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PAID Network

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Discover PAID Network's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is PAID Network?

PAID Network (PAID) is a decentralized business toolkit that simplifies legal contracts through SMART Agreements, escrow, reputation-scoring, and dispute arbitration. It also integrates DeFi tools like insurance, borrowing, and lending, providing a comprehensive platform for conducting business transactions without the need for lawyers.

How is PAID Network used?

PAID Network (PAID) is a comprehensive business toolkit designed to simplify and streamline business transactions. It leverages blockchain technology to provide a suite of tools and services that facilitate efficient and secure business operations. Here are some key ways PAID Network is used:

  1. SMART Agreements: PAID Network offers SMART Agreements, which are simplified business contracts written in easy-to-understand language and signed on-chain between two parties conducting business. These agreements are designed to reduce the need for legal counsel and complex contracts.

  2. Escrow and Insurance: The platform includes escrow services to reduce transaction risk between parties. Additionally, insurance options are available to protect against default.

  3. Dispute Arbitration and Resolution: In the event of disputes, PAID Network employs a random arbitrator selection process using Chainlink's random number generator. This ensures fair and impartial dispute resolution.

  1. Reputation Scoring: The platform tracks user behavior through reputation scoring, which helps prevent bad actors from creating new accounts to defraud future business contacts. This scoring system also allows users to view transaction histories and feedback from other business contacts.

  2. DeFi Tools: PAID Network integrates DeFi tools such as borrowing, lending, and insurance pooling. Users can deposit their PAID tokens into liquidity pools for lending and insurance, and also take out loans for business endeavors. Loan applicants are vetted using the reputation scoring system.

  3. DAICO Model: PAID Network employs a DAICO (Decentralized Autonomous Initial Coin Offering) model to organize and collect investment for new projects. This model ensures accountability to investors and allows for refunds if projects fail to meet their promises.

  1. Staking: Users can stake their PAID tokens to gain exclusive access to benefits designed to enrich their experience on the platform.

Overall, PAID Network aims to provide a one-stop solution for conducting business transactions efficiently and securely, leveraging blockchain technology and DeFi tools to simplify and streamline the process.

How do I store PAID Network?

To store PAID Network (PAID) tokens, you can follow these steps:

  1. Purchase PAID Tokens:

    • You can buy PAID tokens on Uniswap. Ensure you have the correct contract address: 0xad86d0e976....
  2. Connect Your Wallet:

    • Go to the PancakeSwap website and connect your wallet. Make sure it is on the BSC network.
  3. Store Tokens:

  • Once you have purchased the tokens, they will be stored in your wallet. You can manage and view your tokens within your wallet.
  1. Staking:

    • To stake your PAID tokens, visit the Ignition Staking website (ignition.paidnetwork.com/staking) and follow the staking process. This will allow you to participate in various benefits such as airdrops, revenue share, and governance.
  2. sPAID Token:

    • After staking, you will receive sPAID tokens, which represent your staked amount. You can add the sPAID token contract address (0x071Fe1027e1064390083019019e9182CB4Fb43FB) to your wallet to manage your staked tokens.

By following these steps, you can securely store and manage your PAID tokens.

How to buy PAID Network?

To buy PAID Network (PAID) tokens, follow these steps:

  1. Choose an Exchange: PAID tokens are available on several exchanges, including Uniswap, PancakeSwap, and LATOKEN. You can choose the exchange that best suits your needs.

  2. Get the Correct Contract Address: Ensure you have the correct contract address for PAID tokens. The correct address is 0x1614f18fc94f47967a3fbe5ffcd46d4e7da3d787. You can verify this on Etherscan by searching for "PAID Network" and copying the contract address from the search results.

  3. Set Up Your Wallet: Connect your wallet to the chosen exchange, ensuring it is on the correct network (e.g., Binance Smart Chain for PancakeSwap).

  1. Adjust Slippage Tolerance: On Uniswap, adjust the slippage tolerance to 5% to avoid transaction issues. This can be done in the advanced transaction settings menu.

