PAID Network AMA Recap

PAID Network AMA Recap

CryptoDiffer team

Hello, everyone!😁

We are glad to meet here 

Kyle Chasse (CEO at Paid Network)

Dan Smith (Project Manager at Paid Network)

CEO at PAID Network, Kyle Chasse

Hey everyone!

Project Manager at PAID Network, Dan Smith

Hello!

CryptoDiffer team

Q1: Guys, Can you introduce yourself to our community ?

CEO at PAID Network, Kyle Chasse

Sure, my Name is Kyle Chasse, CEO at PAID Network, I’ve been in Crypto since 2012, have invested, advised and built projects ever since 🙂

I’ve been involved in every aspect of blockchain/crypto and consider myself an expert generalist and understand all facets of the space

Project Manager at PAID Network, Dan Smith

Hi – I’m in charge of the product roadmap, designing features, overseeing UI/UX, etc. 

Been in the space for last 3 years, investing trading and working

CryptoDiffer team

Q2: Can you briefly tell us what is Paid Network in 3-5 sentences?

Project Manager at PAID Network, Dan Smith

PAID is a decentralized protocol 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 PAID’s proprietary SMART agreement templates, users can quickly fill in terms and execute simplified business contracts from their desktop or mobile phone. PAID removes the unnecessary complexity of creating and executing documents, as well as breaking down the borders that complicate arbitration. Through the community-governed arbitration system, disputing an agreement has never been easier or more efficient.

CryptoDiffer team

Q3: Let`s now talk about the milestones you have achieved so far and about your upcoming plans?

Project Manager at PAID Network, Dan Smith

We just launched our alpha of the MVP recently 🙂 

For the rest of Q4 we’re looking to improve on that to make a really easy to use and robust platform for managing agreements via both web and android/ios getting users on board and creating an impactful feedback loop with our community to make sure user love it and adoption continues to traject up up up

CEO at PAID Network, Kyle Chasse

We’ve brought together an all star team and advisors you can check out on our site: with experience from, Amazon, Microsoft, KPMG, Dell, Bloomberg, BNY Melon, Goldman Sachs, Shell, Copa Airlines, Deutsche Bank, Huawei, Uber, Binance, Ripple, Ericsson

We’ve also forged a critical partnership with Plasm to make our solidity and Ethereum environment fully compatible with the Polkadot ecosystem

Our raise has been overwhelmingly oversubscribed, with this being said we are looking to onboard strategic partners 🙂

We have many more exciting partnerships and VCs to announce soon

And we are super excited to bring real world use cases that can take advantage of DeFi tools, and our core use case is exponentially better than the legacy system we are attempting to disrupt.

CryptoDiffer team

Awesome, a lot of updates to come out!

Thank you for great answers!

I think it is time to start community questions round!

Cryptodiffer Community

How PAID Network solves the major issues on the Ethereum Blockchain? What are the advantages that PoFi has over one of the most used block chains?

CEO at PAID Network, Kyle Chasse

Best thing is dual ecosystem environment!!  We take full advantage of the ethereum developers and community .. and then we get to leverage the scalability and interoperability of Polkadot.

Cryptodiffer Community

What innovations does Paid Network offer in DEFI and how Do Paid Network changing the new DeFi ecosystem and what are the plans for the next few years?

CEO at PAID Network, Kyle Chasse

DeFi is not the core functionality of PAID, these are just tools in order to to ensure counter-parties get PAID!

Cryptodiffer Community

Which partnerships have you engaged so far, and which ones are the most impactful?

What are the most important things about the Paid Network project, and how will Paid Network make an impact in the crypto space?

Project Manager at PAID Network, Dan Smith

Plasm is the only one we’ve announced publicly, but we have many more exciting partnerships that we’ll be announcing soon

I think the most important is making business contracts easily useable with payments tied in with escrow making business agreements seamless and payment reliable – eliminating the need for lawyers too

Cryptodiffer Community

Is it possible to perform anonymous transactions on the #PaidNetwork to hide transaction details in order to protect the financial privacy of owners and tokens?

