PromisePay

Initial Product Goal

Enable individuals and organizations to secure commitments by combining financial incentives with a decentralized platform that encourages accountability and minimizes trust barriers.

Project Overview

PromisePay is designed to enhance the reliability of commitments by leveraging security deposits and rewards. The platform not only manages promises but also motivates individuals to fulfill them through a structured, transparent process.

This project consists of 5 main components:

WorldID Integration

Users can log in using WorldID, maintaining their anonymity while ensuring security through KYC verification. This integration prevents Sybil attacks, with every participation verified by WorldID’s zero-knowledge proof.

Creating and Managing Promises

Users can create a promise by setting a deposit and reward amount, along with specific completion criteria and deadlines. By paying a deposit, users demonstrate their commitment. If the promise is not fulfilled, the deposit is forfeited, while successful completion results in a reward distribution.

Verification Mechanism

Promise fulfillment is verified through multiple methods, including NFC, dynamic QR codes, authorized checkers, specific Wi-Fi connections, and mutual check-ins. User credibility scores are maintained and verified via the EAS contract, ensuring a reliable system.

Reward and Penalty Distribution

Upon verification, the system automatically handles the distribution of rewards and penalties. Participants who fulfill their promises receive rewards, while those who don't forfeit their deposits.

Use Case Flexibility

PromisePay is versatile, supporting a variety of scenarios including social commitments, educational goals, and crypto event participation. The platform allows for dynamic interaction, making it applicable across personal, professional, and community-focused contexts.

• Social Life: Manage commitments like gathering attendance, personal tasks, and friend encouragement.
• Education and Training: Ensure course attendance and learning goal completion with deposits and rewards.
• Crypto Events: Facilitate event participation with deposit-based registration and rewards, ensuring attendance and engagement.

Advantages

• Dual Motivation: The platform combines penalties and incentives to significantly increase the likelihood of commitment fulfillment.
• Flexible Application: PromisePay can be used for a wide range of commitments, making it versatile and suitable for various contexts.
• Increased Reliability: The structured system ensures commitments are met on time, reducing the frustration and potential losses from unfulfilled promises.

Challenges and Solutions

User Adoption

• Challenge: Users may initially be hesitant about the deposit and reward system.
• Solution: PromisePay will provide comprehensive guides and case studies to illustrate the benefits and value of these mechanisms.

Security

• Challenge: Safeguarding deposits and rewards while ensuring secure transactions.
• Solution: Utilizing blockchain technology and smart contracts to manage and secure deposits and rewards, ensuring transparency and security.

Verification Reliability

• Challenge: Implementing and maintaining various verification methods.
• Solution: Conducting rigorous technical testing and optimization to ensure each verification method works reliably in different scenarios.

• This project leverages WorldID to streamline user registration and KYC processes, ensuring robust privacy and security for user data.

• WorldID's incognito action effectively prevents Sybil attacks by blocking malicious attempts to create multiple accounts for fraudulent rewards.

• Upon logging in with WorldID, users receive a JWT token, which is integrated with Web3Auth's SFA SDK or MPC SDK to automatically generate a wallet. This process:

  • Removes the burden of private key management.
  • Allows users to seamlessly interact with the Web3 ecosystem.

• On-chain verification through EAS attestation securely records anonymous user actions, laying the groundwork for a future reputation scoring system. This system will:

  • Set participation standards for Promises.
  • Make commitments from highly-rated users more appealing and trustworthy.