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by | Jun 16, 2022 | Adoption, Latest, NFTs
In this article, we first introduce the platform before asking the founders specific questions in order to find out more.
U Promise Me is a digital promise platform that will be later converted into a DAO, dedicated to regulating human relations in terms of agreements, commitments, and, therefore, reputation and reliability.
Promises made can be public, or done privately depending on the choice of the user and a reputation scoring system is attached to each promise.
Soon, the platform will be releasing an app for mobile access to a neutral registry of promises with instant agreement verification.
An NFT sale will take place which will enable user promises to be personalized with an individual digital seal.
As well as showing unique identification of early users of the platform the NFTs will also be charged with some prepaid balances, so that owners may immediately use them to make promises as soon as the promise platform is released.
The NFTs can also be used to gain access to other things including free tokens to use on the platform, higher APR staking utility and a higher IDO limit.
The platform can provide instant single, two-party or multi-party agreement verification (where a promise given, is a promise delivered).
It works by using the Tezos blockchain in order to provide a platform for instant agreement verification.
The records of promises become immutable through the use of a stack of technologies and are validated through self-executing agreements.
Users themselves become the arbiters of honesty and trustworthiness, issuing their own Digital Promises. Anyone can issue a Digital Promise and track its status.
The app can be used for fun activities with friends, and business agreements with entities and companies, or you can integrate our API into your service or product.
Users won’t even have to know they are using the blockchain, as this functions under the hood, providing ease of use for app users not familiar in web 3 technologies.
Website: https://upromise.me/
Twitter: https://twitter.com/upromise_me
How did you come up with the idea for U Promise Me?
When the new digital world reached the post-truth stage and the new normal, we realized the need for an open and neutral registry of trust, so that anyone can make and check the promises of a person, company, or association and the reputation based on them.
Why does U Promise Me use Tezos as the first blockchain?
Our choice has been defined by the need for cheap transactions, on-chain governance, and the current POS model, and we love how it works and is developing as a blockchain – we think that it is seriously undervalued.
How did the team come together, team backgrounds etc?
Well, It’s a long story. I know my co-founder for more than 12 years, and he came from a classical web 2.0 background dealing with commercial and growth aspects. Initially, he was quite skeptical about web 3.0 until he realized the advantages and the key difference.
The core of our technical team were manually picked from those with whom I’ve been working in our humble development house in Singapore for several years where we have built solutions for a number of other web 3.0 projects.
Why do you need blockchain technology for U Promise Me?
Quite simply, we are convinced that promises and human commitments should be capable of being tracked and recorded in an open and immutable way.
So that everyone can refer to them and be sure that they will remain untouched and without any chance of third-party interference.
The project started in 2021, what has been developed so far?
We spent a lot of time developing the architecture of the platform and the main principles, as we realized the responsibility that we are undertaking: to make a neutral registry of trust, and even more, how this registry should reward its participants while, at the same time, remaining neutral.
The key question was sustainability and it took a lot of time to resolve related issues. We then developed the first product which is an accessory to the main promise platform, and which we call NFT digital seals.
This series of NFTs are intended to be used on the main platform as unique identifiers of early users of the platform (in the same way as old-fashioned wax seals on letters).
These NFTs will also be charged with some prepaid balances, so that owners may immediately use them to make promises as soon as the promise platform is released.
The team is quite big, why are so many team members needed?
This is a complex project that requires a number of different technical specialists. Because we are focused on bringing the platform to the market as quickly as possible, some of our team have been brought onboard at an early date to prepare for the next growth stage.
Are all promises put on-chain and recorded as smart contract transactions?
Yes, exactly.
What stops people making promises and backing out of them later, even with an on-chain agreement?
Their reputation (ie their history of keeping promises) is stored on-chain combined with the negative social pressure they will experience later if they fail to keep their promises.
Is it possible to enforce a promise? On the blockchain? Now or in the future?
The UK Jurisdiction Taskforce has published a statement that for the first time provides legal certainty that, in principle, English law recognises crypto assets as property and smart contracts as enforceable.
We envision that over time more and more jurisdictions will join that principle.
Will U Promise Me be able to integrate into other platforms i.e. Web 3 decentralized exchanges, NFT Platforms or Web 2 social media platforms etc.
Definitely, it is a big part of our plan.
Is there scope for U Promise Me to rest on top of something like Twitter for example, sort of like how Kukai wallet can?
Yes, and it will be released later this year.
Is there scope for these promises to decentralized ID solutions such as TZProfiles, TezID etc?
Yes, we are looking at various DID or SSI solutions to be supported on our platform.
Will U Promise Me be making use of APIs of any kind either from other projects or developing its own API?
Our API is one of key directions of our development, so that anyone can benefit from using our platform in a more professional way.
And yes we are using and going to use APIs of some other products to deliver the ultimate comfort to our users.
