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DREP

DREP

DREP is a decentralised ecosystem based on Blockchain technology which empowers various Internet platforms to quantify and monetise reputation value.

DREP (Decentralized Reputation System) is a decentralized solution based on

blockchain technology that aims to quantify and tokenize the value of reputation for a

variety of online commerce, trading, investment and data sharing purposes. DREP aims

to empower internet platforms to solve their pain points, restructure their value

ecosystem and facilitate their transition and acceleration via reputation-centered

tokenomics and blockchain technology.

The ultimate goal is to unleash the value of untapped internet reputation and push

forward a more engaging, high-quality, interconnected internet community, benefiting

both platforms and users.

DREP Foundation proposes to provide a suite of facilities to help internet platforms not

only tokenize their own platform traffic and online reputation but also connect with other

platforms, also known as applications or Decentralized Reputation Apps (DRApps).

● Infrastructure for Internet Reputation System

● Reputation Connector: Data Sharing Pool & Cross-chain Protocol

● Reputation Accelerator: User Growth Engine & Traffic Realizatdion Engine for Small

and Medium Size DRAPPs

● Tokenomics: Reputation-backed Asset & Reputation-backed Currency

● The Hub for Reputation Data, Reputation-backed Assets and Currencies

DREP’s vision: to build a blockchain platform based on reputation system for internet

applications where values are redistributed and reactivated using the advantage of

decentralized, economically-incentivized and data sharing blockchain technology.

DREP will ultimately build: a reputation connector that breaks the data barrier across

platforms and chains, quantifying the reputation value of users, content, products,

services and merchants to the blockchain network and building the value ecosystem

backed by reputation. Meanwhile, DREP will provide a more customized and private

control to the owner of reputation in order to increase the stability and security of DREP

reputation value sharing network.

DREP WHITE PAPER

DREP’s vision: to build a blockchain platform based on reputation system for internet

applications where values are redistributed and reactivated using the advantage of

decentralized, economically-incentivized and data sharing blockchain technology.

DREP will ultimately build: a reputation connector that breaks the data barrier across

platforms and chains, quantifying the reputation value of users, content, products,

services and merchants to the blockchain network and building the value ecosystem

backed by reputation. Meanwhile, DREP will provide a more customized and private

control to the owner of reputation in order to increase the stability and security of DREP

reputation value sharing network.

Core Concept

● Definition of Reputation under DREP System

The reputation under DREP is similar to the “goodwill” in intangible assets - it has

intrinsic values assigned to it on the internet platform. The carriers of this reputation al

value include natural persons or merchants in all forms of organizations and things such

as novels, music, TV series in all forms of content. As a good reputation tends to have a

positive overflowing effect on the things associated with it, it may be classified as a form

of intangible assets in the social environments, being represented by the degree of its

social impact or influence.

● Reputation Quantifying Mechanism

The proposed way to quantify reputation under DREP is mainly based on the behaviors

of all participants on the internet, including publishing content, commenting, rating,DREP WHITE PAPER

voting, sharing, tipping, and trading. By introducing an economic incentive mechanism,

all participants are encouraged to value and maintain their own reputation because under

the realization of smart contract and algorithm trust, participants with high reputation

characteristics can accumulate relatively higher reputation value and gain the

corresponding benefits proportionally. DREP quantifies reputation as follows:

DREP WHITE PAPER

voting, sharing, tipping, and trading. By introducing an economic incentive mechanism,

all participants are encouraged to value and maintain their own reputation because under

the realization of smart contract and algorithm trust, participants with high reputation

characteristics can accumulate relatively higher reputation value and gain the

corresponding benefits proportionally. DREP quantifies reputation as follows:

Natural persons who possess high reputations tend to be aligned towards contributing

high quality content to the platform and community, such as higher engagement,

publishing reliable and high-quality content, posting rational and responsible comments,

rating and voting fairly, contributing to a positive environment for the community.

Highly reputable business organizations or merchants tend to provide high-quality

physical products, virtual products or other services such as providing authentic product

information, improving the quality of products and services, enhancing pre-sales and after-sales support and awareness. They tend to exercise strict quality control on the

upstream and downstream support services standards.

Similarly, content which are supported or endorsed by highly reputable actors, tend to

possess better credibility, quality and a greater degree of positive influence. Most times,

such content are highly original and are able to achieve a wider reach and higher user

relatability.

Reputation Realization Mechanism

DREP aims to design economic incentive modules centered on DREP tokens. Through

smart contract control components and different types of smart contract templates, we

aim to enable internet platforms to release their own tokens under DREP, which are

linked to reputation values. As more internet platforms join, it enables us to build an

ecosystem where internet participants on these platforms voluntarily maintain their

reputation and conduct a series of activities around it such as voting, endorsements,

tipping, publications and commerce. There are four main economic incentive models to

support the ecosystem: the VOTE Economic Model, which encourages high-quality

content, products and services; Reputation Endorsing Economic Model, which

encourages participants to vote; Reputation Tipping Economic Model and Reputation

Value-Adding Economic Model.