  2. Start Trading: Once you have the correct token and adjusted slippage tolerance, you can execute your trade for PAID tokens.

  3. Add Custom Token to Metamask: To view your PAID tokens in your Metamask wallet, follow the tutorial on adding a custom token.

  1. Participate in the Ignition Platform: With at least 1,000 PAID tokens, you can participate in the Ignition platform lottery, or with 75,000 tokens, you can get a guaranteed allocation.

For more information and support, you can reach out to PAID Network through their website, Telegram, Twitter, or Medium.

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History of PAID Network

The PAID Network (PAID) is a comprehensive business toolkit designed to simplify and streamline business transactions. Founded by Kyle Chasse, who has been involved in blockchain technology since 2012, the project aims to redefine the civil legal system by providing a cost-friendly and attorney-free decentralized application (DApp) for users and businesses to ensure they receive payment efficiently.

PAID Network leverages Plasm to operate on both the Ethereum and Polkadot ecosystems, utilizing SMART Agreements built through smart contracts to execute business agreements seamlessly. Additionally, it incorporates DeFi tools such as borrowing, lending, and insurance pooling to make business more efficient.

The network has a strong community presence on social media platforms, with over 135,000 followers combined. It has successfully launched over 100 top-tier projects since 2021 through its IDO Launchpad, known as Ignition, which connects highly vetted founders with crowd-sourced funding and best-in-class incubation tools and advisors.

PAID Network has partnered with Momentum6 to increase awareness and adoption of its standardized legal templates called Smart Agreements. This partnership highlights the project's growth potential and market opportunities, particularly in the area of un-collateralized lending, which is expected to be a significant boom in the DeFi industry.

Overall, PAID Network is a robust platform that seeks to revolutionize the way businesses conduct transactions, providing a more efficient, cost-effective, and secure alternative to traditional legal contract systems.

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How PAID Network works

PAID Network is a decentralized application (DApp) that aims to revolutionize the traditional legal system by providing a simple, cost-friendly, and attorney-free platform for users and businesses to execute and enforce legal contracts. Here's an overview of how it works:

Operating Ecosystems

PAID Network operates on both the Ethereum and Polkadot ecosystems, leveraging the strengths of each blockchain to ensure seamless interactions and transactions.

SMART Agreements

PAID's proprietary SMART agreement templates simplify the process of creating and executing legal contracts. These templates remove unnecessary wording, allowing users to quickly fill in terms and execute business agreements on their laptops or mobile phones. This streamlined approach makes it easier for businesses to operate efficiently and cost-effectively.

DeFi Tools

PAID Network incorporates various DeFi tools to enhance the user experience:

  1. Launchpad: The PAID Ignition Platform is a decentralized swapping protocol that offers access to private and public pools in ETH or BNB to PAID token holders. Users must hold PAID tokens for a specified amount of time to participate in the Launchpad, which provides attractive returns on investment, encouraging users to buy and hold PAID.

  2. Staking: By staking PAID tokens, users gain exclusive access to a suite of benefits designed to enrich their experience on the platform.

  3. Insurance: Insurance premium amounts are set based on perceived risk, assessed using the reputation score of the payer.

  1. Escrow & Lending: A decentralized P2P marketplace allows for escrow borrowing and lending. Escrow funding requirements are based on the reputation score of the borrower, reducing lender risk exposure.

  2. Arbitration: In the event of disputes, PAID stakers can act as arbitrators. Three arbitrators are chosen at random using the Chainlink VRF protocol to vote on the outcome of the disputed case.

Reputation Scoring

PAID Network uses a reputation scoring system similar to credit scoring. Users are given a reputation score based on their identity confirmation, which rises or falls based on feedback from business partners. This score is crucial in assessing borrower integrity and lender risk exposure.

Tokenomics

The PAID token is the native token of the network and acts as the core utility within the PAID ecosystem. It is allocated across various categories, including general reserves, exchanges, research foundations, ecosystem and referrals, team and advisors, staking rewards, and public and private sales.

