DREP will officially launch its Defi product Tenet — DREP Cofounder AMA

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On October 28, 2020, DREP Cofounders held an AMA session in the community, receiving great responses. On this AMA, DREP Cofounders Momo and Xiaolong shared with the community DREP milestones achieved and exciting big news ahead, and answered questions from community members. Below are key takeaways from this AMA.

Greetings from Xiaolong and Momo:

Xiaolong:

Hello everyone, I am Xiaolong, co-founder of DREP, and I am very pleased to have the opportunity to communicate with you today.

Today you will hear two big news about DREP’s moves. I’ll release them as soon as we end our Q&A, so stay tuned with us!

Before the Q&A time, I’d like to give a quick review on what we have achieved lately and share some news for our community members.

On the tech side, after rounds of tests, DREP Mainnet 1.0 finally launched on 28th June. It is functional and easy to use for both developers and enterprises. DREP Mainnet combines the advantages of DPOS and PBFT consensus mechanisms. It will lead to more stable and efficient consensus and thus confirm transactions more quickly. Looking forward, our technical team will continue to work on DREP community governance and on chain voting.

In addition, DREP mobile client iOS V2.0.0 has passed the App Store review and was officially launched, open to users worldwide. Meanwhile, we fixed several bugs, improved product performance, and continued to optimize the stability of cross-chain transactions, improving efficiency.

Last but not least, DREP has launched its proprietary explorer — a great platform which enables everyone to collect information about blocks, hashes and TXs on the DREP mainnet. This powerful control panel can also be used to get a deep understanding, and even insights of DREP. Furthermore, it can let you check the status of all on-chain activities, which is very important because DREP is not only a set of tools but also a store of value.

Momo:

Hi everyone, I am Momo, co-founder of DREP. I am currently responsible for DREP’s market operations and business development.

Thanks for your long-term support! I believe you guys can’t wait to know what our big news are. But before that, I’d like to firstly show you what we have done on our marketing side.

We finished all unlocking of tokens for early contributors this August, which means there will be no more new circulating supply from investors. Tokens held by DREP team and DREP Foundation haven’t seen any unlocking yet. We’ll always firmly support DREP project.

The DREP team has achieved good progress in product development this year. To further boost our trajectory of our ecosystem development, we had decided to implement the second phase of our Buyback & Lock program in the 4th quarter of 2020.

This involves the purchase of approximately 150 million tokens from the secondary market, together along with the first buyback program of 159 million tokens, total market circulation will be reduced by 10%. These tokens will be sent to a fixed permanent address that will be disclosed to the community.

We will release details about our marketing and market expansion plans in the near future, along with updates on our mainnet. The DREP team is actively managing both inflationary and deflationary aspects of token circulation. We hoped that as a result of these initiatives, it will help boost the network value and market confidence for our supporters.

FAQs from the community:

Q1: The 2020 Q4 buyback&lock plan mentions that there will be development on DREP’s main network and market expansion soon, and I’ve been looking forward to seeing more of the DREP team’s progress, can you give us a hint about DREP’s key plans for the next three months? What does the timeline look like?

Xiaolong: DREP team has been working hard on developing which is very significant. Defi is a buzzword this year and has seen a bull run this summer. But when a team follows trend to develop liquidity mining, it doesn’t necessarily mean it is working on Defi. DREP team will announce related progress to community and market only after we have truly valuable and feasible products ready. That’s why we have this AMA today.

We believe there will come more companies and projects worth hundreds of millions of dollars in the trends of Defi. But these companies or projects are definitely not those who simply follow other’s suits, fork or make some minor modifications. What DREP will do is focus on basic logic behind value growth and have a big picture and long-term development in mind. I’ll share with you more details in this respect after we end the FAQ part.

Q2: Defi has seen a bull run this summer, but DREP didn’t get involved. Is there any other plan in the pipeline? Would DREP develop Defi? What are DREP’s future plans?

Momo: Acutally DREP has always been actively involved into Defi development.

Back to 2019, DREP team already published many announcements and news about Defi and DREP’s solutions to empowering the real economy.

Rather than simply following the trend, DREP has always been working hard on figuring out practical solutions and developing feasible products to generate true project value and support token scenarios in the long run.

Plus, we have optimized our chain for solving Defi’s congestion problem and multi-chain barrier problem. To achieve data connectivity, DREP has designed a cross chain system of master ID and multiple sub-IDs. DREP Client allows users to manage data and assets on decentralized platforms within one interface. The numerous Defi projects’ asset and data integration are achieved without changing the original platform’s core design and economic system.

At the same time, DREP will ensure that Defi players receive industrial standard privacy protection, preventing data hacks. The corresponding zero-knowledge proof is stored in the DID document as verifiable credentials.

DREP has also built a set of finance-related bridges, which enable the participants to develop their own financial Dapps that can cross-talk with any of the decentralized blockchain protocols. This will unleash the next generation of decentralized innovation. All these early DREP infrastructures will lay foundation for the second half of Decentralized Finance development.

Q3: This June when DREP Mainnet was launched, DREP team suggested that it would begin mainnet token swap. Has DREP mainnet wallet completed docking with various mainstream exchanges yet? And when will mainnet token swap be launched officially?

Momo:There will be great upgrades of DREP Mainnet, which involves DREP mainnet token’s functions and scenarios. Therefore, we would like to officially dock DREP mainnet wallet with mainstream exchanges like Binance.com, Bitmax.io, Gate.io after we finish all these great upgrades.

We feel sorry that it would take a longer time for the mainnet coin transfer. Thanks for your understanding.

