Xiaolong’s AMA on Bithumb Global: How Does DREP Breakthrough the Data Silos of Public Chain Ecology
To celebrate DREP’s listing on BIthumb Global, an innovative trading platform launched by Korean largest digital asset platform Bithumb, DREP co-founder Xiaolong had a AMA in Bithumb Global live broadcast room on 25th, September. Here, Xiaolong shared “How does DREP breakthrough the data silos of public chain ecology” with Bithumb Global Chinese community members.
Below are the highlights of AMA.
Enjoy the read!
Q1 DREP launched on Gate.io Startup on 25th, April 2019 with more than 30,000 participants. It received a huge popularity in China, South Korea and other overseas markets. In the past five months, what progress has been made in technology development, market expansion and community building?
Before launching on Gate.io Startup, DREP mainly focused on overseas community and has a top ranking in overseas rating agencies and influencer billboard. The launch on Gate.io Startup attracted more than 32900 people from Chinese community to participate, and the subscribed amount exceed half of the circulation.
In the next five months, our R&D, product and business developments have made the greatest progress.
In the technology development side, we updated several Testnets of DREP Mainnet, we just launched DREP pre-Mainnet Planck in September. As the last Testnet version before Mainnet, its overall performance is greatly optimized: improved the reading speed of database; increased data transfer speed between nodes; increased block data synchronization speed by 2 times; newly added Trace function can monitor the operation and data directions; receipt function enabled the verification of transaction data; launched DREP mobile client and so on.
DREP Testnet 1.0: https://mp.weixin.qq.com/s/zdxbdihObBZhir57EVHqAw
DREP Testnet 2.0: https://mp.weixin.qq.com/s/HKx0Ba_ctr0yyxhG8eX0BQ
DREP Testnet 3.0: https://mp.weixin.qq.com/s/MImcOI1MX3okfxFqrsspLw
DREP pre-Mainnet: https://mp.weixin.qq.com/s/MTS24tlm9sjinuX7Y6Uizg
In the business development side, DREP continue to carry on technology coordination with its business partners Yeeyi and Harkhark which already have started technology docking previously. These updates also have been reported by many overseas media. Meanwhile, DREP also officially published more traditional enterprises and blockchain enterprises that have served and cooperated before, such as a blockchain solution provider in the Middle East BlockGemini, a game unicorn Bijiaqi, DIF (decentralized digital Identity alliance) and so on.
DREP team and DREP advisor, COO at Riot China of <League of Legends> company, visited Korea:
DREP joined DIF to explore the development of decentralized ID with companies including Microsoft, IBM and Accenture:
DREP inked a strategic cooperation with BlockGemini, both parties join forces to achieve mass adoption of blockchain technology in Dubai before 2020:
DREP established a strategic cooperation with game unicorn Bijiaqi:
In the developer community side, DREP Foundation became the first blockchain practice base of Nanyang International Technology Innovation Center. After the official cooperation with the Blockchain Associations of SungKyunnkwan University and KYunghee University, DREP Foundation also cooperates with The University of Sydney to build developer community altogether. Furthermore, DREP Foundation also organized blockchain developer events in conjunction with The University of Sydney, The University of New South Wales, University of Technology Sydney:
DREP Foudation officially announced to cooperates with The University of Sydney to build developer community altogether:
The worldwide leading EMBA, TRIUM (The alliance of NYU Leonard N. Stern School of Business, the London School of Economics and Political Science, and HEC Paris), joins forces with DREP to develop blockchain retail credit system:
DREP became the first blockchain practice base of Nanyang International Technology Innovation Center. Leaders in Nanyang Technological University visited DREP Foundation:
Q2 According to the introduction in DREP official website and white paper, DREP is a connector and toolkit on blockchain. Could you please introduce DREP in a more simple and straightforward way so that others can know more about DREP?
I used to work in Tencent. The philosophy of DREP is to build Internet connector and toolkit.Tencent has also experienced the experience of Internet-to-mobile Internet iterations. It is summarized from the multiple iterations from Internet to mobile Internet.
Our goal is to build connector and toolkit on blockchain, it means we define ourselves as an interface and bridge rather than a big and integrate closed-loop ecology.
I think the real bottleneck in blockchain development is not performace or technology. Public chain has achieved many technological breakthroughs, however, their DApps are in lack of real users; There are numerous solutions for cross-chain realm, but the ecology in those chains is still inactive.
Therefore, DREP strives to tackle two main issues:
- Segregated public chain ecosystems and small user bases;
- 2. A mismatch between blockchain technology and enterprise needs
- Though DREP has its self-developed public chain, but we don’t want the development of DApps to be constrained from any other public chain ecology. Our goal is to:
DApp R&D team can launch multi-public-chain asset versions with one-click, support any kind of digital asset, take use of DREP advanced technology frictionlessly.