CEO at PAID Network, Kyle Chasse

When making financial payments to one another for doing work, people do not need to pay in PAID tokens, we have many many other use cases for the PAID token you can see them on our website and deck, and for more details in the WP

Cryptodiffer Community

Can we all stake $Paid token

What are these Staking criterias ?

Project Manager at PAID Network, Dan Smith

Anyone can stake, no criteria other than there are different levels and benefits based on how much you stake.

Cryptodiffer Community

You organized an AMA session very rewarding and received a lot of questions related to utilities and technology, future vision, …So now I want to ask what do you want to receive from the community?

CEO at PAID Network, Kyle Chasse

Great question, we want people who believe in the vision and would love to see IMO the most inefficient system in the world disrupted..  If PAID is successful it is a HUGE win for decentralized systems and the entire crypto community

Cryptodiffer Community

To be successful, community building is a must on any projects. So, how will Paid network expand your impact and atract more users?

CEO at PAID Network, Kyle Chasse

There are so many ways that different users can be involved in PAID. to learn in more depth you can reference this Medium article:  https://medium.com/@Paidnetwork

Cryptodiffer Community

Did You Believe That Community is one of Source That Will make your TOKEN PAID NETWORK to a global?

CEO at PAID Network, Kyle Chasse

Yes absolutely. You can’t have a successful decentralized project without a super strong community  🙂

Cryptodiffer Community

Why did you choose Polkadot as the foundation to build PAID Network? What is the Smart Agreement?

CEO at PAID Network, Kyle Chasse

Polkadot IMO is an incredible innovation in layer 1 or as i call it layer 0 protocols, it will allow the best of all worlds, from interopibility, scaling, security etc..  SMART Agreements are incredibly simplified business contracts that are standardized and don’t have any complicated lawyer language in them. They are something anyone can read and understand what the terms of the agreements are.. They can also be easily understood by community arbitrators

Cryptodiffer Community

1. What happens if the beneficiary refuse to confirm that he has received funds from the benefactor and such beneficiary deletes his account and records with the PAID platform?

2. I have a real case scenario. I and my friend opened a bakery. He contributed 60% while I contributed 40%. We had a gentleman agreement but business has been booming and he is now saying he wants to pay me back my 40% so that he will be enjoying the profits alone. Is it too late to draw up an agreement on the PAID platform? How can the PAID platform assist me?

Project Manager at PAID Network, Dan Smith

1. the smart contracts will be set up so the payments are to pre-defined wallet addresses and PAID Network’s system will track the movement of the funds automatically 

2. sure, you don’t have to use the full-functionality of the platform, if you simply want to create and sign a contract and not involve funds etc. you can  

assuming you wanted to sell to him you could create an asset purchase agreement and execute the terms through PAID Network’s platform and help you avoid legal fees, get the agreement drafted, and executed quicker

Cryptodiffer Community

How does PAID Network address the issue of trust in the legal sector? What role does blockchain play in this sector?

Project Manager at PAID Network, Dan Smith

First off – we’re building a trustless immutable system to avoid the pitfalls of current legal system.

Blockchain – the immutability portion of this is key as it takes the subjectivity or human tampering out of the equation.

Cryptodiffer Community

Does PAID Network has any incentive program such as Farming, Staking, or even Liquidity Mining?

If you have it, could you please explain it to us?

And do you have some guides for beginner like me so I can get a maximum profit by participate in this incentive programs?

CEO at PAID Network, Kyle Chasse

Hi, we are not a farming type of project, I believe most of these are not sustainable. We do have lots of incentive mechanisms like staking for 30% APR. You can also Stake in order to participate in awesome Private sale deals through our DAICO where stakers will also keep airdrops of projects that raise through our platform. You can also participate by contributing liquidity to the insurance pools or even borrow and lend and earn from the P2P marketplace  🙂

Cryptodiffer Community

Do you have mechanisms such as buyback and burning to regulate the demand and supply of $PAID, so as to increase its intrinsic monetary values?

