TomoChain partners with PAID Network to Support the Fast and Secure Execution of SMART Agreements

TomoChain is excited to announce our partnership with PAID Network, the efficient ecosystem DAPP that leverages blockchain technology to deliver DeFi powered SMART Agreements.

Businesses and individuals executing PAID SMART Agreements on the PAID Network will benefit from fast and secure transaction processing at a lower cost on the high-performance TomoChain.

PAID and TomoChain are cooperating on the development of a wrapped PAID token. The token will eliminate gas fees altogether for PAID users as it will run on TomoChain instead of Ethereum, which charges a transaction fee.

Gas fees rise in line with the computational complexity of a transaction, making smart contracts more expensive to execute. Users of the Ethereum network are facing rising congestion and gas prices ahead of the launch of Ethereum 2.0. On the TomoChain, users of PAID SMART Agreements can benefit from the multi-functional contracting features without paying higher fees. The PAID-TomoChain partnership is another way PAID is making powerful end-to-end contracting solutions affordable to everyone.

TomoChain will be integrating PAID agreements into its ecosystem. TomoChain and its hosted business applications will use PAID’s all-in-one SMART Agreement to automatically execute escrow-backed contracts, as well as arbitration and insurance for fully backed transaction coverage.

Kyn Chaturvedi, CBDO of TomoChain, shared: “It’s a pleasure to partner with PAID Network to solve the complex issue of composing, signing, and managing legal contracts. By integrating the TomoChain blockchain, PAID customers within and outside the TomoChain ecosystem can expect a fast and seamless experience without needing to hold a native blockchain token to pay gas fees. This frictionless experience can then be extended to non-blockchain users, which is where we see PAID Network’s solution being incredibly impactful.”

About TomoChain

TomoChain is a scalable blockchain-powered via Proof-of-Stake voting consensus and used commercially by companies globally.

TomoChain’s mission is to accelerate the onboarding of millions of users by empowering today’s applications with technology that masks the friction of Blockchain, all while retaining its underlying benefits. TomoChain’s technology and DeFi-focused flagship products include:

• Fast & Near-Zero Fees: 2000 TPS, 2-second block time, ~$0 gas fees, and EVM compatibility.
• An array of original features and protocols is designed to support speed, privacy, usability, and liquidity needs all in one platform.

Learn more about Tomochain by visiting the TomoChain Website, Twitter, Telegram or Medium.

About PAID Network

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. PAID leverages Plasm to operate on both the Ethereum and Polkadot ecosystems, SMART Agreements built through smart contracts to execute business agreements seamlessly, and DeFi to make business exponentially more efficient.

For any questions please feel free to reach out to us on:

Website: https://paidnetwork.com/

Telegram: https://t.me/paidnetwork

Twitter: https://twitter.com/paid_network

Medium: https://medium.com/@Paidnetwork