VOTE Economic Model: Participants can “upvote” or “downvote” content and

comments or services and products provided by others to help determine the

subsequent social or commercial impact of such voting subjects. Before each

vote, participants can decide on the amount of reputation value for endorsement

and that value will be frozen. Therefore, only a limited number of votes can be

made for a given reputation value. The voting subjects will gain the rewards from

the rewarding pool based on their impact degree and the rewarding pool comes

from 60% of rewards generated in each block.

Reputation Endorsing Economic Model: To ensure the objectivity of each vote,

participants need to stake an amount of reputation value to endorse the vote

subjects. Eventually a result will be determined based on the final number of

upvotes and downvotes, and the side with a higher amount of reputation value

staked wins and will gain more reputation value proportionally while the other

party will lose the staked reputation value to subsidize the winning party.

Reputation Tipping Economic Model: Participants in the DREP system can

also use the tokens on the DRApp platform to tip users, content, products and

services that they support. The tips will go directly to those who get tipped.

Reputation Value-Adding Economic Model: This model will allow supporters of

certain users, content, products or services to stake part of their reputation value

along with their favored subjects to demonstrate their support. Based on the log

value of the staked reputation value, the supporters may get a corresponding

reward from the increase in the overall repetitional value of the subjects over time.

Reputation Sharing Mechanism

DREP aims to obtain users’ reputation data within the DREP ecosystem by retrieving

each user’s reputation values, which are referenceable and linked to their public key

addresses on every DRApp (internet platform). With this data, DREP is able to facilitate a

reputation data pool where DRApps are able to index and reference each users'

aggregated multi-platform reputation value. This platform overcomes the data barrier

between blockchain applications and strengthens interconnectivity of data across

DRApps. Internet platforms can then tap onto DREP's reputation data sharing pool to

acquire users by targeting users according to custom-set reputation criteria. This function

can strengthen the synergy among different DRApps.

DREP is also actively exploring and researching the Cross-Chain Protocol within the

internet’s reputation systems. Since the development of blockchain industry, there have

been several applications, public chains or private chains projects that have begun

exploring the reputation quantifying mechanism within certain industries, generating to a

valuable pool of reputation data. Starting off from its own reputation eco-system, DREP will expand externally to ultimately reach the goal of establishing a cross-chain

infrastructure or application within the reputation system. The long-term goal as part of

DREP’s expansion would be to construct a cross-chain infrastructure and cross-chain

DRApps within the reputation system.

What Core Problem Does DREP Intend to

Solve?

Pain Points Targeted by DREP

Lack of Community Growth Mechanism and Weak Tokenomics within

Blockchain Applications

One of DREP’s goals is to establish a community user growth scheme within blockchain

applications, converting tokens from weak transactional assets to reputation-backed

assets, and enabling more stable tokenomics system via reputation system.

The community management within most blockchain applications at current stage is often

loose. Before the launch of tangible applications, the primary existing means of group

management is via messaging applications, with bigger groups forming organic

communities on their own. Due to the lack of contribution incentives and growth

mechanisms, members have a high tendency to speculate, with low user loyalty and

switching costs. Meanwhile, the speculative value of tokens within the applications tends

to be higher than the usage value, so much so that user loss rate becomes high when

influenced by market fluctuations. Such is the reason why there are many cases of

phenomenal blockchain applications while the failure rate remains relatively high.

According to the Deloitte Insights report <Evolution of blockchain technology – Insights

from the GitHub platform> published in November 2017, blockchain projects’ failure rate

is as high as 92%, mostly due to the lack of actual application scenarios and the quick

loss of community members.

Higher Demand for Tokenization than Decentralization of Small and Medium

Applications

In response to the small and medium sized blockchain applications and traditional

internet platforms’ need for transition, DREP aims to provide smart contract components

and internet platform user growth that are quick, simple with easy to access, to serve the

community. In the one-stop value tokenization solution, these platforms can activate its

existing users as well as obtaining more users via DREP’s user data sharing pool so as

to achieve sustainable community management. This will largely decrease the time it will

take for them to learn about blockchain technology, understand the way to connect

technology to existing business models, improve technology structure, organize the team

and promote the project.

For many small and medium platforms transitioning from traditional internet platforms to

blockchain applications, their core demand is to have a digital currency used internally for

user activation and growth incentivization instead of building a complex and not

necessarily effective decentralized ecosystem. These platforms might not be able to

learn about blockchain technology quickly and find the most corresponding application

Timeline

Patents

Further reading

Title
Author
Link
Type
Date

Decentralized Reputation System

Team DREP

Documentaries, videos and podcasts

Title
Date
Link

DREP Foundation promo video

August 7, 2018

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