What is QREDO network?

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QREDO

Launched in 2018, Qredo is a layer 2 decentralised custodian protocol.

The platform helps safeguard users' digital assets by leveraging multi-party computational technology (MPC) across multiple blockchains.

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Let's go through the Qredo protocol in greater detail.

What is Qredo?

Qredo is a layer 2 decentralised custodian protocol that aids in the management of private keys through a robust blockchain network.

The platform makes use of multi-party computation, or MPCs, to decentralise private key management and thereby create a fully decentralised custodian platform that safeguards users' digital assets with ease and simplicity.

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Qredo effortlessly records the details related to the ownership of a digital asset for a user on a distributed ledger and later deploys consensus-driven multi-party computation (CD-MPC) to auto-sign transactions in a secure manner.

The automated signatures make it easier to transfer assets across blockchains without additional risks, including dangers related to theft and hacks.

The protocol also helps eliminate the need for a centralised custodian platform for private key management as they can be prone to data hacks and theft.

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An example of a centralised custodian platform would be a cryptocurrency exchange.

While Qredo's layer 1 network records details related to the ownership of a crypto asset, the protocol's layer 2 assists in digital asset tracking and transaction settlements with the help of the CD-MPC network.

Qredo also possesses a layer 3 chain built on top of its layer 2 which acts as a 'duplicate network'. This network handles all necessary communication between the chains, including storing and maintaining audit data for pre-trade communications.

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QREDO

Qredo's native token, QRDO, serves as a utility and governance token for the protocol. Holders can earn crypto rewards by staking their QRDO tokens.

Learn about other popular cryptocurrencies: Quant (QNT), Polygon (MATIC), Chainlink (LINK) and AllianceBlock (ALBT)