DREP Monthly Report 10.1–10.31| Specifying DREP Solutions for Web 3.0 Era
In October, the DREP team attached great importance to the integration of DREP ecology into the Web 3.0 Era.
In terms of technical products, DREP has made prominent breakthroughs in taking steps closer to the Web 3.0 era based on our relentless work on DREP 2.0 Product Line. At the moment, Web 3.0 is at an early stage of development, which requires not only continuous improvement in technology but also a large amount of decentralized infrastructure construction. It is worth looking forward to the availability of blockchain technology as the key to realizing the vision of Web 3.0, as well as the most important piece of the puzzle to enable Web 3.0, for blockchain technology can provide better scalability, interoperability, and privacy for the entire Web 3.0 ecosystem.
In terms of ecosystem, the DREP team is striving to unlock infinite possibilities based on the ground-breaking Blockchain Technology. We have kept on working on developing products and transforming difficulties and challenges into opportunities. In the Web 3.0 world, application platforms or other identity data information take a decentralized form, whereas DREP’s deep involvement and practice in the DeFi space could serve as strong support for Web 3.0 application platforms in decentralized development, ensuring openness and transparency of transactions and encryption of personal information.
DREP in the Web 3.0 Era
With tremendous focus and attention on the crypto industry, the crypto world is still evolving to exert more influence on both the digital world and the physical one. Fully aware of the trends and craze within the industry, DREP develops a long-term vision for what’s coming next, Web 3.0.
As a middleware system for building a fundamental database of a multidimensional credit data network, DREP Credit aims to tackle the security issues that constantly happen and hold back the growth within the industry. Due to its characteristic interactive authentication, DREP Credit serves as a driving force for the accurate and efficient DeFi protocol. Besides, as a leading community accelerator in the industry, DREP Credit opens new avenues for users to manage their credit assets intelligently. By virtue of the huge number of active users of DREP Credit under the team’s unremitting efforts, the information pool or database where all of the users’ credit profiles are gathered based on their historical transaction records contributes to the consolidation of further investment and the promotion of users’ portraits.
Together with DREP Credit, DREP DID provides a superior and secure environment for users and addresses the problem of proving personal identity. Moreover, to mitigate the risks arising from the use of Web 3.0, the DeFi Credit Protocol and DREP Credit Oracle both have a part to play. With an authentic middle-ware database, cross-protocol credit granting and credit transfer are more efficient for our DREP team and more secure to investors.
In this case, users are entitled to real control over their personal data and identity with the support of DREP DID in the Web 3.0 era. In detail, it enriches the user’s digital identity in a dimensional way and contributes to the establishment of a comprehensive individual recognition system. Compared to traditional identity systems, DREP DID enables a future where users have access to the value of data and more diversified application scenarios. In the context of the Web 3.0 era coming closer to us, DREP DID is expected to take crypto to the next level and create more possibilities for the applications of blockchain technology.
DREP’s deep dive into Web3.0
Web 3.0 will be more user-centric, where digital authentication, privacy protection, data validation and decentralization are all essential to its development, which are natural fits with DREP’s product ecology. With the integration of blockchain technology, cryptocurrency and NFT into Web3.0, the DREP team is also deepening its exploration of blockchain as the underlying technology for more application scenarios in the new era.
DREP Cross-Chain Bridge
To reduce the impact of the gradual fragmentation of the ecosystems while protecting the security of users’ cross-chain assets, the market needs a better cross-chain solution to help users manage their assets in the increasingly complex multi-chain ecosystem.
DREP team has made an upgrade on building cross-chain bridges:
We simplify the cross-chain steps and reduce transaction costs by lowering the threshold for participation in cross-chains significantly, avoiding the need to pay a fee to the underlying cross-chain bridge at each cross-chain.
Withdrawing funds from Layer 2 back to the main chain often involves a waiting period ranging from 7 days to 1 month in length. For users with large funds, the freezing of funds could induce significant opportunity cost. During this time, users will not be able to use their funds to earn income and instantly adjust to market movements. DREP promptly responded to this problem and reduce the waiting period with high efficiency.
The above is the DREP team’s monthly report for October 2021. DREP will move towards a more integrated Web 3.0 establishment and be relentless in pursuit of technical and ecological achievements. Thanks to the members of the DREP community for their attention and support!