By Andy Wang | Crescent City Capital Market Analyst Intern
What Is PAID Network
PAID Network is a DApp, powered by Polkadot, offering users easy-to-use web and mobile apps, enabling them to do business with anyone anywhere, without the need for expensive legal services. With this in mind, PAID is attempting to create the world’s first decentralized legal system (DeLa) to revolutionize the traditional judicial system. To do this, PAID removes the unnecessary complexity of creating and executing documents as well as breaking down the borders that complicate arbitration. PAID operates on both the Ethereum and Polkadot ecosystems.
Meanwhile, PAID has been hailed for its unique SMART Agreements. These agreements reinvent the traditional contract systems, replacing them with simplified business contracts. These are user-friendly, drafted in plain language, and are signed on-chain between two parties engaging in business.
Key features of PAID Network include:
- PAID Ignition Platform: Ignition is an Initial DEX Offering (IDO) crowdfunding platform which facilitates the whitelisting and auction process for projects wanting to launch their token on a decentralized exchange. The platform allows users to participate in private and public token sales by staking PAID tokens.
- Reputation Scoring: The way Amazon has a review system, PAID Network has Decentralized Digital Identities for its on-chain reputation scoring system. This score will decrease or increase as per the feedback from their business deals. Platform users can utilize this information to review and analyze the trustworthiness of potential business contacts.
- Insurance: The platform also offers users the ability to insure their payments through a decentralized insurance pool. Stakers can participate in the insurance pools by locking their capital into the pool and receive interest in return. The insurance is paid out to whosoever falls victim to any fraudulent activity.
- Escrow and Lending: Parties getting into an agreement have the option of requiring (and offering) escrow to take (or provide) guarantees for payments. PAID Network keeps escrow funds within the smart contracts to ensure their immutability and that no one can manipulate them. Parties can fund the escrow by taking part in the agreement (or borrow the fund from PAID token holders).
Adding to this, PAID Network embraces DeFi tools such as borrowing, lending, and insurance pooling. As a PAID token holder, you have the opportunity to participate in liquidity pools or secure loans for your business pursuits.
PAID ensures the security of business contacts by employing a biometrically enabled reputation scoring system. This prevents potential bad actors from creating new accounts to defraud future business contacts and lets business contacts view others’ transaction histories and feedback.
In essence, the PAID Network positions itself as a comprehensive business toolkit in the crypto space, facilitating smooth and secure business transactions.
How Does PAID Work?
PAID is primarily based on the features of DeFi protocols, with the following outstanding elements(two of them we have mentioned them above):
- PAID Ignition Platform: Decentralized swapping protocol for blockchain-based token projects offering access to private and public pools in ETH or BNB to PAID token holders.
- Ignition: Ignition will allow PAID token holders the opportunity to participate IDO’S in curated and novel private and public token auctions.
Team, Investors, and Partners Team
- Kyle Chasse – CEO of PAID: In 2016, Kyle was deemed “smart money” by investors during this time period as he began lucratively analyzing, investing, and advising infrastructure and protocol projects from Coinbase, UBANX, Bitfinex, ULTRA, RNDR, and several others, holding impressive amounts of equity and tokens.
- At the end of 2018, Kyle founded Master Ventures (MV) – a blockchain advisory & think tank based in Koh Phangan. Master Ventures advises Tier 1 projects like Spl.yt, UBANX, EVEN Network, Ultra.io, and Elrond.
- The CTO of PAID, Lawrence Hutson, is a computer scientist and economist who also led the design and launch of the world’s first and largest e-commerce site.
One of the most popular solutions that PAID Network provides to its users is the Ignition Launchpad. Ignition Launchpad is a well-designed solution for participating in pre-sales for investors and blockchain project creators alike. This platform uses a clear user interface, registration is uncomplicated, and Paid token can be purchased on major cryptocurrency exchanges. Like most launchpads, Ignition PAID requires the user to have a certain amount of tokens in their account in order to take part in the launch of a new project. Depending on the number of tokens, the user receives a certain Ignition lottery tier.
