DREP Monthly Report 12.1–12.31；Keep Striving Towards Web 3.0 and Introduce a High Level of Trust or Verifiability Into the Cryptoverse
Dear DREPers,
In December, the DREP team keeps making endeavors to rise to the evitable revolution of Web 3.0 by further optimizing existing products alongside our product line and making breakthroughs in constructing decentralized infrastructures. In order to provide users with an ecosystem that features private security, user’s identity ownership and credibility, DREP is always on its way of providing solutions to challenges and problems encountered by users and bravely facing pain points appeared in the industry. All these will give users a better experience while exploring the metaverse and involve DREP better into Web 3.0 in the future.
In terms of technical products, DREP team keeps constructing the required multiple decentralized infrastructures in order to engage users in distributed networks based on open protocols. And, up to now, DREP has made great progress in exploring more possibilities in blockchain infrastructures and NFT application. To better meet users’ pursuit of a safe, high-efficient and low-cost blockchain platform, DREP has released a series of products and developed many toolkits to cover the shortages in the process. These products include but not limited to the repeated mentioned DREP Crossing, DREP Credit, DREP DID, DREP Credit Protocol, DREP Oracle and DREP Explore. To implement the concept of “play-to-earn” and promote the development of game ecology, DREP has brough up the concept of DeFi+NFT, GameFi and established solid partnership with leading exchanges. These not only expanded the use cases of NFT assets but also greatly increased people’s interests. Commercialization and gamification is not hard to find a future trend in this industry. All these are believed a basis for a future shared, reliable and people-centric ecosystem and specified DREP’s future working goals.
In terms of ecosystem, Web 3.0 may serve as the underlying infrastructure for metaverse and DREP will keep pace with the development of it. To involve global communities in DREP Web3.0 development, DREP will collaborate with exchanges, business partners and community ambassadors to organaize a series of campaigns. The first joint activity is Binance Savings, in which Binance will support DREP asset and enbale all DREP holders to earn 80% APY through participations. More events will be launched to accelerate DREP Web3.0 evolution pace.
This is what DREP is pursuing for in the near future based on the decentralized infrastructures: equalize users chance to gain fortune and accumulate credit; ensure user’s data privacy and security; introduce a high level of trust or verifiability into the web.
DREP’s Progresses in the Past Empowered its Role in the Future Web 3.0 era and Metaverse
There are three key factors throughout Web 3.0：artificial Intelligence，edge computing and distributed data network. Many concepts inside the metaverse, including NFT, Gamefi, and DeFi, are supposed to be supported by web 3.0. As “connectors” and “toolkits” based on blockchain technology, Pawnfi plays its role in integrating web 3.0 into metaverse through constantly proving solutions to pain points in the ecology. The technology products released such as DREP Crossing and DREP Credit, have laid a very solid foundation for the follow up development of DREP’s NFT trading and Gamification tool. All these meets both DREP and Web 3.0’s pursuit of making transactions more convenient and user-friendly.
Looking into the future, our team has the great confidence to provide an all-around solution to realizing the ultimate goal of Web 3.0, which is to introduce a high level of trust or verifiability into the web based on the distributed data network.
Technology
technology products
DREP Crossing, the first product released in the DREP 2.0 Product line, it is the ultimate solution to efficient and flexible cross-chain swap of multiple assets including NFTs.
DREP DID, serve as a safeguard in the Metaverse to ensure the validity of information and digital identity in that it realizes interactive authentication through asymmetric-key encryption. Besides, DREP DID provides an intelligent way to quantify and capitalize users’ credit including historical transaction data, asset management, preference settings and even Internet social behaviors. Hence, DREP could act effectively and innovatively on the Metaverse’s aspect of value, which is further conducive to the macroscopic construction of the Metaverse.
