DREP Foundation Partners ex-Tencent Team behind WeChat Pay to Offer On-Chain e-KYC

Singapore blockchain start-up DREP Foundation (DREP) has signed a Memorandum of Understanding (MOU) with Singapore start-up REAL ID developing a digital identity network. One of REAL ID’s first product will be an eKYC (electronic Know Your Customer) user identity verification solution and platform, to provide eKYC functionality to internet platforms on the DREP Chain.

DREP Foundation is developing a technology layer that calculates online reputation scores of unique users based on the desirability of their online behavior across different internet platforms. User-generated content, e-commerce or asset-sharing platforms on the DREP chain can subsequently access a suite of services, including a user and reputation score database for targeted user acquisition, and algorithms to weed out fake accounts or fraudulent content.

REAL ID is a digital identity solutions provider that is established by the former Tencent team responsible for WeChat Pay. The team has been working on a blockchain solution that facilitates on-demand, secure and low-cost identity verification services. This all-star lineup partnership from Chinese tech giant Tencent is something to look forward.

With the inking of this partnership, the two start-ups developers will collaborate to integrate secure eKYC solutions into DREP’s offering to internet platforms. The robust user verification will be a founding pillar for DREP users to have unique digital identities on the chain. Platforms will see less duplicate or fake accounts, as well as more accountability from their users.

Said Xiaolong Xu, co-founder of DREP and also a former Tencent developer: “I am personally very glad to reconnect with Tencent team over this strategic partnership.” Certain internet platforms — especially asset-sharing ones — need to verify identity of users to hold them accountable and hence, discourage malicious behavior. By integrating REAL ID’s eKYC solution, we will be able to address issues of bots and fake news on the internet.

Chong Han Ping, CEO of REAL ID, “We are excited to ink this collaboration with DREP, which is in line with REAL ID’s vision to empower users in their creation of digital identities. This partnership with DREP will allow us to facilitate secure identity transactions across internet platforms and safeguard the interests of all parties on the DREP chain.”

ABOUT DREP FOUNDATION

DREP Foundation is committed to building a performance-oriented technology infrastructure, supporting high transaction capacity for an ecosystem generating valuable reputation data. Focusing on two industry pain points: lack of user adoption and low transaction throughput, DREP Foundation aims to provide a highly scalable blockchain architecture, DREP Chain, for deployment of a reputation protocol that anyone can use.

ABOUT REAL ID

REAL ID is the next-gen digital identity network that empowers users with verified digital identities to uphold the sanctity of their personal data. With a future-proof, adaptive and resilient identity network, REAL ID powers identity transactions between users, service providers and identity validators in a decentralized, highly secure and scalable manner. Featuring Sensetime’s facial recognition and artificial intelligence technology, REAL ID is designed to achieve accurate verification of proof of ownership and authenticity of the identity to meet the increasing demands in today’s digital age.

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