Version: current

Product FAQ

Introduction to Qredo#

What is the Qredo Protocol?#

Qredo is a cross-chain liquidity protocol that powers the secure movement of digital assets. The protocol allows ownership rights of cryptoassets in a Qredo wallet to be portable and recorded in a Qredo blockchain. Reinforcing decentralization in the protocol, a consensus-driven implementation of MPC signs transactions in a uniquely trustless manner.

What is the Qredo Network?#

The Qredo Network is our company’s (qredo.com) instance of the Qredo Protocol. Users join the Qredo Network to use the capabilities of the Qredo Protocol. These can include:

  • the asset and treasury management functions of the Qredo Web App.
  • the Qredo Signing app for approving and rejecting transactions for users selected as custodians.
  • the Partner API for controlling the asset and treasury management functions programmatically.

What is a Layer 2 network?#

A Layer 2 network provides a set of services such as a separate blockchain on top of an underlying blockchain network. The Layer 2 network offloads transaction processing from the underlying network and provides other features not possible on the underlying network.

What is a Layer 1 network?#

Layer 1 is the underlying blockchain network, e.g., Ethereum. Cryptoassets moving into the Qredo network originate from Layer 1 blockchain networks outside of Qredo., and those moving out end up in the external blockchain networks.

How does Qredo prevent double-spending?#

Like layer 1 blockchains, the Qredo Network will reject any transactions for assets the user does not have.

Product Capabilities#

Atomic Swaps#

How do atomic swaps work in Qredo?#

Atomic swaps let users trade a cryptoasset of an amount in a fund with another counterparty on the Qredo network that holds a different cryptoasset. For example, they hold Ether but need to exchange Bitcoin with another member that requires Ether for their Bitcoin.

What are the benefits of an atomic swap?#

Atomic swaps provide the following benefits:

  • enhances liquidity on your network as traders can obtain the assets they need.
  • delivers Proof-of-Coin (PoC) to minimize risk between counterparties.
  • no restrictions on who you can trade with; they just need to be on the Qredo Network.

What type of coins are supported in an atomic swap?#

Atomic swaps support Bitcoin and Ether. Qredo intends to add support for further coins, e.g., Tether.

How are custodians managed in atomic swaps?#

The maker (or the user initiating an atomic swap) has their custodians that approve a quote that they have created. The taker (or trader that wants to atomic swap the cryptoassets) has their custodians that approve the atomic swap trade.

APIs#

What is the Qredo Core Client API?#

The Qredo Core Client API acts as a custodian for approving and rejecting transaction on the Qredo network. More functionality is to be available soon including the capability to perform sweep transactions.

What is the Qredo Partner API?#

Qredo’s Partner API enables authorized partners to operate the Qredo Platform programmatically from their application. OMS and EMS ISVs, exchanges, and other financial service providers can create accounts, funds, and initiate transactions on behalf of users. When selected as custodians, Qredo Network members can approve or reject transactions. Alternatively, clients can use the Qredo Core Client API to perform custodial functions.

Where can I find information on the API endpoints?#

Information on the APIs is available at https://support.qredo.com/api/.

How do I sign up for the Qredo Partner API and the Qredo Core Client API?#

Signing up for the Oredo Partner API also provides you access to the Qredo Core Client API. You set up your account in Settings > Partner API.

Transactions#

How do one-way transfers work?#

A one-way transfer allows a member of the Qredo network to pass Bitcoin or Ether to another user. When transferred, the ownership of the cryptoasset also changes hands and is written to the Qredo blockchain.

What is a deposit transaction?#

A deposit transaction allows the adding of cryptoassets to a deposited address of a user that is generated when a fund is created on the Qredo network. Once deposited, assets are subject to the custody rules of the Qredo network. For example, subsequently transferring the deposited asset to another user requires approval from custodians according to a threshold.

What is a withdrawal transaction?#

A withdrawal transaction allows the sending of cryptoassets to a whitelisted address outside of the Qredo network. Once withdrawn, the assets are no longer subject to Qredo’s custody rules, and the Qredo blockchain no longer records ownership details of the assets.

Sales and Marketing#

Fees#

What does Qredo charge for peer-to-peer trading/atomic swaps/take money on and off the network?

Qredo regularly publishes fee information on the website (https://www.qredo.com/product).

Technical#

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. 

Using the Product#

How do I change my password?#

To safeguard your data, you can change your Qredo Web App password at any time.

The new password must contain:

  • 10 characters in total
  • 1 uppercase letter
  • 1 number
  • 1 special character
  • 1 lowercase letter

To confirm that you made the password change, you receive a request in the Qredo Signing app on your phone.

Qredo Web App Steps#

  1. From the Qredo Web App, click the icon to access Account view. This example shows a user with the initials IK.

Account

  1. From the displayed account card, click User Settings.

User card

The User Settings screen shows your name, email address, and hashed-out password.

