Open Custody Protocol (OPEN) news

What is Qredo (QRDO)?

According to the website, Qredo is enabling technology to create the future of digital asset business and allowing stakeholders to participate. The Qredo protocol and code cannot be held by any one party, as the token's foundation is based on community. The Qredo network is powered by an open and decentralized web of Qredo validators that utilize multiparty computation (MPC) protocols. These protocols oversee user market activity, verify transactions, and vote on new blocks.

How does Qredo (QRDO) Work?

Qredo is a network that aims to address the challenges faced by established financial firms when entering the DeFi space. It offers an open protocol that is continuously updated with the help of its DAO and community. Qredo seeks to provide a decentralized infrastructure with programmable management to promote asset custodian acceptance or allow easy self-custody for digital asset dealers.

The key point is that Qredo is not a threat to the centralized custodian's business standards. Instead, it aims to provide an option for centralized custodians to expand their business and remain relevant as the world adopts decentralized infrastructure. Qredo developers work with a 'network is the vault' ethos in mind, which means that the token's protocol aims to support asset ownership privileges on a decentralized ledger.

This decentralized ledger ensures that data is stored in a safe and secure place and cannot be modified. Governance officers can have operational confidence that business assets are secure because compliance regulations that control trade flows are written into Qredo's blockchain. This action is similar to the ownership information, thereby seeking to provide more data integrity by utilizing an immutable and durable data store.