The PAID DApp is designed to provide a holistic solution for business agreement — allowing individuals and firms to come to an agreement faster, more securely, and more efficiently than ever before.
In line with this goal, we are constantly iterating on the PAID DApp prior to its V1 launch, helping to provide as much functionality out of the box as possible, while refining earlier features to make them as intuitive as possible.
Now, we are pleased to announce the addition of a new feature to the PAID DApp: Smart Agreement Anchoring.
The new Smart Agreement Anchoring contract allows anyone to sign or decline documents from anywhere in the world. All responses to each agreement are registered on the blockchain.
How Does Smart Agreement Anchoring Work?
Anchoring helps to ensure everybody is on the same playing field when it comes to signing an agreement, and allows participants in a Smart Agreement to easily see an immutable record of changes, including ones that were accepted and rejected by the required counterparties, and the new proposals going forward through Solidity Events.
The flow starts when a proposer adds a document anchor to the contract. The proposer determines who else is asked to sign the Smart Agreement. An event is emitted for each counterparty. Each counterparty can accept or reject the agreement using their own wallets. Once enough counterparties accept, the contract announces that it is now valid and being enforced, and all involved parties are informed as such.
However, if too many counterparties reject the contract, then all involved parties are informed that the contract has been declined.
This provides a flexible framework for business agreements, through which counterparties can access and sign threshold signature-based business contracts from anywhere in the world.
Broadly, the main features and capabilities of Smart Agreement Anchoring are as follow:
- The contract can be paused in case of an emergency.
- The contract contains many Solidity Events for all possible steps in the flow, allowing any client software to listen to any response as soon as it is accepted by the blockchain — thereby maximizing efficiency.
- The number of counterparties that must accept the Smart Agreement can be configured individually for each document. And the contract is smart enough to automatically announce the Smart Agreement as “accepted” once enough counterparties approve it.
- Conversely, it will automatically announce when a contract is “declined” if too many counterparties reject it.
- Smart Agreements can be configured with an expiration date after which they will not accept new signatures.
- Customers are charged automatically for the use of the platform. These payments can be configured to accept any ERC20-compatible token in the Ethereum Network.
- Compatible with multiple storage networks. The file can be stored via Swarm Protocol or the InterPlanetary Filesystem (IPFS). It can even be stored locally by the proposer, and later shared outside of a network.
This moves us one step closer to delivering on our pledge to make business more efficient through decentralized Smart Agreements.
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 Plasm 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.
PAID streamlines backend legal operations with SMART Agreements, so that projects can focus on making their brand bigger and better.
For any questions for the PAID network, please feel free to reach out to us on: