summary: PAID N is a decentralized DApp offering users easy-to-use web and mobile apps, enabling them to do business with anyone anywhere
content: PAID is a decentralized DApp offering users easy-to-use web and mobile apps, enabling them to do business with anyone anywhere, without the need for expensive legal services. Overview With PAID's proprietary smart agreement templates, users can quickly fill in terms and execute simplified business contracts from their laptop or mobile phone. Throughout the lifecycle of the agreement the platform provides users an easy and quick way to manage their agreements and communicate with each other. The PAID platform 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. To support this new system, the PAID platform will introduce a suite of new DeFi tools including staking, insurance, and escrow, allowing users to complete the business agreement process from beginning to end through the platform. These DeFi tools will also create opportunities for the PAID community, enabling them to securely participate in lucrative business sectors which have historically been inaccessible to all but the largest worldwide institutions. The PAID marketplace will allow businesses and business professionals to post offers or requests for various types of business agreements. After an expression of interest in an offer or a request, community members can engage in negotiations or finalize the existing agreement offer and move forward. This will foster a more robust economy, further driving value to community members by creating increased business opportunities, as well as driving more demand for agreements as these business relationships formalize. PAID's community driven DeFi economy will require a system to determine the risk associated with these services. To provide comprehensive infrastructure, the platform will feature a reputation-based scoring system composed of feedback from the business interactions happening within the PAID economy. Users will submit feedback about their business experiences with others through a publicly available, peer-to-peer rating and comment system. Event-released escrow to secure project funding as projects produce scheduled deliverables, as well as the self-governing arbitration system will help PAID redefine the way blockchain projects engage in token sale agreements with their communities, increasing project accountability and minimizing risk for token sale participants. By doing so, PAID will further legitimize the blockchain industry through our decentralized, autonomous ICO (DAICO) token sale platform. This platform will include token sale requirements, posted by up-and-coming crypto projects. To ensure that the community receives the value they anticipate, these projects will be held accountable to their timelines and deliverables, with the funds raised via the community token sale being released to developing projects in tranches based on their progress. The community of token sale participants can intervene at any time if they feel the company is not delivering as promised and request a vote to cease the release of funds. If the vote to cease funding passes, the remaining funds will be distributed back to these participants proportionally, according to the percentage of their original contributions. Smart Agreements In today's world, drafting, executing, and enforcing legal contracts requires expensive and complicated procedures, caused by unnecessarily complex Language and clauses. PAID simplifies this process using smart agreements. SMART Agreements are simplified contract templates designed to focus on the specific deliverables associated with business agreements. PAID removes all the unnecessary wording that confuses people and forces them to pay a lawyer and rely on Legal, counsel. These smart contract-based agreements are accessible via PAID apps and will be available for most legal scenarios. This method makes it considerably less expensive for parties to make agreements as they eliminate the third-party legal services that are required in the existing system. Arbitration PAID's smart agreements are written in a simplified way for two reasons. The first reason, mentioned above, is for parties to clearly understand the agreement terms without the need for legal counsel. The second reason is that in the event of a dispute, the agreement can be easily interpreted by anyone to render a judgement. This simplification creates an opportunity to decrease the costs of enforcing agreements, eliminating the need for a formal judiciary system and to expend the required resources involved with the conventional arbitration process. Disputes relating to these smart agreements are arbitrated by community members who have a significant stake in the PAID platform. These arbitrators will collect a fee for each dispute arbitrated, further incentivizing them to act in the best interest of the platform’s users, thereby maintaining the integrity of the system. For every dispute, three arbitrators will be chosen at random from the PAID network via a random number generator, The judgment will require a majority vote, meaning that when two of the three arbitrators rule in favor of the same party, a judgment will be made and the dispute will be settled. If an arbitrator is found to have a consistently dissenting opinion with the other two arbitrators, they will be revoked of their arbitrator status and marked as ineligible to be an arbitrator in the future. Reputation Scoring PAID makes use of decentralized identifiers (DID) for its on-chain reputation scoring system. Once a user creates a PAID profile and the system verifies their identity, they will be assigned a reputation score starting at zero. This reputation score will increase, or decrease based on feedback from people with whom they do business. To ensure that individuals are unable to create a new user profile if they receive negative feedback on an existing profile, PAID profiles will require digital identity verification on the platform. Users who faithfully and consistently adhere to terms in their business agreements will accrue a positive reputation over time, gained by the positive feedback from their business transactions. This allows other users to clearly evaluate the trustworthiness and integrity of their prospective business contacts. Conversely, if a user consistently violates the terms of their agreements and is frequently embroiled in contract disputes, their digital reputation score will decrease. This will make user behavior transparent to the rest of the community, thereby allowing users to accurately assess the trustworthiness of potential business contacts, reducing their risk. To ensure users cannot simply create a new profile if they receive negative feedback, PAID profiles will require biometric authentication to ensure the integrity of the reputation system. Duplicate biometric signatures will be identified and blocked from creating new profiles. Escrow & Lending Counter parties entering into agreements on PAID have the option of offering and requiring escrow, to insure and provide guarantees for payments. This escrow can be funded by parties taking part in the agreement or could be borrowed from token holders within the PAID ecosystem. Escrow funding requirements will be based on the reputation score of the borrower involved in the agreement. Lenders will set the APY and will also have the option to require collateral on the loan if they wish to decrease their risk. Escrow borrowing and lending will take place via a decentralized p2p marketplace within the PAID platform. Lenders can promote loan offers, while borrowers can submit requests to the community based on their needs or interests. Parties can either accept payment and interest terms or move into a negotiation phase. These escrow service contracts will offer guaranteed payments for payees who complete their responsibilities and will earn lenders attractive annual percentage yields from the payer, who will complete repayment according to the loan terms. Invoice factoring will be another component of our escrow borrowing/ lending services. Individuals or companies which have accounts receivable that are scheduled to be collected in the future will be able to borrow against or sell their interest in that receivables account, via our P2P DeFi marketplace. PAID's reputation-scoring system will provide an accurate assessment of borrower integrity to minimize the risk exposure to the Lender. Governance For PAID to offer the features described above, the platform requires a complex technical design composed of contracts to work smoothly. However, certain parameters and assumptions made within these contracts may not hold true at varying points of time. This necessitates the formation of a system of governance administered by the biggest stakeholders within the ecosystem, the PAID token holders and stakers. The governance system will allow stakeholders to submit proposals that would be voted on by other stakeholders within the PAID platform. Proposals would require both a minimum number of supporters and voting weight to pass. Those who stake larger numbers of PAID tokens will be granted a greater weight in their voting, therefore increasing the power of their vote. This proposal process will ultimately lead to constant upgrades and feature modifications which would be in the best interests of PAID ecosystem stakeholders. For example, it may be determined by PAID token holders and stakers that arbitration fees may be set too low, based on the existing fee structure and overall arbitration demand. Token holders may submit and pass a proposal to increase the arbitr