PAID Network secures $2M in funding to redefine the civil legal system using decentralized SMART Agreement DApp

Our current legal system is overly complex, requiring expensive legal counsel to do something as simple as drafting an agreement between two parties. These legal fees are often cost-prohibitive, creating high barriers to entry for legal services and ultimately forcing us to forfeit valuable opportunities or compromise on our better judgment on what we know is right.

Enter PAID Network (PAID), a decentralized ecosystem that leverages blockchain technology to redefine the civil legal system, creating a new approach to how we do business with one another utilizing proprietary SMART Agreements, a community-governed arbitration system, reputation scoring, and DeFI tools. PAID Network also allows users to create their own policy, to ensure they Get PAID.

Today, PAID Network announced it has closed a $2 million funding to build the world’s first decentralized SMART Agreement DApp powered by Polkadot. The oversubscribed round, with more than $21 Million committed already, was led by Alphabit Fund and Master Ventures. Other investors and partners include A195, AU21, Brilliance Ventures, Phoenix VC, and X21.

Founded by CEO and founder Kyle Chasse, PAID Network was launched as a blockchain incubator project by Master Ventures – a venture studio focused on building and funding blockchain projects with a focus on driving mass adoption to the industry. Some notable investments from the venture studio include Coinbase, Kraken, Bitfinex, Elrond, Reef, and Ultra.

PAID Network is a blockchain-powered e-signature contract protocol that offers 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 Network, businesses will be able to eliminate attorney costs
streamline business contracts, and easily and quickly dispute resolution.

After successfully launching the PAID Network MVP in December, allowing parties to sign Agreements on the PAID Network, the team has set their eyes on their upcoming TGE (token generation event) coming January 2021. Currently operating on the Rinkeby testnet, anyone can create and sign contracts that are saved on the IPFS/Ethereum network ledger forever and access it via connecting their Ethereum wallets.

“All industries are currently working to migrate their business functions onto the blockchain. Trust in the smart contracting process, at the nexus of transaction management on the blockchain, will be the key enabler of permissionless secure transactions. PAID Network’s SMART customizable contracting solutions make distributed digital contracting trustless and secure. They will allow the deployment of credible self-executing contracts in any use case,” said Saeed Al Darmaki, Managing Director of Alphabit fund.

The close of the fundraising acknowledges PAID’s early mover advantage as one of the first legaltechs using digital ledger technology (DLT) to make business on the blockchain more secure for everyone. The powerful e-signature is backed by negotiation, arbitration and DeFi services — providing an end-to-end contracting solution. The smart contract executes all functions on the blockchain and because the market for blockchain platforms and services is forecasted to grow at a CAGR of 67.3 percent to $39.7 billion by 2025, the PAID team has a headstart.

Below is a video overview of the PAID Network.