While many across the world are winding down for the holiday season, the PAID Network team has been hard at work building our MVP protocol. We are pleased to announce that the first contract is now working, allowing for parties to sign Mutual Non-Disclosure Agreements (MNDA) on PAID Network. In addition to this, we have completed rigorous testing and have been pleased to see that it is working in line with expectations.
This represents an important first step for us as we build the world’s first decentralized SMART Agreements DApp to meet all your business needs from A-Z. Currently operating on the Rinkeby testnet, it allows anyone to create and sign a contract that is saved on the Ethereum network ledger forever. All your signed documents are then saved and available to view by connecting your Ethereum wallet to the protocol. Below is an illustration of how it works.
This is the precursor to our full MVP product which will be completed ahead of our public sale in early to mid-January. In addition to MNDAs, the MVP will then be operational with a range of traditional agreement templates such as:
- Over-the-counter (OTC) deal
- Advisor agreement
- Freelancer/independent contractor agreement
- Consulting agreement
- Referral agreement
In addition to expanding to include these contracts, we are also working to refine and polish the user experience. We will then move from testnet to mainnet.
PAID Network is building a DApp from the ground-up for the borderless decentralized world. The infrastructure we are creating will support a wide range of use cases, from traditional requirements such as business agreements and dispute resolution, to applications tailored for crypto users like OTC and SAFT contracts. Regardless of the specific nature of the agreement or dispute, PAID Network will bring about a revolution in how business can be enacted between two parties that do not trust each other.
Our MVP represents the first block upon which the rest of PAID Network’s functionality will follow, including SMART Agreements, insurance pooling, escrow, arbitration, reputation scoring, and community governed crowdfunding. We look forward to being able to share more with you in the coming weeks and months!