The AMA Room
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The AMA Room

PAID Network AMA with Kyle Chasse

Brief Information

PAID Network seeks to redefine the current business contract, litigation, and settlement process by providing a simple, attorney-free, and cost friendly dApp for users and businesses to ensure they #GetPAID.

  • Built on Plasm to leverage both Ethereum and Polkadot ecosystems
  • First Polkadot powered Decentralized Legal System
  • SMART Agreement Technology to simplify contract process
  • Litigate and Resolve Disputes through dedicated arbitrators with ease
  • DeFi powered functions to ensure swift payments
  • Investment led by Alphabit Fund & Master Ventures

Introduction AMA

Eric: Welcome @CACrypto! Glad you can make it.

Good evening from ASIA! Here with us today is @CACrypto CEO and founder of paidnetwork.com

Kyle: Great to be here! Thank you @ERCSU.

Eric: We like to start with getting to know the chief instigator of a venture. so @CACrypto Please tell us a bit about your background right up to the point when u discovered crypto.

Kyle: Sure, so I’ve been a serial entrepreneur literally all of my life. The last successful company I built before my entry into crypto/bitcoin was called The Reverse Aging Institute. You can see what that company was all about here from the promo video

So in 2012 I first learned about Bitcoin and in 2013 I started building World Super Lotto, the world’s first Bitcoin based lottery. I launched WSL in 2014 and it ran until 2015. You can find the thread on the bitcointalk forum. I was very early and there weren’t enough people in Bitcoin at the time to make this profitable for me to keep going, so I joined a project that was just getting started called Credits — By Pythia as the COO. That had a great start but there were some things that the founder was doing that I didn’t agree with so I left.
Going back a bit to 2013, I sold The Reverse Aging Institute and put the proceeds into Bitcoin.

I actually discovered and started using Bitcoin in 2012 but went all in 2013

Eric: Damn, maybe our most OG guest so far! How man BTC did u own at its peak?

Kyle: Lol, I prefer not to say.

Eric: Haha, dang. So tell us what is Paid network?

Kyle: In late 2014 / early 2015 I started to diversify the gains into many different investments in the blockchain space including Eth at $2.
I then went on to make investments into over 40 different companies including Kraken, Coinbase, Ripple, Abra, Bitstamp, Bnktothefuture, Bitfinex, Circle, and many many others. You can see the full portfolio of investments here:
https://master.ventures/portfolio

In 2018 I started Master Ventures, an Investment and advisories firm and we incubated or advised some of the best projects in the space that you can see in the same link above. Additionally in late 2017 I started becoming more public after leaving America and feeling safer to do so.

I’ve been a keynote speaker and panelist and many conferences around the world. In 2019 I felt that I had enough experience from being involved in so many different verticals that I could very confidently bring my own projects to market, so Master Ventures pivoted to a Venture Studio and this is where PAID is being incubated out of.
I also started to create some content on YouTube and Twitter that covers my in-depth research of some of the best projects in the world with the most potential in my opinion.

Make sure you guys follow me and subscribe to get this info as I put a ton of time into the content!
Twitter: https://twitter.com/kyle_chasse
YouTube Channel: https://www.youtube.com/channel/UCYLxoSziVePq9rpptc8lEwA

Here is what I did after I got into Crypto, from 2013 till now.

Ok, let me tell you about PAID.

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.

We like to think of PAID as your all in one business toolkit for Agreements, Dispute resolution, payment tools to ensure you #Get PAID on all business deal

Additionally, we will eventually build out a P2P market place, think of it like Fiver, upwork, linkedin… With reputations scores and easy way to contract with people and secure quality of work and payment

Eric: Much needed in the space. Interesting. Can u tell us more about this SMART agreement template?

Kyle: Yes sure… 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 and the parties involved in the deal… These are not intended to be held up in legacy courts or jurisdictions but they are intended to be able to be held up in the PAID ecosystem

Eric: What is different here as compared to Kleros or Aragon Court?

