Open Custody Protocol OPEN Price

What is Open Custody Protocol (OPEN)?

Qredo (QRDO) is a Layer 2 decentralized custodian protocol that prioritizes security and compliance for traditional finance entities entering the decentralized finance (DeFi) space. Leveraging Layer 3 decentralized communications and multi-party computation (MPC), Qredo aims to address specific challenges faced by established financial firms and establish a reliable infrastructure for their DeFi involvement.

Decentralized Custodianship with Multi-Party Computation:

Qredo's Layer 2 protocol utilizes multi-party computation to generate segregated deposit addresses, mitigating the risk of private key theft. This consensus-driven workflow enables MPC nodes to sign transactions securely without relying on centralized private key storage. The protocol's design positions the entire network as a vault, eliminating counterparty risks for liquidity providers, market makers, and traders.

Layer 3 Decentralized Communications:

Qredo introduces Layer 3 decentralized communications, enabling instantaneous and encrypted replication of conversations across all peers. This layer accommodates various communication formats, including machine-to-machine, machine-to-humans, and human-to-human interactions, enhancing privacy and security in financial transactions.

Community-Driven Governance Model:

Qredo operates on a community-driven model, emphasizing an open and distributed network of validators utilizing MPC protocols. This approach ensures that control over the protocol is not concentrated in a single entity, promoting decentralization and inclusive governance.

Integration of Traditional Finance:

Qredo's focus extends beyond DeFi enthusiasts, catering to traditional financial institutions seeking to navigate the decentralized landscape. The protocol offers a Layer 2/Layer 3 decentralized infrastructure with programmable management, providing a secure solution for asset custodianship and allowing digital asset dealers to adopt self-custody practices.

Data Integrity and Compliance:

The Qredo blockchain incorporates compliance regulations directly into its structure, ensuring secure trade flows and adherence to regulatory standards. By storing ownership data on a decentralized ledger, the protocol enhances data integrity, providing governance officers with operational confidence in the security of business assets.

In summary, Qredo stands out as a protocol that addresses the needs of traditional finance players entering the DeFi space. Its focus on security, compliance, and community-driven governance positions it as a reliable bridge between traditional finance and the decentralized future.

What is unique about Open Custody Protocol (OPEN)?

Qredo distinguishes itself through a Layer 2 decentralized custodian protocol featuring Layer 3 decentralized communications, utilizing multi-party computation (MPC) for secure transactions and eliminating counterparty risks. Its community-driven ethos and focus on integrating traditional finance make it a pioneering force in bridging the gap between traditional and decentralized finance.

Who are the founders of Open Custody Protocol (OPEN)?

Qredo was founded under the leadership of CEO Anthony Foy, a seasoned entrepreneur and digital veteran with over 20 years of experience in VC-backed development companies. Foy's leadership has been instrumental in shaping Qredo's innovative approach to decentralized finance.

Where can I buy Open Custody Protocol (OPEN)?

You can buy Open Custody Protocol (OPEN) on LATOKEN cryptocurrency exchanges.