Spotlight on DREP’s Web 3.0 Visionary Map and Upcoming Release — DREP x CCC.io Live Voice Interview with DREP CMO
On August 16, 2022, DREP has participated in an interview hosted by CryptoCoin Coach. Our CMO, Yana has shared her deep insights into the current market, and how DREP Web 3.0 solutions would blaze a trail for the entire DeFi economy. Most excitingly, on the verge of a major breakthrough, our killer NFT product is about to release soon!
If you’ve missed the live AMA, please listen or read on your choice.
Youtube Video: https://youtube.com/watch?v=tmVp4jwXcos&feature=youtu.be…
Part 1: Introduction and Market Overview
Q1: Could you give us a brief introduction about yourself (Yana) and DREP?
Yana: It’s Yana here, I’m the head of marketing at DREP. I met crypto space in 2018 and have launched several blockchain organizations at university, I started to get involved in DREP businesses in 2020 and now I’m in a marketing and BD kind of role.
In simple words, DREP is committed to building connectors between different public chains, and also useful tools and Dapps for extensive use in Web3. To give you an idea, some of our 2.0 products include DREP Web3 gaming SDK, DREP Credit, DREPCrossing, and an NFT product which is about to launch. With DREP, builders are able to enjoy a click-and-go experience, to build multi public chain platforms, and get custom solutions for blockchain enterprise needs based on our technology.
As a leading project building Web3 toolkits, DREP is listed on Coinbase and Binance. Our project started off in 2018 with a clear vision on DeFi credit, so that we are made to the forefront of the Web3 revolution. As of the year 2022, DREP has collaborated with more than 60 global enterprises in technical, sponsoring, and strategic domains. Driven by DREP’s features and the above strengths, we have a huge global community, with over 20 linguistic groups on Telegram, and around 400 thousand user base on DREP Credit platform.
Q2: We have gone through some of the hardest times we remember with the downfall of Terra, the case with Celsius and Three Arrows Capital, etc. So, I would like to ask you what’s your view on the current market we are in, and where do you expect it will go from here?
Yana: Apparently, the shakeout is not over. I’m not an expert to forecast the weather, but what I’m pretty sure about is, the risks and difficulties along with the collapse of some tech heavy, 3AC, Terra as you mentioned, will be on a much higher scale, and that will make the investment as well as development under this situation even tougher.
In my opinion, having a long-term outlook is essential. If you are an investor looking to get into crypto, doing research is important, to know the long-term prospect of a crypto project can help you plan accordingly.
In fact, at DREP we believe what’s brought about with the challenges are opportunities, as we deem crypto winter a time to expose problems. The cryptocurrency and NFT boom is slowing, and that strikes inefficient blockchain tools, companies with poor management, and vulnerable credit systems…and so forth. Therefore, we need bear markets to get rid of speculators and create a base from where to start to go back up. To make it happen, we need to go through a test of maturity of our own technical framework, and continue to focus on building more resilient and efficient business models.
Q3: My next question may sound a bit tricky, but our users are the ones who have lost much on Luna and it’s quite logical that they are afraid of how the projects they believe in are going to survive the bear market. Can you please let users know about DREP’s plans to tackle the possible bear market problems?
Yana: Yes absolutely. Take the last down market in 2018 for example, DREP rode that out and laid the foundation for the future of DeFi era. For this time, we have battened down the hatches, and our visions are clear. Since we know exactly that our mission is to ground a base for Web3, so we can really get down to it. Things are doing behind the scenes, but when the bull market resumes, we expect to re-engineer the industry quickly.
Some projects might choose to act out of speculation, but it often turns out their business models are short-lived. In contrast, DREP creates tools out of market vulnerabilities, regardless of the market conditions, and that’s why we’re good at finding the diamonds. Currently DREP team is targeting the intersection between Defi and NFT, soon we’ll launch our killer NFT product to elevate the whole market, and we are doing regular iterations on our products to secure safety kind of issues. Meanwhile, we are set to develop the next generation P2E toolkit based on DREP Game SDK, as we found that although gaming has a large standing in this Crypto market, many of ’em are faced with falling interests cuz their business models are underperforming.
In the meantime, following up Binance and Coinbase, we’re seeking more listing opportunities on Tier one crypto exchanges, as DREP has always been developing partnerships with only leading projects and exchanges. For the near team, we will focus on collaborations on our Web3 DeFi tools, to retain the eco-sustainability.
PART 2: About DREP Project
Q4: Let’s go back to the essence for a moment. Could you explain what exactly DREP is doing as if to your granny (very simply)?
Yana: Basically, DREP is doing things simply like building a house. The first layer is our native network, namely DREP chain. It is a vertical public chain to provide faster, more scalable, and even more affordable access to data on blockchains and layer2 facilities.
The second floor we build is an API layer that comes with our smart pipeline technology, which is a channel-like solution to enhance data transmission capability among multiple chains and any stand-alone applications. If you imagine different blockchains as separate towns, DREP are super highways that connect as many ecosystems as possible, to enable a free flow of credit data in the metaverse.
