DREP Joins the Decentralized Identity Foundation along with Microsoft and IBM, exploring DID Development
By: Drep Foundation
Tags: Blockchain, Announcement, Partnership, Identity, Cryptocurrency

Lately, DREP was invited to the Decentralized Identity Foundation (DIF) which was established to promote interoperability and standardization of blockchain-based ID system. So far, Microsoft, IBM, Accenture and many other leading corporations have joined this organization. The premium membership signifies that DREP, along with these well-known companies, is committed to explore the development of a decentralized identity system and facilitate interop amongst fellow members.

DIF strongly believes that an identity is an aggregation of personal data which portrays each individual. Moreover, each identity is unique and self-sovereign. In order to acquire this sovereignty, the basic principles, protocols, and tools of an interoperable ecosystem is a must. That is why DIF is focused on developing the foundational elements necessary to establish an open ecosystem for decentralized identity, such as personal data storage and decentralized identifiers.

Such vision happens to coincide with the fundamental philosophy of DREP. Ever since project inception, DREP has intended to establish a decentralized ID system named DREP ID, and to integrate user profiles of ID holders in various business environments through DREP Client, giving users access to one-stop account management. Furthermore, DREP enables the binding the addresses of different platforms to the DREP ID and allows functions such transfer between different platforms based on the added feature of cross-chain interoperability.

During the technology integration and collaboration with DIF, DREP is highly recognized by the Foundation, especially for its strong ability in innovation and progress of decentralized ID system. The recently published DREP Testnest 3.0 particularly adds address alias feature to improve the user experience in decentralized ID system, greatly reducing the barriers for new users to utilize blockchain.

Xiaolong Xu, DREP Co-Founder and CTO, comments that users, within DREP DID ecosystem, have the optionality to disclose their personal data. In terms of users’ privacy, third parties have to pay to collect such personal information. In the meantime, through DREP reputation system, third parties could obtain more accurate data including metrics such as users’ reputation value and lower acquisition cost of data and users. The whole DREP DID system features decentralization, self-management, privacy protection, security and easy-of-use. Such practice is aligned with the mission of DIF. Therefore, by joining DIF, DREP is more determined to work with other members to push forward the establishment, improvement and application of a decentralized identity system.

In addition, DREP ID, based on HMAC algorithm, forms a dual-layer structure with a master ID and multiple sub-IDs. For traditional and centralized platforms within the DREP network, the cross-platform management is also available through DREP ID to achieve asset and data integration, encryption of information, etc. without interfering with the existing numerical system, points system, economic system or other aspects of the platform, forming an interconnected and decentralized ecosystem.

It is noteworthy that DREP ID is only a part of the DREP technology. Apart from that, DREP also provides a complete blockchain architecture which includes Smart Pipeline and Reputation Protocol. Moreover, DREP is compatible with Smart Contracts in EVM and WASM format with a dual-layer structure constituting of a stable root chain and customized sub-chains. Afore-mentioned technologies, after selection, would be shared with DIF members to help improve the scalability performance and mass adoption of DID systems.