A Year of PAID Network Part I

It’s been quite an eventful 12 months for us. Various challenging incidents that made us grow, and we continue to confidently march on to even greater things.

The PAID Network, built on Polkadot, launched MV Fuel with Master Ventures and learned impactful lessons this past year. As we reminisce on the events of this past year, we want to highlight some of our most impactful moments.

Our two-part series will shed light on a beautiful past twelve months while further highlighting our mission for the future.

PAID IDO and Launch

The PAID story launched into the public eye on January 25th, 2021. Our IDO on Polkstarter was an instant success and followed a hugely-successful private funding round. Following a spate of high-risk ICOs, our PAID IDO took advantage of new mechanisms in creating a lower risk, more stable token offering environment to the delight of our community.

PAID Building on Polkadot

Setting our eyes on scalability and interoperability, we chose to build PAID on Polkadot. Instead of one main chain, Polkadot uses parachains linked to a mainchain. In addition to processing transactions, each parachain can dictate its logic. Using Polkadot ensures our network is efficient regardless of the workload.

While our goal was to operate on Polkadot, ignoring Ethereum would have been detrimental to our services. Ethereum contributes immensely to the blockchain, and the platform thrives at the core of most dApps. Additionally, Ethereum has immense developer support for its smart contracts. Thus, we find ourselves running a dual ecosystem, a set-up that allows us to support developers specialized in both Polkadot and Ethereum platforms. Our experience has taught us to appreciate what is there and build for the future; Polkadot and Ethereum make this possible.

Our MV FUEL partnership with Master Ventures

We partnered with Master Ventures to deliver a full-service crypto incubator — MV FUEL. A key motivator behind MV FUEL was to keep innovation vibrant in blockchain. We tasked our team to open market access, build communities, raise funds, and help in constructing economic models for projects. In 12 months, MV FUEL has helped launch various platforms across numerous industries. More projects are trusting MV FUEL with growing their audience and presence.

As we cross our first anniversary, we expect more platforms to choose MV FUEL to accelerate their growth. MV FUEL is ready to collaborate with promising projects to help make blockchain solutions mainstream. We hope our experience will instill trust in more blockchain projects as our results have.

IGNITION Launch

We launched PAID IGNITION to bring quality projects, fixed swaps, and equitable lottery participation to the PAID community. As a result, we listed carefully vetted projects for our community. Platforms such as Metis and Lossless are beneficiaries of our Ignition product. Ignition has a unique multi-level incentivization mechanism encouraging community participation in projects, and it gives project founders assurance of support from community members. We have confidence in Ignition to continue performing as it did in the previous year.

For community members, Ignition will continue curating remarkable projects, having undergone thorough vetting processes

Surviving a Hack and Coming Back Stronger

On March 5th, 2021, we brought experts to investigate a potential hack on our network. We received unfortunate results. However, we strove to look past the calamity and dwell in the lessons we learned. Our first response was to safeguard our community. We sent a do-not-transact order to warn our users as we worked on a lasting solution. Our team addressed the issue by launching PAID v2 contracts and minting PAID v2 tokens, effectively invalidating illegal mints from the hack.

To thank our community, we rewarded members with a special guaranteed allocation of $100 on one of the Tier-1 IDOs on Ignition.

A crucial lesson from the hack was how much our community backs us. We are thankful to you as you supported our endeavors during the unfortunate time.

Thanks to the support of our community and the valiant efforts of the PAID Network team, PAID bounced back stronger than ever, with no great negative impacts to the upward trajectory of PAID Network.

Binance Invests in PAID Network

Binance chose to believe in our project and we secured an investment from Binance’s $100M DeFi Accelerator Fund. The investment allowed PAID to boost the Binance Smart Chain ecosystem by growing its operations and new development.

A Journey Filled with Joy and Promise for The Future

It has been a long journey to get here, but we are finally about to hit our first anniversary. Thanks to our supportive community and investors, we have enjoyed significant progress. Both Ignition and MV FUEL were successful in their first year. Your encouragement and trust in our vision have helped us accomplish our targets. We are working towards achieving every goal on our roadmap.

We’re delighted with our achievements so far, and our platform is also grateful that we remain an attractive outfit amongst investors and projects. Our appeal is building a decentralized system eliminating complex and expensive legal agreements for crypto projects using smart contracts. We hope to enter another year serving you.

About PAID

PAID Network seeks to redefine the current business contract, litigation, and settlement processes by providing a simple, attorney-free, and cost-friendly DApp for users and businesses to ensure they #GetPAID wherever they are in the world.

PAID technology leverages Astar to operate on both Ethereum and Polkadot ecosystems. PAID makes businesses exponentially more efficient by building SMART Agreements through smart contracts in order to execute DeFi transactions and business agreements seamlessly.

For any questions for the PAID network, please feel free to reach out to us on:

Website: https://paidnetwork.com/

Love podcasts or audiobooks? Learn on the go with our new app.

Recommended from Medium

Why it’s important to always be fresh in today’s environment

Community Node Initiative Press Release

What is Spheron?

Blockchain and Insurance: An Inseparable Duo That Has the Potential to Revolutionize the World

HPB core chain visits CCID Blockchain Research Institute and plans to join China Blockchain Ecology…

Bonds on the blockchain

Rocket launch during daytime

Morning Market Report(Mar.17)

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
PAID NETWORK

PAID NETWORK

Website: https://paidnetwork.com/

More from Medium

Perform on the Equinox stage and be a part of something incredible.

Introducing Shima Capital as The First Strategic Investor

AMA Recap: ERTHA x Red Kite

Mecha Morphing — A futuristic cyberpunk metaverse with multiple play-to-earn possibilities