Published Mar 30, 2022
By Qredo Team
Qredo Use Cases – A Simple Introduction
As crypto makes its way into the mainstream of global finance, there is growing demand for institutional-grade infrastructure capable of realizing the decentralized promise of digital assets, while retaining strong security and usability.
That’s where Qredo comes in, bringing a state-of-the-art decentralized multi-party computation (decentralized MPC) infrastructure that meets the needs of both multinational institutions and individual investors.
Here are 5 important ways that Qredo Network can be used:
1. Crypto custody
The issue with currently available crypto custody solutions is that they all share a single point of failure: The private key.
When you custody assets with a centralized provider, they are no longer fully under your control and instead come under the authority of a third-party.
As the old saying in crypto goes: not your key, not your coin.
With Qredo’s solution based on decentralized multi-party computation, you get all the benefits of traditional custody solutions — including institutional-grade controls and multi-user access — but without ceding control of the assets entirely to another party.
That’s why we say, #The Network is the Vault
2. Digital asset governance
Investment funds and other large-scale institutions often have complex governance requirements, making confidence in custody solutions a top priority.
Governance is the system and standards by which an organization manages its crypto asset operations. Transaction management, compliance, and administration are all elements of good digital asset governance.
Qredo provides all the governance functionality required by organizations looking for a secure digital asset custody solution that can map to their operational footprint. This includes different role types depending on the authority of individuals using the account, audit-ready reporting, and the ability to assign permissions to licensed custodians, as needed.
With Qredo’s decentralized MPC, institutional users are also relieved of potential worries about the loss of cold storage devices or private keys by employees. In addition, there is no need for third-party disaster recovery protocols if a portion of shared keys goes missing.
3. Easy, secure access to DeFi
Guaranteeing the security of your assets under custody is one thing, but interacting with the rich and complex world of decentralized finance swiftly and with low costs is another.
For institutional users, Qredo recently launched an exciting partnership with Meta Mask Institutional (MMI) — offering professional investors simple, secure, and compliant access to decentralized finance and Web3.
The integration allows users to transact and access dApps from a single crypto wallet across the whole Ethereum Virtual Machine ecosystem, with supported chains including Ethereum, Binance Smart Chain, Polygon, Avalanche, Fantom, Arbitrum, OKEx Chain and more.
MMI is one of only a handful of crypto wallets on the market to offer institutional grade access to the world of DeFi. Qredo provides a supporting security and governance layer, super-charging this transformative technology.
4. Crosschain swaps
Crypto is nothing without the interoperability between chains, and Qredo has built a custom platform to allow users to trade swaps over the counter between different cryptoassets while bypassing the need for a centralized exchange.
Users can make atomic swaps between chains on the Qredo Network at a low cost of 0.5 bps per transaction for both the Maker and Taker.
Qredo runs on a Layer 2 blockchain infrastructure, which helps to address the scalability and cost issues which can hamper the usability of traditional platforms such as the Bitcoin chain.
5. Travel Rule compliance
The FATF Travel Rule is going to be a big focus point for organizations dealing in digital assets.
You can read a good introduction to the new regulation here.
In a nutshell, it’s an international anti-money laundering directive that requires all Virtual Asset Service Providers (VASPs) to share identifying information — including name, address, and national ID numbers — for the originators and beneficiaries of digital asset transfers.
This year, Qredo will launch the first in-band Travel Rule Solution for regulated companies, enabling Virtual Asset Service Providers to more efficiently comply with the new rules. Watch this space.
And much more to come... 🗺️
As revealed in our recent Qredo roadmap update, this year Qredo will launch a number of new features including:
Stable Coin Minting
Block Explorer
Fiat On-ramp
Click-to-Cover Insurance
Exchange API Integration
Liquidity Mining
Utility Mining
As Qredo evolves, it will also support a wide range of trading and DeFi activity. Here are some examples of exciting dApps that could be built on the network in the near future.