Ze.Fi & PAID Network: AMA Recap
Welcome to another AMA conducted in Ze.Fi!
Today we welcome Kyle (@CACrypto) and Jed (@PAIDCPO) from the $PAID team to answer our questions and fulfill our curiosity!
To kick things off, here’s a quick introduction to $PAID brought to you by Jed:
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.
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ZeTeam: Yes, the templates approach sounds like it could be very helpful to peeps in sole traderships or small businesses who don’t necessarily want to consult a lawyer every time they make a new client agreement or issue a new invoice.
With blockchain and crypto being global, how much do those templates (if at all) need to be modified across the globe? Have you found a one-size-fits-all legal framework that makes them good to go across multiple countries, or is it mainly a USA thing for now?
So we are creating what we are calling SMART Agreements, they are made to be super easy to understand and not bound by and jurisdiction. The idea behind the SMART Agreements is that most of us just want a hand shake deal to be honored and have a means to resolve the agreement if it’s not honored
so the agreements will be very easy to understand by any PAID Arbitrator and easy for the counter-parties to understand the terms of the agreements
we will have different agreements for different purposes across the board… and they will be able to be modified to the parties desires.. but the idea is that most of it will be standardized and just the key deal points can be customized to whatever is agreed upon by both parties… Example.. commission %
I have finished reading the whitepaper and it seems that there is a LOT of work put into it from the team. May I ask for how long has $PAID been in development? Additionally, do you have any prior experience with other projects’ development?
for our prior experience, we have a lot
i’ve been in crypto since 2012, to see a list of my investments and incubator clients please check out: https://master.ventures/portfolio/
also i built the worlds first Bitcoin based lottery starting in 2013, called World Super Lotto, it ran until early 2015
i was also COO of a project called Credits in 2015. my team and i have taken many projects from concept to market. This is my first token project however and i think that says a lot being in the space for nearly 9 years and waiting until i was 100% confident in our ability to deliver to bring PAID to market,
Master Ventures is the parent company of PAID, we have been together for over a year, some of us for 2 years
PAID is a very ambitious project but we believe it is exponentially better than the industry we are attempting to disrupt.
And just on a purely mechanical level, I believe you’re running on Polkadot with a strong focus on ETH interoperability and integration, what was it that made you go that way in terms of the underlying protocol?
Right, we strongly believe polkadot will be significant for so many reasons, so we to be part of that ecosystem.. However the Ethereum ecosystem is obviously the king of the smart contract world. So we are building PAID in an Ethereum environment and then we have solidified our partnership with PLASM in order to be able to easily migrate into the Polkadot ecosystem once they become a parachian (eta Feb 2021) This gives us the Eth community and devs but we also get to leverage the interoperability and scaling of Polka.
Looking into the execution of the idea a bit more… You have the SMART agreements in place, nice simple templates that are applicable across a variety of business contexts. How does your coin enter into it and incentivise good actors?
And conversely, how does the protocol punish bad actors?
This is a great infographic showing the PAID tokens utility
In regard to good actors and bad actors, we feature a reputation score that is based on feedback from other users you have dealt with on the platform. All identities will be biometric based to prevent people from creating multiple accounts.
and there will be an arbitration process for inaccurate reviews/ feedback negatively affecting anyone who leaves “bad” reviews, we believe this covers incentivising the right behavior within the ecosystem
And what’s the process of arbitrators being chosen, to ensure there’s no shenanigans or collusion going on? If myself and, say, 10 IRL friends got involved, how does one insure against an arbitrator letting personal bias sway a decision?
We are using a Random Number generator to select 3 arbitrators at random, they wont know who each other are and the parties of the dispute wont know who they are.
They also must have a significant amount of tokens at stake to qualify for this position and they will be heavily rewarded for doing their job properly, game theory suggests they should do what’s best for the ecosystem.