CEO at PAID Network, Kyle Chasse

Yes we have both… When a user buys a subscription or ad revenue comes in with Fiat, we take this fiat and use it to buy back PAID tokens from the open market and burn 25% of them. There are also several other burning mechanisms that will continue to operate until the total supply is 50% or the initial total supply 🙂

Cryptodiffer Community

What is the structure of this project , is it decentralised or a open sourced protocol where everybody can contribute? If so, how does the governance plan on being handled?

Project Manager at PAID Network, Dan Smith

Both – from the core with our technology we’re building in a decentralized way – like using IPFS – and our code will be open-source 

initially the governance will be centralized so we can efficiently get the platform to a relevant point of scale at which point we will transition to being fully decentralized. your tokens will give you voting power in future governance decisions etc. 

relevant info in our latest Medium post – https://paidnetwork.medium.com/paid-network-token-economics-228438623514

Cryptodiffer Community

After we connect our wallet, do you have the right to access our wallet?  do you save our data?

CEO at PAID Network, Kyle Chasse

We do not sell user data, in order to protect from fraud we will tie each user profile to a DID system that will use this data to verify the users profile, but we will not use any of this data for profit or sell it to anyone.

Cryptodiffer Community

Projects that are not traded on major exchanges remain unnoticed. What do you think about listing the token on the leading exchanges?

Project Manager at PAID Network, Dan Smith

We agree it’s critical but also needs to be done strategically. we have a clear exchange listing strategy in mind that we’re extremely confident in due to our years of experience in the industry.

Cryptodiffer Community

What are the key benefits of PAID Tokens for users and traders of conventional cryptocurrencies? Do you think decentralized finance is better than traditional finance? If so, why?

CEO at PAID Network, Kyle Chasse

Your can check out this article for part 1 of your question https://medium.com/@Paidnetwork   for part 2: i think decentralized systems are much better than centralized because they remove the middle men that extract value from an ecosystem where decentralized create value 🙂

Cryptodiffer Community

The DEFI space is very young and is changing rapidly. My question is, how flexible are your tools to adapt to changes in the DEFI crypto space?

CEO at PAID Network, Kyle Chasse

Our tools are extremely flexible. We have built PAID with interopability in mind to remain as flexible to the evergrowing defi space. We will have a fleet of integrations available

Cryptodiffer Community

PAID Network is ambitions are huge. PAID Network want to participate in many fields of the future. Is there any technology or solid basis for you to fulfill PAID Network  mission in so many fields?

Project Manager at PAID Network, Dan Smith

We have an incredible development team who has delivered time and time again successful projects. 

On top of that there are many existing projects that are open-source that we can leverage to achieve our goals

Cryptodiffer Community

Recently hacking often happens in our crypto world, 

How does PAID Network Team respond to this situation?

Does PAID Network has its own insurance and guarantees to prevent its platform from being hacked?

CEO at PAID Network, Kyle Chasse

Our tech team consists of cybersecurity experts who have mitigated these issues in their past experience. Additionally we are now engaging with Certik for audit purposes

Cryptodiffer Community

What is your strongest advantage that you think will make your team leading the market?

Project Manager at PAID Network, Dan Smith

Experience, hands down. we have a super-star team that has worked with some of the largest companies in the world as well as successfully executed in the blockchain space numerous times.

Cryptodiffer Community

Why did you choose the Polkadot ecosystem to create the PAID Network, a decentralized legal system?

CEO at PAID Network, Kyle Chasse

We chose Polkadot for its interopability technology. It is also the most robust platform for security, scalability, and innovation.

Cryptodiffer Community

What innovations does Paid Network offer in DEFI and how Do Paid Network changing the new DeFi ecosystem and what are the plans for the next few years?

CEO at PAID Network, Kyle Chasse

Paid Network utilizes defi tools in order for business to become exponentially more efficient. By bringing a tool set of DeFi tools, for example lending, insurance, and staking, we are able to solve critical issues for individuals looking to contract business. For example, if I feel that I would like to take insurance out on a business deal due to some measured risk, I can do that to ensure I that I receive payment for a job I executed through insurance even though the client never paid me (lets say he didnt actually have the money to pay me)

Cryptodiffer Community

How will cooperation with Plasm solve PAID Network’s interactions with Ethereum and Polkadot blockchains?