Kyle: Both Kleros and Aragon are decentralized courts or dispute resolution platforms.. Kleros is meant to be integrated into enterprise solutions like ebay or something… Aragon is dispute resolution but neither of them offer this “business tool-kit” that we do that is designed to help entrepreneurs and businesses save significant time and money when it comes to executing agreements and resolving them if a dispute should arise. We also have the DeFI tools included that make it much easier for a monetary award to be given to the winner of the dispute

Eric: So how big is the team?

Kyle: Our team right now is 16 people, and 7 highly valuable advisors… Our team has a ton of experience in the traditional corporate world as well as the crypto space… our team has experience from companies such as Goldman Sachs, Binance, Ripple, BNY Melon, KPMG, Dell, Microsoft, Amazon, Huawei, Deutche Bank, Shell and quite a few others.

Eric: Wow, that's some pedigree you got there. What are the uses of the token?

Kyle:

Also can check out our medium article that goes in to detail: https://paidnetwork.medium.com/paid-networks-token-utility-use-cases-b5692ee5ea01

Eric: Very impressive list of utilities.

Kyle: Thank you.

Eric: And I understand there's a burn mechanism?

Kyle: We have a lot of experience in token economics. We’ve built models for other projects as well, like Elrond for example. Yes, we plan to burn tokens until 50% of total supply is left…

Eric: Yeah, its pretty well designed. Alright. I will let the community explore the project with their questions. Prepare to post your claimed questions. I will mute the channel again afer 3 minutes. @CACrypto please answer then.

Community AMA

Q: Why did PAID Network choose Chainlink VRF for arbitrator selection in decentralized legal contracts? What role does Chainlink VRF play for fair randomness and legal system?

Kyle: We need a totally random way to select arbitrators… for all the details please see our medium post

Q: How do you users feel safe when lending on paid network? what happens in a situation whereby borrowed funds are not being able to be refunded?

Kyle: Our DeFi tools will be P2P and totally open market, so people can decide how much risk they want to take.. A PAID user’s reputation score will also 2nd as their credit score

Q: Current backlogs caused by the COVID19 has resulted in legal and dispute resolution delays. Hence, the need for a more efficient and decentralized solution. How does Paid Network provide these solutions?

Kyle: Please see details here: https://paidnetwork.medium.com/covid-paralyzes-court-system-get-back-in-business-with-paid-network-52e5d5fdf60c

Q: PaidNetwork uses Ethereum + Polkadot, but in some ways it is more practical to make use of 2layers solutions to scale without necessarily leaving the base ETH. What does PaidNet think about these solutions?

Kyle: Great question, we are exploring layer 2 solutions like xDai Stake, Matic etc.

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

Kyle: Scalability and interopibility, we are huge believers in the Polkadot ecosystem… for full details please see this article https://paidnetwork.medium.com/paid-network-partners-with-plasm-network-2975c0e97fe7

Q: Can anonymous transactions be performed on Paid network platform in order to protect the confidential information and privacy of owners and tokens?

How do you promote trust on the platform?

Kyle: Payments do not always need to be conducted through crypto, for example look at Local Bitcoins or Paxful or other systems with escrow and dispute resolution, like a dark market for example… We intend to be a solution anyone in the world can use, even outside of us in crypto. So if a deal is made and the payment is made with a bank transfer, that’s ok.. If there is a problem that arises and a dispute is called then the parties will need to upload evidence to the arbitrators for proof of payment of non-payment. Additionally we may look to include things like Zero Knowledge Proofs in order to protect the payment amounts from people who want to pay in crypto.

Q: Generally not all contracts are of the same nature, so the arbitration process cannot be exactly the same in each case. How does PaidNetwork deal with this problem? Is there any classification or category for it?

Kyle: You are correct… We will have some arbitrators that have domain expertise in case it is needed… Most deals the have a need for dispute resolution are not complex and we believe that they will be able to be resolved by our arbitrators reviewing the evidence and making the best decision they can on evidence provided.

