QREDO — Solutions address barriers high transaction fees and the limited processing

With cryptocurrency prices at all-time high levels, investors and custodians like digital asset exchanges and institutional funds are becoming increasingly concerned with the security measures they implement to safeguard their assets.

In 2020, billions of dollars were stolen from exchanges and over $150 million from DeFi protocols. The $275 million Kucoin hack for example happened because private keys became compromised. In the last 2 weeks alone PanCakeSwap, Paid Network, Roll and Cream.Finance were compromised, totalling millions of dollars.

As a result, the strongest possible wallet and transaction encryption and security technology is now quickly becoming a must-have, instead of a luxury, for digital asset custodians. One of the best strategies to protect your assets is to use multi-party computation (MPC). Recently, A new platform called QREDO has solved all of the above problems. Today we will learn about it together

1: TEAM QREDO

Anthony Toy, CEO, veteran of digital technology and serial entrepreneur. He has over 20 years of experience in developing venture capital companies and 4 successful exits

The members of QREDO are all senior leaders of famous projects and organizations in the market such as Celsius Network, Deribit, CMS Holding,…

2: About the project

Qredo uses a novel blockchain protocol that enables users to access cryptocurrencies on Layer 1 blockchains, such as Bitcoin, and Ethereum over a Layer 2 network. This innovation allows users to securely participate in new DeFi innovations such as accessing ‘cross-chain’ liquidity pools, trading collateralized derivatives, and executing cross-chain atomic swaps.

Qredo has built the first decentralised trustless MPC custodial network. This allows Qredo to deliver fast, low cost native cross-chain swaps and settlement. Qredo bridges the multichain universe with cross-platform liquidity.

3: Benefits and Advantages of Qredo

• Fast Finality Blockchain: Assets will be recorded at Layer 1 and immediately “unlock” liquidity on the Qredo blockchain — which can process thousands of transactions per second.
• Consensus MPC Network: The MPC network will completely eliminate theft (hacking) through consensus mechanism.
  Encrypted Messaging: On Layer 3, Qredo will support the application to transmit information in an absolutely secure way through an encryption mechanism.
• Client and Partner API: Qredo allows partners to connect to the database through the API so they can integrate Qredo in their platform. In addition, they can also be customized with a flexible architecture to serve different needs.

4: Qredo gave 7 ways private keys have been compromised (and how you can protect yourself) and how to deal with them Here

5: Qredo’s 7 Lines of Defense

• Snake in the Monkey Shadow
• First Line of Defense: MPC
• Second Line of Defense: Multi-User Authority
• Third Line of Defense: Qredo Blockchain
• Fourth Line of Defense: Global Node Distribution
• Fifth Line of Defense: Tamper-Resistant Hardware
• Sixth Line of Defense: Test and Audit
• Seventh Line of Defense: Insurance

6: Reasons to choose Qredo

• Instant settlement
• Unprecedented security
• Clear transaction records
• Privacy
• Flexible governance
• Maintain senior claims

7: Conclude

The Qredo protocol is a Layer 2 decentralized custodian protocol with compliance and governance controls built-in to its consensus mechanism. On top of the Layer 2 exists a Layer 3 decentralized communications plane that enables conversations to be replicated across all peers instantaneously, yet provides built-in end-to-end encryption for privacy and security.

Author:

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