Are seed phrases as sole wallet recovery a barrier to DeFi growth?
What was the first reaction when you told a new crypto buddy that their wallet seed phrase is the only way to access their wallet and that it can’t be restored at any time if lost? This is a level of security most individuals are not accustomed to, and some opt for centralized exchanges instead.
Many people don’t want to take full and sole custody of what can be a substantial pool of assets in DeFi because the seed phrase represents a single point of failure that is difficult to manage and prone to theft.
So, how can Noobs who don’t want to hold their asset on a centralized exchange get on board with DeFi?
Here’s where Qredo comes into the picture.
In comes Qredo
Qredo is built around a new decentralized technique of handling private keys.
Qredo Wallet is a web application that allows you to manage your digital asset portfolio quickly and securely. It provides secure crypto storage for institutions and facilitates instant peer-to-peer transfers and cross-chain swaps.
Scaled-down Using simple but powerful roles and access rights, the Qredo Wallet allows you to manage digital asset access across trusted parties, teams, and organizations.
With Qredo Wallet, you have 100% visibility and control over your transactions unlike on Centralized exchanges. You may review pending and completed payment authorizations, as well as create a Trusted Party network of counterparties with whom you can interact securely and conveniently at any time.
Security and Convenience With Qredo
One of the main concerns with crypto assets is their security. To be more specific, the seed phrase’s security. Keep them safe, and you’ll keep your assets safe as well. You lose your assets if you lose them or have them stolen.
Qredo, on the other hand, offers an option!
With Qredo Wallet, the seed phrase isn’t generated, to begin with. Qredo, on the other hand, employs MPC architecture. Individual seed phrases are no longer required because the MPC network signs and validate transactions.
How Qredo’s dMPC works
Qredo’s MPC protocol generates multiple independent secrets which are then distributed between MPC Nodes on a fast-finality blockchain.
Each MPC node is housed in a tier 4 data center that has been security-hardened. These data centers are located in major financial capitals throughout the world, including London, Chicago, and Hong Kong.
When an asset owner wants to sign a transaction or generate a public key to make a deposit, they coordinate with their appointed custodians via the Qredo network to confirm the asset ownership on the blockchain, resulting in a consensus that allows the asset owner to invoke the MPC Nodes from their Qredo wallet and run the MPC protocol.
What Are the Qredo Fees?
Qredo is a wallet that also serves as a micro-ecosystem. You can safely move your assets from one Fund to another, as well as from one user to another, and from one Organization to another. All of this comes with very low fees, especially when compared to standard transaction fees. But moving assets into and out of the Qredo Wallet involves hefty transaction fees, why would you want to step outside of Qredo in the first place?
Is Qredo Safe?
When compared to other wallets, Qredo includes a few layers of defense that boost its security;
- Multi-User Authority; On the Qredo network, users can customize their custodian groups, and set up trusted parties and rules governing fund transfer.
- Qredo Blockchain; For every asset on Qredo blockchain, the MPC protocol generates multiple independent secrets that are distributed to nodes on a fast-finality blockchain.
- Global Node Distribution; Qredo nodes are globally distributed across six Tier 4 data centers in New York, Chicago, London, Hong Kong, Singapore, and Tokyo.
- Tamper-Resistant Hardware; MPC nodes are hosted in tamper-proof hardware and their secrets are encrypted. Any attempt to tamper with the box will result in the device failing.
- Test and Audit; Qredo network has been independently audited by the NCC Group and Quantstamp.
- Insurance; Qredo has insurance against malicious intent and theft from Lloyds of London, underwritten by Sompo.
Qredo is a radical new blockchain infrastructure that delivers interoperability, lightning-fast settlement, and decentralized custody.
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