Qredo - Solving serious problems in asset protection

As the price of Bitcoin (BTC) has increased in recent months, it seems that public interest in the digital asset is once again on the rise. It's much easier for newcomers to enter the field today than it was for those who were in earlier days. Since 2017, we have seen institutional investment inflows, increased availability of crypto derivatives, and a host of new exchanges, custodians and wallets entering the market. .

However, the industry still lacks a fundamental competency, which is perhaps the most important barrier to new user adoption - securing funds. Even now, in 2021, exchange hacks are still a problem. If users are savvy enough to put their funds in a private wallet, the lack of effective private key security could mean they lose access to their funds.

However, digital asset security is evolving, and both custodians and exchanges can now benefit from the speed and security of multi-party computing or MPC solutions. MPC involves taking private keys, dividing them into parts (called shares) and storing them on separate servers or other endpoints. When a cryptocurrency transaction is requested, it can be signed instantly without exposing the pieces nor bringing the shares together.

Today I will bring a pioneering project in using MPC as security that is the project: QREDO

Qredo is a decentralized digital asset management infrastructure and product suite designed to open up new opportunities for institutional investors in digital assets and decentralized finance. Qredo's Layer 2 blockchain protocol allows users to seamlessly transfer and pay for bitcoin, Ethereum, and ERC-20 tokens. Assets are secured using Qredo's advanced Gen 2.0 Multi-Party Computing (MPC), providing tier 1 banking security and institutional-grade governance.

QREDO decentralized storage

Qredo offers a decentralized version of MPC, the technology that companies like Fidelity-backed Fireblocks serve to institutional investors to help them navigate major cryptocurrency exchanges.

MPC stands for multi-party computation. The basic premise is that those who secure their funds with MPCs don't have to worry about private keys or exchanging passwords, as the MPC handles all of that on their behalf. Think of it like the LastPass of crypto.

By decentralizing custody and securing it with MPC, it allows investors to trade cryptocurrencies between different exchanges without constantly logging in or working through a complex back-end system. complexity of electronic money. They can quickly execute more complex trades, allowing them to react to changes in the market.

There is no private key. In decentralized custody, signatures are securely mined through a consensus-driven MPC process, eliminating the critical attack vector of private keys.

Creditial. As a Layer 2 network, ownership can be transferred instantly on Qredo rather than through the slow and expensive underlying chains. This enables fast, low-fee payments between locations on the Network, allowing traders to make multiple plays across different locations from a single pool of collateral in the Qredo Wallet.

Follow . All transaction activity is recorded on-chain under immutable audit trails for easy reporting. Sender and recipient identities can be included for easy compliance with the Travel Rules.

Administration. This can scale to meet organizational needs through the appointment of unlimited transaction signers, with extended governance of assets wherever they are deployed; on trading platforms, DeFi protocols or on hold.

Display. All account balances and transaction data can be viewed in real time from a single interface.

Integration. Qredo's open source protocol enables users to innovate and connect with their existing technology through an API.

How safe is Qreodo?

By Qredo, it gives you full control and responsibility over your wallet, and the two-step process (initiating a transaction, then approving it through a custodian) provides an extra layer of security.

If your original words are compromised, then an attacker can try to restore your account to their phone - however, they still need access to your email account to verify the attempt restore

Qredo, you are also required to define a policy for "transactions" (1- or 2-way movement of assets on the Qredo network) and "withdrawals" (moving assets out of the Qredo network).

These policies are defined by creating a Qredo user group (your guardians) and a threshold (determining how many of your custodians must approve a transaction for it to be executed). This provides additional protection in the event your account is compromised.

All information about Qredo can be viewed here: https://www.qredo.com/new-blog/qredo-faq

Do you want to become a Qredo ambassador? : https://www.qredo.com/new-blog/are-you-a-qredonian

What is MPC Multi-Party Computing? https://www.qredo.com/blog/what-is-multi-party-computation-mpc?hsLang=en

What makes QREDO stand out from other projects

• Qredo solves immediately eliminating cumbersome processes of other protocols when its average speed is greater than 10 minutes

• Qredo uses secure MPC technology. Instead of hacking a single machine and walking away with the private key, hackers would need to compromise all the machines in the MPC Network, and each MPC node is housed in a highly secure Tier 4 data center.

• Transactions on Qredo netwotk are completely private. Since transactions on the qredo network are not linked to the base chain through blocks like on bitcoin or eth, they cannot be traced.

• Accessing your assets on Qredo Wallet is at your sole discretion. Qredo does not hold any keys or mnemonic phrases from your wallet.

WEBSITE: https://www.qredo.com/
TWITTER: https://twitter.com/QredoNetwork
LINKEDIN: https://www.linkedin.com/company/qredo
TELEGRAM: https://t.me/qredonetwork
DISCORD: https://discord.gg/bgVPvf6
GUTHUB: https://github.com/qredo


Author:
Telegram: @Voicemance
Email Quedo: [email protected]


#Qredo #MPC #Blockchain