As the world progresses, all different kinds of opportunities keep opening up. It is now virtually possible to interact and exchange information with anyone from around the globe. As it happens, there is an increased need to make cross-border transactions. However, with relaxed boundaries, there are still some restrictions.

One particular sector that relies on traditional ways of work is the legal sector. The reason being the rigidity surrounding agreement clauses. Each country has different law and legal structures within which they legitimize contracts. Keeping this in mind, many companies and individuals stick to the conventional ways of entering agreements. These ways involve high fluctuations of costs, resources, and time delays. Furthermore, if there is a claim made from one party to another, the compensation may be difficult to achieve.

PAID Network targets this exact problem faced by many individuals and enterprises nowadays. It is a solution to all the problems faced while entering a state of agreement. PAID Network allows its users to cut back on their expenses by streamlining the whole process. It would not only save time and resources but will also ensure fair settlement of disputes, if one may occur. PAID Network allows entities to enter into agreements by a platform called “Smart Agreements” which are very carefully designed. Under these agreements, funds are safely tucked in an escrow or parties can take insurance out in the face of a dispute. The aim is to protect each party against possible fraud. In fact, the protection offered at PAID Network may be twofold than that offered in a conventional contract.

What is Paid Network?

PAID Network is a part of the DAAP ecosystem that uses the blockchain technology, delivering smart contracts that are backed by decentralized finance. It aims to integrate business operations in such a way that they become more efficient. PAID Network allows users to carve out their own terms of entering an agreement so that they are absolutely secure and get paid.

The design of PAID Network is such that it ensures cost-effectiveness to its users. PAID Network cuts beckon the conventional expenses such as mediating parties, supplies, meetings, and legal advisors. Making it the best option for any and every entity out there. Moreover, it eliminates any unfairness in participating in a financial activity. It all boils down to having an opportunity for everyone to participate.

Paid Network Features

PAID Network has the following features:

PAID Ignition Platform:

Ignition is a form of an Initial DEX Offering. It is a platform that holds auctions and whitelisting processes for individuals and enterprises that are aiming to register themselves on the decentralized exchange. To take part in the Ignition Platform, one must have a Metamask Wallet access. This is because no other wallets have direct access to the Ignition Platform. If the user whitelists any other wallet, they will not be able to redeem their tokens. Users participate in public and private token offerings by staking PAID tokens.

Reputation Scoring:

This is basically a feedback mechanism for the entities present on the chain. The reputation of an entity may be good or bad depending on the type of reviews it gets. This system aids in making investment decisions by the users. Automatically, the entity with a bad reputation will not be ideal to do business with.

Insurance:

PAID Network offers its users to insure their finances through a decentralized insurance pool. Users can participate by locking in their investments and receive interest in it. The insurance provides coverage for whoever experiences any fraud.

Escrow and Lending:

The participating parties have an option of offering as well as requiring an escrow for having a guarantee for payment. PAID Network monitors these escrow funds to ensure their fairness and that they remain free of any manipulation.

SMART Agreements

The significant most feature under PAID Network is its Smart Agreements. It is bound to change the way conventional agreements are undertaken. PAID has eliminated all complexities from the contracts and made simple templates for the SMART Agreements. It focuses only on the important aspects of the agreements and cuts off any unnecessary baggage.

PAID has majorly focused on removing the traditional hurdles that come in the way of reaching an agreement. Using SMART Agreements, businesses do not have to go through the process of drawing up proposals, meeting executives, and enforcing the contracts. SMART Agreements have slashed the process to only the necessary clauses. SMART Agreements contain only the prioritized businesses clauses.

Moreover, there is no need to hire lawyers and legal advisors to sign these contracts. SMART Agreements comply with the required legal elements which have been proposed by the legal team at PAID. This team of legal professionals outlined only the very necessary things that needed to be present in the agreement templates. Safe to say that they have set a universal standard for agreements that cannot be lawfully challenged anywhere.

SMART Agreements can be accessed by subscribed users and the transactions are carried out using PAID DApp. It is cost and time-efficient.

Arbitration

PAID Network’s prime goal is to keep the exchanges as minimally expensive as possible. The arbitration process under SMART Agreements serves in the following ways:

First, it briefs the participating parties of the terms and conditions without having a legal representative.

Secondly, if there’s a falling-out, the settlement can be made by a local community of arbitrators. This community can make neutral judgments with the costs and fees being distributed equally among the two parties.

DeFi

Business dealing is a complicated affair. They involve different products that are there to secure the deal. For example, insurance, escrow, contracts, arbitration, and much more. To cater to all sorts of business needs, PAID Network features a variety of DeFi products. Offering all products under one platform will integrate the whole process. Users will not need to rely on a third party for the completion of their exchanges. It will also promote a cohesive community.

All services are paid for using the PAID token.

$PAID Tokenomics

PAID Network cashes the transactions using the PAID Tokens. These tokens are the core utility providers within the network. Users can use them for:

• Paying their subscription fees

• Enter agreements

• Escrow services

• DAICO

• Lending/insuring products

• Reputation scoring

PAID token holders can not only participate in these activities but are also promised profit on the tokens. PAID Network aims to add value to its stakeholders with the profit it generates. PAID Network will distribute the profit earned among its stakeholders.

Reputable Partnerships

Initial partnerships have been established with Plasm Network. This will allow PAID Network to leverage the technology offered by Plasm. It will allow PAID Network to build DApps that are compatible with Polkadot and Ethereum.

Other notable partners and investors include Master Ventures, Binance, Alphabit, x21, Gather, Kylin, and many more.

The Takeaway

PAID Network is a picture of the future with its futuristic solutions for the business world. It solves the dilemma of whether it is safe to do business with the other party or not. With its smart solutions, it secures the participating parties against their activities. PAID Network has the potential of supporting the conventional as well as the crypto-centered entities. Its main focus remains including Polkadot-based products to become inclusive.

PAID Network has been able to merge all present decentralized finance products under one platform. It offers escrow services, governance, staking, lending, borrowing, IDO, insurance, payments, and other various services.

The most talked-about product from PAID Network remains their SMART Agreements. It has been welcomed by users across the platform. Due to this, PAID tokens have been up to 100 times profitable. Another success factor has been its clear roadmap and its advisory team. PAID Network has laid out its plan for the upcoming time and if it sticks to it, PAID Network is bound to see exponential growth.