MEXC AMA Recapitulation - Qredo Network (QRDO)

Guest: Josh Goodbody, COO of Qredo Network

Host: Iris

Introduction

Hey Iris, great to be here and thanks for having me.

I'm the COO here at Qredo. spent most of my career as a financial markets and derivatives lawyer.

I made the move into crypto back in 2017, and I ended up joining Huobi, as their Global General Counsel, and then Binance to lead Europe - now I'm at Qredo, focussing on all things QRDO 🚀

Looking forward to connecting more with you all in the future.

For now, please do join us on

Twitter: https://twitter.com/QredoNetwork

Telegram: https://t.me/qredonetwork

And if you want to hear more from me: https://twitter.com/JoshGoodbody

Question from Community

Iris: What is Qredo Network? Can you share with us more in detail?

Josh: Qredo is a radical new blockchain infrastructure that eliminates the need for private keys to manage the ownership of digital assets.

Instead, a trustless implementation of multi-party computation (MPC) provides a completely new and revolutionary way to manage the private keys controlling digital assets.

We call this new paradigm decentralized custody, but it's more than just a way of storing digital assets.

This new way of managing private keys enables...

1) Unprecedented security and granular control over digital asset governance to match organizational needs (if you are an organisation!).

2) Cross chain interoperability: Our network is blockchain-agnostic, so we can work with ~95% of the layer 1 and layer 2s out there. This enables amazing stuff like cross-chain swaps, without any wrapping or pegging - they settle instantly!

3) Lightning-fast settlement between platforms and protocols on the network: We enable users to hold their assets securely, and transfer them across our layer 2 network without any of the delays and costs associated with the layer 1

Iris: What triggers you to launch Qredo? What are some of the real-world problems/ pain points that Qredo aims to solve?

Josh: OK so the core problem of custody methods such as cold storage and hot wallets is that they reintroduce trust to the cryptocurrency market:

They create a centralized vulnerability in a decentralized system, with significant knock-on effects — including billion dollar losses, and siloed liquidity.

This is fundamentally contrary to the principles of decentralisation, so we embarked on a mission to fix it.

In doing so, we found ourselves not only solving for custody and cross chain interoperability, but creating an innovative network that allows dApps to be built solving other problems facing the digital asset ecosystem

For example:

-A group of large crypto finance services firms are building a solution for Travel Rule compliance

-HedgeGuard has built a portfolio management solution on Qredo

-Deribit and Celsius are working to solve treasury management issues such as reporting with our infrastructure

Iris: What are some of the challenges that Qredo currently faces? How do you aim to solve them?

Josh: One challenge we see is the understandable caution amongst investment institutions about getting into crypto.

There are different reasons for this but a big one is that Trad Fi asset managers simply don't have the operational infrastructure to navigate or manage crypto investments on any scale, or control the business risks they brings.

Yes, these players have huge infrastructure and processes already in place to manage and custody assets like stocks, bonds or derivatives. But the revolutionary characteristics of cryptocurrency and DeFi mean they are really starting from zero.

Qredo helps them to solve this because we offer a robust ready-made infrastructure on which they can safely and efficiently build out their crypto investment activity.

A big part of this is obviously the asset security offered by our decentralized MPC custody and the frictionless access to liquidity and DeFi Qredo will offer as the network grows

But, in the background, we are also enabling them to structure their daily investment activity and workflow in a way dovetails with their existing team structures and processes. This is really important to helping them overcome their caution.

Qredo’s flexible account architecture means they can set up wallets and manage signing processes in the way that matches their existing structures.

These are just a few examples but -- in a nutshell - the challenge of institutional caution that we see, is also the thing that we are helping to solve!

Iris: Are there any exciting news or updates with regards to Qredo that you would like to share with the users?

Josh: Sure!

There are so many huge partnerships I would love to share, but I can’t share specific details with you right now

I CAN tell you it’s going to be an exciting few weeks for Qredo and QRDO holders.

Stay-tuned to our channels for the official announcements but here are a couple of teasers in the meantime:

- We’re in the final stages of setting up a strategic partnership with a leading DeFi player; and....

- Qredo heads to Latin America: we’re really excited about some work we’ll be doing in Latin American, helping to power bitcoin integration and adoption there

Watch this space!

Iris: If you were to summarize your project in ONE word, what would it be? Why?

Josh: Radical?

Iris: Why Radical?

Josh: If you let me have a few more words:

Radical use of MPC.

We have a radical vision for the future of digital asset infrastructure - from custody through to DeFi and trading

Free-asking Session

Q1: Does your project support staking program? if yes. how is your stake system work, what is the requirement for user if they want to stake in your platform? Do you have a Token Burning plan to increase Token value and attract Investors to invest?
Josh: Hey Thi!

Yes absolutely. Staking is a big part of what we are building. QRDO holders will be able to stake their tokens to validators, and earn a share of the validator income - we see the marketplace for validators being competitive, with different income opportunities - think of it like a “validator marketplace”.

As this isn’t live YET, we have launched the Auto-Staking Programme which enables you to now generate a staking yield of 10.1% APY.

To get the rewards, simply hold $QRDO in your Qredo Wallet. Staking rewards will be automatically distributed each month.

Q2: Can you briefly describe your PARTNERSHIP so far and upcoming partnerships?

Josh: Qredo has formed strategic partnerships with some of the biggest titans of the digital asset industry - as users and investors - several of whom are building on the network.

This includes:

-Deribit's solution for integrating Qredo’s self-custodial wallets

-A consortium of arge firms building a solution for Travel Rule compliance

- HedgeGuard's Portfolio Management System on Qredo Network that makes internal reconciliation more efficient by enabling instant low fee transfers between accounts.

If you can believe it, we've also got even bigger upcoming partnerships

This includes a deal with a leading defi player, and one of the most forward-thinking banks in latin america.

Q3: Too many projects promise magic but never release any working product or prove any revenue, Within a short/long time of release. Is your project also like this? If not can u tell us, What makes your project different from other projects?

Josh: You are right, Edris.

We like to let our actions speak louder than words.

Our mainnet V1 is already live and being used by some of the biggest crypto companies.

In the past few days alone, we've

- Launched Liquidity Hub beta for trustless cross-chain swaps

- Announced Auto-Staking (Hold QRDO on Qredo Network for 10.1% APY, paid monthly)

- Hit ~20K MAU of the Qredo Network

- Seen over 50k token holders globally

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