Welcome to the AMA with Kyle Recap! This is a long overdue AMA session, featuring questions from the community and the team, with answers from Kyle Chassé, the founder of $PAID Network. In this article, we will be looking at Kyle’s answers and giving insight into the innovative things he and the team are working on. Kyle promises to give a rough timeline for the new projects, and he encourages you to leave comments with any additional questions. So let’s dive in and get the lowdown on what Kyle has to say!
Question 1: Are There Any New Exciting Projects in the Pipeline?
Kyle was asked about any new exciting projects in the pipeline. He began by discussing the improvements made to the launchpad, which will be operated in a decentralized and trustless fashion, with no permission required for anyone to launch a project. He then discussed the idea of self-regulation, and the need to create global standards and best practices to create more trust in the crypto space.
Kyle proposed creating a council of exchange operators that would follow best practices, like how they custody funds, how they do accounting, and how they show order books. He also mentioned that PAID Network is working on a specific vertical that is very personal to the team, with data and research that will be released before the bull run kicks off. This vertical is to help provide more trust and confidence to the public.
To quote Kyle, “I proposed several different times to create global standards of best practices. That becomes a gold standard in the industry.”
QUESTION 2: When it comes to projects, will there be a particular focus on a certain niche?
Kyle stated that they have “some really killer projects” that are “waiting to launch on Ignition” and are just waiting for the market to get better. He then went on to explain that they “don’t really like to niche things (only be known for launching one concept) so much in the space” and that there is a lot of innovation happening, with the community making decisions on what to launch. He also said that they will be doing due diligence and communicating with the community about which projects to launch. As he put it, “it’s really not up to me or anyone.”
Question 3: Will the vesting pools be updated once we launch IDOs again?
Kyle answered that everything is being redone for Ignition from the ground up, including the smart contracts, vesting, and staking. He said that they have kept a lot of the details tight-lipped for good reason and that people will understand why when they launch it. He also said that they will give people plenty of time to understand the new rules and the new way of doing things and that it is exponentially better than what was done before. Kyle said, “I think everyone will be excited about it.”
Question 4: Will there be a content/narrative change for Master Ventures and PAID Network this year?
Kyle replied: “There will definitely be a content and narrative change 100%.”
He went on to explain that the bear market has given them the opportunity to reflect on their past mistakes, build on their successes, and integrate that into their entire workflow and product offerings. This will involve a different narrative, education, and content, which will be co-mingled between Master Ventures and $PAID. Kyle also emphasized the importance of educating people on the utility of the tokens they are buying, why they should have value, and how they can accrue value over time.
Question 5: Will there be new ways for the community to interact with PAID and the team?
He stated that “For sure there’ll be more ways to interact with PAID this year”, and that the team is currently working on a project called the Token Transparency Act (TTA) that will use the PAID smart Agreements functionality. He also mentioned that the Token Transparency Act will solve significant problems in the space and will be more successful in a bear market. Kyle further noted that the project will be a self-regulating tool to prevent abuse by teams owning their token contracts. He also mentioned that the team will be introducing more polls and voting for the community to interact with. Lastly, Kyle mentioned that with the launch of TTA, there will be governance in important decisions that will result in real things happening in the industry.
Question 6: How do you foresee the next six months going for the market in general?
Kyle mentioned that the PAID team is building a suite of products called PAID Markets, which will use PAID tokens. He also promised a better user experience with the release of the MVP.
Kyle also mentioned that the team is working with a layer one team to make the user experience even more efficient and better.
In conclusion, Kyle is confident that the market will have a better user experience and a functioning product within the next six months. He said, “We will have a functioning product. I won’t give an exact timeline.”
Question 7: Are there any dApp upgrades for PAID?
Kyle stated that PAID will never have custody of anyone’s assets and that all of the rules will change in a way that will make the PAID token more valuable. He also mentioned that the team is working on “innovative stuff” and “secret sauce” that will be showcased when it is ready. In conclusion, there are dApp upgrades for PAID, and these upgrades will make the PAID token more valuable and provide a better user experience. Kyle stated, “We are working on some really cool things.”
Question 8: Are there any exciting features added that can be looked forward to by the end of the year?
In response to the question, Kyle stated that the roadmap is currently outdated and a new roadmap is being worked on. He also mentioned that they are hoping to launch tokens and an MVP for the smart agreement dApp in the first half of the year. Furthermore, he highlighted that the app would have features such as internal agreements, escrow, and arbitration dispute resolution, all of which will be done on-chain. He concluded that they are looking to deliver some products that showcase interesting things this year.
In Kyle’s own words, “We’re counting on tokens to launch, hopefully, sometime in the first half of this year. Also the MVP (will have) a different user interface for the general agreements app that will be the basis of everything moving forward. Which is basically what the PAID dApp was (planned to be), but fully functioning. I think we’re definitely going to deliver some products that showcase a lot of interesting things this year.”
Overall, Kyle suggests that by the end of the year, they are looking to launch tokens and an MVP for the smart agreement app. This app will include features such as internal agreements, escrow, and arbitration dispute resolution, all of which will be done on-chain.
Question 9: Can the community pitch for IDOs?
Kyle answered “Yes. I think this is something that we’ve talked about before. You know, again, with Ignition, it will be permissionless. This means that anyone can come and create their own idea, but with disclaimers in place to let people know that the projects have not been vetted and that they are taking part at their own risk.”
Kyle also discussed the idea of incentives for people who bring great projects to Ignition; “We would love to have a lot of other people helping to make sure that we get really great projects to come on board. We’ll bring on one of the team members on another AMA to answer that better.” This shows that the team is open to the idea of rewarding people for bringing great projects to Ignition.
Question 10: What are PAID’s strategies to survive the bear market?
Paid’s strategy for surviving the bear market is to focus on internal efficiency. Kyle said: “We’ve been able to build a more efficient system internally and it’s been great. We’re going to prepare for how to make sure that we don’t get ahead of ourselves even in a bull market and be prepared.” This includes implementing policies, procedures, rules, rewards, and consequences for their team. Additionally, PAID generates revenue which can help them to stay afloat in a bear market. Kyle says: “So we’re fine with regard to revenue. But it was really good and productive too, to be able to take time and assess.” Finally, Kyle expressed enthusiasm for the potential of a bull market, saying “We can’t wait until we have a bull market so we can tell you about all these things we’ve been doing.” With these strategies in place, PAID is well-prepared to survive the bear market.
Question 11: We know PAID Network is a VC launchpad but also a legal mediation blockchain solution. How do you see that progressing in relation to AI innovation? Is it competition or an opportunity?
Kyle highlighted the importance of AI innovation and legal mediation blockchain solutions, stressing that everyone should be looking into how to implement it into their business. He explains that PAID Network has been working with AI for a while, and they are looking for ways to explore it. However, he states that AI knowing the law doesn’t mean it can build a more efficient system, as it still needs to be disrupted.
He further explained that the biggest challenge is making the technology easy enough to use that it is “grandma friendly”. Kyle also stated that education is key, and people need to build use cases for it that make people’s lives better in some way, not related solely to making money.
With regard to market sentiment, Kyle believes that it will be different due to market issues in 2022; that the Bitcoin halving in early or late Q1 2024 will lead to a bull run six months after the halving.
Kyle also brought up the idea of consumer-facing use cases, citing the success of AOL. He believes that blockchain technology will reach a point when it is no longer part of everyday conversation and that this technology needs to be easy to use for people who are not familiar with the tech stack.
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