CEO at PAID Network, Kyle Chasse

Paid Network has recently launched its MVP and is in in Alpha phases. We also believe that building a working product is an important staple to providing assurance to investors. We intend on launching the working application come Q1 of 2020.

Cryptodiffer Community

Most of investor just focus on the price of token in short term instead of real value of project. Can you tell us the motivation and benefits for investors to  long term?

CEO at PAID Network, Kyle Chasse

We are a team of blockchain pioneers who have been in the blockchain space as early as 2012 and have been very selective with projects who have long term visions, and thats what PAID has. We have built a token economic model which favors both the token investors and team members. 

1) We are a small market cap company only raising $2.5m, so there is lots of room for growth from a valuation perspective

2) Token vesting schedules are very long ended for research & ecosystem (5 years)

3) We have a daily vesting schedule so tokens are linearly distributed

Cryptodiffer Community

How will cooperation with Plasm solve PAID Network’s interactions with Ethereum and Polkadot blockchains?

CEO at PAID Network, Kyle Chasse

Plasm is solving this issue so we don’t have to worry about it, we are a dApp and they are dealing with the infrastructure layers 🙂

Cryptodiffer Community

What problems do you see occurring in the blockchain industry nowadays and how does your platform aims to solve these problems? What difficulties have been encountered during the development of  Paid Protocol ?

Project Manager at PAID Network, Dan Smith

Still prevelent is agreements simply not being honored. we’re creating a easy and automated way to set up smart agreements to insure contracts are honored and you #getpaid 

We’re still early in the development stage but making quick progress. nothing too challenging yet

Cryptodiffer Community

Without proper marketing and capital infusion, project dies, how do you convince us you have adequate marketing power and capital to push this project to the top project?

CEO at PAID Network, Kyle Chasse

We have a ton of experience building token economic models, including building these for projects like Elrond. We have built in our treasury system to make sure that we always have capital for ongoing operating expenses for years to come… Our long history in the crypto space has built massive networks and partners to bring on real world adoption.

Cryptodiffer Community

Do the $ PAID token holders have right to participate in the governance of the project? On what kind of decisions can they vote on about the project?

CEO at PAID Network, Kyle Chasse

Yes 100% PAID will evolve in to a full DAO model. of course projects should not start as a DAO but evolve in to them as the ecosystem matures. We are huge believers in DAO structures and plan to make PAID fully decentralized over time.

Cryptodiffer Community

Whats the Current Major problems Such as High fees,etc in E-Commerce payments system, Which PAID Network project is trying to solve as well as How PAID Network can solve that problems ?

Project Manager at PAID Network, Dan Smith

We’re building a platform for borderless low-cost payments and removing the need for expensive lawyers while providing fair community arbitration

Cryptodiffer Community

Most of users are still not aware with Blockchain & its related projects ! So, How # PAID Network platform create awareness about their project with NON-CRYPTO users too?

CEO at PAID Network, Kyle Chasse

Good thing is we are starting to see adoption of crypto on a massive level and our first target demographic is the crypto space as there are lots of customers here and the space has been growing at over 80% CAGR.. we plan on making PAID grandma friendly so all industries can adopt it as a standard as well

Cryptodiffer Community

What transaction fee will PAID Network have when compared to today’s low-cost platforms like BEP, Tron? What source of revenue will you focus on?

CEO at PAID Network, Kyle Chasse

Part of polkadots core thesis is low tx fees and our users will benefit from this. We  also think Polkadot provides much better decentraliztion, consensus and security over the other platforms you mentionsed.

Cryptodiffer Community

Do the $ PAID token holders have right to participate in the governance of the project? On what kind of decisions can they vote on about the project?

