DREP Monthly Report 9.1–9.30|DREP DeFi Toolkits got updated to better fit the NFT Marketplace; DREP DID acts as a safeguard in the Metaverse
In September, the DREP team has discovered new use cases for DREP products and consolidated its position in the NFT marketplace.
In terms of technical products, the DREP team has dedicated to transforming and upgrading the alive products while getting rid of the stale and bringing forth the fresh to maintain its edge in the NFT space. Whether it is the repeatedly mentioned DREP Crossing, DREP Credit, or the tried and true DREP DID, they are all inextricably linked to the burgeoning metaverse of the Web 3.0 era. DREP team has been solidifying NFT marketplace amidst the cryptocurrency revolution, fostering an improved environment for decentralized applications and immersive user experience.
In terms of ecosystem, the DREP team is still moving toward optimizing the user experience and making real-time adjustments based on user needs. For instance, DREP DID is committed to integrating the existing identity information of each user as much as possible to create a digital identity that is not limited to any fragmented platform, and such a digital identity will eventually go beyond the cloud-based identity on Web 2.0 and cross-platform identity to achieve a comprehensive individual identity recognition system.
DREP: Solidifying NFT Marketplace Amidst the Cryptocurrency Revolution
So far this year, NFT market has seen incredible expansion at an unprecedented rate, unleashing their potential in such fields as metaverse, game, arts, sports and so forth. With more and more individuals and platforms coming to this fascinating terrain, a NFT revolution is clearly underway, shaping what the future of our digital world looks like. As NFT use cases explode, adoption rises and capital pours into the sector, the demand for technological advancement has increased as well.
DREP has built a Defi+NFT service network. We launched DREP Crossing, an ultimate solution to NFT cross-chain swap & multi assets circulation, and introduced DREP Credit application into many aspects of our product lines. Designed to tap into more value and facilitate the ecological exchange of NFT between chains, DREP’s Crossing is applicable for both ERC-1155 and ERC-721 NFT types. Token mapping is the optimal solution to enhance interoperability of NFTs. By mapping a new token as the alternative for the NFT asset through DREP Crossing, users will be able to flexibly swap and transfer their NFT upon approval.
DREP has built a cross-chain Credit DID data system, where interactive authentication can be achieved through asymmetric-key encryption between different nodes. With the support of DREP Credit DID, 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 highly boost the accuracy and efficiency of the DeFi protocol, and users will be able to manage and use their credit assets more intelligently.
DREP DID: Entering into the Metaverse with High User Private Security
In recent years, there has been a notable increase of awareness and interest towards private security and decentralized identity solutions. A decentralized identity, amongst other things, turns out to be a prerequisite for everyone to participate in Web 3.0 era as well as the first major asset that people need to acquire to enter the decentralized digital world. DREP DID has been upgrading to enhance security in Web 3.0 and at the same time protect user’s private security, realizing the integration of multiple networks in the Metaverse.
DREP DID in the Metaverse
DREP DID has its significant edges over traditional identity systems:
· Proving the validity of information and identity
· Preventing fraud and identity theft
· Building on-chain reputation
The information aggregation of DID can not only bring the above-mentioned advantages, but also make the user’s digital identity richer and more dimensional, and can even derive a one-stop solution to obtain DID data from different blockchain networks, aggregating the identity data generated by users in different blockchains.
DREP DID in the Blockchain
In the Web 3.0 era, with the support of DID, users will have more control over their personal data and identity. Although blockchain is not a must for DID, the combination of these two uprising technologies will doubtlessly inject more vitality and strength into the Metaverse.
Based on previous experience and cooperation with Asian and Australian enterprises, DREP has made impressive breakthroughs in improving data security and data sharing, becoming a major force in DeFi. With DREP Credit acting as the cornerstone, DREP DID will create more possibilities for use cases in blockchain.
As we approach the Q4 period, the DREP team will continue to follow the roadmap set out to achieve all of the goals planned for 2021 and deliver a satisfactory outcome to the DREP community members!
The above is the DREP team’s monthly report for September 2021. DREP will keep staying true to its original spirit and stick 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!