So arbitrators get rewarded in tokens for a job well done, but can be punished by having stake removed if they try something shifty, I’m reading that right?
yes that’s correct
And the reputation system should function like eBay seller reviews where if you see someone below a 95% rating, you get kind of wary of entering into any binding legal agreements or financial exchanges with them…
yes… there will be several metrics on the rep system… think of localbitocins or paxful amount of agreements done in PAID Network, amount of value transacted and of course the feedback from the counterparties, amount of agreements done in PAID Network, amount of value transacted and of course the feedback from the counterparties
this rep score will also second as a credit score for the DeFi tools
Well, I’ll just get out one last thing I was wondering about whilst my ZeTeam buds see if something pops up before we open the floor to questions. When you’re a crypto degen like most of us here are, it’s easy to forget that we’re still very early on the path to blockchain adoption and integration, and it hasn’t really reached a tipping point in most societies yet. How do you see yourself recruiting people and businesses to be real users of your ecosytem?
Through simplification of adoption — the easier it is to use the more people will use it right? We will feature a fiat onramp for non-crypto users and consistently think through UX. The app and its benefits sell themselves in our opinion through savings of time, money, stress and headaches. For crypto people its pretty turnkey adoption the harder part is reaching the people who havent adopted yet
yessir, how do we get the normies?
The fiat onramp allows us to target everyone we then take the fiat purchases and buy PAID tokens off the open market.
and then we burn 25% of those, return 25% to stakers and keep 50% for operations.
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ZeCommunity Time!
First thank you so much for this interesting AMA! I have two questions for the PAID team:
1- Why did you guys choose polkadot? Don’t you fear that the official launch might take time? Are there any plan Bs?
2- Can you tell us a bit more about the partnership with Plasm?
-> Right, we strongly believe polkadot will be significant for so many reasons, so we to be part of that ecosystem.. However the Ethereum ecosystem is obviously the king of the smart contract world. So we are building PAID in an Ethereum environment and then we have solidified our partnership with PLASM in order to be able to easily migrate into the Polkadot ecosystem once they become a parachian (eta Feb 2021)
Any big marketing initiatives for paid network?
yes.. we are working with some of the best agencies in the business
Ivan on Tech is on our team
we are also working with lots of influencers, the whole marketing push will kick off next week right now it’s basically impossible to have an efficient dispute resolution
right now it’s basically impossible to have an efficient dispute resolution
you end up paying 100s of thousands in attorney fees and soooo much time in court.. that becomes even impossible in cross border business.. PAID actually gives a solution for every business agreement for any industry, we would love to replace this entire antiquated way of doing business we use now
the only people i think wont use PAID initially are those doing contracts worth $1 million or more
But we do have plans for enterprise
rolling out Q3/Q4 next year
our Advisor Joeri has vast experience in this area
Is there an option of continous interoperability? or will uou guys just shift completely to Polka? I just fear that so many projects are building high hopes on Polka, and designing their whole ecosystems to be applicable to it, but then ETH 2.0 comes out, and fixes all the issues with ETH, and then DOT is not as highly used as expected
Continuous interoperability
Last q, what is your favorite part of the Paid ecosystem?
everything honestly.. When PAID exists it will solve so many issues when conducting business
we are really proud of the design we’ve created
We love solving real world problems using decentralized technology, token economics and logic
Jed: The impact it has to the users. It’s a far better system that will relieve the all around headache with the current legal industry — cost, time, frustration, peace of mind etc
So before you go, what’s the launch plan for PAID, we haven’t really touched on that yet…
our plan is to launch on a tier 1 or 2 high quality CEX in early December
we have lots of exciting partnerships to announce between now and then, remember we have successfully launched a lot of projects and will use all the experience with PAID. happy to answer any more specific questions.
-> “Our plan…” Does that go along with a DEX launch? Uniswap has kinda changed the landscape this year
We are closely observing the launches of projects right now along with our tier 1 Market Maker… We haven’t decided on the DEX strategy yet
We will do what is best for token performance based on market conditions at the time
this space changes everyday and we feel it’s too early to make that call at this point… plus its easy to choose to do it or not.. we will have liquidity reserved if we do go the CEX/DEX dual listing approach
Well, this wraps this wonderful session up!
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