Paid Network launched in 2020 and is designed to be a First Borderless Civil Legal System based on blockchain technology that makes use of DeFi tools. 

The network offers users a selection of apps allowing them to do business with anyone across the globe without the need for expensive legal services or requiring any third parties. PAID aims to remove the associated complexities and borders that complicated current legal processes and arbitration.

PAID Network runs on both Ethereum and Polkadot networks, and the platform has a suite of DeFi tools that include its own launchpad, staking, insurance, and escrow. PAID is the network’s native token and functions as a utility token within the ecosystem.

What are PAID Network’s key features and how does it work?

As mentioned PAID Network’s legal products and services are based on DeFi technology. The first of which is the PAID Ignition Platform, a decentralized swapping protocol that offers PAID holders access to private and public pools. 

There are 3 different launchpad types that have their own features. Ignition is designed to offer PAID token holders access to a specially curated set of private and public sales. The Apollo-X platform is specific to IDOs, and PAID Network India is specifically created to encourage blockchain adoption across the Indian population.

Another key product is PAID’s SMART Agreements. These are legal document templates that allow users to quickly and efficiently execute business contracts directly on via a PC or mobile, without the need for a third party or unnecessary legal jargon.

The platform has also incorporated a reputation scoring system. In a similar fashion to the commonly adopted credit score, a user can earn reputation points based on feedback from parties with which they conduct business. The higher the score, the better the reputation.

Escrow & Lending is another major product on the PAID Network. A decentralized P2P marketplace directly on the platform will host this feature. Requirements for escrow funding will be dependent on a user's reputation score, thus reducing risk exposure for a lender. A borrower is able to submit requests to community members, and lenders can respond based on the borrower’s needs and/or interests.

Finally, in the case of any dispute, PAID stakers assume the role of Arbitrators on the platform. In order to settle a dispute, 3 arbitrators are chosen at random in order to determine which party is entitled to the assets in question. 

What is noteworthy about PAID Network?

As noted previously, PAID Network allows entities to create personalized and bespoke “SMART agreements”. This means that individual needs can be addressed when creating an agreement that is adapted from a template. Such SMART agreements have many potential use cases, this includes holding funds in escrow or when dealing with disputes, being used to take out insurance.

Where can you buy PAID?

PAID is available to buy from the CEXs and DEXs. The most popular options are Pancake Swap and Uniswap.