About

Open Custody Protocol, formerly known as Qredo Network, is a modular custody primitive to expand the original vision from Qredo by connecting custodial and key management solutions to builders.

History

In early 2018, Qredo co-founder Brian Spector presented the idea that the fragmentation found across the crypto market is rooted in the management of private keys. After 18 months, Brian and his team landed on the concept of a decentralized, Layer 2, consensus-driven MPC (multi-party computation) network that eliminates the need for private keys to manage the ownership rights of assets on a blockchain.

The Qredo protocol makes use of multi-party computation to generate segregated deposit addresses and eliminate the risk of private key theft. MPC nodes sign transactions via a consensus-driven workflow which is secured without the need for centralized private key storage.

The protocol’s design, from the consensus layer through to the digital asset and economic security design, is meant to deliver on the premise that the entire network is the vault, and eliminate all counterparty risks for liquidity providers, market makers, and traders alike. All deposits and holdings are mapped 1-to-1 to the underlying Layer 1 blockchain and visible through the Qredo block explorer.