How does dispute resolution occur? How is this unique?
It can be a topic for another article. To put it simply – both parties should agree to turn their promise to dispute mode and provide all arguments they have.
The uniqueness is in the algorithms we are working on to deliver the fairest and most efficient approach in that process.
Who gets involved in a dispute?
Generally, it involves crowds but also can involve some particular members to join and help to judge, again upon the agreement selected by the parties.
Will the U Promise Me team be providing platform tutorials or learning documentation aside from the white paper?
Yes, this is upcoming.
Why does U Promise Me need an NFT sale?
The NFT Sale is a fundraising vehicle for us and also attracting attention to our project, also serves as initial promotion for the project in general.
If promises can be recorded privately in private promises how will they get recorded to show future people the added/decreased trust attributed? Or do private promises not aggregate trust?
Yes, we have private promises on the platform, but we apply a different approach in counting its results.
Generally it is a very dangerous and thin matter so we decided to separate them on all possible levels from the public promises.
How do you ensure privacy on a public blockchain, will you be using Sapling etc?
The design of individual private promises includes the use of private chains, so we can still store records on the blockchain, but the content will not be publicly available.
Can you give some good day-to-day examples on how U Promise Me will be useful. i.e. you mention choosing a hotel/rent apartment in the whitepaper. Can you go into a bit more detail here?
The very simple day-to-day example is private loans, you can make a simple or pledged promise to return a specific amount at a specific date or by the specific circumstances to happen.
The sample with a hotel/rent apartment is that the landlord or the hotel can use our product as an alternative to the popular booking apps.
At the same travelers will be gaining/losing reputation performing on the platform if they promised to arrive and did/didn’t.
Can you quickly summarise all the different tokens UPM UPMT UPMG individually as there is a lot of tokens it’s quite confusing.
Yeah it can be confusing at first glance. But generally it is quite simple – you have one main utility fungible and transferable token – UPM, which allows you to make promises, for the ease of understanding, take it as a blank paper.
The rest are technical tokens which cannot be transferred by the user, while you perform well your trust is growing (UPMT) and you can receive some rewards from your actions, if you reached certain level of trust, then you will be rewarded with governance rights (UMPG) and obliged with voting but rewarded more with UPM.
Can U Promise Me be used for non-blockchain activities i.e. by people with no cryptocurrency experience?
This was the whole idea of the platform – originally our project started as a traditional web 2.0 social platform and only later moved to web 3.0 for reasons of immutability.
The app and site has been developed for ease of use so that for the average “non-crypto” user It can be used by anyone, who doesn’t have any blockchain experience, we pay a lot of attention to the UX/UI aspect of it.
But everything will be on the blockchain, as it is the main principle, other ways the essence of the key idea is missing. As we believe it can bridge these 2 worlds of non-crypto and crypto users.
Why did you choose ‘non-transferable tokens’ to be interlinked with Ranking/Reputation?
In the real world the reputation of a person or company is personal and unique and cannot be transferred to a third party. So must it be on our platform.
We believe that trust and governance should be never traded – to avoid any possible corruption at the basic level, we decided to set up a digital system that replicates real life.
What gives UPMs value? Is it pure utility or are there some tokenomics behind it?
Essentially UPM is a pure utility token, but there are also tokenomics behind it – in other words, the platform will reward those who perform well on it.
Tezos is known for a thriving NFT ecosystem, do you think U Promise Me can enhance this specific space? In what specific ways?
We are about to bring more utility in the area of NFT combined with attention to the Tezos ecosystem in general.
Some Tezos tokens have struggled through a lack of liquidity, how will you ensure sufficient liquidity for UPMs?
First, of all by listing on various DEXs plus we also plan to be represented on other popular blockchains.
Do you plan to go completely decentralized in the future – full DAO like Kolibri on Tezos?
Yes, we plan to become a completely decentralized DAO.
How will U Promise Me utilize unique Tezos upgrades such as Tickets, Sapling when they become fully functioning etc?
We are looking very positively on how Tezos evolves. Sapling is very important for private promises as opposed to the use of separate chains. We also like the concept of tickets as it can be used as transferable proofs.
In the roadmap it says DEX listing and CEX Listing, do you have any particular DEXes or CEXes in mind at this stage?
Yes, we have but we prefer to tell you about this later in our announcements.
If you have two promises on two blockchains, how do you know which is the correct one to get involved in?
For this reason, we design our own status chain to keep track of promises and where they’ve been made.
In addition, even identical promises will have a timestamp and more trust will always be applied to the first promise.
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Lee was the Founder of TokenCrunch, a Tezos focused news website dedicated to the tokenized asset markets, which he left in late 2020 to help start XTZ News with other co-founders from different parts of the world. He has a Masters in Digital Marketing and has had a keen interest in the cryptocurrency space since 2015.
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