Partnership in details. Part 1. DREP VS YeeYi.

In our new series of articles, we will cover the partnerships of recently finished ICO projects.
We will be looking for interesting use cases, consult the project team and debunk them for our audience. We know that you are tired of never-ending “crypto with crypto partnerships” thus we won’t take those into consideration. So, let’s start with our first one:

DREP is a well-known project that has recently finished its IEO. The most legit project on Gate.io IEO probably because it has been under operation for more than 1 year.

Brief Background about DREP

DREP Foundation is a leading Blockchain as a Service entity that mainly focuses on cross-chain digital ID and data privacy and security. It is also the early initiator and core member of the Sino-Singapore Innovation Alliance (SSIA). Currently, DREP’s business mainly focuses on blockchain emerging markets including East Asia, Australia and the Middle East.

DREP’s early-stage investors include 360 Innovation Capital, Huobi Global Capital, Collinstar, OneBoat Capital, Leader Capital, Qtum Foundation among many other renowned investment institutions.

The main idea behind the DREP is to empower Internet platforms and provide them blockchain solutions that combine ease of use, flexibility and frictionless integration

The partnership that we will be talking about started a way before the initial coin offering of DREP.

In March 2018, a preliminary intent on cooperation was reached between YeeYi and DREP. In August, a contract was signed, and since October, technical docking has been ongoing until today.

Let’s start from “What is Yeeyi?” question and move gradually to DREP solution.

Brief Background about Yeeyi.com

YeeYi.com is a famous Australian O2O (Online to offline) platform as well as one of the largest online portal for Chinese people living in Australia. People use YeeYi to share content, publish jobs, sell items, read the news, etc.. YeeYi even operates own economic system – YeeYi points.

YeeYi.com now has over 2 million end-users, with a daily Unique Visitor count of 250,000, and daily Pageviews of one million. [1]

DREP will cooperate with Yeeyi in the next three fields:

DREP SDK will be utilized to solve Yeeyi troubles with Discuz open source code.

Yeeyi was developed based on Discuz in the early days. Discuz is an open source template with some obvious security vulnerabilities and development restrictions. Therefore, Yeeyi encountered many vulnerabilities when launching its own economic system (Yeeyi points), such as people stealing points by writing scripts or some accounts spamming low-quality ads.)

DREP SDK is the numerical economic system that has built-in token deflation model, which can help the docked application/platform to maintain a long-term balance between token supply and token value. Platform currency/points issued by traditional Internet platforms often have problems such as over-issuances, weak user incentives, and fraudulent scam. The token deflation model can guarantee the scarcity and long-term holding value of platform coins.

The points burning model means that the platform currency/points obtained by the user through active/contribution/transaction are not growing linearly since the system has built-in fraud protection mechanism and is marginally decremented to match the token deflation model.  

Traffic monetization and payment transactions using the model of “transaction as mining”

It is known, that the biggest problem most Internet platforms face is how to monetize their traffic. After more than ten years of operation, Yeeyi has accumulated a large user base, but there is no clear profit model except for advertising.

Yeeyi launched its own payment function in 2018. In addition to information exchange on the platform, users can also do payments on the platform native currency. But in the early days, users will lack the motivation to bind their own payment accounts to the platform, especially in Australia (mobile payments are not as popular as China).  

Therefore, the “transaction as mining” model provided by the DREP reputation system will realize the quick education and rapid conversion of early users that will have the incentive to make transactions on the platform. At the same time, blockchain technology guarantees transparency and authenticity of the user’s “transaction mining” data and mitigates malicious activity;

Optimize the platform account system based on the DREP ID system, cultivate users’ awareness of asset management, enhance users’ loyalty, and provide data protection.

The DREP ID will be linked to the Yeeyi ID through the registration process using the built-in wallet on Yeeyi. DREP ID gives users the right to choose what information platforms are able to access, and in which ways they can log in. Such integration will significantly increase the user base of the DREP ID system.  Integration of DREP ID is a way for a service to show that it actually cares about the privacy of user information.

To conclude, for DREP expansion and business development is the first priority and the project continues to deliver its technology for different clients worldwide. As of now, DREP has secured HarkHark and Yeeyi as integrators of its solution. We will follow up future development of this partnership and other major ones of DREP.



For more information about DREP please consider the following links:

Website  

Telegram

Twitter 


Disclaimer:

#MP hashtag stands for Media Partner and acts as a reminder that CryptoDiffer team may be invested in digital assets that are mentioned in this article or may be compensated for the content creation. Nothing in our channel constitutes or should be relied on as, investment advice or financial advice of any kind.

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Vladyslav Skakun
thecryptodiffer@gmail.com

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