What Is Qredo (QRDO)?
QRDO is the native token of Qredo, an open-source Layer 2 project that provides users with a decentralized multi-party computation (MPC) network. Overall, Qredo allows users to make cross-chain swaps, this way giving them access to cross-chain liquidity. Besides, the Qredo crypto project has its own crypto wallet that allows users to store, trade, and secure their crypto assets across the EVM system. Take a look at the Qredo price chart above if you want to see the live QRDO price.
The main highlight of the MPC network employed by Qredo is decentralized self-custody, which frees users from dependence on centralized storage options. The MPC removes the need for private keys by utilizing the Threshold Signature Scheme (TSS). How does it work? TSS creates a network of MPC nodes. Each node has a portion of the cryptographic key and, without ever creating private keys, they work together to create digital signatures to sign transactions.
Talking about the consensus mechanism employed by Qredo, it utilizes the Delegated Proof-of-Stake (DPoS). DPoS functions by having a network of validators who have to approve and create new blocks. Network users have to stake Qredo tokens to get a vote while choosing these validators (also known as delegates).
The Purpose of QRDO Tokens
Qredo tokens have three main use cases – staking, governance, and incentives.
As mentioned above, users have to stake QRDO tokens to delegate their tokens to the DPoS block validators. They also receive staking rewards for doing that.
Furthermore, in terms of governance, Qredo token holders get to vote on various decisions that consider the future development of the Qredo crypto project.
Lastly, talking about incentives, Qredo employs a “user-centric” incentives system. This means that it aims to reward all network users, including validators, traders, custody users, and liquidity providers. QRDO tokens are used to reward them.
Now, if you’ve decided to purchase Qredo coins, keep in mind that the QRDO price is quite erratic. Thus, it would be beneficial to analyze the Qredo price chart featured above to see the main patterns in the QRDO value changes.