Solving Real-World Problems
- Traditional legacy business agreements are not only centralized but also overly complex. It means they require expensive legal counsel. PAID Network solves this problem by offering proprietary SMART Agreement templates to create business agreements easily.
- Complex arbitration is a common problem for parties operating in different jurisdictions. PAID Network’s SMART Agreements are the easiest to understand by any party. Members with a significant stake in the decentralized platform arbitrate disputes relating to such contracts. In return, they get incentives for acting in the best interest of the PAID users.
- Nowadays, blockchain-based projects rely on public fundraising efforts to receive funding. These methods have no accountability measures for projects to ensure their progress aligns with the proposed roadmap, thereby increasing the risk for investors. PAID Network has built a DAICO fundraising platform to redefine the agreement structure between investors and projects. It will release funds in tranches, based on the community-monitored progress, thus reducing investor risk.
Understanding Paid Network’s Technology
One of the key features that sets Paid Network apart from other blockchain-based networks is its interoperability solutions. This means that Paid Network can seamlessly integrate with other platforms, allowing for more flexibility in transactions and expanding its range of use cases.
Moreover, Paid Network also employs user adoption strategies to ensure that the platform is accessible and easy to use for everyone. They’ve created an intuitive interface that simplifies the process of creating smart agreements while providing top-notch security measures to protect users’ data.
With these technologies in place, it’s no wonder why Paid Network has quickly become one of the most trusted names in blockchain-based transactions.
The Benefits of SMART Agreements
One major benefit of using PAID is the implementation of SMART agreements. These agreements use self-executing code to automatically enforce terms and conditions. This means that parties involved in a contract can have peace of mind knowing that their agreement will be carried out exactly as specified, without any need for intermediaries or third-party arbitration.
First and foremost, SMART agreements streamline negotiations between parties involved in a contract. The use of blockchain technology allows for secure and transparent communication between all parties, which results in faster resolution times and less time spent on negotiating terms.
In addition to streamlined negotiations, automated processes are another benefit of using SMART agreements. By automating certain tasks such as payment processing and delivery confirmation, businesses can reduce administrative costs and increase operational efficiency. This is particularly useful for small businesses that may not have the resources to hire additional staff for these tasks.
Overall, implementing SMART agreements can lead to significant cost savings and improved business operations.
Here are 3 key benefits of using SMART Agreements:
- Faster resolution times due to streamlined negotiations
- Reduced administrative costs through automation
- Improved operational efficiency
Comparing PAID to Other DApps in the Space
PAID vs competition is an interesting topic, as many DApps are emerging in the market with similar goals of creating smart agreements. However, what sets PAID apart is its unique approach towards integrating external data into contracts and customizable templates that businesses can easily use.
In terms of market potential for SMART agreements, PAID has a significant advantage over its competitors due to its user-friendly platform and customizability. Other DApps may offer similar services but lack the flexibility that PAID provides to cater to different industries’ needs.
Additionally, the integration of external data sources makes it easy for businesses to automate their processes and reduce the likelihood of errors or disputes.
Overall, while there are other noteworthy blockchain applications out there for smart agreements, PAID’s innovative features make it stand out from the crowd.
PAID Token: Use Case and Price Analysis
Each PAID token acts as the core utility within the PAID network and is used for:
- Purchasing agreements and subscription services.
- Staking, provision of lending/insurance products, escrow services, and DAICO.
- Reputation scoring.
- Resolving disputes through PoS.
- Governance of the PAID ecosystem.
As of the time of publication, the token is trading at $2.10 with a 24-hr trading volume of $3,146,464. Its price today as of Feb 18, 2024, is $0.380141 USD with a 24-hour trading volume of $1,076,944 USD. PAID Network is up 0.65% in the last 24 hours. The current CoinMarketCap ranking is #376, with a live market cap of $107,475,585 USD. It has a circulating supply of 282,725,554 PAID coins and a max. supply of 594,717,456 PAID coins.
