DREP Monthly Report 7.1-7.31|DREP’s Innovative Interpretation of NFT; DREP’s Solution: Maximizing Benefits and Minimizing Risks.
In July, DREP team dived deeper into the NFT application. Much far-reaching and popular NFT development issues were explored further in DREP’s view this month.
In terms of technical products, DREP has already build the infrastructure of higher-level NFT using. DREP is a leading the trend of on-chain and cross-chain solution, making transactions more convenient and user-friendly. These two mechanisms can provide direct access to block explorer for users to check on-chain transactions easily. On the basis of that, DREP managed to create an ideal environment to optimize NFT design and reduce its risks. So far we have launched DREP Credit and DREP Crossing, two epitomes for decentralizing solutions. Next, DREP is aimed at drawing more users and striving to provide innovative and comforting products and services. On the next stage, DREP will pay more attention to ensure more secure and integrated NFT development.
In terms of ecology, DREP made its own expectations and analysis towards today’s NFT developing trends. We will focus on the safety, liquidity, efficiency of NFT development including displaying and trading. DREP team believes that going ahead steadily and surely is the right path to achieve great progress. Therefor, based on DREP chain or other major public chains such as Ethereum, our team has been working to establish many ecological projects related to NFT and innovate NFT applications, so that DREP Ecosystem will grow in a steady way. At present, the team has better developed its pricing mechanism DREP Credit Data Oracle for the DeFi protocol, raised the upper limit of liquidity pool through the token mapping of DREP’s Crossing and ensured each time of NFT transactions is fair and safety by upgrading the smart contract.
DREP technology team has reached a few milestones this year. After DREP 2.0, we completed the updating plan. DREP Crossing and DREP Credit further widen the sphere of DREP. Cross-chain support and NFT exploring will be a strong driving force for DREP.
The DREP team will further promote the development of DREP Credit Data Oracle solutions and Credit Explorer, forming a credit price for the DeFi protocol. Furthermore, DREP’s Crossing is applicable for both ERC-1155 and ERC-721 NFT types. Users will be able to flexibly swap and transfer their NFT upon approval. With more profound view about NFT development, DREP can take a role in digital finance, intelligent manufacturing, Internet of Things and other fields. The potential of NFT is numerous. What will the future Defi be in some level is deeply influenced by NFT application. DREP certainly will grab the opportunities and provide users with NFT that is safe, dynamic and lucrative.
DREP products development
1.Larger operating capacity of DREP Credit
2.DREP Crossing cleared bugs about swapping errors and delays.
To maximize the value of NFT
1.Stick to technological innovation
Since NFT’s using scenarios are expanding and the type of assets are diversifing, different kind of user needs will naturally emerging. In order to meet these requirements, more technologies are needed to better demonstrate NFT assets and facilitate NFT transactions. Being aware of this, the DREP team is making efforts to introduce new ideas to platforms for NFT transaction. For instance, our team will transform users’ credit data accumulated through historical transactions into NFT assets, and integrate them with users’ DID.
2.Build a more abundant NFT ecosystem
In the spirit of future-orientation, our team is about to further optimize its DREP Chain that carries NFTs, create various applications that based on NFT, build market platforms and DAPPs for NFT transactions and provide more infrastructures to support NFT. In addition, DREP will enrich its incentive mechanisms by focusing on some of the core functions including the cross-chain swap of multiple types of assets (with asset type application options) and liquidity pool incentives. Looking forward, the DREP team plans to further introduce its features and development plans in more details for our community, establish more high-quality partnerships, and further expand its interoperability by adding more practical and innovative functions.
To minimize possible risks
1.Lower power consumption to protect the ecosystem
Currently, the DREP Chain is supported by Delegated Proof of Stake (DPOS) and Practical Byzantine Fault Tolerance (PBFT), of which the former is the fastest, most efficient, most decentralized and most scalable consensus model, and the latter has a fault tolerance rate of nearly 1/3 and short delay of consensus algorithm. By integrating the two different consensus mechanisms, DREP will not only meet the needs of a wider range of users in terms of overall performance, but also improve the consensus efficiency of the whole public chain, thus supporting more DAPPs developed based on DREP Chain.
2.Avoid reducing users because of high gas fees
In the near future, the DREP team will develop an NFT Trading Board that allows flexible trading between a variety of tokens and NFTs (token-token, NFT-NFT, token-NFT and vice versa). This function will greatly simplify the trading process and reduce the high gas fee. It will also provide a vast market for NFT sale by covering numerous types of tokens. More importantly, the NFT Trading Board will facilitate the pricing of NFTs to provide future reference for potential buyers and sellers, as NFTs can be appraised and priced through the trading market on Crossing’s platform.
3.Improve the safety of NFT assets storage
Considering that users may worry that their NFT assets taking risks of being stolen or lost, the team will strengthen the management of encryption keys to help users protect the security of assets. Since the retrieval of encryption keys will encounter a lot of limitations and it’s even impossible to achieve, measures such as designing a mechanism for users to set one or more safety but easy-remembered keys will be took into consideration.
The above is the DREP team’s monthly report for July 2021. DREP will keep staying true to its original spirit and adhere to its path to further advance DREP’s technical and ecological development, yielding more ground-breaking results. Thanks to the members of the DREP community for their attention and support!