PAID partners with Plasm to build DeFi legal services on Polkadot and Ethereum

We are delighted to formally announce our partnership with Plasm Network, under which PAID Network will leverage Plasm’s technology to build Polkadot and Ethereum compatible DApps.

Plasm, part of Stake Technologies, is a scalable Polkadot-based smart contract platform focusing on providing Ethereum compatibility and Layer 2 scaling. This will enable developers to build DApps that can be deployed on both Ethereum and Polkadot without the need for significant additional work. Through this, Plasm aims to enable projects to deploy DApps quickly and easily, while also enabling faster and cheaper transactions with greater throughput.

This fits perfectly into our vision at PAID, where we are currently building a decentralized legal system that will be able to support the continued growth of the wider DeFi and crypto space. As we outlined in our post detailing why we have decided to partner with Plasm, we want to make PAID accessible to developers and users who currently use Ethereum, while also providing us with the flexibility of moving to Polkadot.

We are excited to be working with Plasm and to be playing a central role in building out DeFi legal systems on Plasm Network. We will launch our MVP on Ethereum, before porting to Plasm after mainnet in 2021.

Kyle Chasse, Founder of PAID Network commented:

“It was an obvious choice for PAID Network to team up with Plasm. We are big believers in the Polkadot ecosystem, but we don’t want to exclude the Ethereum community. Plasm provides the ability for us to build for the Ethereum environment but also have full integration in the Polkadot ecosystem. I can’t imagine why anyone would build a DApp any other way.”

Sota Watanabe, CEO of Stake Technologies commented:

“I am really excited to have a partnership with PAID Network. DeFi is the top focus area in 2020 Q4 for Plasm Network and PAID Network brings decentralized law protocols for DeFi services on Plasm Network. We are sure that this partnership is the first step towards bridging traditional finance and DeFi on Polkadot.”

About PAID Network

PAID Network is the first borderless legal system powered by DeFi built on the Polkadot network. Through the use of easily understood proprietary SMART Agreements, a community-governed arbitration system, reputation scoring, and DeFI tools, the PAID Network platform will eliminate inefficiencies and make it easier to sign trustless contracts. We aim to redefine the legal system to:

  • minimize expensive and unnecessary legal council
  • eliminate fragmented jurisdictions
  • empower the users through opportunities created by financial toolsets

About Plasm Network

Plasm Network is a multi-virtual machines scalable smart contract platform on Polkadot supporting cutting-edge Layer 2 solutions. Recently, Plasm Network announced the vision of an Ethereum compatible network and supported the Ethereum Virtual Machine on its testnet. Polkadot Relaychain doesn’t support smart contract functionalities by design. Thus, all DApps developers need at least one Parachain that supports smart contracts. When it comes to smart contracts, we believe that scalability is the most fundamental issue we have to solve. That’s why we are implementing Layer 2 solutions on the top of Plasm Network.

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