The PAID Network’s Christmas Gift to the Blockchain
What do you get the person in your life who has everything for Christmas this year? Whether lending or borrowing, trading, gaming or trading international goods, they will undoubtedly be doing business on the blockchain in 2021. The digital ledger brings lower costs, efficiencies, and security to transactions.
But one link to the mass adoption of the blockchain was missing — securing the legality of contracts. Without trust in the trustless smart contracting system, no one will do business.
This year the PAID Network has made the blockchain’s Christmas wish come true. The PAID SMART Agreement is a borderless legal toolkit allowing anyone, anywhere in the world to do business.
The PAID SMART Agreement is the Christmas gift to the blockchain space. The blockchain can now do what it was designed to do: immutably document transactions.
Following is a recap of highlights from this year, and how the PAID Network has developed into an end-to-end contracting solution.
Legal-Clad Smart Contracting
The PAID Network set out to develop a borderless legal toolkit for all business needs, from start to finish of the business agreement life cycle. The value of a templated and tailored smart contact that could digitally document, execute and enforce legal terms and replace costly legal services quickly gained traction among investors and potential partners. We were quickly able to execute on these opportunities owing to the ability to easily build functions into a smart contract like Lego blocks
Smart Arbitration
The PAID Network’s SMART Agreements with escrow are designed to reduce disagreements. If a dispute does arise, our new arbitration protocol run by community arbitrators is available to expeditiously arbitrate the case. The PAID SMART Agreement includes a community of arbitrators to quickly and cheaply resolve transaction disputes.
To ensure fairness in the arbitrator selection process, PAID has partnered with Chainlink to integrate its Verifiable Function (VRF) into the PAID smart contract. The protocol fairly and transparently chooses three random arbitrators, all of which were pre-qualified based on their highest reputation scores as a prerequisite. The Chainlink random number generator ((RNG) process is published on-chain with cryptographic proof.
Truly Customized Insurance Coverage
If parties to an agreement do not want to use escrow, there’s now an alternative: the PAID insurance policy. With the PAID insurance process, you do not need permission from an intermediary, The party deposits PAID tokens to execute the insurance policy. The tokens go into the insurance pool. Stakers fund the pool, in exchange for a premium.
Most businesses have to settle for packaged insurance coverage. Imprecise probabilities do not fit the actuarial models. PAID token holders can choose among different insurance pools or write their own customized insurance policies with the PAID template, and start a new insurance pool. PAID really does have your risks covered.
Negotiations
In any transaction agreement, the risk of losses and legal disputes is minimized when the proper time and consideration is taken to negotiate the terms upfront.
PAID Network closed out the year by launching our MVP Protocol, the smart contracting engine of the PAID DApp. The PAID MVP, a powerful digital wallet, brings together two of the biggest technology trends of the next decade, individual digital identities (DID) and mobile identities.
The wallet combines a digital signature with a DID and reputation score. Users of PAID SMART Agreements can use their wallet and digital identity when executing any PAID template and sign Mutual Non-Disclosure Agreements (MNDA). A positive digital identity (DID) and reputation score can lower your insurance premiums or allow you to negotiate more favorable business contract terms.
Behind the scenes, we had a successful seed financing round led by the Alphabit Fund and are seeing high investor interest as we prepare for early stage fundraising in early 2021. See our most recent fundraising update.
Digital ledger technology is bringing faster, more efficient, and secure transaction processing to the world in 2021. These efficiencies can accelerate the velocity of entering into transactions for businesses and individuals. What’s good for business is good for the economy, and the world at large.
We have been busy elves writing code and forging new deals and partnerships. As a result of all this hard work, we have placed the entire contracting lifecycle on one smart contract to ensure the world #Get(s)PAID. You can now securely do business with anyone anywhere in the world on the blockchain. Merry Christmas!
Wishing peace of mind, goodwill, and a securer business world to all in the New Year!
For any questions please feel free to reach out to us on:
Website: https://paidnetwork.com/
Telegram: https://t.me/paidnetwork
Twitter: https://twitter.com/paid_network
Medium: https://medium.com/@Paidnetwork
