[Valpromise] Distributed Value Promise Protocol

Info

what is Valpromise

ValPromise is committed to build a blockchain-based, distributed value promise contract release-trading platform. Being widely applied in insurance, financial derivatives, forecasting services and other areas, ValPromise aim to solve multi-variety and cross-region risk management issues on a global scale.

Highlights

Distributed smart contract

Distributed smart contract will upgrade one-to-one paper contracts offline or centralized electronic contract signing mode in traditional derivatives market to smart contract signing mode on blockchain. With these characteristics of programmability and execution automatically, the problem of credit risk from trades will be well solved.

Unified trading medium

VPP promise token is the only trading medium supported by the platform, all legal coins and digital currency need to be converted into VPP in the secondary market first. The unified trading medium will break limitations of the type of currency and different regions with better access to global markets.

Decentralized mechanism in contract creation

Enable anyone or organizations to establish a promise template for themselves and others to use. "Massive intelligence" will be adopted in the decentralized mechanism to meet needs of all parties. There are highly personalized and efficient promise contracts in ValPromise ecosystem.

Self-certification on the data chain

Objective data indicators (like weather data) anchored in ValPromise contracts are written to the block once acquired. No one can tamper the data due to self-certification mechanism on the data chain.

Layered design

On the underlying blockchain, the contract\'s definition, trading function and vertical scene are separated by hierarchical design.

Mobile platform

The development of front-end applications suitable for Mobile ad IOT. The lower costs via blockchain will attract more participants in ValPromise.

Weather Insurance : the first application in ValPromise eco

Weather Index Insurance will be the first mature application in ValPromise ecology. So far, the weather insurance named Tianqibao have made a great deal of cases successfully. Tianqibao have issued over 200,000 guarantee contracts on weather risk in the past 6 months. We hope ValPromise to solve thousands of issues in weather risk management industry with its innovation.
1. The solution to the lack of mature weather insurances
There is almost no weather insurance product with large scale and cover the whole country in China. In the future, by means of smart contracts we plan to publish standardized digital contract so that everyone have access to hedging weather risk.
2. Inefficiency in insurance product design
In China, it takes more than one month to design weather insurance products, which are designed by local meteorological departments and insurance companies mostly. ValPromise will solve this issues by smart contract. ValPromise encourages users create their own contracts.
3. High cost and low efficiency in assessing the losses
It involves staffs in judging compliance conditions, determining the amount of compensation and others in traditional insurance products. However, ValPromise will realize judgment and implementation automatically by adopting the technology of smart contract, which improve efficiency significantly.
4. Difficulty in self-certification for centralized organization
It is known that most weather data provided by the official judge are not traceable. Therefore, it is hard to realize self-certification for centralized meteorological data. ValPromise will aim to solve data traceability and trust issues by introducing blockchain and user consensus mechanism.
5. Lack of liquidity in OTC derivatives
The liquidity of derivatives in the market is limited due to restrictions on capital policies, lack of trust mechanism and inefficiency of OTC trading. In ValPromise, the unified trading medium will break limitations of the type of currency and different regions, by providing users a trading platform that flows around the globe.
6. Unassessable OTC transaction risk
It is commonly for most weather hedge products to conduct risk measurement by relying on the model of financial institutions, which causes distortions in risk management. For ValPromise, all contract transactions will be recorded by time stamp in blockchain. All transactions could be verified openly and transparently. The market consensus of risk measurement will be reached as a result. Problem of distorted risk management will be solved greatly.