1. Middleware for a credit data network
With the launching of DREP2.0 plan, DREP has taken its way to the establishment of DeFi Credit Protocol. The protocol will aim to create a brand new ecology after the redenomination of DERP tokens encircling implementation of DREP DID network, Cross-protocol Credit Granting and Credit Transfer, and future Verifiable White List. The upgrading is not only a re-distribution and re-mapping of our previous product line, but also a breakthrough in exploring outer-Crypto world and realistic businesses and finance transactions. This new DeFi Credit Era is beginning with DREP Credit.
DREP Credit is a middleware system for building a fundamental database of multidimensional credit data network. This network will move on to support and be the cornerstone of DREP DID product line. In order to strengthen credit investment and promote the portraits of DeFi users, it is necessary to build credit database based on DeFi DID with their previous credit rights and credit premiums accumulated through historical transactions in record. DREP Credit utilizes the Application Programming Interface, abbreviated as API, which is an interface defining the interaction among multiple DREP Credit intermediaries, the types of calls or requests, method to make calls or requests in the DREP Credit System, the data format, and the conventions. It can also provide an extension mechanism for interactions and feedback-transporting within DREP Credit Protocol, so that users can extend the existing functions in different degrees in various ways. An API for DREP Credit can be completely customized, specific to a certain component, or designed based on industry standards to ensure interoperability. Through information hiding and decentralized, DREP Credit realizes modular programming, thus allowing DeFi users to check and update their credit account in the interface independently and instantaneously. (Click here to start your DREP Credit journey:https://credit.drep.org)
2. Functions of DREP Credit
Starting point of DREP Credit Oracle & Credit Explorer
DREP Credit Oracle & Credit Explorer characterizes both the traits of integration of users’ credit data and decentralized delegation. DREP Credit, as an interface application, is great assistance in determining vital parameters such as variable interest rate, margin rate, commission rate, and clearing threshold. It will create a decentralized credit database, which is in line with further development of DeFi credit. Historical transaction records of DeFi users in multiple scattered addresses reflect the user’s credit profile in various product types such as DEX, lending, Earn & Aggregators, insurance, derivatives, wallets, etc., covering credit data sources such as the deposit/withdrawal amount, the collateral value, risk preference, default records, and expected ROI, etc. Through the application of DREP Credit, all the above reflected credit profile forms an information pool or database for users further investing enhancement and transactions decisions.
The DREP research and development team is also aiming at new potentials on the launch of DREP Credit. The introduction of the plan into DREP 2.0 product line is of great benefit for the lining out the blueprint of DeFi Credit Era. The openness and inclusiveness of DREP Credit entail the possibility for DREP to march into outer-cyberspace and realist fields such as real assets, finance, civil management, education, etc. Moreover, the credit collected by DeFi users through the guidance of DREP Credit will form the solid foundation of DeFi Credit Protocol based on their historical transaction data, asset management, preference settings, and even Internet social behavior. With a plausible middleware database, cross-protocol credit granting and credit transfer is more efficient for our DREP team and more secure to investors.
3.Steppingstone for DeFi Credit Era
Credit is the backbone of DeFi Credit Era. The effective accumulation of data provided by DREP Credit guarantee the fluent progress of the DREP Credit Protocol. With the development of DeFi credit, users are willing to associate their own scattered addresses and IDs in order to obtain incentives and raise their credit ratings, which is bound to bring much dynamics to the development of DREP Credit Protocol. Setting up DREP Credit also is a new try in building bridging platforms to demonstrate a corss-protocol or even cross-chain credit granting and transfer mechanism. With DREP Credit joining in the ecology of DREP 2.0, our team will be able to better usher in the DeFi Credit Era.