Project Manager at PAID Network, Dan Smith

Yup! Different tiers unlock different access to voting and participation such as arbitration or DAICO projects

Page 8 of the whitepaper goes into detail https://paidnetwork.com/wp-content/uploads/2020/10/PAID-Whitepaper-V1.1.pdf

Cryptodiffer Community

Can you further explain how exactly PAID helps removes the unnecessary complexity of creating and executing documents, as well as breaking down the borders that complicate arbitration?

CEO at PAID Network, Kyle Chasse

Sure! We do this with Smart Agreements, to simplify this term, its a standardized agreement that you will use to execute business which are quick and easy to execute with a counterparty. Regarding breaking down borders, we now execute business cross borders and it is extremely expensive and difficult to litigate internationally. We solve these problems by creating a borderless platform for everyone

Cryptodiffer Community

How can your project ensure to investors and your community that your project is truly legitimate and can continue to innovate with the times?

CEO at PAID Network, Kyle Chasse

We are a team of experts who have invested in the space as early as 2012, have experience from major top fortune 500s, and have blockchain expertise as an executive team investing as VCs, Angels, and Incubators

Cryptodiffer Community

Can you tell us something about the Adoption of PAID Network ? Security is a major problem in crypto space, how does PAID Network solve this problem? How you bring big investors to invest in to this project in the future?

Project Manager at PAID Network, Dan Smith

We’re using 3rd-party security audits and internal pin testing to ensure the security of the smart contracts and our code base overall

Through establishing credibility based on the adoption of the platform and true proof of concept

Cryptodiffer Community

As you know Covid-19 has a large impact in the crypto Market, So How can your company maintain its project and also the team that are working hard during this pandemic?

Project Manager at PAID Network, Dan Smith

Blockchain space in general is composed of digital nomads and decentralized workspaces – we’re a remote-first company and we’re veterans working in this way and haven’t experienced and don’t anticipate any issues.

Cryptodiffer Community

What is the Benefit of long term partnership and investment with Paid Network ?

CEO at PAID Network, Kyle Chasse

We have a ton of experience in this space and believe we have built incredible token economics and can bring incredible value to all stake holders involved.

Cryptodiffer Community

How can I get my first $PAID tokens? What IEO platform can I go to to obtain them?

Project Manager at PAID Network, Dan Smith

People can potentially participate in the private sale or the other option would be to purchase upon listing. signup for the whitelist on our website https://paidnetwork.com/

Cryptodiffer Community

In terms of regulation, are you fully compliant that will ensure peace of mind among investors? Do you think PAID Network is ready to face the challenge of government regulation to achieve that goal?

CEO at PAID Network, Kyle Chasse

Yes 100%… We have one of the best Crypto lawyers in the world advising our every step.. We fully intend to do everything properly as we are putting our heart and soul in to this and there is too much at stake to not do things properly

Cryptodiffer Community

What are the main targeting areas of PAID Network and what are rge main problems you are resolving?

Project Manager at PAID Network, Dan Smith

Contracts & Litigation

Insurance & Escrows

Lending & Liquidity Pools

 

contracts aren’t honored 

traditionial legal systems don’t support global business 

lawyers are expensive 

litigation takes ages

Cryptodiffer Community

In the field of crypto, it’s very hard for projects to generates revenue/profits, some projects have a 10% dev share(10% from transaction fees taken by the project..), can you explain to us in what way that your projects creates revenue/profits?

CEO at PAID Network, Kyle Chasse

Totally agree, 95% of projects havent found adoption or real revenue. We have a very stringent go to market strategy that will drive consumers and businesses to use our platform.

Cryptodiffer Community

Each project has interesting stories before it is created. So can you tell people about the story that gave you the motivation to build and develop a great project like your?

CEO at PAID Network, Kyle Chasse

Long story short, I’ve been an entrepreneur for over 20 years and have dealt with 100s of businesses contracts. I found it very difficult to litigate when unable to receive payment from a client even tho we had the agreed terms and I executed efficiently. This led me to the position where I found a requirement to build PAID with my expert knowledge in blockchain

Cryptodiffer Community

What innovations does PAID Network offer for DEFI? How is PAID Network changing the new DeFi ecosystem and what are the plans for the next few years?

