Exciting developments are afoot in the world of crypto custody, with Qredo recently unveiling its next-generation API. Qredo's API v2 network represents a significant advancement for securely powering automated use cases at scale across the web3 landscape. Providing unmatched control, customization, and extensibility, this blog post delves into the transformative capabilities at the core of the next-generation Qredo API v2 network.
Customization at Its Core
Central to Qredo's API v2 network is the ability to customize approval logic, enabling critical precision in digital asset management. This innovation proves transformative for those seeking heightened transaction control, efficiency, and speed in their workflows. Governance, synonymous with approval logic, is a vital element in automated digital asset solutions. Qredo offer a suite of tools, empowering institutions with fully customizable business logic. This enables high-velocity automation while maintaining fine-grained controls over governance logic.
Understanding the Mechanism
Qredo's innovative approach is anchored in its dMPC (distributed Multi-Party Computation) technology, combined with its on-chain transaction policies that govern all transactions. These policies are defined by members and thresholds, setting the number of approvals required for a transaction to execute. Policies offer the unique flexibility for inclusion of both human and programmatic approvers, bridging the gap between automated efficiency and human oversight.
Automation with a Twist
A common request from Qredo API users is the capability to automate governance decisions based on specific conditions. Enter the world of Signing Agent, an open-source tool that epitomizes this automated logic. Operable in various environments, the Signing Agent uses an API key to partake in any policy. It can be programmed to approve or reject transactions outright or govern transactions based on predefined conditions.
Smart Approval Logic
To illustrate these concepts, we've prepared a practical example, complete with comprehensive documentation on our GitHub and an informative tutorial video. Imagine a scenario where a transaction on a Testnet chain is automatically approved, but any action on the mainnet is instantly rejected. This nuanced control is made possible via rich web3 metadata available to the Signing Agent, covering transaction types, network details, amounts, gas fees, and even the context of the transaction such as initiator and timing of the transaction initiation.
Building Your Custom Logic
Security, control, and customization converge to empower institutions of all sizes. Users can precision-craft approval logic, setting thresholds for automatic approvals and establishing time-based conditions. For instance, transactions under 1 ETH on the Ethereum mainnet may be auto-approved during specific hours, ensuring a balance between speed and security. This adaptability allows layered logic, seamlessly integrating automated efficiency with manual oversight when necessary
The Future is Here
The potential of Qredo's next-generation API is boundless, opening up a world of possibilities for digital asset management. We encourage you to explore these functionalities firsthand. Dive into the example approval logic described above, tutorial videos or connect with the Qredo team for a deeper understanding. The future of transaction approval is here, and it's yours to shape.