What does a promise ring💍mean

Jasmin • 🔐 in a relationship ♍️Virgo
So a few days ago my boyfriend gave me a promise ring on our date. We have been dating for almost a year. I told my three closest friends about it. One of them said that it could mean that I will be getting an engagement ring from him after a while. I feel like we're taking things rather slowly. Could he be moving too fast?