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Summary of PAID Network
Key Features
- SMART Agreements: simplified business contracts written in easy-to-understand language and signed on-chain
- Escrow, insurance, dispute arbitration, and resolution for secure transactions
- Biometrically-enabled reputation scoring to prevent fraud
- DeFi tools: borrowing, lending, and insurance pooling
- DAICO model for organizing and collecting investment for new projects
Founders
- Kyle Chasse (CEO): blockchain investor and advisor with a portfolio of over 40 companies
- Lawrence Hutson (CTO): founding CTO of Travelocity with 32
About PAID Network: Empowering a New Era of Decentralized Applications
Introducing PAID Network: A Revolutionary DeFi Ecosystem
PAID Network presents a comprehensive business toolkit, catering to all transactional needs. Traditional legal contract systems necessitate the engagement of legal counsel, often entailing lengthy and intricate agreements replete with arcane legal terminology that can be perplexing to comprehend. In contrast, PAID’s SMART Agreements offer simplified, user-friendly business contracts, articulated in plain language and digitally signed on-chain, facilitating seamless transactions between two parties engaged in business collaborations.
To facilitate seamless transactions, a comprehensive framework has been established, comprising escrow, insurance, dispute arbitration, and resolution mechanisms to address potential disputes. The escrow system serves as an intermediary store of value, mitigating transaction risk between parties, while insurance options enable either party to safeguard their contract against default. In the event of a dispute, a panel of three arbitrators is randomly selected from the community, with arbitrators earning the right to arbitrate by staking PAID tokens. Chainlink’s random number generator ensures the impartial selection of arbitrators. Moreover, a biometrically-enabled reputation scoring system prevents malicious actors from creating new accounts to defraud future business contacts, while allowing other business contacts to access transaction histories and feedback, fostering a secure and transparent environment.
Beyond the aforementioned features, PAID also leverages DeFi tools, including borrowing, lending, and insurance pooling. By depositing their tokens into liquidity pools, PAID holders can engage in lending and insurance activities, while also having the option to secure loans for their business ventures, with loan applicants subject to a rigorous vetting process via the reputation scoring system. Furthermore, PAID incorporates a DAICO model, which facilitates the organization and collection of investments for novel projects. These projects are meticulously monitored and evaluated against their project roadmaps, ensuring a level of accountability to investors unprecedented in traditional ICOs. In the event that a project fails to meet its commitments to investors, those investors are entitled to refunds from the respective company. This risk-mitigation strategy significantly reduces the overall risk for investors, compelling new projects to be better prepared and more accountable.
The Visionaries Behind PAID Network: Meet the Founders
CEO Kyle Chasse boasts an impressive tenure in the blockchain space, dating back to 2012, with a diverse investment portfolio comprising over 40 companies, including esteemed names such as Kraken, Coinbase, Ripple, Abra, Bitstamp, Bnktothefuture, Bitfinex, Circle, and many more. The comprehensive list of his investments can be accessed at
https://master.ventures/portfolio
. In 2013, he pioneered the development of World Super Lotto, the world’s inaugural Bitcoin-based lottery, which was launched in 2014 and operated until 2015. As a renowned keynote speaker on blockchain and a trusted advisor to multiple crypto projects, including Hathor, PlasmaPay, Elrond, and others, Kyle’s extensive expertise in the crypto industry makes him an ideal leader for PAID Network.
Lawrence Hutson, Chief Technology Officer, is the esteemed founding CTO of Travelocity, a pioneering online travel agency established in 1995 and currently the third largest entity under the Expedia group, boasting an impressive 12.4 million unique visitors and 91 million page views. With an illustrious career spanning over 32 years, Lawrence brings his vast and varied experience to PAID Network’s technical team. Meanwhile, Dane Hoy, Business Development Officer, has been an integral part of the blockchain industry for over five years, leveraging his entrepreneurial expertise garnered from multiple blockchain companies and accelerators, including Block Nexus, Crypto Council, and Master Ventures, as well as holding strategic advisory positions for several blockchain companies, investment firms, and governments.
What Sets PAID Network Apart?
PAID pioneers the development of SMART Agreements, innovative business contracts that can be seamlessly signed on-chain. By leveraging this proprietary technology as a foundation, PAID is poised to revolutionize various facets of business transactions, thereby offering a more viable alternative to traditional domestic and international business transactions than its predecessors in the blockchain space. The PAID Network’s distinguishing feature lies in its comprehensive suite of tools, empowering users to establish, track, and complete business transactions across a diverse range of business scenarios.