Published May 18, 2022
By Qredo Team
Layer 1 Integrations: What They Mean For Qredo
A significant chunk of Qredo's intellectual firepower is dedicated to this task, and we will continue until we have almost completely connected the crypto universe.
This post explains why each new integration represents a critical stepping stone in Qredo's mission to provide scalability and interoperability.
Why are Blockchain Integrations Important?
Scalability and interoperability are two of the biggest challenges facing crypto. Layer 1 blockchains are not only typically congested and slow, but they are siloed — meaning assets can't easily be moved between them.
As a Layer 2 solution, Qredo helps scale Layer 1 blockchains by processing transactions away from the underlying chain without compromising on security and decentralization. And, unlike most other Layer 2 solutions, Qredo is crosschain and will ultimately be compatible with 95% of all blockchains.
Thus with each new chain that Qredo integrates, users of that blockchain can store and transfer assets efficiently on Qredo Network, and also swap assets across other supported chains using atomic swaps.
Through Qredo Web3 wallets — which will be equipped with WalletConnect (coming soon) — each new integration will also give Qredo users secure access to DeFi protocols on that chain.
The Technical Challenge
Because Qredo is a decentralized network, integrating chains is not as simple as it might be with trusted centralized wallets and exchanges, which would simply spin up their own nodes to support new chains.
On Qredo, each new blockchain needs to interface with the Qredochain. Achieving this is a technical challenge that involves resolving incompatibilities and reconciling the coding quirks and consensus mechanisms of each chain.
However, once the journey to decentralization is complete, Qredo will act as an independent trustless hub for blockchains to interact with each other without counterparty risk.
The Endgame: All chains. One wallet.
As we integrate new chains, Qredo is also embarking on the process of recruiting independent validators to run Qredo Network.
Combined, these two processes will ultimately create trustless interoperability; the full realization of blockchain's promise to remove trusted third parties from finance — even when moving assets across chains.
On Qredo, this interoperability will enable the seamless trustless transfer and trading of all different crypto assets across chains, and the creation of dApps that draw from a pool of shared crosschain liquidity.
From your Qredo Wallet, you will then be able to manage, store, trade, transfer and swap assets across all chains.