The Qredo (QRDO) project is multi-platform, featuring a revolutionary deep liquidity and capital efficiency approach to digital asset custody. To make it simple, the idea behind it is to create a vault. Its protocol is a layer 2 decentralized custody protocol with built-in compliance and governance mechanisms. A Layer 3 decentralized communication layer sits on top of Layer 2 and allows talks to be instantaneously duplicated across all peers while also providing encryption for privacy and security. According to Qredo's ideology, layer 2 protocols realize their full potential when decentralized communication protocols, a layer 3, are used as an independent layer to offload any superfluous communication. This is critical for any layer 2 that expects to deliver high performance solutions for conventional financial actors interested in participating in or developing DeFi protocols.

From the consensus layer through the digital layer, asset design, and economic security, the protocol is meant to deliver on the assumption that the entire network is the vault and remove all counterparty risk for liquidity providers, market makers, and merchants. All deposits and holdings are 1-to-1 linked to the underlying Tier 1 blockchain and are viewable via the Qredo Block Explorer.

History

In early 2018, Qredo co-founder Brian Spector proposed that the fragmentation seen in the cryptocurrency industry is caused by the handling of private keys. Brian and his team spent 18 months developing the notion of a decentralized, Layer 2 consensus driven MPC (multi-party computation) network that eliminates the need for private keys to maintain asset ownership rights on a blockchain.

To produce segregated deposit addresses and remove the possibility of private key theft, the Qredo protocol employs multi-party computation. MPC nodes use a consensus-driven process to sign transactions, which is safe without the requirement for centralized private key storage.

How does it work

QRDO is a token created with utility and governance in mind, and it is intended to provide all network players with an economic incentive to transact, store, and stake assets inside the ecosystem. Unlike traditional currencies built on Layer 1 blockchain technology, QRDO is designed for a Layer 2 solution and provides rewards and incentives to all network members rather than just network validators.

The Qredo network is protected by a one-of-a-kind implementation of decentralized Multi-Party Computation (decentralized MPC). QRDO supports a more user-centric paradigm that rewards activity across the network by combining the standard properties of utility and governance tokens into a single entity.

Total supply and circulation

The maximum supply for QRDO is set to 2 billion tokens. Currently, the total supply is 943,2 million coins, while circulating supply right now is 111,685,378 coins.