What Is DREP?
DREP is the native token of the Decentralized Reputation System (or DREP), which is a DeFi credit protocol. In essence, it's a blockchain connector and toolkit that supports one-click deployment of cross-chain dApps and offers gamification tools. The protocol consists of the DREP Chain, a reputation protocol layer, a decentralized ID system, the DREP Client wallet, the DREP SDK, and the DREP Game SDK. The main aim of DREP is to develop an open data ecology on blockchain technology.
If you want to see the current DREP price, take a look at the DREP price chart featured above.
The DREP Chain supports smart contracts based on the Ethereum Virtual Machine and WebAssembly. Besides that, it employs a dual-layer structure, which means that DREP consists of the root chain and fully-customizable sub-chains. In terms of the consensus mechanism utilized by DREP, it employs the Delegated Proof-of-Stake (DPoS). Thus, DREP has a network of delegates who validate and create new blocks. Delegates are elected by DREP token holders.
Additionally, it’s important to note that DREP improves its data processing capabilities by employing the Smart Pipeline. It allows nodes to transmit real-time smart contract data to external applications and, once the computation gets completed, the results are transferred back to the blockchain.
Use Cases of DREP Tokens
The core of the entire DREP crypto project is the DREP coin. Essentially, it's utilized as a form of payment. DREP covers transactions between sub-chains, gas fees, exchanging of DREP in-game assets, and any other operation within the platform. Besides that, it’s an access token, since it is needed to access DREP’s products. Additionally, it's also used for staking, which is necessary if a user wants to be a part of the DPoS consensus mechanism.
If you’re interested in purchasing DREP coins, do keep in mind that the DREP price tends to get quite volatile. However, you can monitor all DREP value changes on the aforementioned DREP price chart.