DREP Foundation to provide a new age reputation based blockchain system
As we progress more with our project and it garners more interest, we decided to remind our readers what DREP Foundation is all about and what kind of solution we provide.
According to Don & Alex Tapscott, authors of Blockchain Revolution (2016), “The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.” DREP Foundation is a strong advocate of blockchain technology and believes in its utility to unleash the value of digital reputation. Based on this next generation technology, we provide a Decentralized Reputation System that aims at both quantifying and monetizing the value accumulated through reputation such that it can be used for transactions for value added services across all online systems. Technically speaking, our solution is a decentralized reputation ecosystem comprised of a public chain, a reputation-based protocol and the tools for Internet platforms (DRApps) to leverage it all.
Different from the common dictionary definition of “reputation” being the opinions or beliefs of somebody or something, the reputation value under DREP Foundation is calculated by assigning it a value derived from social impact on the Internet. Pursuant to this system, reputation is garnered with value based on each Internet participant’s distinct behavior on different platforms, which can be calculated based on their acts of content publishing, voting, commenting, sharing, trading, tipping, etc. Whilst we provide reputation calculation templates for main types of platforms, the platforms can customize their own parameters because ultimately the platforms have a more nuanced understanding of the ideal behaviors they want to see from their users.
As a highly scalable and ambitious startup, we have a vision to:
· Build an infrastructure network to accelerate internet platforms’ user growth and traffic monetization
· Establish token holders sharing pool for a better targeted user acquisition
· Enhance our tokenomics based on reputation-backed assets and reputation-backed currency
· Tackle the issues of fake news/contents/accounts by identifying and filtering them
With this vision in mind we aim to address existing pain points in the market and bring value to traditional internet platforms, as well as blockchain applications together with their users.
Why is DREP Foundation’s system needed?
At present, there are existing Internet platforms that have built-in reputation systems such as the rating and grading mechanism of platform users, shared content, online shops and registered organizations. However, the existing reputation systems on Internet platforms have numerous problems such as untrustworthy data, malicious manipulation, monotonous evaluation mechanism, lack of economic incentives, “isolated island effect”, etc.
Participants are not given incentives to continuously make positive contributions to the platforms and they lack motivation to maintain their digital reputation. More importantly, “participants do not have to pay much for their bad behaviors such as providing wrong information, posting biased comments, malicious manipulation, defamation and other negative external behaviors.”
The most obvious flaw on the Internet platform is a series of reputation distortion problems brought by “centralization”, and some of the pain points that were critical to the formation of DREP Foundation are:
· Fake news/contents/accounts and malicious manipulation
· Expensive c-side traffic and low user retention rate
· Monotonous profit models and growing difficulty of traffic monetization
· Intended escape from Internet commission
· Requirement for tokenization instead of decentralization
· Isolation among DRAPPs / Platforms
What solution does DREP Foundation provide?
We aim to effectively address those pain points of internet platforms, along with setting up a highly efficient and hands-on infrastructure blockchain network. Our solution is two-fold: the decentralized reputation system infrastructure, the reputation connector and reputation accelerator.
Under the decentralized reputation system, the following will be set up:
1) An established and well-guarded reputation quantifying mechanism and algorithm library exclusively for Internet platforms
2) Reputation monetization models that will track social mining, tips, investments, etc.
3) A voting system and a voting mapper in order to verify manipulations
4) A fake account identification system that will verify accounts, prevent Sybil attacks, and provide KYC
On the reputation connector end, there will be two main focusses:
1) Reputation data and token holders’ sharing pool, and
2) Reputation exchange hub
DREP Foundation’s Reputation Quantifying Mechanism works on the basis of two things, “Reputation Value and Platform Token”. Through the introduction of an economic incentive mechanism, a participant would be highly and naturally encouraged to up their value and take note of maintaining their reputation value because a participant who has higher reputation value would be able to collect higher number of reputation tokens.
There are four main economic incentive models to support our ecosystem: the VOTE Economic Model (to encourage high-quality content, products and services), Reputation Endorsing Economic Model (to encourage participants to vote), Reputation Tipping Economic Model, and Reputation Investment Economic Model. These incentive models are centered around DREP tokens. Also, we provide customizable smart contract control components and templates which will allow each Internet platform to send out their own tokens through our model.
As for the token system, we will be looking at something more sophisticated than the current blockchain technology practices. Today, most blockchain projects release their tokens based on Ethereum’s ERC20 token standard. However, DREP Foundation’s management of reputation requires more than this simple ERC20 module. We aim to release our own token template RepToken, which will be compatible with ERC20. RepToken takes reputation value management into account on top of the token. This denotes that our token issuance is more than just a token because it would include the whole reputation value system alongside the relevant incentive interface, authority management, privacy protection, etc.
DREP’s token economy will comprise primarily of DREP tokens and the endorsed reputation value. DREP’s token economy system will introduce its stable coin, REPX, when more user reputation data is accumulated and more accounts are verified through third-party Know Your Customer (KYC) processes.
Further, the DREP system will also be soon producing algorithm templates designed for a few major industries and provide DRApps in e-commerce; online Q&A; blog; forum; entertainment (video, music, game, etc.) industries.
We aim to hit the ground with our test network by the end of 2018’s fourth quarter. We also internally incubated and jointly developed 4 DRApps based on online reputation and content, which will be published shortly.
At DREP Foundation our mission is “to push forward a more engaging, high quality and interconnected Internet community”. Stay with us and make most out of your digital reputation.
ABOUT DREP Foundation
Founded in Singapore, early 2018, DREP Foundation is an innovative tech company that provides the decentralized solution to quantification and monetization of cross-platform online reputation. By distinguishing fake news and accounts, establishing user growth system and increasing retention rates, building the users’ reputation data sharing pool for DAPPs (Decentralized Reputation Apps), DREP Foundation has internally incubated and jointly developed 4 applications based on online reputation and content, which will be published shortly.
We’d like to invite you to our Telegram/Kakao group to join our discussions. Let’s explore the possibilities of implementable Blockchain applications and march towards the future of decentralized reputation!