The annual EthCC Week in Paris is often regarded as the "hotspot" for all things blockchain, a melting pot of ideas, innovation, and future-focused dialogue. This year, Qredo was not just an attendee, but an active participant in the hustle and bustle of the crypto cosmos that unfolded across Paris.
The experience was a fantastic hands-on, in-depth involvement with our ecosystem peers. We're proud to reflect on our journey as a sign of our commitment to engaging, collaborating, and building with others across the space.
Qredo were glad to sponsor the Modular Summit this year, a major event held in Paris over July 21-22. The conference saw a gathering of visionary builders and leaders at the forefront of the modular blockchain revolution. This included some of the most well-known figures in the field, including Mustafa Al-Bassam, Co-Founder of Celestia Labs; Sandeep Nailwal, Co-Founder of Polygon; Vitalik Buterin, Founder of the Ethereum Foundation, and many more.
The agenda encompassed a wide range of topics reflecting the diversity and dynamism of the blockchain world. Chris Goes, Co-Founder of Anoma, Georgios Konstantopoulos, CTO & Researcher at Paradigm, and Tina Zhen from Flashbots were among those presenting their unique perspectives and expertise.
As the blockchain space continues to evolve, events like the Modular Summit provide an invaluable platform for the leading minds in the industry to come together, share knowledge and discuss the future of this technology.
With the backdrop of the iconic Eiffel Tower, Paris was abuzz with the energy of CryptoEconDay 2023, a major event bringing together the brightest minds in the crypto space. The highlight of the event was undoubtedly the presentation by Ulla Rone, Director of Global Growth at Qredo, who spoke about Qredo's newly announced tokenology, a notion that encapsulates much greater depth than mere tokenomics; including stakeholder alignment, social good, incentives, network security, active community participation, and equitable distribution of network costs and rewards.
In her address, Ulla focused on groundbreaking changes designed to optimize the functionality and growth potential of Qredo Network.
Key features of QRDO Tokenology include a transition to Federated proof-of-stake (FPoS), requiring users to lock their tokens to receive rewards, as well as the creation of two staking funds: an Ecosystem Fund and a Staking Support Fund. The Ecosystem Fund will serve as a primary repository for Service Fees, with a unique market-driven staking reward release function. The Staking Support Fund is designed to support and incentivize early adopters to join as validators in FPoS.
Ulla also reintroduced Protocol Fees, which make QRDO an essential element for operating and using the Qredo Protocol, as well as Service Fees, which are required to use the Qredo Application. A portion of Service Fees will be “tipped” into the Ecosystem Fund to support staking and all Protocol Fees will be burned to act as a disinflationary mechanism on QRDO.
In an effort to reduce market uncertainty and ensure a balanced and sustainable economic model, Ulla also announced the allocation and vesting of the outstanding QRDO token supply to a number of funds dedicated to the growth and development of the ecosystem. This allocation also includes the burning of 160 million QRDO tokens.
At the heart of the new tokenology lies a strong emphasis on community governance. To ensure open dialogue and community involvement, we have now launched our Qredo Community Governance Forum for discussion around important protocol-related topics and a dedicated platform for QRDO holders to vote on formal Qredo Protocol Improvement Proposals (QPIPs).
CryptoEconDay 2023 was an inflection point in the evolution of the Qredo ecosystem and a testament to our commitment to ongoing innovation for the benefit of all ecosystem stakeholders.
We were fortunate to share thoughts with some of the brightest minds in the blockchain industry, such as Sandeep Nailwal, the Co-Founder of Polygon. With the Sui Wallet hacker's house lending a constructive builders' atmosphere, we spent considerable time discussing our latest creation, QSign. This new solution has been integrated with the zkEVM Polygon chain, a new and unique addition to the Polygon family.
Our commitment to interoperability was further highlighted when our team attended Osmocon and Cosmos On Y Va. The reception of our new tokenology, as well as the evolution of Qredochain to connect with Cosmos, had us feeling more welcomed than ever into the Cosmos family.
Interoperability and modularity emerged as key themes during EthCC Week. The focus on these themes aligns with our vision at Qredo, as we believe that isolated efforts will not bear sustainable results in the complex world of crypto.
Celestia, an intriguing project focusing on a modular, scalable blockchain architecture, seriously piqued our interest. The tech presented by Celestia looks very promising and aligns with our belief that the future of blockchain is in synergy, not in solitary.
EthCC Week was ripe with opportunities to meet with other projects like Bancor, Arbritum, Lido, and Filecoin. Their interest in exploring Qredo integrations and utility fueled our motivation to continue pushing boundaries in the blockchain space.
Our discussions centered around key areas like dMPC custody, secure multi-party computation, and the optimization of crypto wallet experiences.
Despite the dizzying pace of EthCC Week, the takeaway was clear – the future of blockchain lies in collaborative efforts that prioritize modularity and interoperability.
Join us as we continue to shape the future of DeFi wallet security, crypto portfolio management, and blockchain innovation, one interaction, one conference, and one solution at a time.