PAID is proud to announce its partnership with Egoras, a blockchain-based microfinance protocol that provides uncollateralized micro-credit to small entrepreneurs and enterprises from unbanked and underserved communities.
Egoras will utilize PAID SMART Agreements to increase transparency surrounding its business agreement process by bringing their off-chain loan agreements on-chain. The platform will also use PAID’s unique reputation scoring system to rank its users, as well as PAID’s insurance mechanism to protect the value of transactions and the loans it provides.
CEO of Egoras had the following to say:
“We were excited when we came across Paid Network because it is just exactly what we were looking for. Paid SMART Agreements will help Egoras bring off-chain agreements to on-chain, and this will increase transparency in our lending process. We also hope to explore Paid reputation-scoring system for over 500 borrowers on Egoras platform in order to add more credibility to applicants of our micro-loans and help our ecosystem to scale globally. Finally, we wish to move from the use of centralised Insurance companies to decentralised Paid Network’s insurance mechanism to insure loans and transactions.”
PAID is building the world’s first borderless SMART Agreement DApp for all business needs by offering standardized business agreements to make businesses exponentially more efficient. The DApp will be complete with escrow and insurance features, dispute arbitration and reputation scoring. The new partnership with Egoras represents a valuable opportunity for PAID Network to provide services including SMART Agreements, reputation scoring and insurance, to benefit a project that is seeking to improve the quality of the microfinance service sector, making startup microfinancing more accessible to unserved and underserved communities worldwide.
Kyle Chasse, CEO of PAID Network, had the following to say:
“Partnering with Egoras warms my heart, because it is exactly the use case PAID was designed to empower. As an entrepreneur myself, I know how valuable it is to have access to funding to startup your business, and this is exactly what Egoras brings to the marketplace. So it is with great honor I welcome them to the PAID family, and I can’t wait to see how our SMART Agreements enables Egoras to scale to new heights.”
Egoras protocol aims to address issues facing microfinance sectors like high-interest rates, dependence on banks, and indebtedness. Egoras protocol uses an on-chain treasury system to ensure that it does not lack the funds or liquidity for the loans and these funds are governed by the people. The protocol provides collateral lending to address over-indebtedness in the microfinance sector. Small business assets are converted to non-fungible tokens and represent the collateral which is later sold off when the borrower defaults the loan.
About PAID Network
PAID Network seeks to redefine the current business contract, litigation, and settlement process by providing a simple, attorney-free, and cost-friendly DApp for users and businesses to ensure they #GetPAID. Leveraging Plasm to operate on both Ethereum and Polkadot ecosystems, SMART Agreements built through smart contracts execute DeFi transactions and business agreements seamlessly, making business exponentially more efficient.
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