Amazing Blocks forms partnership with the PAID Network
We are pleased to announce the partnership between Amazing Blocks and the PAID Network. With increasing business activity across the globe within and across national borders, the complexity of establishing and litigating business contracts increases exponentially. The Paid Network is an ecosystem decentralized app that uses blockchain technology to generate smart agreements that drastically improve business efficiency. Users are able to set up their own policies, which include possibilities for smart agreements, insurance, and decentralized lending. The partnership between Amazing Blocks and PAID Network means that it will be easier for both partners to bridge the traditional centralized finance and decentralized finance.
About PAID Network
PAID’s vision arose from witnessing the inefficiencies of the national and international legal system. Its goal is to apply decentralized finance to decrease unnecessary legal council and the costs connected to it and to eliminate fragmented jurisdictions. The result is a decentralized autonomous organization (DAO), which is community-governed and able to sign and arbitrate agreements globally. It utilizes blockchain technology to store data on a transparent, immutable ledger. Being built on the Polkadot blockchain, the platform is also compatible with multiple other chains.
The current centralized legal system has become too bureaucratic and ultimately unfit for its purpose: Fees for lawyers and courts are mostly spent on administrative tasks, the paperwork and need for physical signatures are excessive and the enforcement of contracts is not even guaranteed. Within the decentralized PAID Network, there is little need for lawyers, smart agreements are documented, signed and enforced on the blockchain, and dispute resolution is ensured by staked members of the network.
While the trust in the centralized legal system is dependent on the individuals’ trust in the government institutions, PAID ensures trust through efficient free-market tools: When individuals sign smart contracts with each other, they can view the reputation score of their contract partners. Based on that score, they decide if they want to have the contract insured through PAID’s DeFi tools and how much of the agreement should be insured. Higher reputation scores are achieved through successfully executing contracts. Higher scores enable members to benefit from lower loan interest rates, lower insurance premiums, and an increased approval rate.
Launching in Q1 2021, the PAID Network has the potential to eliminate some of the most important problems associated with the current legal system through its use of blockchain technology.
About Amazing Blocks
Amazing Blocks is a Liechtenstein-based legal tech startup that enables the creation and management of equity tokens. Leveraging the Liechtenstein Token Act, almost any asset or company can be tokenized. This includes real estate, cars, machines, and even fine art. Flexible tokens (e.g., equity tokens or debt tokens or participation rights as tokens) represent legal rights and are treated as a security according to the Liechtenstein Token Act. Liechtenstein Law permits the foundation of entities with initial contributions in cryptocurrencies like Ethereum. This makes the necessity for a bank account obsolete and enables great flexibility in the foundation process. Logically, Amazing Blocks was founded with an initial contribution in Ethereum and became the first company with completely tokenized equity. Like any other equity tokenization, it can be observed on Etherscan and grants great transparency. This showed the immense innovation potential in legal tech and established Amazing Blocks as pioneers, merging law and tech.
Amazing Blocks assists clients in all questions connected to the topic of equity tokenization and has a large network of partners familiar with the legal situation in Liechtenstein. The result is equity management with the full advantages of tokenization and the legal security of a conventional company structure.
Goals and opportunities
With Amazing Blocks as its partner, PAID network gains access to expertise in managing tokens and the design of token management systems like Amazing Blocks’ Tokenpad. PAID also is set to benefit through expanding its European network of partners. Through partnering with PAID network, Amazing Blocks connects with interesting prospects in the DeFi space and seeks to bridge the existing gap between DeFi and CeFi. and expands its knowledge about setting up decentralized autonomous organizations.
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Amazing Blocks offers a tokenization solution that enables its clients to tokenize various assets according to the Liechtenstein Token Act (software-as-a-service). The software covers both the issuance of tokens and investing in tokens. It suits the needs for tokenizing all kinds of assets (e.g. machines, cash flow generating contracts, trademarks, real estate, cars). Imagine that some asset should be tokenized. For this asset various tokens would make sense: Equity tokens, debt tokens, participation rights as tokens, ownership tokens, or any mixture of these tokens. The software of Amazing Blocks helps issuers to handle multiple assets and to issue multiple tokens for these assets. This is possible by integrating blockchain technology with the law (that is, the Liechtenstein Token Act). At the core, there is the “digital legal entity in Liechtenstein” based on “tokenized shares” which allows a very efficient foundation, a very efficient operation of the company and thus, an efficient and flexible possibility to tokenize assets. This should now make a wide variety of tokenization projects possible because the costs for tokenization are significantly reduced.
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