Published Aug 10, 2022
By Qredo Team
What is Qredo Built on?
Qredo Network provides game-changing infrastructure for digital assets.
With asset security rising to the top of the agenda for many investors and builders, Qredo’s architecture offers an industry-leading custody solution for digital assets, with full flexibility and interoperability without sacrificing control.
Qredo’s groundbreaking decentralized Multi-Party Computation (MPC) encryption addresses the issue of private key risk by operating a decentralized, shared computation of the signature on a transaction.
But what is Qredo built on and which blockchain does the network use?
Here, we break down exactly what Qredo is built on and how it leverages innovative encryption techniques to offer secure cryptoasset storage to institutions and everyday investors alike.
How does Qredo work?
Qredo uses decentralized MPC to help solve one of the thorniest issues in cryptoassets: how to securely manage and store private keys.
The issue of private key theft or misuse has proved to be one of the trickiest problems for the market to address, particularly for institutional users which require multiple signatures to enact transactions for asset management or compliance purposes.
With Qredo’s technology, private keys are replaced with cryptographic secrets that are distributed between independent MPC nodes.
These nodes are stored on Tier 4 data centers distributed across global financial hubs with globally recognized safety standards, and controlled by the Qredochain.
That means that the Qredo Network is more tightly secured than other available solutions such as Multisig Wallets, with faster transactions, lower fees and interoperability across most types of blockchains.
What blockchain does Qredo use?
Qredo is built on Ignite (formerly known as Tendermint) architecture, allowing for instant transaction finality and lightning-fast settlement.
Qredo is unique in combining decentralized MPC with its own Layer 2 network, which adds governance flexibility and all-round usability without ever sacrificing its secure core.
What is decentralized MPC?
Decentralized MPC is the glue which binds the Qredo Network together.
The original concept of MPC was invented by Chinese computer scientist Andrew Yao and involves distributing the signing process between multiple computers.
That means that the system is more robust in protecting against private key risks compared to other solutions such as Multi-Sig networks.
And decentralized MPC takes that security further.
Click here to read more about decentralized MPC and why it is crucial for secure storage and transaction of cryptoassets.
Does Qredo allow dApps?
We are also frequently asked if you can build dApps on the Qredo Network.
The answer is a resounding yes!
Qredo will be an open network and the core cryptographic libraries are currently open-sourced through Apache Milagro.
Apache Milagro – launched by Qredo Co-Founder Brian Spector in 2016 – is a set of core security infrastructure and crypto libraries purpose-built for decentralized networks and distributed systems.
Qredo operates under the umbrella of the Apache Foundation. This opens our project to a vast network of contributors, and allows enterprises to license under the well-established and broadly used IP protection of the Apache License.
For the builders, we also provide an API to build apps on Qredo Network.
Contact a product specialist for more information or to apply for access.
Can you stake on Qredo?
Yes, you can stake QRDO tokens on the Qredo Network.
We are currently running two new auto-staking bonus programs for three month and six month deposits — allowing you to earn a total of almost 18% APY (Annual Percentage Yield) reward until December 31 2022.
Head over to our latest update to find out more about how to stake on Qredo.
What is Qredo (QRDO) token?
QRDO is the native token of the Qredo Network which runs on our Layer 2 blockchain.
The asset offers network users the incentive to transact, store and stake assets within the ecosystem.
It combines the characteristics of both governance and utility tokens which offers various methods of gaining rewards, helping distribute the value created among all network participants – not just network validators.
QRDO is available for purchase on both centralized and decentralized exchanges using Bitcoin, Ethereum or USDT.
You can read more about how to buy QRDO here.