PAID DApp Mid-Year Recap

How time flies! We’re already halfway through what has proven to be a blockbuster year for PAID Network.

It’s July and the last six months have gone by in a whizz, in this time, we’ve been busy putting together an ecosystem of products we believe will help will empower both projects building in the blockchain space, as well as legacy businesses looking to boost their efficiency and capabilities through decentralized finance (DeFi).

On top of these products is the PAID DApp, which is used to provide businesses the world over with a versatile, easy-to-use, plug-and-play range of blockchain-powered tools and services.

Over the last six months, we’ve been hard at work laying the foundations for what we believe will be an essential tool for any business looking to streamline its business agreements and leverage the unique capabilities of DeFi.

Here’s a quick run-down of progress as it happened:

December 2020: the PAID DApp was still in an early stage of development and we launched the first PAID DApp MVP — allowing users to sign mutual non-disclosure agreements (MNDAs) over the Rinkeby testnet blockchain. For the first time, the capabilities of the PAID DApp were shown off to the public.

January 2021: Kicking off the year with a bang, PAID Network launched the $PAID utility token in January. Besides providing access to the now wildly popular Ignition platform, $PAID is designed to provide immense value to PAID DApp users — as the key to using SMART Agreements through a subscription and staking model. By staking PAID tokens within the PAID DApp, users will be able to access a variety of business tools and services — including decentralized arbitration and escrow services, lending and insurance options, and a variety of SMART agreement templates.

February 2021: We revealed plans to expand the development of the PAID DApp to support multiple blockchain protocols — including Polkadot and Binance Smart Chain. We also announced our intention to add support for decentralized identity (DID) — allowing DApp users to log in without a username and password using a secure digital identity token. On another note, our first Ignition projects — Shadows Network, Splyt, and AIOZ — were revealed.

April 2021: As part of our plans to become a cross-chain ecosystem and maximize the versatility and reach of the PAID DApp, we integrated with Binance Smart Chain (BSC) and launched a BEP-20 version of the $PAID token. This brought with it a massive reduction in fees and improved efficiency, while opening up new avenues for growth by allowing PAID DApp users to execute SMART agreements on BSC.

May 2021: After several months of development, we presented the first large update to the PAID DApp. Some of the main improvements include an overhaul of the user interface and experience, integration of decentralized identity (DID) and Connext (to power in-app non-custodial swaps), as well as the addition of a Binance Smart Chain (BSC) bridge (now live for development purposes) — allowing users to migrate their PAID between Ethereum and BSC at any time.

June 2021: Following up on our previous commitment, we successfully integrated a variety of DID protocols with the PAID DApp by mid-year. We have now begun implementing several DID solutions for different use cases, including did:key for signing DID documents and did:ethr for delegating private key use. We also implemented an additional feature known as smart agreement anchoring, which provides a more flexible framework for signing and amending business agreements over the blockchain.

We are now in the process of developing V2 of the PAID DApp, bringing with it a heap of upgrades and improvements that we think will exceed expectations. In the coming months, we will reveal the full scope of the PAID DApp in the lead-up to its public launch.

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About PAID

PAID Network seeks to redefine the current business contract, litigation, and settlement processes by providing a simple, attorney-free, and cost-friendly DApp for users and businesses to ensure they #GetPAID wherever they are in the world.

PAID technology leverages Plasm to operate on both Ethereum and Polkadot ecosystems. PAID makes businesses exponentially more efficient by building SMART Agreements through smart contracts in order to execute DeFi transactions and business agreements seamlessly.

PAID streamlines backend legal operations with SMART Agreements, so that projects can focus on making their brand bigger and better.

For any questions for the PAID network, please feel free to reach out to us on:

• Website: PAIDNetwork.com
• Telegram: @PaidNetwork
• Twitter: @PAID_Network