Q: Can you better explain the arbitration system in Paid Network and how it resolves disputes? How efficient and fast is it? Is it different from Kleros?

Kyle: Arbitration within the PAID ecosystem is done by community members in the highest staking level- arbitrator. Through the utilization of the most invested community members, PAID ensures the highest possible level of integrity in it’s arbitration system. Parties engaged in a dispute can request arbitration, and must submit a collateralized fee held by arbitrators. If the party requesting arbitration wins the dispute, the arbitration fee will
be deducted from the settled amount and the collateral will be returned to the signer who requested the arbitration.

Three arbitrators will be randomly selected to arbitrate a dispute, using a Random Number Generator. The arbitration process begins once the arbitrators have been selected. At this time, signers of the agreement can post evidence and claims related to the dispute. Arbitrators will then use this information to decide the outcome of the dispute.

The dispute would be settled when two of the three arbitrators rule in the same direction. After
a dispute has been settled, arbitration fees would be distributed equally among participating
arbitrators.

Q: What are the ways that Paid Network generates profits/revenue to maintain your project and what is its revenue model ?How can it make benefit win-win to both invester and your project ?

Kyle: PAID believes in true token ecosystem and will not have any Fiat generating mechanisms.. 100% of value created goes in to PAID ecosystem to add value to overall marketcap… for more details please see here: https://paidnetwork.medium.com/paid-network-token-economics-228438623514

Q: In Q1 2021 the mobile application is launched, Are there staking, mining and yield farming features? Do users need KYC procedures?and Is there a referral program?

Kyle: Yes we will have a referral program although we are still designing it and don’t have details yet. KYC will not be required.

Q: Security and Trust are very fundamental in crypto space today, how secure and robust is $PaidNetwork do you have safe funds and insurance?

Kyle: This is a great question and one that I feel is impossible to answer in a way that is going to make everyone feel confident in the security of the platform, but I will try my best. We are very grateful to the industry leaders who have built DeFi platforms already and allowed their platform to be the real world experiments. We are seeing even the best platforms that have been audited being exploited. Every time there is a hack or exploit a lesson is learned and the code is patched.

As I said before, we will use the code base from one of these platforms and they will become more secure over time. We will of course have our own security audits and will continue to have audits. We can even work with a project like Nexus Mutual to insure the assets locked or someone can use the PAID insurance platform to create their own policy where users can participate in it as well. This is something that all of us in DeFi need to be aware of an constantly pay attention to in order to do everything in our power to secure our platforms

Q: How safe is #PAID platform ? Recently we see a lot of hacking happening in crypto market that have exploited for millions of dollars even though audits have been conducted have you any plan to protect this kind of risk?

Kyle: This is a great question and one that I feel is impossible to answer in a way that is going to make everyone feel confident in the security of the platform, but I will try my best. We are very grateful to the industry leaders who have built DeFi platforms already and allowed their platform to be the real world experiments. We are seeing even the best platforms that have been audited being exploited. Every time there is a hack or exploit a lesson is learned and the code is patched.

As I said before, we will use the code base from one of these platforms and they will become more secure over time. We will of course have our own security audits and will continue to have audits. We can even work with a project like Nexus Mutual to insure the assets locked or someone can use the PAID insurance platform to create their own policy where users can participate in it as well. This is something that all of us in DeFi need to be aware of an constantly pay attention to in order to do everything in our power to secure our platforms

Q: What is your project’s main target of paid_network in this year 2020? and what your VISION and MISSION is in paid_network Marketing?

Kyle: Launch our finalized MVP (currently its in Alpha)
TGE and Exchange Listings
Large scale partnerships

Q: What prior knowledge do I need to be an arbitrator? Is there a guide available to soak up the idea? What are the responsibilities of this activity? How compliant is it to traditional regulators?