On top of it we create developer tools in the name of DREP SDK for example, so the builders can carry on developing DeFi platforms, Play to earn games as one of the best examples, and all possible DApps on several chains with the underlying cross-chain and reputation protocol.
And as the builders ourselves, our DApps like DREP credit can store on-chain user activities in their digital IDs, so that they can receive incentives from building up their credit score; and our next NFT product will be able to support assets on several public chains. Whether you are a developer or a crypto investor, DREP has things to offer. This pretty much explains why we are the backbone of web3.
Q5: Please introduce the team behind DREP.
Yana: Definitely. Let me begin with introducing our founders Xiaolong and Momo.
Xiaolong started off his Blockchain journey by joining Qtum’s founding team in 2016. Before that he worked as a chief developer at Microsoft and Tencent; Momo entered Blockchain industry in 2017 after getting her master's degree at Nanyang technological university, and years of experience at Orient Securities. She has founded game producer Yolo Tech, and together with Xiaolong they initiated DREP project in 2018.
The core team behind DREP are also experienced developers from Google, Tencent, and other world-leading internet companies. DREP also has a resourceful PR team, strategic advisors from famous blockchain projects, and part-time KOL representatives. Even at this bear market, we are onboarding more developers and worldwide partners who share the same visions with us, and we’ll work hand in hand to achieve technical advancement and grow our ecosystem.
Q6: According to your roadmap, by the end of the year, you plan to launch DREP NFT Explorer. Sounds interesting. Let’s stop on this product for a while.
Yana: I’m glad you note that and this is gonna be the first reveal of our NFT product after our official countdown. Though I’d rather say it is more of a portal and an aggregator than an explorer if you like. When you talk about an explorer, you may think of a search engine, however, the portal we are building can not only provides deep insight into NFT markets, but also unlocks some innovative functionalities that are easy for users to operate and rely on. It will be a complement to the current DeFi and NFT market. Our approach is simple. To focus on user needs, FOMOs, low transparency, costly fees. Now that I said much about it, you guys can expect how efficient our system would be. We meant real barriers-free that everyone can take advantage of, no matter if you are a beginner, degen, whale, or anyone.
The product is deep into testing and will be launched very soon. Please stay tuned. It will be a highly productive development for the entire industry, you guys can follow our announcement channels on Twitter, Telegram to be posted.
Q7: Which problems does NFT trading encounter today? And how can the DREP Crossing Network solve them?
Yana: The problems should include illiquidity and the complexity to get track of valuable information. Most of us might have the feeling that NFT market is vibrant because it seems like new projects and events are coming out every single day. Remember the first time I entered this market, I personally found it overwhelming, cuz NFTs are often built on certain chains and a fair price model is missing. NFTs can hardly fit into DeFi mechanisms as easily as ERC20 tokens. Even though the NFT market is huge, it cannot unleash its potential due to the above problems.
That’s the reason why DREP has put forward our crossing network solution. According to our plans, we will further facilitate layer1 & layer 2 interoperability on DREP Crossing. It will be applicable for several NFT standards, ERC-1155 or 721, etc., and also be able to support asset swaps with reduced gas fees. This would be integrated with our upcoming NFT product to boost liquidity for the entire NFT market.
Q8: You say that some points of Jack Dorsey’s Web5 idea coincide with what DREP has already been doing. What are they? Do you agree with Dorsey’s statement that the rest of Web3 is a smokescreen for venture capitalists to consolidate money and power?
Yana: To my understanding, not really. I think web 3 is more like a place where everyone is standing an equal chance to make a difference in the decentralized market, which from Jack’s point of view, is yet to become 100% decentralized.
What interests me is that he noted Digital ID as an essential part in Web5, this is where we really find an echo. DREP has thrown out the idea of digital identity from day one, and we believe it would be a vital part in a decentralized society. I mean if the society is totally decentralized, what would be the criteria to help us decide if we can trust someone? This is one of the motivations for us to continue our job in building a DID system based on our reputation protocol. We envision a world everyone has a digital identity that holds reputation value, and of course we are looking into taking more aspects into consideration to for example, endow a credit score for every participant in decentralized autonomous organizations, and build a more complete reputation system in the future.
Q9: How DREP is going to facilitate integration of GameFi into Web3?
Yana: GameFi is gaining much more traction, and many traditional games are planning to shift from web2 to web3 when their users find them no more fun to play, or for whatever reasons they invest money buying in-game facilities and assets and turn out they have no utility other than in the particular game ecosystem. So why would web3 be a solution? It’s about giving the players more opportunities to earn yields, and potentially make the rules by themselves. This can be made possible by DREP game SDK. It’s more than a toolkit to integrate multiple chains, say Ethereum, BNB chain, Polygon and any other sub-chains, but also with available integrations for staking platforms, decentralized exchanges, lending mechanisms, and more, so that players can switch between their favorite networks without any disruptions, and that they will be able to conduct in-game transactions to generate benefits while having fun. This is how DREP facilitates integration of GamiFi into Web3, and complements a sustainable game economy.
