Paid Network Secures Binance Accelerator Funding

The Paid Network is now entering the Binance Smart Chain (BSC) with their products. They have secured a portion of the 100 million USD Binance Accelerator fund to further development.

By
Rich
on
April 5, 2021
Category:
Project Insight

What is Paid Network?

Paid Networks provides a decentralized and automated process that reduces the complexity and cost of legal contracts for anyone conducting business, be it local or abroad. Paid does this by making use of smart contracts, saving time and money for both parties. As the contract interaction is made very easy and intuitive, anyone can use it. There is also no need for a lawyer due to the smart contract integration. Users can save a lot of time and money by utilizing the Paid smart contracts to create their business contracts.

By using Paid you would avoid many of the real-world legal procedures, things like:

  • Expensive lawyers
  • Court Fees
  • A lot of paperwork
  • A signature (physical) is needed (making overseas deals more complicated) 
  • It's hard to enforce the contract and possible custody issues.
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On the other hand, when choosing for Paid Network's service you will enjoy these benefits:

  • Make use of Smart Agreement. A simple and fully customizable way of constructing your business contract.
  • No lawyers needed
  • Signatures and transactions are on chain, so verifiable.
  • Funds will be placed under escrow and can also be insured.
  • In case of a dispute, the network staked arbitrators will provide a dispute resolution based on the contract terms for the parties involved.

The system can also be used for Over The Counter (OTC) trades. This is very useful when wanting to sell some crypto to someone, but trust issues are apparent. Utilizing Paid network's Escrow, a fully automated Escrow service, users eliminate trust concerns. Overall, it allows for a safe deal with anyone in the world.

When using the Paid Network service, you need to sign up for an account. The system will use DiD (Decentralized identity) after you have created your Paid account. When registering, you will have to provide biometric authentication. It does this to keep a person from just creating a new account after bad behavior while simultaneously keeping a record of users reputation. The reputation score starts at zero and builds up by positive reviews from the people who have conducted business with you. Higher levels of reputation bring more trust from future clients.



Team

The Paid team consists of 19 members, led by the company's CEO Kyle Chasse. The amazing team brings a lot of knowledge with it, many of the team members have worked for well-known companies in the fields of tech, finance, and crypto. 

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Experience stems from names like Microsoft, Goldman Sachs, and Binance among many other well-known brands. This helps in many ways, be it the experience but maybe more importantly, the connections. This displays the many great partnerships the project has created and the team as just added Binance to the list of investors.


Ignition

Ignition is a decentralized swapping protocol that allows blockchain-based token projects to offer private and public swaps to participants. Ignition leverages Ethereum, Binance Smart Chain (BSC), and Polkadot smart contracts. Any blockchain project can apply with the press of a button. Projects can use the platform to host an IDOs (Initial Dex Offering) or token sale/swaps. The application will be reviewed by Paid Network and Master Ventures in a detailed scrutiny check after applying.

Users of the Paid/Ignition platform that hold 1000 $PAID tokens will get access to all IDO sales held on the platform. A smart technique to get a strong community of token holders.


Paid Token

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The $PAID token is the project's governance and utility token. Token stakers are eligible to make governance votes. Voting could be over adjusting fees or staking rewards and any other variable in the contracts. For a proposal to be submitted and approved, it would need a minimum weight. The weight of a vote is based on the amount of $PAID that is staked.

There will be a maximum of 594,717,456 $PAID tokens of which 63,419,726 are in circulating supply.

Part of the tokenomics is that a percentage of all network transaction fees are used for buyback and burns of PAID. The token is further being utilized for purchasing agreements, paying fees, dispute resolutions and as a reward token among other things.

Staking is incentivized in stages, and the more $PAID you stake, the higher class you will become. This overall allocates more benefits from holding $PAID tokens.

Classes and how many tokens you need to be eligible;

Participant -15,000 PAID tokens

Manager - 75,000 PAID tokens

Receiver - 150,000 PAID tokens

Professional - 250,000 tokens.

Arbitrator - 1,000,000 tokens

In this case, loyalty is measured by the number of tokens that you have staked and holders rewarded accordingly. 


Concluding Thoughts

The automation of business contracts will save a lot of time and money. It is possibly even a relief for the courts as many disputes will not be settled in court but rather fully automated by smart contracts. Just like Satoshi Nakamoto designed Bitcoin to recreate the banking system, the Paid Network could be the next step for the legal sector. Paid Network aims at ending the time-consuming and expensive ways in which we conduct business now.The DAO structure makes it decentralized, and the smart contracts enable safe, trustworthy transactions between parties.

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Paid Network is multi-chain and therefore even more accessible reaching more potential users. The project's goals are straight forward and the team brings amazing qualities and resumes.

I can see a future where smart contracts enable us to live our lives with more time and money to do the things we really love. The solution Paid Network is bringing for legal contracts is cutting-edge.

I think it is truly amazing how smart contracts, De-Fi, and legal contracts meet in the decentralized world of cryptocurrency, making life easier. 

Did you get excited and now want to know more about this project? Then check out their website and social media:

Website

Twitter

Telegram

Medium

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Rich

Richard is a multilingual writer, located in the Netherlands, husband and father, cryptocurrency and tech enthousiast enjoys long walks and bicycle rides. Fervent Binance Smart Chain projects promotor.