DREP’s Vision: Buckle up for DAO Credit Predicament

DREP has a longstanding and rewarding service line in the construction of DAO layer. With DREP Credit, DREP DID, DREP Reputation Protocol and the Zero Gas Fee Solution, DREP has built up the considerably pleasant DAO trading place for its clients and users. Still, DREP is sensing the impending credit predicament in DAO, which is closely related to both DAO builders and participants. DREP’s next move is to scrutinize this credit peril and to offer a pragmatic solution.

DREP has learned so far that the cause of credit predicament in DAO can be concluded into TWO LACKS for DAO participants: the lack of accurate DAO information access and the lack of ability to see the potential risk of scams.

It has been nearly a decade since the concept of Decentralized Autonomous Organizations (DAOs) first came into sight and quickly became an indispensable element under the blockchain technology in terms of both quantity and popularity. Yet as suggested in its nomenclature, the two features of DAO, decentralization and autonomy make it impossible for new DAO commers or armature token holders to tell which DAO is more worthy of their participation and investment. What DAO options do they have? With all the information and resources on the internet, it could be overwhelming for non-tech individuals to screen out valuable and accurate ones, hence the first LACK. The information on some exclusive DAOs is even more difficult to get by. DREP plans to initiate a DAO information pool to cope with this conundrum.

For the second LACK. The unclear legal status of this type of business organization would inevitably lead to the loopholes for financial fraud or interest-driven behaviors by the speculators even pyramid schemes that greatly undermine DAOs’ credit and increase the potential risk for DAO participants. DREP’s preliminary idea to tackle this credit issue is a rating mechanism. Low score would be a red flag or scam alert for DREP’s users and clients.

DREP currently has been moving forward in respect of multi-chain credit infrastructure and DREP chain improvements. For DREP Credit V2.0, expanding its user base from more EVM chains is in progress. For DREP Reputation Protocol, DREP plans to strengthen incentive and punishment system of validator, enhance the solutions to Sybil Attack and other hostile behaviors, and introduce whitelisted third parties to optimize reputation verification mechanism. The DREP chain also requires improvements within the DAO-Layer. To achieve so, DREP will optimize the scalability and fee structure of vertical chain specialized in DAO-Layer. Another approach is to promote the optimization of zero-gas solutions. DREP will developing DREP Smart Pipeline V2.0 to deal with loads of credit data transactions while enhancing compatibility with multi-chains. DREP is devoted to laying a solid foundation in multi-chain credit infrastructure and DREP chain improvements.

At the blueprint stage, DREP wishes to come up with a DAOs’ information pool slash portal place and a DAOs’ rating mechanism. For the portal place, DREP’s plan is to list some of the top DAOs for clients or users to choose from. It may come off as a web page or an APP. And how to rank the DAOs requires an objective and undisputed rating mechanism, which is the trickiest problem at hand, as anything lesser may fall into the opposite path of decentralization.

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

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DREP 2.0 is the decentralized credit-data middleware based on layer-2 facilities, to be the backbone of DeFi Credit Era.

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DREP Foundation

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DREP 2.0 is the decentralized credit-data middleware based on layer-2 facilities, to be the backbone of DeFi Credit Era.

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