The Qredo Protocol - Explanation about multi-party computation (MPC)

If someone steals your private key or cracks your crypto exchange password, what happens to your assets >? Anthony Foy, CEO of London-based Qredo, said this current threat prevents institutional investors from investing large amounts of money in cryptocurrencies.

“The current surveillance models have been fundamentally broken. Organizations must choose from retail wallet solutions, vulnerable centralized databases, or cold storage — often shared among multiple employees. These solutions are not fit for purpose.

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.

First, Qredo wants to completely decentralize. Fireblock's MPC technology is now centralized, by industry standard. In contrast, Qredo MPC nodes are distributed on a decentralized network, and the protocol will eventually be managed through a DAO or decentralized autonomous organization. A community of validators oversees activities.

Next, Qredo allows anyone to transact on blockchains without having to resort to wrapped assets (like Wrapped Bitcoin, an Ethereum-based synthetic version of Bitcoin that maintains a peg to Bitcoin) . This reduces complexity, says Foy, while avoiding the risk that the wrapped Bitcoin could one day be messy.

“So, without creating any kind of additional vulnerability or operational complexity to the asset, you and I will be able to swap Bitcoin for Ethereum without having to include it in a contract.” smart,” he said.

Qredo also does all this on Layer 2 technology, which means transactions are, in effect, processed across 32 nodes in 4 data centers scattered around the world. This reduces some of the hefty transaction fees levied on cryptocurrencies right now, but sacrifices some decentralization (at least for now).

“Moving to a completely decentralized network can be a very unforgivable exercise, so we are taking all the precautions because the idea is that there will be a lot of money running through this network

To date, Qredo has raised a total of $14.5 million for an angel orb and three seed rounds, most recently an $11 million orb in Might.

Among its top buyers in the latest sector: Spartan Group, co-founded by former funding bankers turned VCs Melody He and Casper B. Johansen; 1kx, fund focused on early stage crypto initiatives; and GSR Ventures, an agency based by former doctors and engineers with $3 billion under management.

Earlier this month, the company began touting its utility and governance token, QRDO, raising $35.5 million in funding — about half of its total personal revenue, and the rest shortly after. when the transaction is sold to the public.

The main staff also includes Josh Goodbody, the working director, who previously enhanced EMEA operations for Huobi International and Binance before becoming a member of Qredo earlier this 12 months.

Qredo is about to enter a crowded market, competing with technology service providers such as BitGo, Ledger Vault, Aegis and Anchorage and custodians Fireblocks and Metaco. A report in May from enterprise blockchain analytics agency Blockdata estimated that 20% of bitcoin supply was misplaced or stuck in wallets.

“The flexibility to be interoperable, to be able to exchange assets between one party [exchanges with] the other is in fact quite advanced, expensive, gradual, and it requires an operational burden. huge impact on contributors. And, you understand, institutional buyers, regular organizational buyers, simply wouldn't see that as a way of doing things,” said Foy. “And in that order that is where we really start – how are we going to overcome this downside of fragmented market-wide liquidity without compromising the fundamental security of the best way? in which the property is held.”

In a single case, he describes a dealer pursuing arbitrage with $100 million in wallets on five completely different exchanges. Pre-funding each of these wallets means that the maximum bet that can be placed on any type of exchange at a time is $20 million, not $100 million total.

Qredo's off-exchange custodial answer creates a pocket with the right to scan, withdraw funds from opposite exchanges to fund an all-in-one bet on one of the best alternatives without having to make any threats to your credit score.

Qredo is currently live as a validator on its main network, however, a third-party validator will be available at the end of this 12 months. They embody Genesis, Galaxy, Celsius and Deribit. The plan is to run the community with third-party validators until Qredo employees are satisfied with efficiency, safety, and operations, and then move on to a completely decentralized community under governance. management, ownership, and governance of a DAO.

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: @FullnameHit
Email Quedo: [email protected]

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