Welcome to Upromise

A whole new way to bond!

Scenario for Use:

Mike wants to lend Greg a 2500 Dollar Gibson guitar, but he knows mistakes can happen. Asking for a deposit might seem rude and questionable from Greg's perspective. So they make a Upromise!

An agreed upon amount of Greg's money is transferred (from venmo/paypal or a coin wallet) into a specific account tracked centrally (table) or decentrally (Distributed Ledger). Their agreement, regarding the timeframe, condition, photos, and details are stored in a table.

In most cases, Mike will not have to open up a case and upon mutual confirmation, the funds will be returned to Greg. In the event that the Guitar is damaged, destroyed, or the agreement is not upheld in any way, Mike may open up a Claim.

If a claim is opened up, Ten randomly chosen users who have opted-in to 'jury duty' are submitted the information regarding the case, evidence from both parties, and are tasked with deciding who gets the deposit and how much of it.

For a minute or two of their time, they are rewarded with .5% each of the total deposit, costing 5% of the pool. This ensures that there will always be moderators in place, similar to the way distributed ledgers reward nodes for keeping the systems operational.

Currently, the only forms enforcement of electronic or ecommerce transactions are centralized in bodies like paypal, which take a larger cut by default and require an actual Sale to take place. Alternatively, if enough personal information is recorded and the transaction takes place in a singular jurisdiction, courts could handle the matter however time consuming, expensive, and inefficient they may be.

Upromise is a concept for the enforcement of integrity in a fast-paced, efficient era.