Project Manager at PAID Network, Dan Smith

DAICO is the biggest way, providing a way for projects to raise funds and empowering investors to have control over use of funds greatly dimmensioning projects trying to simply do a cash-grab. this will help prevent bad-actors and help legitimize the space

Cryptodiffer Community

In which ways does PAID Network provide security to its users on the platform? How do you plan to build trust to your customers?

Project Manager at PAID Network, Dan Smith

We are very aware that exchange listing strategy is a very important factor for the success of PAID. As investors ourselves we know how this operates with distinction

Cryptodiffer Community

At this point, do you think you need exchanges as a binance to keep growing? Or is it better to forget those things and focus on other activities.

CEO at PAID Network, Kyle Chasse

Our best bet at adoption is actually building a useful system that gets user adoption… not paying $1m for a Binance listing. 🙂

Cryptodiffer Community

Community support is an important factor in the development of a project. how do you convince the community to always faithfully support PAID Network products and its ecosystem, what programs do you offer to the community?

Project Manager at PAID Network, Dan Smith

We’ll be offering incentives for community participation in a number of ways from fun contests to abritrators being paid tokens for partipiation to opportunities to provide feedback on the platform as we continue to develop and improve. we’ll also convince simply by our actions – continuing to bust our asses and build a protocol that’s actually useful and beneficial for anyone doing business online.

Cryptodiffer Community

How safe and secure is PAID Network from malicious attacks from hackers?

Project Manager at PAID Network, Dan Smith

As mentioned we’re using the most trusted 3rd party security auditing firms in the world as well as our own team’s experience to develop a system that will, with best-practices, be as secure as possible

Cryptodiffer Community

How important is the community to PAID Network ? What role do PAID Network members play in your Ecosystem?

CEO at PAID Network, Kyle Chasse

Extremely important, you can’t have a successful decentralized system without a strong community.. we have built in  many community incentives you can read about in our medium articles 🙂

Cryptodiffer Community

What’s the focus of the PAID Network now? Build and develop products, win customers and users or partnerships? Are there any plans to burn or block unsold $ PAID tokens? control flexibility, cost and security?

Project Manager at PAID Network, Dan Smith

It’s two-fold, some of us are focused on building the product, others are focused on strategic partnerships. they compliment eachother and we’re confidently tackling both. 

Yes – you can read more about that on page 12 of the whitepaper.

Tokens will be burned until the total supply of tokens reaches 50% of the initial total supply

https://paidnetwork.com/wp-content/uploads/2020/10/PAID-Whitepaper-V1.1.pdf

Cryptodiffer Community

What your long-term vision of the industry paid works in? Are you afraid that someday another project with better and more innovative technology will replace paid ?

CEO at PAID Network, Kyle Chasse

We welcome competition as it drives innovation. Our long term vision would be to remove business owners from needing to ever go to court again by arbitration across the community members and ensuring everyone is paid farily and equitably

Cryptodiffer Community

What technological benefits does the Polkadot blockchain offer for the PAID Network’s long-term success?

CEO at PAID Network, Kyle Chasse

We chose Polkadot for its interopability technology. It is also the most robust platform for security, scalability, and innovation

Cryptodiffer Community

What future developments of the PAID Network, in your opinion, will be the most attractive for large organizations?

CEO at PAID Network, Kyle Chasse

We have very keen partnership announcements lined up for the next few weeks for this specific requirement.

Cryptodiffer Community

Vast majority of Crypto projects are built just for the sole purpose of amassing wealth for themselves. So, I want to know the value you aim to add to crypto industry that will bring greater abundance to the industry?

Project Manager at PAID Network, Dan Smith

For sure – as you can see in our. https://docsend.com/view/imqcakbb3t8isgp6 everyone has a vested interest in seeing the project succeed in the long run due to a lengthened distribution schedule. That aside we want to bring value to the industry by further securing and insuring that agreements and projects (DAICOs) are held to what they say they will achieve and funds go to those who deserve to be paid out when they hold up their end of an agreement

Cryptodiffer TEAM

Thank you for your time! Great answers!

Thank you everyone who took part today!

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