DREP core products includes: DREP Chain、DREP ID and DREP SDK.
Q3 Since we know that Xiaolong is the previous technology leader in Qtum team, and has more than 3 years’ public chain development experience. So is DREP also a public chain project? What are competitive advantages of DREP in the industry?
Though DREP has its self-developed public chain and our Mainnet will be launched soon, we never defined us as a public chain project. DREP’s mission statement is:
No longer an independent development, but to connect all data cross chains.
Instead of competing for users, it is better to think about how to increase the newly added user number in the industry.
I think DREP’s competitive advantages in the industry are mainly as follows:
1. Has many years of R&D experience and innovation capability in blockchain technology products. Technology is the first mover advantage.
2. Has deep understanding of current users’ needs in blockchain industry, avoid people’s blind optimism and demand speculation for users in blockchain industry.
3. Has rich experiences and resources accumulated in gaming and financial industries.
Q4 The vision of DREP is to “break through the data silos of public chain ecology, recently many people suspect the long-term survival of the public chain. Could you please explain your vision and how do you realize this vision?
Many public chain teams concentrate on technology research and development. Their great results and accumulations are often completely negated because of the devaluation of token. Therefore, it is of great importance to find a right position and acquire the access to token holders in the competitive blockchain industry. DREP also has a public chain fully developed by DREP team, but we intentionally blur its attribute as a pubic chain to break the established development model of public chain. Public chain is only one of the blockchain technology solutions; also, the technical characteristics or advantages are necessary conditions, but not sufficient conditions.
The mission of DREP is very simple: high throughput, customer-facing services, commercial gain. That is, remove business-limiting bottlenecks; allow individual and corporate users to seamlessly use blockchain services; connect all data to achieve business value.
Blockchain team should continuously optimize the products like Internet startup teams when developing blockchain DApp. It is necessary to reduce the usage threshold, enhance user experience, and provide a transitional solution for users who have relied on specific channels. Before the opening sources of Testnet in 2018, DREP has started its technological docking with Internet companies in the Middle East and Australia to optimize their technical products at any time.
Q5 This month, DREP officially launched DREP pre-Mainnet, DREP mobile client and the first DREP game, really a great progress in product development. Could you please introduce the features and highlights for these 3 products?
In September, we just launched DREP pre-Mainnet Planck. As the last Testnet version before Mainnet, its overall performance is greatly optimized: improved the reading speed of database; increased data transfer speed between nodes; increased block data synchronization speed by 2 times; newly added Trace function can monitor the operation and data directions; receipt function enabled the verification of transaction data; launched DREP mobile client and so on.
DREP Testnet 1.0: https://mp.weixin.qq.com/s/zdxbdihObBZhir57EVHqA
DREP Testnet 2.0: whttps://mp.weixin.qq.com/s/HKx0Ba_ctr0yyxhG8eX0B
DREP Testnet 3.0: Qhttps://mp.weixin.qq.com/s/MImcOI1MX3okfxFqrsspL
DREP pre-Mainnet: whttps://mp.weixin.qq.com/s/MTS24tlm9sjinuX7Y6Uiz
DREP mobile client mainly includes a self-developed digital asset wallet supports multi-cryptocurrencies and cross-chain transactions. In addition to the highlights like supporting the storage of BTC, ETH, BNB and DREP, cross-chain transactions, it also has another highlight, which is commercial value. We have embedded a lot of functional interfaces featured by finance and game, such as staking, game payment SDK, etc. Combined with commonly used, popular and high-conversion methods in current industry, DREP is more like a toolkit and integration station for traffic interface.
The first DREP game is an application prototype based on DREP SDK and an Alpha version will be published this month first. DREP holders are able to experience some basic functions including payment, lock-up & earn in game and multi-asset swap. More powerful functions will be iterated later.
Q6 One of the utility scenarios of DREP is game, Xiaolong has also been engaged in research and development in Tencent TiMi Studio for 3 years. So, for the game + blockchain, how can we solve the pain point in your opinion?
Now there are three main development problems in game + blockchain:
1. The data silos of public chain ecology, the number of users is constrained by single public chain.
2. The real performance of most public chain and 2C service can’t meet the development and operational needs of the game.
