U Promise Me – A Digital Promise Platform Review

U Promise Me is a newly launched digital platform that creates an online presence system, allowing anyone to issue a “Digital Promise” and track its status. The U Promise Me app allows individual or corporate Users to engage in activities with friends (based on promises) and to enter into business agreements with companies and individuals. To get a clearer look at what U Promise Me offers, let’s dive straight into the review.

U Promise Me – What does it offer?

U Promise Me is a digital promise platform with plans to be later converted into a Decentralized Autonomous Organization (DAO). The platform is dedicated to the regulation of human relations in terms of agreements, commitments, reputation, and reliability. U Promise Me can provide an instant single, two-party or multi-party agreement and runs on the Tezos blockchain. By using digital promises,  U Promise Me allows Users themselves to become the arbiters of honesty and trustworthiness.

Digital Promises at U Promise Me explained

U Promise Me provides digital promises which are recorded on the platform via its neutral promise registry. All promises are fixed and immutable and are validated through self-executing agreements and upon terms and conditions that are previously agreed among the parties involved. Users can select one of the following roles – Promise Giver, Promise Taker, and Witness, with each role having certain actions and benefits.

Once a promise is issued, it becomes an NFT, enabling broader identification and transferability opportunities for issuers. Once a promise is made by a User, the UPM token gets transferred to the vault, from where it is returned to circulation.

The influence of rankings

Every User has a balance of (i) fungible tokens called UPM; and (ii) non-fungible tokens.  The balance of the user’s ranking, which is linked to non-transferable tokens will be changed after every event that occurs on the platform, depending on the activity. The higher the ranking, the more a User can do on the platform. For instance, Users with higher rankings can issue more promises in a certain amount of time and can participate in more dispute resolutions.  Likewise, witnesses can earn UPMs by making decisions during disputes (like a “jury”). The ranking earned by each User for completing promises is of three types: Influence, Professional and Financial.

U Promise App for B2B and B2C users

The UPM app can be used as a personal growth and reputation tracker on top of being a communication tool. It is designed taking into account “non-crypto savvy” Users, especially those from areas of the world where access to bank accounts, debit/credit cards, company search, credit rating facilities, lawyers & notaries are limited.

B2B Users such as SMEs and owner-operated businesses will use the app to complement and enhance their regular professional activities while saving on time and costs. B2C Users will use the app to enhance their influence and to gain access to a new communication channel. This will allow them to raise their own standing and credibility with their wider audience.

U Promise Me Mobile App

U Promise Me is slated to release an official mobile app that will provide Users with access to a neutral registry of promises with instant agreement verification. The app, which is focused on user-friendliness aims to connect a diverse and wide community consisting of individuals both outside and inside the cryptocurrency ecosystem.  The platform has future plans to release digital promissory notes as well.

U Promise Me – Different Types of Tokens

All UPM tokens are FA2 utility tokens based on Tezos. U Promise Me has chosen FA2 because of its similarity to Ethereum but lower gas fees. U Promise Me uses three types of utility tokens:

• UPM – token used for all activities
• UPMT – trust token used for reputational scoring
• UPMG – the governance token of the platform

UPM Token

UPM tokens are fungible with restricted emission. They get transferred into the vault. By using the mechanics of dispute resolution, user rewards, and DAO, UPM tokens are returned into circulation. Users can obtain UPM tokens by performing various actions on the platform or passive through staking. By receiving UPM tokens, each user can raise their own influence, professional or financial UPMT value.

Trust Token – UPMT

UPMT (Trust Token) is a non-transferable token that is used on the U Promise Me platform to measure and function as a trust score. Each User will have UPMTs based on the amount of issued and accepted promises. A User with a positive UPMT balance receives UPM tokens automatically which they can use as per their wishes. Also, Users can receive a certain amount of UPMG governance tokens and participate in the DAO depending on their UPMT balance.

Governance Token – UPMG

UPMG is the platform’s non-transferable governance token which a user gets after a certain UPMT balance amount has been reached.  Once a user reaches the UPMG balance threshold, he or she will be able to participate in the DAO as a voting party. They will also receive UPM from the fund for active participation in improving the system.

U Promise Me – Seals

U Promise Me contains unique and individual visual promise identifiers called Digital Seals. Each of these seals has been designed painstakingly by artists and is scheduled to be generated during the first and subsequent NFT sales on the platform. Users who get these seals will be able to activate them and receive a unique color scheme for their future promises. They will also be treated to a random amount of UPM tokens.

U Promise Me – Fees

Internal fees are the main revenue source of the platform and will be applied for all promises issued on the platform. Commission fees will be set to be dynamically divided between the DAO fund and the project’s team. With the launch of DAO, the rates and the distribution will be regulated by the community members through regular voting.

Final Verdict

With U Promise Me, customers themselves can turn into arbiters of honesty and trustworthiness. The digital platform has a very user-friendly interface with a unique concept that is poised to change the way trust between different parties exists in this world. It is the best tool for safely conducting business agreements with entities and companies in a trustless business environment.