On 21th Dec, Shin Chan community host an AMA with Kyle Chasse, the CEO of PAID network to discuss how they can solve today’s Defi issue.
Here’s the recap.
Intro
Elson: before we start the live question session can you please have a short introduction about Paid Network?
Kyle: 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.
Basically, we are a platform for 2 parties to facilitate a businesses deal from negotiation to conclusion, even if there is a dispute or not
Elson: thanks Kyle, can you also introduce yourself and tell us how to start ur crypto journey?
Kyle: Sure… My name is Kyle Chasse, CEO of PAID Network. I’ve been in crypto/bitcoin since 2012. I’ve invested, advised, and build many projects since then, to see my portfolio of investments and clients we’ve advised you can check this link here: https://master.ventures/portfolio/
Yes, almost 9 years in crypto is like a lifetime in every other industry. Lol.
Before Crypto, : I founded a company called Reverse Aging Institute, Basically, we focused on regenerative medicine and anti-aging. you can see the video here: https://youtu.be/6rfMpSSiCIM
Twitter: https://twitter.com/kyle_chasse
YouTube Channel: https://www.youtube.com/channel/UCYLxoSziVePq9rpptc8lEwA
AMA begins:
Q1: Do you have any Coin Burn / BuyBack systems or any Token Burn plans to increase the value of Token & attract Investors to invest?
Yes, we do — we burn tokens until 50% of supply remains.
Q2: 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?
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
Q3: Liquidity mining & yield farming have been a very popular concept and a strategy for DeFi projects to bootstrap, does Paid Network has similar planning to incentivize protocol adoption?
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 🙂
Q4: What are your plans on GLOBAL adoption? Which country is presently focused on ??
we are focused globally, in the crypto industry
Q5: Community support is one of the biggest aspects of a project’s success. Most projects have programs that interact with their users. Do you have any special plans to attract and expand the community and improve the user experience??
We’ll be offering incentives for community participation in a number of ways from fun contests to arbitrators being paid tokens for participation to opportunities to provide feedback on the platform as we continue to develop and improve
Q6: For a project to be successful it has to have a good team, the PAID NETWORK team is highly trained to take this project to success and make it one of the best?
Each team member has their area of expertise with a bit of overlap and I’m the one who knows a lot about everything but relies on them for their expertise in their field. 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, Deutsche Bank, Shell, and quite a few others.
Q7: 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?
We combine DeFi with a legal system that is quite unique and innovative. To continually build the ecosystem as the go-to business and legal DeFi platform.
Q8: Can you name some of PAID Network‘s key achievements and what milestones are you currently working on?
We’ve completed our alpha MVP, finished complex token economics, built a nice community, built an experienced team, filled our seed round, and are oversubscribed on our fund raising rounds
Q9: Can you explain how is your Tokenomics Distribution? How many tokens Will be minted? And How many tokens Will be locked by the team?
You can reference these resources for details 🙂 https://paidnetwork.medium.com/paid-network-token-economics-228438623514
Q10: Several projects choose the IEO, IDO, or DYCO crowdfunding model. Why did PAID adopt the DAICO Crowdfunding model and how does it gives risk control and restore confidence to the crowd?
PAID Network recently partnered with BINARYSTAR, the largest business hub in Japan. Will this partnership help PAID to break into the Asia market and expand its network?
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. PAID’s platform will allow BINARYSTAR to create and execute custom trustless agreements between all users of their ecosystem through PAID Network’s SMART Agreement and Escrow functionality. Paid Network intends to leverage BINARYSTAR+ as part of its localization strategy in Japan. From the BINARYSTAR hub, PAID will localize projects, partnerships, events, and social media presence. PAID will benefit from diverse BINARYSTAR services to coordinate its activities with the Asian blockchain community, including translation, interpretation, and social media management and analysis.
Q11: 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?
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.
Q12: How recognized will PAID network agreements/contracts be in the real world? Can they for example be used as legal documents in Court?
The platform is designed to provide an entirely self-sufficient alternative to the current civil legal systems, including litigation. This is the ultimate goal and SMART Agreements will not be able to be held up in court. However, for our MVP, we will not have SMART Agreements ready and therefore the MVP will have traditional legal agreements drafted by one of the best attorneys in the crypto world that can be held up in court
Q13: A few days ago PAID network announced the integration of CHAINLINK VRF ( that is focused on Random Number Generator), So I am wondering, Why PAID network need a Random Number Generator?
We need a totally random way to select arbitrators… for all the details please see our medium post: https://paidnetwork.medium.com/paid-network-to-use-chainlink-vrf-for-random-arbitrator-selection-in-its-decentralized-legal-b39662f9213f
Q14: Currently DeFi project is on fire. But you know very well that, contract security is a big issue in DeFi. Has your smart contract been audited? How do you guarantee the protection of users’ funds?
we’ll be having our smart contract audited before public sale to ensure we’re providing our investors with a safe and reliable way to receive their tokens
Q15: You guys are doing Ama’s in all groups & almost answering the same types of questions again and again? How do You feel about it?
We love the intelligent and well thought out questions and appreciate them, we are not a fan of the people who use bots or are just copy and pasting questions
Q16: How PAID Network’s collaboration with Plasm Network will solve the problems of interaction with Ethereum and Polkadot blockchains?
We’ve recently announced a partnership with Plasm, which will provide interoperability between Ethereum (which we are building PAID Network on top of) and Polkadot.
Read more here: https://paidnetwork.medium.com/paid-network-partners-with-plasm-network-2975c0e97fe7
Q17: 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? Do you foresee this as an issue on your platform?
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 user's profile will forever be tied to their biometrics, not a device, and email, etc…
1 account per person forever
Q18: 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?
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 its 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.
Q19: 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 too traditional regulators?
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.
Q20: Only getting users, holders etc is not everything. In my opinion, a project needs to deal with solving a real-world issue or problem What is the problem that your project primarily focuses on?
Absolutely. The cost and complexity of the current system force people and businesses out of the legal system. The cost of drafting and executing an agreement is unreal, and more often than not, the agreement isn't even worth disputing, as it would cost more to dispute than the judgment would be worth. The solutions: arbitration, DeFi tools like escrow, borrowing and lending, Simple SMART Agreements to ensure you Get PAID on all your business deals.
This is going to help countless people, especially entrepreneurs and startups, take the risk and headache out of conducting business with others the world over.
Q21: PAID network is very close to the DAICO events ( DAO + ICO ) this is not very new at all, but reading your Roadmap is just get interested in your “ DAICO PREMIUM “ so can you explain It? What is gonna be the “premium” elements of this DAICO?
The premium DAICO will be a crowdfunding platform where PAID token stakers can participate in these deals and be protected by the governance system that holds projects accountable after they raise the funds. The regular DAICO will allow projects to fundraise through the platform. We love ICOs, but as they stand today, they are flawed, there should be a protection to investors that the project actually delivers on what they promise to investors, and if they don’t investors can get their money refunded at a prorated amount. That’s a simplified explanation, can read more details in the white paper
Q22: 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?
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 this: A user has a unique ID on the platform that wallet addresses are related to along with biometric data
Q23: How does the Litigation process occur on the Paid Network?
Do you use a third-party system to resolve disputes?
Or do you have your own decentralized court?
It’s our own decentralized court using PAID arbitrators.
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