Website: https://www.drep.org
Token Type: ERC 20 issued, to be converted after migration to new
platform
Ticker: DREP
Token Supply: 10,000,000,000 DREP
Hard Cap: 28,710,000 USD
Whitepaper: 49 pages
Token Distribution:
Project Summary:
Reputation based system storing reputation on chain
Quantifies reputation through various input parameters and outputs a
reputation
Attempts to append a reputation on all participants in the internet
Economic Models
Voting Model
Many vote one
Encourage service standards/good content
Reputation Endorsing Model
Vouch for an individual, placing their own reputation at
stake
Used to solve conflicts where majority will be rewarded by
confiscation of minority
Tipping
Value adding
To provide smart contract platform for platforms to utilize DREP
To develop/adopt DPOS as a consensus model
REP Token
To be compatible with ERC20
Used as reputation value
Used as incentive
Public key (address) must be linked to DRApp platform to
ascertain legitimacy
DRApp
Decentralized Reputation App
DRApp creators can launch RepToken
DRAPP creators can choose one of the 4 proposed Economic models
DREP Council
Founding team to run at start
Community vote to select subsequent members
Determine coin parameters (e.g Block time, block size, block
reward)
Pros/Cons:
Pros
Project is for a market segment that is somewhat niche
Decent use case of open ledger technology
Providing different economic models is refreshing
Cons
Only 30% of the tokens are sold in Presale and Crowdsale
Inflationary coin where council members control the coin
parameters
Token distribution will be further centralized when mining
starts with foundation holding majority of tokens
General Thoughts:
The DREP ecosystem looks to resemble STEEM to a large extent, where even
a planned migration to a DPOS consensus is suggested in the whitepaper.
It is likely that DREP will exist on the QTUM platform due to their
partnership. However, it is also possible for DREP to migrate to
a DPOS platform such as NEO, STEEM or EOS.
A way DREP differentiates itself from STEEM is the ability for a DRApp
creator to select his/her own economic model. Compared to STEEMs tipping
model, DREP offers both positive and negative reinforcement models which
might end up bringing complexity to the system.
A red flag that one should be weary of is the inflationary nature of the
DREP platform where a DPOS consensus mechanism would only create blocks
over time. Unlike STEEM's SBD and STEEM power ecosystem, there exists
no tool to combat this inflationary nature. In addition to the low
number of tokens being sold, the DREP management acting as the sole
block creators for an undefined period will mean that the token
distribution will be centralized to a large extent. The partners on
DREP's whitepaper also do not seem relevant to the platform they are
developing. The should be a point to look out for post ICO.
I would also like to point out that STEEM is developing their own Smart
Media Token (SMT) platform where users can easily create their own
tokens on the STEEM platform. The SMT platform also touts a Disqus like
app which can be integrated into websites to facilitate discussion,
token tipping etc.
In conclusion, the DREP project looks to be a decent but such projects
require large amounts of adoption where App creators are required to
tailor their app to include and be compliant to the DREP platform. It
would also be possible to easily mirror DREP's use cases onto the STEEM
platform which already has a large userbase. One thing I would look out
for will be the geological market DREP is targeting to judge whether
DREP stands a chance against STEEM.
Rating: 7.6/10
Feel free to leave a comment on which projects interest you as I would
like to have a look at it too! They need not be ICOs!
Disclaimer: This is not investing advice and simply my personal
thoughts
and opinions. I am not liable for any decisions made from this post. I
am also not affiliated with any investment or advisory firms and do not
engage in activity with such entities.
Please donate if you like my content
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