DREP Credit DID makes the credit accumulated by DeFi users through historical transaction data, asset management, preference settings, and even Internet social behaviors will be quantified and capitalized, which will fully improve the accuracy and efficiency of the DeFi protocol, and users will be able to manage and use their credit assets more intelligently.
DREP Token, the primary approach for fee payment, fully captures the value of the entire credit-data network.
With the technologies developed above, DREP has achieved a lot in providing more flexible and seamless experience to users but we still have a long way to go by looking into the future.
In Web 3.0 era, DREP is committed to pursuing the DeFi Credit Protocol, which will change the single method of credit enhancement in the DeFi field through over-collateralization and enhance the multidimensional credit investigation of DeFi user portraits.
As now we are in its early stages towards Web 3.0, it requires not only continuous technical improvement, but also the construction of a large amount of decentralized infrastructures, so the DREP team will continue to work on upgrading existing products like DREP Credit Oracle and Credit Explorer, which characterizes both the traits of integration of users’ credit data and decentralized delegation and could simplify node configuration process to help us fit into this inevitable trend and we will also make efforts on developing new products based on web 3.0 concept.
In the future, in order to integrate into Web 3.0, DREP team is making great strides in the reinforcement of user identity and self-management of data to endow users with the real value of the web. DREP will continue to improve new distributed underlying protocols and develop more decentralized applications to make Web 3.0 more people-oriented, helping users realize that each of them is the protagonist of web 3.0 and the controller of their personal information. When data returns to individual ownership and privacy is further protected, we are confident that users will be ready to enter Web 3.0.
Ecosystem：
NFT Application
Based on the technology infrastructures, NFT are able to be applied in more and more scenarios and utilized in more categories of financial activities. Commercialization and gamification become the hottest trends, as DeFi becomes more commonly known to people. DREP has achieved a lot in this aspect and provided a lot of solutions for its community by creating DiFi + NFT, which not only open up more possibilities for NFT application but also further promote the concept of play-to-earn. In the future, we will keep it up and provide users with a more reliable DeFi environment.
Partnerships
To explore more possibilities for blockchain infrastructure, DREP has established a friendly relationship with some leading exchanges. To provide users with more use cases of their NFT assets, DREP made partnership with crypto games to start the early exploration of GameFi. And in the past year, we also successfully developed the first blockchain miner pakour game — DREP MINING, integrating attributes of multi-currency payment SDK, hold & mining, lock & earn, etc.
DREP X Binance Savings
On 6th January, Binance announced to add DREP to the list of supported assets on Savings, an official value-added service to Binance users who hold DREP asset. This joint activity will significantly enhance DREP token utilities and improve the long-term confidence in DREP token value among the whole Binance and DREP communities.
As one of the campaigns to further build up community sentiments, DREP will work closely with Binance to incentivize more users to participate in DREP save-to-earn activity and next moves into Metaverse.
- Entrance to DREP + Binance Savings: https://www.binance.com/en/savings#lending-activity
- Subscription Period: From 2022–01–06 12:00 PM (UTC) to 2022–01–07 12:00 PM (UTC).
- Interest Calculation Period: 2022–01–07 12:00 PM (UTC) to the end of the corresponding product period.
Detailed information can be found from the chart below:
Among all the projects that listed on Binance, DREP is by all means an industry-leading Blockchain Connector and Toolkit with its unique features and advantages. As a decentralized credit-data middleware based on layer-2 facilities, DREP owns its technological light spots in terms of Reputation Quantification Algorithm Library, Reputation Monetization Model and Virtual Account Identification Mechanism. All these will help us to go further in Web 3.0 era, in which digital identities from the distributed network can be unified, people’s value and credit can be calculated and an ecosystem with more credibility and trust will formed.
The above is the DREP team’s monthly report for December 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!
For more information,
join our Telegram group: https://t.me/drep_foundation
DREP Twitter: https://twitter.com/DrepOfficial
DREP Official Website: https://www.drep.org/
DREP Crossing: https://www.crossing.network
