IOU is meant to be a website to let you track debt between a group of people. The inspiration came from living in an apartment suite with other people. We were constantly running errands for each other (ie. groceries) and would always wind up trying to keep track of how much each person owes each other by hand. However, paying each other back in exact change grew to be too cumbersome. This idea came from the realization that simply having other people run errands in the future rather than paying each other back directly would work much better.
The goal of our project is to streamline this process. Rather than having people pay each other back with cash or through Venmo, you would form a room with a close-knit group of friends. In it, you can create transactions between people that act as an "i owe you" agreement between two members. With our website tracking all of these transactions, rather than pay each other to clear the debts, you would simply perform some service in return. For example, the person with the most net "worth" in a group can pay for everyone's meals during their next outing. There's no more worrying about how to split a bill at a restaurant anymore.
In addition to keeping track of these debts, we also calculate and display (graphically) a simplified way to repay your debts. For example, if person A owes you 10$ and you owe person B 5$, there should be no reason for you to have to pay B only to be repayed by A in the future. Instead, the debt is directly transferred over to A and you no longer have to worry about repayments. With this system in place, we hope to simplify the repayment of debts.