UPromise Me
Tags: Fintech, Blockchain, Trust, Internet, Smart Contracts

UPromise Me

The Digital Promise Platform

In a networked world, trust is the most important currency

⦁ Eric Schmidt

The team at UPromise Me (UPM) have designed a groundbreaking platform that can be used for building personal brands and enhancing company reputations, which can be equally applied to social networks, digital communications and online verification. We believe that UPM’s ‘Digital Promise’ concept has tremendous value as a means for digitalizing simple human Trust over the internet.

UPM is a neutral registry of promises where smart contract technology is being used to provide instant single, two-party or multi-party agreement verification utilizing digital promissory notes combined with NFTs. Put simply:

Promise given — promise delivered.

The social platform interface is easy to use and allows for maximum and secure interaction between like-minded Users who themselves set the rules.

Our platform delivers a new level of digital interaction in which the Users themselves are the arbiters of their honesty and trustworthiness, issuing their own reputational currency in the form of a Digital Promise.

Trust is the critical component that binds personal relations and business.

Every personal and every business relationship is built on trust. In the real world we rely on gut feelings, history, well-known brands, instinct, personal recommendations, friends of friends or credit checks and so on to establish credibility and to build Trust. Unfortunately, these concepts do not translate well to the new digital world.

The solution we have created allows any person or company to issue and record a Digital Promise and to track its status through to completion.

Thanks to the use of blockchain technology, all promises given and completed (or not) are recorded on the platform in UPM´s neutral promises registry — they can be private or public to the user’s liking. These promises are fixed and immutable and all promises will be validated by means of self-executing agreements whose terms and conditions are previously agreed between the promisor(s) and the promisee(s) themselves.

At UPM we use blockchain technology to provide the same level of trust and validation that exists in the real world — but adapted for the digital world. We have created a platform where words and promises really matter, and we are providing our users with a tool to build real trust for digital human and business relations.

Why is this tool needed?

Because trust is the critical component that binds both personal and business relations, and there is currently no way to easily assess and build digital trust as we do in the real world.

The most reliable business dealings are those conducted with known and trusted partners. Many business transactions cannot proceed without impartial observers and trusted neutral intermediaries — bank and credit checks for first time customers, job references, Know your Client/Customer (KYC) procedures for financial institutions, Moody´s ratings, etc, etc.

Many legal documents cannot be completed without using expensive lawyers or notaries. All good (if also expensive) for the developed world but these traditional checks and balances are already difficult to implement in less developed countries where data is slow to access or does not exist at all — now try to implement these traditional solutions to the modern digital world, given the ever-changing, cross-border, “myriad of possibilities” nature of the internet.

On a personal level, is checking a person or company´s digital footprint — their Facebook, Instagram, Linkedin, Twitter or Tik Tok account — REALLY enough (i.e. before you go out on a date with someone new or invite a new member into your group or even employ someone)?

No “Joined-Up” Digital Reputations

On top of this, there is another obstacle: our existing digital reputations are currently stored in separate silos that are all spread across our multiple web2 and web3 accounts, none of which speak to each other and most of which are closed, proprietary and not transferable.

Amazon, AirBnB, Uber, Facebook, your online crypto broker, Booking.com, your bank, your supermarket loyalty card, etc — they all know SOMETHING about your trustworthiness but their scoring systems are not open, portable or interoperable. They are all operating in separate sectors and verticals.

This fragmentation means it is impossible to get a complete and open picture of a person´s digital reputation.

The Solution

Using Blockchain technology, UPM has built an online presence system that lets you transform your verbal promises into digital contracts in seconds. Our platform allows you to track if the promise was kept and, for our business users, the promise can be legally enforced if needed.

UPM is a powerful social tool with potential to add a new context to digital relationships, and it allows Users to create and maintain their own digital reputation.

You can instantly make your own digital promises to other people, companies, or even yourself. By keeping your promises, you gain NFTs and improve your credibility. Even outside of UPM, your word will gain more weight with each promise you keep.

Can UPM be trusted?

There is no central authority. This is a bottom-up solution — just you and your counterparty — with UPM acting as the neutral registry of promises. It is your power and responsibility to decide which promises to give or take and for how long they will be recorded. UPM does nothing more than provide the tools and the neutral registry. You make up your own rules, case by case.

Promises can be instantly created, verified and tracked on blockchain. UPM offers a platform for the bulk minting of non-fungible tokens (NFTs) to cover any obligations or anything you are promising to do — with each promise being automatically linked to its own NFT. Based on smart contracts (promissory notes) that are enforceable under English law and transferable to third parties, you can convert words into valuable assets and build trust and a digital reputation using transparent and 100% reliable records.

If made public, each profile has a promise track record, which will keep tabs on a User’s success and display it in a leaderboard for verification by third parties (new business partners, new friends, dates, etc). A User’s position will be determined by a formula of kept/failed promises and challenge ratios — where such terms will be decided by the parties themselves.

Users decide whether a promise is private or open, eg, to other businesses working in the same sector, friends, groups, or the community, and also where the nature and wording of each promise and its consequences are decided by the giver(s) and receiver(s) of such promise. UPM will provide an editable list with the text of the most popular ready-made promises but Users will also be free to make their own promises on the spot.

As such, UPM´s “open” register will provide the entire history and summary of “public” promises of any User and will be available to anyone and everyone who wishes to check their trustworthiness. Instead of taking years to build trust and connection, you can jumpstart business relations by instantly accessing the history of your potential partner’s endeavors.

Disputes regarding successful completion of a promise are referred to our crowd of “jurors” for instant arbitration and judgement. Jurors are selected from agreed users and receive bonus NFTs for their participation (on joining UPM, every User is asked if they would like to be a Juror). As for the possibility of cheating — we have developed a series of algorithms to find, track and prevent “manufactured” promises made to artificially increase a User´s digital reputation.

In conclusion, UPM´s solution is to create an online presence for our Users where anyone can issue a Digital Promise and track its status through to completion and to build a history of such promises.