Overall Functionality

PAID Network simplifies the legal process, making it more accessible and efficient for users. By leveraging DeFi tools and SMART agreements, it creates a comprehensive platform for businesses to operate seamlessly and cost-effectively.

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PAID Network's strengths

The token PAID Network (PAID) has several strengths that contribute to its potential and market opportunities:

  1. Growth Potential and Market Opportunities: PAID Network has a positive momentum in terms of its growth potential and market opportunities. It has partnered with Momentum6 to increase awareness and adoption of its standardized legal templates called Smart Agreements, which has led to successful projects such as MANTRA DAO, KAVA, and The Sandbox.

  2. Unique Value Proposition: PAID Network is the first to address the market opportunity of un-collateralized lending, which is believed to be the next big boom in the DeFi industry.

  3. Strong Community Presence: PAID Network has a large and active social media following across different platforms, with over 135,000 followers combined. This strong community presence helps in increasing brand awareness and generating leads.

  1. Experienced Team: The team behind PAID Network consists of experienced professionals from various fields such as law, finance, marketing, and technology, which adds credibility to the project.

  2. Staking Benefits: Staking PAID tokens unlocks access to exclusive benefits, including early entry to upcoming Ignition launches, revenue share, airdrops from partner projects, and governance participation. Staking also provides a more sustainable, circular token economy in the long term.

  3. Seamless Payment Experience: PAID Network leverages Plasm to operate on both the Ethereum and Polkadot ecosystems, ensuring a seamless payment experience for users and businesses.

  1. Security and Efficiency: The use of Smart Agreements built through smart contracts ensures that business agreements are executed efficiently and securely, making business transactions more efficient.

These strengths collectively contribute to the potential and market opportunities of PAID Network, making it an attractive investment option for those interested in the DeFi space.

PAID Network's risks

PAID Network (PAID) is a cryptocurrency project that aims to provide blockchain-based DeFi-driven legal agreements known as "SMART agreements." The project's financial risks are primarily related to its token management and security practices.

Token Management Risks
  1. Inflationary Model: PAID tokens are initially inflationary in terms of distribution but become deflationary through token burns and staking. This model can lead to volatility in the token's value, potentially affecting investors.

  2. Token Burning: The network burns 25% of transaction fees, which can impact the token's supply and value. Additionally, the token supply will be reduced to 50% of its initial total supply over time, which may influence market dynamics.

Security Risks
  1. Smart Contract Compromise: In March 2021, the PAID Network smart contract was compromised by an attacker who exploited poor key management practices. This led to the theft of approximately $100 million worth of PAID tokens. The incident highlights the importance of robust security measures to protect against such attacks.

  2. Key Management: The project's reliance on a single private key for managing the smart contract upgrade process was a significant vulnerability. The team has since implemented multi-signature practices to mitigate this risk.

Market Risks
  1. Market Volatility: As with any cryptocurrency, PAID is subject to market fluctuations, which can result in significant price changes. This volatility can be influenced by various factors, including global economic conditions, regulatory changes, and market sentiment.

  2. Competition: The DeFi space is highly competitive, and PAID Network faces competition from other projects offering similar services. This competition can impact the project's adoption and market share.

Regulatory Risks
  1. Legal and Regulatory Uncertainty: As a DeFi project, PAID Network operates in a regulatory environment that is still evolving. Changes in laws and regulations can affect the project's operations and viability.
Other Risks
  1. Dependence on Staking: The project's token burning and staking mechanisms are critical to its financial sustainability. If staking participation declines, the project's financial health could be negatively impacted.

  2. Reputation and Governance: PAID Network's reputation and governance mechanisms, including arbitration and dispute resolution, are crucial to maintaining trust among users. Any issues with these mechanisms can harm the project's reputation and financial stability.

In summary, PAID Network's financial risks are primarily related to token management, security practices, market volatility, competition, regulatory uncertainty, and dependence on staking.

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PAID Network's ecosystem

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PAID Network’s team

  • Kyle Chassé: Founder & CEO of PAID Network, who has been working on blockchain since 2012.
  • Ben Stahlhood II: Core founding team member of PAID Network.

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