbdpza9d9nehnf2

In addition, below is a PDF file that outlines all information about PAID Network, what it is about, who supports it, etc.

https://docsend.com/view/6i8gkzq2zvkkqce8

In conclusion, after surveying and reading through their whitepaper, website, and news sources, PAID Network seems to have a solid basis from which it can launch itself and see it become widely adopted within, at the very least, within the Polkadot ecosystem.

The introduction of smart agreements is definitely their main card in the game. It could potentially change how traditional business is conducted and agreed but could also very well disrupt the current way defi and smart smarts are being utilized. It seems to this writer that this project is fascinating indeed and one that potential investors should definitely keep their eyes on.

That being said, there is a bit of a concern. As with all new projects and start-ups, becoming an early investor, even if the project is well thought out and is backed by some well-known enterprises and individuals, does have its high risks. On Crypto Expat's Youtube video, he did not seem very enthusiastic about the project. But he did bring up a good point.

Unless the protocol can be massively adopted, it doesn't matter how well thought out, exciting the project, and how talented the team is.

This project is still new, and when it is fully launched, there can be no doubt that the team and its investors could experience a few bumps on order. It will take discipline, hard work, further research & development, and strong faith in both the idea of the project and its team. However, after everything outlined in this article, this writer believes that this project will do really well, indeed.

Overall
4.4
  • Mission Behind The Product
  • Project's Legitimacy
  • Tokenomic
  • Features
  • Ease Of Use

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