Let’s start with the technical perspective since the token has been live since Jan 26th, 2021. We can clearly see this token’s all time high was on April 11, 2021 where it was priced at $5.52. Prior to this price spike, PAID Network experienced a severe hack, and the attacker exploited the PAID Network deployer contract and stole over 59 million PAID tokens and was able to sell 2,501,203 PAID tokens for 2040.4339 ETH on Uniswap. Hence, the token’s price plummeted to $0.1332 on March 9, 2021 from previous high at $4.7695. Right after that, in about 48 hours PAID v2 was able to make up for the price drop since neither the PAID dApp nor PAID Ignition platform were affected in any way. Not to mention, PAID Network also reached its historical low at $0.1194 in September 2023.
Over the last 30 days, PAID Network has increased by 24.14%. Due to this, we can expect a slight recovery in the coming month.
The Relative Strength Index (RSI) momentum oscillator is a popular indicator that signals whether a cryptocurrency is oversold (below 30) or overbought (above 70). The 14-day RSI is currently at 67.48, indicating Natural conditions in the market without being oversold or overbought. Similarly, the weekly chart’s RSI is at 62.18, also indicating natural conditions in the market. This indicates that the PAID market is in a NEUTRAL position.
Historically(picture attached down below) the price of PAID last day of February was above the open price two times out of 3, and 1 out of 3 the price was lower than the price at the start of the month. The best month for PAID Network has been July for the last four years, two times the price of PAID at the end of July was higher than the price at the start of the month. The worst month is May, three times out of 3, the price at the end of May was lower than the starting price.
Therefore, we think the price of PAID Network in 2024 would be around $0.33 to $0.5.
Switching to a more fundamental aspect, the one key difference between PAID Network and traditional contract management systems is blockchain integration. Paid Network leverages the power of blockchain to ensure that contracts are transparent and secure.
Additionally, they have a decentralized governance system which means that decisions about the platform are made by its community rather than a central authority. This allows for greater transparency and accountability in the contract management process.
Overall, these features set Paid Network apart from traditional contract management systems and offer users a more efficient and trustworthy experience.
Nevertheless, PAID Network has partners and backing by reputable enterprises, including Alphabit, Masters Ventures, DuckDAO, Plasm, Brilliance Ventures, to name a few. The platform has partnered with Alliance Block, DAO Maker, SuperFarm, Amazing Blocks, KardiaChain, Mantra DAO, and other well-known industry names. In December 2023, PAID Network partnered with CommonWealth, together they will work to establish an inclusive, secure, and user-friendly environment for participants as they share a common objective – Democratizing the investment process in Web3. Their collaborative efforts center around cultivating an environment that champions equal opportunities and removes barriers. This vision aligns with a decentralized finance principle that prioritizes individuals and leverages blockchain technology to improve the financial well-being of a broader global audience.
Partnerships and use cases are at the forefront of Paid Network’s roadmap for future development and expansion. The team is focused on building strategic relationships with companies and individuals who can bring value to the ecosystem.
They’re also exploring various use cases beyond smart agreements, such as NFTs, DAOs, and DeFi applications. By expanding their offerings and collaborating with key players in the industry, Paid Network aims to become a leading platform for decentralized business solutions.
Overall, PAID Network is a promising DApp for implementing SMART agreements. Its use of blockchain technology ensures transparency and immutability in all transactions made through the platform.
The ability to customize templates and integrate external data also adds to its appeal. While there are other DApps in the space that offer similar features, PAID Network stands out with its focus on simplifying the process of creating SMART agreements.
In conclusion, the PAID Network is an intriguing initiative that uses blockchain technology to streamline business dealings. Users should do their homework, acquire a feel for the platform’s strategy, and weigh the benefits and drawbacks thoroughly before diving in.
Last but not least, for all investors who are watching this PAID token, we suggest a wait and see approach.