PAID Network is pleased to announce its new partnership with TomoChain, a scalable blockchain and product ecosystem supporting high-performance blockchain projects.
Businesses and individuals executing PAID SMART Agreements on the PAID Network will benefit from fast and secure transaction processing at a lower cost on the high-performance TomoChain.
As PAID Network prepares for mass business and consumer adoption of its self-executing SMART Agreements, our TomoChain blockchain partnership will support PAID Network’s long-term scalability and a high quality user experience.
Kyn Chaturvedi, CBDO of TomoChain, had the following to say:
“It’s a pleasure to partner with PAID Network to solve the complex issue of composing, signing, and managing legal contracts. By integrating the TomoChain blockchain, PAID customers within and outside the TomoChain ecosystem can expect a fast and seamless experience without needing to hold a native blockchain token to pay gas fees. This frictionless experience can then be extended to non-blockchain users, which is where we see PAID Network’s solution being incredibly impactful.”
PAID and TomoChain are cooperating on the development of a wrapped PAID token. The token will eliminate gas fees altogether for PAID users as it will run on TomoChain instead of Ethereum, which charges a transaction fee.
Gas fees rise in line with the computational complexity of a transaction, making smart contracts more expensive to execute. Users of the Ethereum network are facing rising congestion and gas prices ahead of the launch of Ethereum 2.0. On the TomoChain, users of PAID SMART Agreements can benefit from the multi-functional contracting features without paying higher fees. The PAID-TomoChain partnership is another way PAID is making powerful end-to-end contracting solutions affordable to everyone.
TomoChain will be integrating PAID Agreements into its ecosystem. TomoChain and its hosted business applications will use PAID’s all-in-one SMART Agreement to automatically execute escrow-backed contracts, as well as arbitration and insurance for fully backed transaction coverage. TomoChain will use PAID agreements to secure its internal agreements, within its community.
The PAID-TomoChain partnership will be formalized by way of a PAID SMART Agreement in mid-January when the full MVP product is launched. The agreement will be one of the first to be executed on the newly launched PAID MVP Protocol. Using the world’s first decentralized SMART Agreements DApp, parties can sign Mutual Non-Disclosure Agreements (MNDAS) that are immutably registered on the blockchain digital ledger and easily accessible via a wallet.
TomoChain is a scalable blockchain powered by Proof-of-Stake Voting consensus and used commercially by companies globally. TomoChain’s mission is to accelerate the onboarding of millions of users by empowering today’s applications with technology that masks the friction of the Blockchain, all while retaining its underlying benefits.
About PAID Network
PAID Network seeks to redefine the current business contract, litigation, and settlement process by providing a simple, attorney-free, and cost-friendly DApp for users and businesses to ensure they #GetPAID. PAID leverages Plasm to operate on both the Ethereum and Polkadot ecosystems, SMART Agreements built through smart contracts to execute business agreements seamlessly, and DeFi to make business exponentially more efficient.
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