We will officially inform the community of mainnet token swap procedure in details after we complete all docking. Then you will be able to easily swap your tokens between exchanges and DREP wallet and at the same time your asset safety will also be guaranteed.

Q4: After unlocking all the tokens by early investors, how many DREPs are in circulation now? Does DREP team have plans for token circulation? And how to do that? What will usage scenarios of DREP token look like?

Momo: We’ve completed the last batch of unlocking of tokens by DREP early investors in August 2020. According to the data from Coinmarketcap, DREPs in circulation now are amounted to 3.98 billion.

In DREP Mainnet 1.0, DREP Token is used as gas fee and payment method in DREP SDK.

Today we will announce greater usage scenarios and consumption scenarios of DREP tokens.

Q5: Is there any plan for DREP to be listed on other mainstream exchanges?

Momo: Nice question. My answer is Sure. If everything goes well, DREP will soon be listed on another leading exchange. Let’s wait for the official announcement from exchange’s side together.

Q6: After launching DREP Mainnet, what are DREP’s next steps? Will super nodes program be considered? And how will the community be engaged?

Momo: Yes of course. Presently, in DREP supernode program, we utilize the famed DPOS mechanism. You can either choose to be a delegate node or a common node. For delegate node, you can recruit other members to vote for you. We will have 21 delegates in total, which will be responsible for validating and mining the blocks. For common node, you can stake your coins and vote for delegates. The overall average return rate is 16%. Community members can choose the delegates they trust and vote for them.

Q7: During last AMA, new partnership was said to be announced when time is right. But I haven’t seen any updates in this regard yet. Does DREP team still have plans to announce its new partnership?

Momo: Thanks for the support from our community friends. I think the news Xiaolong announce later will be a better answer to your question.

DREP team has made sound progress on product development during 2020. What’s more, we will announce more specific details about marketing activities and partnership development in the near future, and updating progress of Mainnet will be made public as well. DREP are very eager to make joint efforts with the community to achieve better results. All the good news will be shared at the right time.

Session Break Q&A:

Q1: As Staking is becoming popular, How can anyone stake DREP Coin? And what benefits they will get?

Xiaolong: Staking is coming, you will know it soon.

Q2: How will you realize marketing plan?

Momo: Thanks for your question. Actually we have achieved a lot in terms of business development and products development. But we have the good news stored for a good timing to announce. Now it’s the beginning.

Q3: Can you share DREP opinion on DeFi? What steps are already being taken towards the future progress of DREP?

Momo: Defi is a buzzword this year and has seen a bull run this summer. But when a team follows trend to develop liquidity mining, it doesn’t necessarily mean it is working on Defi. DREP team will announce related progress to community and market only after we have truly valuable and feasible products ready. That’s why we have this AMA today.

Xiaolong: DREP has always been actively involved into Defi development. Back to 2019, DREP team already published many articles and news about Defi and DREP’s solutions to empowering the real economy. Rather than simply following the trend, DREP has always been working hard on figuring out practical solutions and developing feasible products to generate true project value and support token scenarios in the long run.

Plus, we have optimized our chain for solving Defi’s congestion problem and multi-chain barrier problem. To achieve data connectivity, DREP has designed a cross chain system of master ID and multiple sub-IDs. DREP Client allows users to manage data and assets on decentralized platforms within one interface. The numerous Defi projects’ asset and data integration are achieved without changing the original platform’s core design and economic system.

Q4: How will DREP work, to increase the adaptation by users, as there are non blockchain reputation-based rating on multiple channels such as YouTube, Reddit, etc.?

Momo: DREP is no longer a reputation based protocol. DREP has our own DREP public chain and mainnet has already been launched. Besides, we have DREP SDK and DREP BaaS solutions. I think DREP deserves your exploration from now on.

Announcements:

Xiaolong:

Thanks for your kind patience.

One of news today is that DREP Mainnet 2.0 will be launched soon. In DREP Mainnet 2.0, mainnet nodes, consensus, wallet, on-chain governance, and interoperability among different chains will be fully improved and optimized. We’ll offer excellent user experience.

The second big news, also the one I want to share with you the most, is that DREP will officially launch a Defi product named Tenet next month, which is developed by DREP Signal Labs.

Tenet is a cross-chain Automated Market Maker (AMM) connector that provides a decentralized Liquidity Tap for various tokens. The Liquidity Tap is the powerhouse of the Liquidity Pool, which ensures the fair allocation of mining rewards through the optimization of the algorithms of initial mining incentives and LP token pools.

Tenet is developed by DREP Signal Labs and ready to be launched in 2020 November as a DeFi Layer 2 Facility on Ethereum, Polkadot, DREP Chain, Binance Smart Chain, etc.

Most importantly, Tenet Token (Ten) has no pre-sale, will not be pre-mined, and will be generated entirely through fair launch by community members.

DREP will be the first project to launch on Tenet.

DREP Token Holder will have the privilege to mine Ten reward first during the initial launch phase.

Tenet Token (Ten) will be launched on centralized exchanges shortly apart from on DEXs.

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What’s more, we have contacted with several popular partners to launch Tenet, which will make DREP Token Holder receive the most benefits.

Momo:

And here I will have the third news for you. It’s about DREP’s another listing. Hope we can see announcement from exchanges soon. Support DREP, be a winner!

END

Reach us on social channels

Website — www.drep.org

Telegram — https://t.me/drep_foundation

Twitter — https://twitter.com/DrepOfficial

Reddit — www.reddit.com/user/DREP-FOUNDATION/

Medium — medium.com/@DREP_Foundation

Linkedln — www.linkedin.com/company/drep-foundation/

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DREP is a decentralized reputation ecosystem based on blockchain technology which empowers various Internet platforms to quantify and monetize reputation value.

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