Qredo: a new approach to decentralized custody of digital assets


Since the birth of cryptocurrency, investors and businesses have faced the threat of theft and malicious behavior, as well as all kinds of other risks in the process of trading digital assets.

According to media reports in recent years, nearly 99% of large-scale cryptocurrency thefts have occurred due to unauthorized access or outright theft of a private key. This has led many traders from self-guarding to centralized guarding.

But the main problem with the centralized custodian is that it deprives merchants of control over their digital assets because they do not have access to the private key of the wallet which is under the control of the custodian. Even with most multi-party calculation (MPC), there is always a counterparty risk.

To completely decentralize the management of private keys, the Qredo team came up with the idea of ​​exploiting MPC on a blockchain network to create decentralized guard.

Ownership of a crypto asset is recorded on a distributed ledger, and a Multi-stakeholder consensus-driven calculation The protocol (CD-MPC) is used to securely sign transactions, enabling the transfer of portable property rights between chains over a Layer 2 network without counterparty risk.

Qredo is a new approach to digital asset custody that gives centralized custodians the opportunity to grow their businesses and maintain relevance as the world moves towards a decentralized infrastructure. These centralized custodians can use their existing infrastructure to run Qredo clients that generate custodian approval transactions, and in turn deliver personalized, programmable governance and compliance flows to their clients.

Referring to the voting power in Qredo tokens (QRDO), Qredo can be thought of as a delegated proof of stake blockchain system where QRDO holders can add their balance to a validator’s balance in exchange for some of the rewards. of the validator. receives to validate new blocks.

To further expand its global reach and help it realize its vision, Qredo Token will be listed on LBank Exchange, where the QRDO / USDT trading pair will be available for trading at 11:00 p.m. (UTC + 8) on November 18, 2021, investors. who are interested in Qredo investing can easily buy and sell QRDO on LBank Exchange by then.

The network is the safe

The secure transfer, loan or atomic exchange of crypto assets between parties is achievable through Qredo’s decentralized settlement network, which has many advantages for its users over other systems in use today.

Turning the network into a vault, Qredo uses a distributed ledger to record the ownership of a Layer 1 crypto asset, which is represented by a synthetic token / wallet combination on the Qredo blockchain that maps exactly one value to one with the portfolio of the asset on layer 1 blockchain. In other words, if a Qredo synthetic BTC wallet has 10 BTC deposited, 10 qBTC (the synthetic counterpart of the real asset) is issued on the next block and will appear as deposit in the merchant’s qBTC wallet. The Qredo network is still solvent.

Qredo combines a fast-purpose blockchain (Layer 2) for the tracking and settlement of digital assets with a CD-MPC network and an end-to-end secure and encrypted decentralized conversation replication network (Layer 3) to manage everything from machine-to-machine communications to store and provide an audit trail for regulated pre-trade communications.

The combination of layers 2 + 3 and enterprise-grade integration libraries allows companies to quickly integrate Qredo into their front, middle and back office applications.

What Qredo offers

Qredo Network is the perfect complement to DeFi protocols and applications enabling rapid adoption in financial companies that need to comply with compliance and governance workflows as part of their trading and order execution strategy. It will also offer the ability to implement OTC dark pools, trade on margin via exchange integrations, mint derivatives (qTokens), and more.

Designed and developed by seasoned cryptographers, cybersecurity leaders, blockchain technologists, high performance application creators and capital market entrepreneurs, with key features such as compliance automation, CD-MPC, easy application development, transaction secrecy, always verifiable and a secure enclave, Qredo’s design offers the best security of digital assets through decentralization, multi-party compute and advanced encryption protocols, economic security and incentives, as well as the thoughtful use of the best infosec technologies.


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