Other attributes
Traditional legal contract systems obligate the participants to employ legal counsel, using long and complex contracts filled with legal jargon that is difficult to understand. PAID’s SMART Agreements are simplified business contracts which are written in easy-to-understand language and signed on-chain, between two parties conducting business with one another.
To support this process, escrow, insurance, dispute arbitration and resolution have been developed to deal with disputes. Escrow functions as an intermediate store of value to reduce transaction risk between parties, while insurance allows either party to insure their contract against default. In the event of a dispute, three arbitrators are selected at random from the community. Arbitrators gain the rights to arbitrate by staking PAID tokens.
