The DREP ICO
What is DREP?
DREP is a decentralized, cross-platform network for reputation ratings. The DREP team believes online platforms in several different niches are suffering from constant problems with users dropping out. This is happening because community members are not adequately rewarded for participation and reputation enhancement.
One example of this problem is e-Commerce platforms, where users rely upon reviews to determine if a product is worth buying. Many of these platforms are overrun with fake reviews and manipulation of ratings by merchants, leading to consumer dissatisfaction and user-flight.
Another example is social networks. These networks show a strong tendency towards a "Matthew effect" where content-producers with high-traffic can get even more traffic, regardless of the quality of their posts. This leads to fake followers and other kinds of negative behaviour.
A third example is tool platforms that provide products such as web-design and presentation templates. Like the other examples, these platforms are often manipulated by fake reviews and ratings.
The DREP team believes the solution to this problem is to create a cross-platform reputation management blockchain that allows reviewers, social media users, and content-producers to develop and monetize their reputations.
How does DREP work?
DREP uses an algorithm to rate users’ reputations based on many different characteristics, including number of hours online per day, number of posts, rate of being upvoted, rate of being downvoted, trade volume with users, number of times visited, number of times saved, number of times searched, rating of content specifics, etc.
In addition to the master reputation value provided by the DREP system, platforms that participate can develop their own specific voting systems and their own reputation ratings. These ratings are accessible between platforms, allowing users to develop universal reputations.
Platforms can also develop their own internal tokens, called "RepTokens."
Voters are only allowed a certain number of upvotes or downvotes based on their own reputation in a given time-period. This means that votes must be "spent" by voters, which should prevent voters from being frivolous in handing out endorsements. Voting participants are rewarded for their votes with 60% of tokens for each reward block.
Participants can also use both DREP tokens and platform tokens to "tip" content-producers.
In addition, DREP has a "map voting mechanism" that detects unanimous voting behaviour such as “fake army” manipulations (where followers are paid by a content-provider, creating a conflict-of-interest). If the algorithm detect this kind of manipulation, it will send the vote to random users so as to neutralize this threat.
The DREP team believes these features will help solve the problem of ratings manipulation on social networks, e-commerce platforms, and tool platforms. It will also allow traditional online networks to become blockchain applications without having to build a decentralized network from scratch.
How is DREP unique?
There have been other blockchain networks created for e-commerce, social networking, and tool use, but DERP is the first to try to create a network for all three niches. It is also the first to try to link reputation on a cross-platform basis.
Who makes up the team behind DREP?
The team behind DREP includes experts in business development, engineering, and marketing. This includes Co-Founders Matt Bennice (software engineer at X, The Moonshot Factory; former software engineer at Google), Stephen Xu (Lead Developer at QTUM, former Lead Developer for Tencent), and Momo Chang (former Securities Analyst for Orient Securities). It also includes engineers Eric Chao, Yue Wang, and Xuang Zhang, Data Analyst Akmaral Orazaly, and marketers Belinda Zhou, Ricial Fan, and Jingsi Wu.
The team is advised by Ms Lien Siaou Sze (former Senior VP for Hewlitt Packard), Qi Zhou (former software engineer at Facebook), Nicola Bettio , Adrian Lam, Joel Ng, and Genlin Shen.
More details about the DREP ICO
The DREP ICO is launching on 1 August, 2018. No exact date for the end of the ICO has been announced yet. Investors wishing to participate will need to be whitelisted by signing up here.
The price of DREP will be US$0.0077 per token, to be paid in ETH equivalent. The team hopes to raise $19.8 million through this public sale.
This August 1 ICO will comply with the following allocation strategy:
40% of the tokens will be sold in the ICO
30% will be used for marketing and strategic partnerships
15% will be used for community development and the establishment of the Treasury
15% will be given to the team
The funds acquired in the sale will be used in the following way:
50% will be spent on research and development
20% will be spent on staffing costs
10% will be spent on legal fees and accounting
10% will be spent on business development
10% will be spent on operations