PAID Network recently announced their partnership with Kylin Network, who is known for supplying data infrastructure for decentralized finance (DeFi).
The goal of PAID Network in partnering Kylin Network is to enable PAID to achieve its goal of improving the operation of existing business contracts, processes of settlement, and litigation. The network also aims to do this by making a simple, cost-friendly, and attorney-free dApp for businesses and users so that they can get paid.
We are delighted to announce our partnership with Kylin Network; a data infrastructure provider for DeFi & Web 3.0.@Kylin_Network will use PAID’s #DeFi-powered SMART Agreements to drive efficiencies in its business practices
— PAID NETWORK (@paid_network) January 4, 2021
About Kylin Network and Its partnership With PAID Network
As a Polkadot-powered Web 3.0 provider of data infrastructure, the goal of the Kylin Network is to create a cross-chain platform that will boost the data economy on the Polkadot ecosystem. The company aims to provide access, coordination, insights, and management to a wide range of data sources. It also boosts the decentralization and validity of these data sources.
To the capability of off-chain workers, the Kylin Network exudes extensibility and an increase in synergy. In this partnership, Kylin also aims to provide PAID Network with business use cases of the real world.
PAID Network To Provide Kylin Network With Agreement Backing
PAID Network is currently utilizing Plasm in order to operate on both the Polkadot and Ethereum ecosystems. In doing this, PAID Network built SMART Agreements through smart contracts in order to carry out easy DeFi transactions and business agreements. This will make business operations to be more efficient.
PAID SMART Agreements will provide agreement backing to the Kylin Network. The PAID SMART Agreements will also provide customization options to Kylin users on the latter’s escrow-secured agreements. The users will also choose if they want to add insurance to their agreements.
PAID Network will also help agreement negotiations between users on the Kylin Network and also offer arbitration of disputes. With these automated, decentralized agreements, Kylin Network will be able to save money and time.
“Kylin is thrilled to announce our partnership with PAID Network to drive efficiency in our own business practices through utilizing their DeFi-powered SMART Agreements. Through Kylin Labs, we will also explore innovative use cases that may be applicable for PAID Network within the context of a decentralized data marketplace,” said Dylan Dewdey, Kylin Network CEO.
Both networks carry out their operations on the Polkadot multi-chain. Therefore, this strategic partnership will utilize extra synergies from the interoperability of the cross-chain. For this reason, the PAID Network team has expressed pleasure over the partnership.
Before now, PlasmaPay announced its partnership with Kylin to take advantage of the latter’s multiple real-time data sources. PlasmaPay is known globally as a digital payment platform that enables easy adoption and intrusion into decentralized finance.
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