ValPromise determines if promises are honored, basing on the public monitoring data via Internet. It allows any individual or organizations that satisfy the rules of the system have access to release their own promises (contracts), while any individual may accept promises(contracts) issued by counterparties with their trust on the fairness and enforceability of the contract itself, which solves problems of collaboration regardless of geographical differences and regulatory differences. Specifically, the ValPromise project will focus on the risk management area which scales up to over $1 trillion annually and deliver with a decentralized promise mechanism involving in releasing and trading. They aim to build a fully trusted,more efficient and cost-effective collaboration system of global risk management.
Value Promise Protocol（hereinafter referred to as “ValPromise”）, is a universal protocol to resolve the decentralization of certain financial contracts for free issuance/trading, ultra low cost deployment application that apply to all public chains that support intelligent contracts. In ValPromise system, all the futures, options and index insurance contracts that are linked to objective and open indicators can be produced and developed. The realization includes global cross species, cross-regional free financial asset investment, risk management (insurance, futures, options contracts, option contracts are freely traded without centralization) needs.The agreement is especially applicable to users with special financial products requirements, as well as professionals with the ability to design financial products, and national employees of the existing financial system.
Description of Token (Utility/Use Cases):
Transaction fee Users will pay a portion of the transaction fee for any value commitment contract they trade. Fees are shared with ValPromise exchanges, agents, marketmakers and contract authors.
Template issue fee Anyone can create a contract template, and in order to ensure that the template is not spammed,ValPromise will pay a portion of the distribution fee when the contract template creation takes effect.Based on the above token mechanism, the ValPromise value commitment agreement will be positively driven by the token economy. Encourage the generation of high-quality contract templates, encourage excellent agents to recruit more users, reward better quotations and market ,makers in order to improve the vitality of the ecology