Kyle: You don’t need any prior knowledge, just common sense and a good amount of PAID tokens to stake. Every time an arbitrator does work they get PAID and it can be very substantial. PAID plans to operate 100% outside of traditional regulations and laws.

Q: 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?

Kyle: Very high quality value add investors and loyal fans of the project… :)

Q: PAID will use Decentralized Digital Identities (DID) to maintain a reputation scoring system. In what ways does a DID mechanism differ from KYC, and does this also imply service availability limitations by country?

Kyle: DID is more a way for a user to have an identity within our ecosystem and have control over their information and who it is shared with, as opposed to KYC which is a verification mechanism used in many ways. Biometric information will be tied to DID simply for verification upon initial sign up — [it will] determine [that] you do not have an existing account (preventing bad actors from scamming and creating new accounts) or in the event you lose access, to regain access to your account. Biometric data will be properly encrypted and decentrally stored to ensure it’s as safe as possible from leaks and hacks.

Our goal is to make a totally decentralized platform over time that operates outside of any jurisdiction or government, so we do not want to require KYC…
The point of the DID and Biometrics tied to it is to make sure that you know who you are dealing with and to forever tie a PAID user’s profile to their biometrics
We imagine that PAID will become the defacto platform for conducting business and your reputation score will be incredibly important, so you don’t want bad feedback tied to your profile… Finally a way we can hold those accountable who aren’t good actors

Q: 2021 is almost here! What your 1st 100 day plans and next 1 year milestone you want to cover related your product?

Kyle: Please see our product roadmap :)

Q: Paid Network partnerships with Gather!What advantage are Paid Network getting from these partnerships?Whats do you want to achieve and main reason behind the this collaboration?

Kyle: https://paidnetwork.medium.com/paid-network-gather-announce-a-new-strategic-partnership-a6b4d5a0dbd6

Q: What is your majors Goals and Plans for the Next Year 2021 ? So that Investors Can we more Confident while holding $PaidNetwork token?

Kyle: building out the entire mainnet platform and onboarding real world customers and users

Q: What is DAICO itself and how are the differences between a “”regular DAICO”” and a “”premium DAICO””?

Kyle: So a DAICO is basically an ICO with governance. ICOs are a beautiful thing but in the current state they are flawed by not having accountability to the project after they raise funds. The DAICO model will address this issue. I won’t go into much more about how a DAICO works as there are plenty of publications on this, but I will tell you the different stages we will have.
Master Ventures has been in the space for a long time investing and incubating projects, because of this we get access to a lot of high quality deal flow, so the basic DAICO model will just be where PAID token stakers will get access to this premium deal flow. When we roll out the full featured DAICO it will have the crowd funding platform in place along with the governance structure.

Q: How can the community get passive income with PAID tokens?How many INCENTIVES do you offer to the community?Do you have an Ambassador program? and how can I get the PAID token?

Kyle: There are a lot of ways community can get passive income with PAID, Staking, arbitration, LP for DeFi tools, lending etc.

Q: What are you doing to achieve adoption with Decentralized Finance? How can the community get involved? What makes #Paid network different from your competitors?

Kyle: DeFI is not our main focus, we offer DeFi mainly for people to use in doing business with others to ensure they #Get PAID when completing their end of the agreements.

Q: How can you prevent scammers from gaining fake reputation by successfully executing and delivering on agreements using multiple fake accounts and to improve their vouch scores to scam others? One account per person?

Kyle: Reputation scoring will utilize an expertly designed algorithm to prevent bad actors from gaming the system, including utilizing biometric authentication to prevent scenarios like this from occurring. A users profile will forever be tied to their biometrics, not a device and email etc…

1 account per person forever

Q: Which types of Industries & userbase $paid project is mainly focusing on? Do you plan to establish partnerships with local cryptocurrency developers in each country to make the use of the token more global?

Kyle: We plan on breaking in to all industries eventually… of course the low hanging fruit is the crypto industry and it’s massive, so we will start here of course. but we are designing PAID to be easy for anyone in and industry to use.

