Qredo is a project that helps users manage their digital assets using high security and connects layer one blockchain networks. It gathers them on blockchain layer 2 of Qredo. The project developers want to help and support traders and institutions to have peace of mind when they trade their assets. They usually trade their assets in DeFi decentralized financial markets.
Qredo is a layer two decentralized crypto-asset protocol. It includes several built-in rules and governance models which create a consensus mechanism. There is layer three on top of layer two that supports decentralized communication. It allows the communications to replicate across all parties instantaneously and provides end-to-end encryption for privacy and security. Such communication can take place between machine-to-machine and human-to-human as well as machine-to-human too.
Using a decentralized communication protocol, layer two protocol can reach its full potential. Layer 3 is an independent layer that is used to offload any unrelated communication. Layer 2 must provide an effective solution for traditional financial institutions that want to join or develop DeFi protocols. It uses a multi-party computation that helps create segregated deposit addresses and eliminates the risk of private keys that might get stolen. Transactions are also signed through MPC nodes through a secure consensus-driven workflow.
This protocol design, from the consensus layer to the digital asset and economic security design, is provided because the entire network eliminates all risks. These risks include credit risks for liquidity providers, market makers, and traders. The information displayed on the Qredo block explorer and layer one is balanced 1:1.
Features of Qredo:
There are several features of Qredo. Some of them are discussed below:
- No failure
Qredo is on a clear roadmap to become a fully decentralized and autonomous organization. It is designed and architected to enable the participants to remove any single point of failure. Decentralization is a key to Qredo's ethos.
- Robust and secure
There is no usage of intelligent contracts and wrap tokens here. Layer 1 private keys are never guaranteed as it is a pioneering technology. In every step of the Qredodevelopment process, security is built into every step.
- Layer 2 network
You can move the assets at a fraction of the costs inherent to the layer one network. The Layer 2 network allows greater flexibility and speed of transactions and interoperability with the layer one network.
- Putting assets to work
Qredo uses a single blockchain that records the ownership of digital assets on other blockchains. It means that you can send and receive any asset to or from any other Qredo member at an instant and cheap rate.
- Transparency of assets
It is designed as a fail-safe solution to liquidity. It means that you can always trade-in the assets which are enabled. Ownership of layer 2 funds can be verified anytime due to the integrity of the Qredo network. Layer 2 funds are directly equal to layer 1 funds which back them.
- Custody rule combinations
The most comprehensive possible range of scenarios and combinations is tailored to custody rules. The granular transaction is available on every transaction or withdrawal. It ensures access to funds that can be provided in case of death or injury.
- Ultra-fast settlement
Tender mint technology enables the settlement and delivery of assets on underlying blockchains. It happens in less than one second. The main culprit that helps hackers steal users' assets includes the message lines containing the account information. For this purpose, the developers of Qredo implement message encryption to protect the assets to the maximum. Qredo has an integrated matrix which is a decentralized messaging architecture.
Functions of Qredo
The functions include the controlled decentralized asset custody:
- The company authorization and decentralized control
- Multi-asset fund management and DeFi control panel
- Third-party hosting and self-managed.
Other than this, decentralized RFQ system analysis and credit facilities are also included:
- Instant transfer and liquidity pool access
- Cross-chain atom swap
- Automatic net worth settlement
- Chat with P2Pool traders
Rules of decentralization are also included:
- Auditing, verification, and insurance
- Storing immutable records of transactions and messages
- Customizable reports
The problem which Qredo will solve
- The functioning OF financial markets is hindered because the digital asset economy suffers from many structural problems. It is leading to a lack of liquidity.
- Transaction confirmation times are slow. It results in trading and credit operations requiring up to 100% of capital being locked.
- Due to security holes, attacks on projects in the crypto-currency industry are happening as transaction fees are too high.
- Lack of enterprise-grade infrastructure hinders the more prominent capital market players from entering the crypto market.
Reasons for excitement related to Qredo
Tendermint is a fast-finality consensus engine that is tuned to handle thousands of transactions per second. Qredo includes a layer two-state chain transferring and recording the asset ownership across different layer one blockchains.
The MPC network that is Consensus multi-party computation connects layer one blockchain intending to eliminate digital asset theft. This network includes programmable governance and workflow. In-built security changes and access to DeFi smart contracts are also included.
Qredo is cryptographically linked to transactions on the Qredo network and enables encrypted private communication. It is integrated with the Matrix network. This layer of messaging enables the unique applications to build on Qredo and includes trader chat. It allows the traders to buy and sell straight from their favourite chat software.
Future of Qredo project
Qredo is a decentralized asset custody service. It fully meets the enterprise-class requirements to help businesses safely participate in the cryptocurrency market. Qredo Project held a public sale on the Coin list platform that is a hot token issuance platform. It believes that the selling price of QREDO tokens will show good growth potential compared to the public sale price. Qredo as a decentralized authority is merged with a matrix network. It is an architecture for decentralized messaging. It cryptographically enables encrypted private communications to link all the transactions on Qredo network. Qredo does not allow building unique applications just like Trader Chat. It allows the purchase and sale directly using their favourite chat software. Qredo bridges the institutional finance with DeFi. from corporate treasures with infrastructure which can be helpful in meeting institutional standards.