3. Most blockchain games are very simple, with low gameplay, so big CP team hasn’t been motivated to enter the market.
DREP team developed a software toolkit for the vertical field of games, making the publish of game is no longer constrained by a single public chain. Developers don’t need to develop multiple versions based on different public chains such as ETH, EOS and DREP. DREP SDK connects all digital assets, enabling users can experience game payment, transactions, mortgages, etc. without any threshold. At the same time, users in traditional games can be transformed to blockchain games frictionlessly, largely reducing the user education cost.
DREP GAME SDK directly embedded digital asset wallet and trading engines into game system. Players are able to use digital assets in payment, trading and mortgage , improving game consistency and integrity. Through DREP SDK, developers can not only incubate many kinds of blockchain games featured by digital asset payment + centralized game, asset on chain and game logic on chain, but also connect game players with DREP ID, realizing palyer data sharing.
On the one hand, DREP cooperates with various large-scale games (including centralized games), game distribution and operation platforms, prop trading platforms, game guilds, etc; On the other hand, DREP also develops games by ourselves so as to verify the exploration of DREP SDK in game joint operation and economic deflation model.
DREP Gaming Advisor Daniel Wang, COO at Riot China, a game company developed <League of Legends>. At present, the game partners that DREP has released include Bijiaqi (a cross-border platform covering 90% of game props assets), Gamebank (a game public chain platform with hundreds of blockchain games), Legion (a Japanese elimination game), TonArts (has two games with over 100,000 users: “Le Block” and “Encryption Throne”), Tuoluocaijing (its strategic partner “Gametuoluo” is the first game media in China), Game Farmer (blockchain game distribution platform), etc. DREP will publish more cooperated games!
Q7 Does DREP have some incentive plans related to DREP Token, such as buyback/burn programs, staking and nodes?
- No added circulation of DREP until the Mainnet launch — the current circulation ratio of DREP is about 20%, and before the upgrade of Mainnet Token (the Mainnet is expected to be launched in the end of 2019), there will not be any added circulation of DREP Token.
- DREP circulation deflation model to support Token value — we will cooperate with exchanges in terms of PoS/fix-income products, the lock-up/hodl & earn event in DREP game, the implementation of DREP staking plan, making DREP Token keeps deflating under current circulation ratio.
- DREP Foundation burn 100 million DREP Tokens — Recently, DREP Foundation announced that 100 million DREP tokens will be permanently removed from the circulating supply so as to reduce the circulation supply in the furture secondary market.
- DREP buyback program — DREP foundation will launch its buyback program after Mainnet launch.
Q8 Last question: Which important plans does DREP have in the coming months? Which plans are worthy of attention?
In the product development side, we will officially launched the first game, DREP Mining, at the end of September. In October. we will disclose a staking plan. This is another plan supporting DREP deflation model, followed by Gate.io lock-up & earn event and DREP Mining play & earn event.
In the business development side, we will continue to disclose important partners in game and Defi field; at the same time, publish more listing news on exchanges in due course.
Q1 What is the current circulation of DREP token? Is it mainly used in the game?
No added circulation before the upgrade of Mainnet Token — The current circulation ratio of DREP is about 20%, and before the upgrade of Mainnet Token (the Mainnet is expected to be launched in the end of 2019), there will not be any added circulation of DREP Token.
Q2 Does the code already open source?
The open source of code keeps updated with the progress of development. https://github.com/drep-projec
Q3 When buyback program?
It’s expected to be published after Mainnet launch.
Q4 Now only people in blockchain industry know DApp, and the DAU is really low, no hot game like “Srike of Kings”. Blockchain economic model + game is a perfect combination, so I would like to ask Xiaolong how to promote blockchain game?
When we can attract top tier CP into this industry
Q5 Your project is doing sharding, now Ethereum also published 2.0 version. What the difference between DREP and other projects like QKC?
QKC and DREP are partners, our underlying structure is dual-layer structure, which is quite different from sharding.
Q6 How is the gameplay of your first game laucned in the end of September?
It’s more for verifying SDK and testing, a parkour game, so it varies form person to person.
Above are the all content of this AMA. We really appreciate your consistent support and attention all the way.
Stay tuned for more good news to come!
About DREP Foundation
DREP is committed to building “connectors” and “toolkits” based on blockchain technology, providing solutions that combine ease of use, flexibility and frictionless integration. Based on DREP Chain, DREP ID and DREP SDK, DApp R&D teams are able to release multi-public-chain asset versions, built-in wallets and asset trading platforms with one-click.
Reach us on social channels
Website — www.drep.org
Telegram — https://t.me/drep_foundation
Twitter — https://twitter.com/FoundationDrep
Reddit — www.reddit.com/user/DREP-FOUNDATION/
Medium — medium.com/@DREP_Foundation
Linkedln — www.linkedin.com/company/drep-foundation/