Published Jul 5, 2021
By Qredo Team
Qredo Network will transform the way institutions hold and manage their crypto. But it can appear complex, with many different dimensions to explore.
To help you get an understanding of this multifaceted project, here are 10 things that every good Qredonian should know 🤓
1. Qredo Network is live!
Qredo Mainnet went live in November 2020. The protocol is fully audited, verified, and insured -- and growing fast!
We're busy onboarding institutional investors and the Network Partners that will contribute to making Qredo such a rich crypto ecosystem. During our recent seed round and private token sale, we attracted strategic investors such as Derbit, Celsius, Coinbase and Nexo who will also be building on the Network.
2. Qredo helps you sleep better (scientific fact)
MPC is the biggest cryptographic breakthrough since the invention of public-key cryptography nearly 50 years ago. It enables a decentralized, shared computation of the signature on a transaction — with no need to create a whole private key that then needs to be stored in a wallet or centralized database.
MPC is just one of Qredo’s seven lines of digital asset defense.
3. Qredo unlocks value in a multichain universe
Cross-chain liquidity and lightning-fast settlement are a knockout feature of Qredo’s Layer 2 Network — enabling institutions to do more with their crypto.
Crypto denizens know well the inefficiency of leaving liquidity split between hundreds of trading venues, different blockchains or locked away in wallets. No longer! Qredo’s L2 Network acts as an immutable asset registry, enabling instant cross-chain interoperability and settlement on supported blockchains. Say bye-bye to Layer 1 fees and delays.
4. Qredo solves crypto for Institutions
Institutions wanting to scale their crypto footprint have been forced to rely on solutions that are not fit for purpose. Qredo’s radical new infrastructure addresses this in three key areas:
1. Institutional-grade custody via Qredo’s secure, decentralized MPC.
2. Greater control over how to manage and deploy crypto assets -- including access to DeFi opportunities and the ability to trade & transfer assets instantly.
3. Unrivalled governance and reporting features, allowing institutions to customize their custody set-up and respond to whatever compliance rules the regulators introduce next.
5. Qredo is built by a uniquely talented team
Qredo boasts a world-class team of cryptographic wizards, startup veterans, legal specialists and blockchain developers with decades of combined experience.
CEO Anthony Foy is an expert at leading frontier tech companies, and has multiple successful exits under belt. His co-founder Brian Spector spent two decades heading up a global enterprise cryptography and cybersecurity firm. Josh Goodbody, formerly at Binance, recently joined the team as COO, bringing his project-scaling expertise.
6. IMPORTANT - Qredo stays true to Satoshi's ethos
Qredo extends Satoshi's Bitcoin ethos to private key management -- completely removing the need for trusted 3rd parties.
Satoshi identified trust as TradFi’s fatal flaw and responded by eliminating it from transactions with Bitcoin. However, he left centralized private keys on the table.
Qredo iterates this to the next level, using MPC to apply Satoshi's peer-to-peer philosophy to private key management. As Qredo Network grows, we will fully decentralize the storage and management of keys over a trustless network. Stay tuned.
7. Qredo offers a unique user-centric token model
It’s time for a new tokenomics model -- one designed specifically for middleware protocols.
Qredo’s groundbreaking token model rewards all Network participants - not just liquidity providers and validators. It achieves this by fusing the features of “utility tokens" and “governance tokens" to create a user-centric model that incentivizes Network adoption and utilization by all Network members, from traders to treasury teams holding their crypto on Qredo.
8. We’re gonna be a DAO!
Qredo is embarking on an evolutionary path that will see it become an independent decentralized life form.
The journey to decentralization begins with the launch of the QRDO token, and ends with the network becoming completely owned and operated by the community through a Decentralized Autonomous Organization (DAO).
9. You may be saying it wrong...
From Kray-doh (like the beloved children’s toy Play-Doh), to Credo (rhyming with ghetto), and even Querido (meaning darling in Spanish), there are many different ways to pronounce and spell Qredo.
So how should you be pronouncing Qredo? You can pronounce it as you like, but most of the core team say Qredo as Kreedo, to rhyme with Torpedo or Tuxedo.
10. There’s more to come - including TraderChat!
The amazing support we’ve had from investors gives us the resources to achieve our roadmap and keep building.
Watch out for the launch of Qredo’s encrypted Layer 3 Network. This game-changer will enable secure communication between traders and the easy sharing of transaction data to meet compliance needs. Version 2.0 of the protocol next year will bring a fully decentralized custody network, with independent validators, market makers and liquidity providers. Qredo will keep growing as crypto evolves. We’re also expecting Network members to build a range of exciting applications as they integrate crypto into their daily workflows. Learn more: Download the Qredo White Paper