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FAQs

Why should I sign up to the Qredo Network?#

Signing up to the Qredo Network enables you to perform instant, fee-free transactions with other Qredo members and cross-chain.

How safe are my assets on the Qredo Network?#

Security and safe-guarding of assets is the number one consideration in everything we do. Qredo assets are secured with multiple layers of security. This includes: research-led cryptography, a geographically distributed network of nodes with no single point of failure The safest way to manage keys is by never creating them. Our ground-breaking Qredo Protocol means that private keys are never generated.

How does the MPC Work?#

Multiparty Computation (MPC) is a protocol that removes the need for private keys in signing transactions. The protocol uses several implementations that allow for aggregated signatures for signing across multiple nodes (or computers) in place of a private key, thus making it trustless.

Fundamental to the MPC protocol is the concept of shared secrets in a set of MPC nodes on a network. The nodes generate both a signed public key and a wallet address for securing transactions. The nodes never reveal keys to another party involved in the computation.=

What cryptographic standards are used in the MPC?#

ECDSA (Elliptic Curve Digital Signature Algorithm) is the main cryptography algorithm used in the MPC to manage ETH and Bitcoin transactions. Elliptic curves are for determining values such as public keys, private keys, and the coefficients used in the calculations.

What is the role of the Tendermint protocol?#

Tendermint is a BFT (Byzantine Fault Tolerance) fast-finality blockchain for building Qredo’s consensus. The consensus rules allow the transfer and the atomic swap of ownership rights of cryptoassets between counterparties. Consensus rules are also applied when withdrawing assets from the Qredo Network.

How is the BLS signature scheme used in Qredo?#

The BLS (Boneh–Lynn–Shacham) signature scheme determines asset ownership and governance on the Qredo blockchain. Each time a custodian approves a transfer, the Qredo Signing app or the Core Client instance generates the BLS signatures. The Qredo blockchain verifies the signatures for allowing the transaction to be written to the Qredo blockchain.

The BLS signature scheme is not to be confused with the MPC, which manages the signing of transactions.

How do HSMs manage hardware security?#

Qredo’s data centers consist of machines that house HSMs (Hardware Security Modules). Each machine has a tamper-proof HSM (Hardware Security Module) that protects the seed value and the public/private keys from attacks in a physical environment.

The HSMs adhere to the FIPS (Federal Information Processing Standard Publication 140-2) security standard. FIPS 140-2 is a US government computer security standard for cryptographic modules which ensures that cryptographic keys and primitives never leave the hardware appliances that they exist in.

Where are the data centers located?#

Qredo’s Tier-4 data centers are distributed globally in the financial capitals of Hong Kong, Tokyo, Singapore, London, Chicago, and New York.