PART 3: Community Questions
Q10: Majorly we can see credit crisis is DAOs in web 3.0. What do you think is the biggest challenge lying ahead for DREP in web 3.0 era and how do you intend to overcome them?
Yana: Firstly, it’s a known fact that Web 3 aims to engage users in distributed networks based on open protocols. We are aware of the tricky drawbacks like the credit crisis in DAOs along with the revolution. In order to realize DApps and unleash their potential in benefiting the whole industry, DREP has established a DAO governance system. To be more specific, we are expanding the DREP Credit user base from more EVM chains, and we’re planning to strengthen incentives and punishment system of validators and the solutions to hostile behaviors, and introduce whitelisted third parties to optimize the verification mechanisms of our reputation protocol.
To achieve better effects in DAO governance, at the blueprint stage, we will optimize the scalability and fee structure of our DREP vertical chain and zero-gas solutions. DREP is now developing Smart Pipeline V2.0 to deal with loads of credit data transactions while enhancing compatibility with multiple chains. In the long-term vision, we’ll set up a DAOs’ rating mechanism to create an undisturbed experience in a decentralized community.
Q11: What are the functions and Use cases of DREP?
Yana: There is a limited supply of 100 million DREP tokens, and it has a diversity of utilities across many areas of the decentralized space from GameFi, NFTs, to the whole Metaverse.
The applicable features of DREP token come through firstly, governance in Decentralized communities, in which DREP can represent voting rights on upgrades or technical changes to the network. DREP tokens can also be used for staking rewards to incentivize our participants. Product wise, it acts as gas fees and transfer fees for on-chain transactions, and also as payment for DREP services, like DREP APIs. To ensure efficient use of our upcoming NFT platform, DREP token will see massive use cases, not limited to paying gas fees.
If you are DREP holders, you must notice that DREP is now listed on Coinbase, Binance, Gate, and it’s available at Pancakeswap and uniswap as well. DREP is very often enrolled in top token rankings, for example it has been rated the Top 1 defi project on BNB chain more than once, and all these have indicated DREP’s strong standing and its huge potential to impact the market.
Q12: What are your solutions to make NFTs a truly vital part of the DeFi economy?
Yana: As we see how NFT market has been growing quickly in these 2 years, we need to speak of the value of finalized NFTs, we believe that NFTs are far beyond what we see as fancy profile photos, they’re also built around financial markets to drive the DeFi economy.
On the other hand, if we can look at NFTs from a different perspective, they can play a vital role in digital identity as well. We’ve already seen a start from Vitalik’s SBT idea. Non-transferable NFTs are the basis of building a digital identity and it is an important part in DeFi economy as it ensures a trustworthy environment. DREP is a pioneer in exploring digital identities and we are gearing up to open up a future with more possibilities with a DID system.
Q13: Could you tell me which the key points make long-term value of DREP DID?
Yana: DREP DID, stands for a decentralized identifier. It is designed based on HMAC (Hash Message Authentication Code) algorithm and zero-knowledge proof. Many centralized platforms analyze and resell users’ data without letting them know. DREP ID gives users option to whether disclose their data or not. DID can allow users to port your digital reputation across different EVM-compatible platforms, so to achieve one-stop management of your credit data through DREP reputation protocol, and users will only need to maintain a single DREP DID private key, to manage and secure multiple types of digital assets. So the essence of DREP DID is credit-ensuring. When DID can show metrics such as users’ reputation values, they’ll get aware of their identities and optimize their reputation by behaving accordingly, so that we can avoid malicious patterns even within a decentralized environment, like in community DAO governance.
Q14: I am curious if there are enough reward plans for community users’ participation and various events?
Yana: My answer is absolutely yes. If you’ve been following our channels, you may find we just rounded off an AMA with Binance, and now comes CryptoCoin Coach, and for the next following months, we have more AMA sessions in store.
DREP is always attentive to our community needs, so we are actively seeking opportunities to benefit our supporters. We are enrolled in Binance reward programs, such as Binance referral program, where you can get a discount on Binance spot market for DREP pair transactions and extra DREP bounties, and in Binance savings programs, our users could enjoy as high as 50% APY.
As we are looking to expand our influence in Turkish area, we have held events in Binance and DREP Turkish communities, and also we’ve just announced the winners for DREP Turkish Ambassador program.
For the next stage, we are planning on more global activities. we have more community activities up in the sleeve, just a little spoiler, we’ll cohost our next AMA with another well-known crypto project, don’t forget to follow our channels to claim your welcome bonus!
AMA Summary in Turkish Language: https://drepturkiye.medium.com/drep-cmo-yana-i%CC%87le-dopdolu-bi%CC%87r-ama-daha-e34d14baa40b