Unveiling DREP Credit 2.0: Empower the Advent of Socialfi in the Web 3.0
TLDR: The new, innovative DREP Credit 2.0 aims to enhance SocialFi by simplifying the confidential KYC process with an on-chain KYC tool, enabling the retrieval of user activities data and incentivizing creditable behaviours as well as quantifying and utilising scattered on-chain behaviour to improve DeFi protocols.
Introducing DREP Credit 2.0
We are thrilled to unveil DREP Credit 2.0, an innovative solution designed to drive DeFi mass adoption, DAO prosperity, and DeSoc empowerment. DREP Credit 2.0 marks a monumental leap forward from our previous iteration and enables DREP to stride towards a credit-based Web3.
At the core of DREP Credit 2.0 is our embrace of SocialFi, a fusion of DeFi and social networking that redefines interaction in the decentralised space.
Facilitated by zero-knowledge proof, DREP Credit 2.0 includes an on-chain Know-Your-Client (“KYC”) tool. The KYC tool simplifies the KYC process in a confidential manner and will enable DREP Credit 2.0 to become a pivotal trust enhancer in the DAO layer.
With front-end plugins and social media data opt-in, DREP Credit 2.0 is able to retrieve user activities data and incentivize creditable behaviours. Users are also empowered to utilise Web3 identities and social systems. Hence DREP Credit 2.0 will help create a more practical Web3 social layer by acting as a bridge between full encryption and KYCed data.
DREP Credit 2.0 also enables scattered on-chain behaviour to be quantified, analysed and utilised, improving the accuracy and efficiency of DeFi protocols.
DREP Credit 2.0 Major Upgrades
Rewards Claiming Process
DREP Credit 2.0 streamlines the rewards claiming process. Users now enjoy a more trustworthy and secure environment with DREP’s digital credit privacy protection and zero knowledge proof technology.
Invite Programme
With SocialFi at the core of DREP Credit 2.0, we will launch an invite programme as part of our updated points system. With the new invite program, users now have the exciting opportunity to earn bonuses by inviting friends to join our platform, fortifying social networks and creating a win-win situation for both users and their friends.
Leaderboard System
The launch of our dynamic leaderboard feature aims to enhance user engagement and encourage active participation within the DREP Credit ecosystem. DREP Credit 2.0 prioritises transparency by allowing users to effortlessly check their own status on the leaderboard.
DAO Governance Integration
DREP Credit 2.0 introduces robust DAO governance mechanisms that empower users to actively participate in the decision-making processes of the platform. Through DAO governance, DREP holders can propose and vote on initiatives, upgrades, and strategic directions to form an inclusive ecosystem together with the wider DREP community. While most of today’s DAO protocols are designed based on the ‘1 token 1 vote’ mechanism, DREP Credit 2.0 scores DAOs according to numerous factors such as wash trading and member retention rate, which is a relatively objective way to evaluate DAOs.
DREP Credit 2.0 to Empower SocialFi & DeSoc
DeSoc is poised to emerge as the sharp edge that breaches user domains in the era of SocialFi. The rapid transformation of social network usage patterns is underway as evidenced by the numerous Web3 projects. These initiatives are founded upon open social graphs, NFTs, and token economic models, heralding the dawn of novel Web3 social networks.
The decentralised feature of DeSoc raises another challenge to be overcome: identity — not ‘who are you?’, but ‘are you trustworthy?’. Web2 platforms have assumed the responsibility to filter and remove potential spam accounts so as to foster a trusted environment. However we envisioned that DeSoc may be reliant on DREP Credit 2.0 and similar tools to bolster confidence in Web3 social networks.
DREP Credit 2.0’s multi-chain interoperability will offer individual users a convenient one-stop account management across multiple blockchains. Furthermore, with DREP’s privacy protection and zero-knowledge proof technology, users will have ownership over their data and can choose whether to entrust the information to third party dApps and platforms in a highly secure manner.
DREP Credit 2.0 can also facilitate Web2 social platforms’ adaptation to DeSoc. Web2 platforms can tap into interconnected decentralised ecosystems as well as benefit from asset integration and encryption of information through DREP Credit 2.0 without altering their existing algorithms, loyalty points system or other tech aspects.
What to Expect Next
DREP Credit aims to develop and introduce a series of innovative, practical tools that integrate SocialFi, facilitating active participation of users in Web3 activities and transactions:
- Web3 toolkits such as DREP Credit Group wallet, AI trading tools, AI analyzers;
- User base expansion with the integration of more EVM and Non-EVM chains;
- Quantifying, analysing and assessing on-chain behaviour to improve DeFi accuracy;
- Testing EVM-compatible roll-up solution, including optimistic Ethereum and BSC
As a steadfast Web3 toolkit provider, DREP hopes Credit 2.0 could reinvigorate the current paradigm of Web3 social interaction and empower the advent of SocialFi
DREP is committed towards building Web 3.0 connectors and toolkits based on blockchain technology, providing solutions that combine ease of use, flexibility and frictionless integration.
Website | Twitter | Telegram | Telegram Announcements | Discord