Q: How does your staking work? What’s the maximum and minimum $PAID that can be staked. Whats the consequences of withdrawing tokens from the staking contract?

Kyle: We have a lot of different ways a user can stake, please see the details in the white paper :)

Q: How recognised will PAID network agreements/contracts be in the real world? Can they for example be used as legal documents in Court?

Kyle: They will not be at all usable in legacy court rooms, our intention is to make those systems obsolete

Q: I am very interested in your DAICO launchpad, however how do you prevent rugpull projects from happening similar to what HATCH did on TrustSwap?

Kyle: I’m not exactly sure, we can look at things like Unicrypt and what they are doing. But the primary goal of DAICO is to custody the majority of the funds raised from a project and release to them over time as they meet milestones.

Q: How do you plan to promote about your project in different countries? where English is not spoken very well. Do you have a local community so they can understand your project? How do you think with Asia market? Does your team have any plan to approach there?

Kyle: Great question, we will need to expand on a demand basis…

Q: Why #Paid network choose ERC-20 chain ? Having networks with a lower fee in transactions such as bep2, trc-20. What benefits does ERC-20 have that the others don’t?

Kyle: We will port into Polkadot once PLASM becomes a parachain.

Q: One of the listed token utilities is lending and insurance. Does that mean you will be looking to list PAID in lending platforms such as Compound?

Kyle: We are open to integrating with other blockchain projects if they enable us to provide a better offering to our users. The reference to lending and insurance will of course be on our platform but because there will be staking and yield that comes from PAID, we expect we will have integrations with these other platforms.

Q: PAID network is implementing a credit score called reputation scoring. How will the traceability be done with a person with more than one blockchain address?

Kyle: Multiple components are involved and tied together by the biometric authentication. This part of our system is still being finalized but likely will look something like: A user has a unique ID on the platform that wallet addresses are related to along with biometric data

Q: How will your “incentive lending and Liquidity pools” different from all the others at the moment? What ideas do you have to make these pools more attractive than others?
At the moment we see lots of defi project why people choose
#Paid network

Kyle: To be honest they won’t be any better… DeFi is not our main product, it’s simply a tool within PAID. We will leave those whose main focus is to create the best DeFi platforms possible to do what they do best, and we will most likely use the open source code from these battle tested platforms to integrate into PAID. We simply want to create an all inclusive platform where all the tools you need are in PAID.

Q: Your project looks good but it confuses me that there are so many other good Blockchain project. Why should I pay attention in Your project to give it the importance it deserves? What are your planning to achieve with your project?”

Kyle: As the saying goes, in order for something to be disrupted, the things trying to disrupt it must be at least 10x better than that system… We are at least 10x better than the legacy civil legal system.

Eric: link to MVP?

Kyle: you can see it now, there are a couple bugs and we are rolling out updates to it on a weekly basis.. https://app.paidnetwork.com/wallets

Closing Remarks

Eric: Awesome AMA! @CACrypto Please invite everyone where to go to find out more about this solid gem of a project

Kyle: Find out more about PAID here: https://paidnetwork.medium.com/paid-a-trustless-way-of-doing-business-47194db18d05
Website: https://paidnetwork.com/
LinkedIn: https://www.linkedin.com/company/paid-network/
Telegram: https://t.me/paidnetwork
Twitter: https://twitter.com/paid_network
Github:https://github.com/PAIDNetwork
Medium: https://paidnetwork.medium.com/

Make sure you join us on telegram and twitter!!
I promise we will deliver something the world will use :)

Eric: Thanks everyone. Be sure to spread the word if you like it. Lets support projects that humankind actually needs.

Kyle: can also follow my channel on youtube: http://youtube.com/channel/UCYLxoSziVePq9rpptc8lEwA
Thank you @ERCSU really appreciate all the great questions

To join in on the discussion feel free to join our group @amaroom

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