Published Jan 19, 2023
By Qredo Team
5 Takeaways from our Conversation with the Web3 Foundation
Back in October 2022, Qredo welcomed Polkadot to its network, a Layer 0 protocol and multichain ecosystem founded in 2016 by Dr. Gavin Wood, Robert Habermeier and Peter Czaban under the stewardship of the Web3 Foundation.
Polkadot operates a blockchain that enables developers to launch their own interoperable projects on separate chains known as parachains. Polkadot’s first tranche of parachains went live in December 2021 and has since built a thriving ecosystem of over 600 projects across 28 parachains that can transact and operate with each other seamlessly.
Qredo is integrating with Polkadot’s coordinating chain, the Relay Chain, and supporting its native asset, DOT. The integration enables Qredo users to trade, transfer, and take custody of DOT on the Qredo Network with institutional-grade governance and security.
Qredo’s VP of Strategic Partnerships, Ben Whitby, recently sat down with Bill Laboon, Head of Education and Grants at the Web3 Foundation, the team that made Polkadot the ecosystem that it is today, to chat about the future of Web3, regulation and Qredo’s integration with Polkadot.
Here are five key takeaways on DAOs from our very first Twitter Space of 2023:
1. Doing away with a single point of failure
Remember back when losing your crypto meant simply wetting a piece of paper that had your seed phrase written on it?
We remember, and we’ve been working hard to ensure this doesn’t have to be the case. Part of our work with Polkadot involves ensuring that we no longer leave room for accidents to result in the loss of your DOT. Qredo’s technology and its role in ensuring funds are protected against single points of failure underpin our work with Polkadot, and the following takeaways from the Twitter Space.
2. The rise of digital money
Money is already being made digital, with cryptocurrencies and the rise of internet banking at traditional financial institutions being the most prominent evidence of this. Both Ben and Bill agreed that this might only be the beginning, and the increasing popularity of decentralized networks means that we may also see the rise of decentralized money among mainstream players, overshadowing traditional money.
Bill went on to explain that the decentralisation of certain technologies are already making waves. The Interplanetary Filing System, for instance, has already decentralized file storage and therefore ensures that data storage can be made inexpensive and more efficient. Similarly, Qredo’s technology decentralizes the private keys required to access currencies stored on our chain, such as DOT.
3. DAOs may begin relying on our crypto storage solutions
Self custody solutions such as Qredo’s will enable decentralized autonomous organisations (DAO) to focus on building compelling projects, leaving security and governance to Qredo’s technology.
This means that developers who aren’t well-versed in token security, governance and compliance can leverage Qredo’s technology to fulfil these outcomes while focusing on executing the projects they’re truly passionate about.
4. True democracy within DAOs
Under Polkadot’s traditional governance mechanism, only one referendum could be voted on at any given time. OpenGov, Polkadot’s second iteration of this governance mechanism, allows multiple referenda and empowers all members to propose and vote on decisions that involve the use of funds in their treasury.
OpenGov makes room for true democracy within these organisations — and with that comes the use of technologies like Qredo’s that ensure there isn’t a single person or entity that can access these funds without approval from all stakeholders.
5. We’re rethinking collaboration
Polkadot’s focus has always been to enable the creation of various chains on which developers can build their own projects and tokens that interact with each other. With time and involvement of a growing number of Web3 talent, these chains could form the building blocks of an even bigger ecosystem.
With this comes more complexity where governance and compliance are concerned, and Qredo’s technology is well-equipped to take this on while allowing developers to explore these new opportunities.
Here at Qredo we’re gearing up to launch more products and services that’ll enable you to scale up without compromising on the security of your funds. Check out our blog on WalletConnect, one of the latest tools in Qredo’s arsenal to learn more about how you can use Qredo with WalletConnect.