  1. Click Change password. The Change Password screen shows.

change password

  1. Type in your existing password in Current Password.

  2. Type in your new password in Set Password according to the password strength requirements as shown in the box.

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When entering a password that does not meet the strength requirements, the relevant text and individual icons appear in red. For example, this image shows that the set password does not have 10 characters. Incorrect Characters

  1. Type in your password again in Confirm Password.

  2. Click Continue. An alert is sent to your phone.

Qredo Signing App Steps#

  1. Tap on the notification and log in to the Qredo Signing app using the biometric feature of your phone and 6-digit PIN.

  2. Tap Authorize.

  3. Sign in again on the phone app to authorizauthorize using the biometric feature and PIN.

  4. Tap Confirm.

When the password change is confirmed, you receive an email in your inbox with the subject of Qredo password successfully changed. You are also informed of the update on your phone.

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Tapping Approvals in the Qredo Web App lets you track previous password changes.

How do I reset my forgotten password?#

If you have forgotten your Qredo Web App password, you can reset it from the login page of the web app prior to logging in. Qredo sends you a validation code via email which you must enter within 24 hours.

Once you have reset your password, you can continue to log in to the Qredo Web App.

When setting a password, choose:

  • 10 characters in total
  • 1 uppercase letter
  • 1 lowercase letter
  • 1 number
  • 1 special character

Qredo Web App Steps#

  1. Click the Sign in button from the main lobby page.

  2. In the Login page, click Forgotten Password. The Reset Password screen appears.

reset password

  1. Enter your email address in Email address and click Reset password.

  2. In the Verify Email screen, enter the code in Email address validation code. The code should promptly arrive at the email address you used for registering on Qredo. If you did not receive the validation code, click Re-send code.

  3. Click Submit. A screen shows that the email was verified.

  4. Click Continue. The Change Password screen shows.

change password

  1. Enter a new password in Set password according to the strength requirements.
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When entering a password that does not meet the strength requirements, the relevant text and individual icons appear in red. For example, this image shows that the set password does not have 10 characters. Incorrect Characters

  1. Type in your password again in Confirm Password.

  2. Click Continue. An alert is sent to your phone.

Qredo Signing App Steps#

  1. Tap on the notification and log in to the Qredo Signing app using the biometric feature of your phone and 6-digit PIN.

  2. Tap Authorize.

  3. Sign in again on the phone app to authorize using the biometric feature and PIN.

  4. Tap Confirm.

When the password change is confirmed, you receive an email in your inbox with the subject of Qredo password successfully changed. You are also informed of the update on your phone and the Qredo Web App.

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Tapping Approvals lets you track previous forgotten password changes.

Recovery#

How do I recover from my 24-word master seed?#

Restoring from master seed lets you use the Qredo Signing app on a different phone, e.g., you have lost your original device. You install the app on your new phone and then enter your master seed phrase and email address. Both forms of identification give you access to your account. When entering each word of the phrase, the Qredo server finds a match of that word. The screen then displays one or more words for you to select.

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To use this feature, you will need to access your master seed phrase that you recorded by hand. You also need to access the email address you used when signing up for Qredo.

Start Account Restoration#

  1. Download the Qredo Signing app from the app store of your phone type.

  2. From the splash screen, click the three-line hamburger menu at the top right.

Recover Splash

  1. Choose the Restore option.

Restore Option

Enter Master Seed#

  1. In the master seed introduction screen, click Continue.

  2. Enter the 24-word master seed.

24 Seed

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When entering the phrase, the system keeps track of where. you are. This lets you return to the same location where you left off, e.g., if you close the screen.

There are differences in the search experience between iOS and Android phones. When searching for a word on Android, a popup box appears. While in iOS, you are taken to a dedicated page with a search box.

  1. Click Continue.

Email Verification#

  1. Enter your email address for verification.

  2. Click Submit. The screen informs you that a verification code has been sent to your email address.

verification code

  1. Click Continue.

  2. From the email with the title Reset your Qredo mobile app, enter the verification code from your email.

Enter Code

Completion#

  1. Click Submit.

  2. Enable biometrics.

  3. Type in a 6-digit passcode.

  4. Enter it again to confirm.

A screen appears indicating that the master seed is restored.

Withdrawals#

How do I resend a withdrawal approval request?#

Resending a withdrawal approval request is useful in situations where an individual custodian has not responded to a request. Thus, the approval is in a pending state.

  1. Click the Approvals icon.

Approvals

  1. Click the Custody tab.
  2. Click the Pending sub-tab.
  3. Select an entry in the approvals ledger.
  4. At the end of the entry, click the three dots.

Resend Withdraw

  1. Select Resend Request. The custodian receives a notification on their phone, which they need to respond to.

How do I re-issue a withdrawal approval request?#

You can re-issue a withdrawal approval request if a request has expired, and no custodians have approved it in the set time period. You will see the following screen in the Qredo Web App:

Reissue

  1. Click the Re-issue button.
  2. Enter details on the displayed form in the same way as a new withdrawal transaction.
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For more information on creating a withdrawal transaction, refer to Create Transaction in the Deposit & Withdraw page.

How do I create a duplicate withdrawal transaction?#

Duplicating a withdrawal transaction is useful if you want to create another transaction to the same address. You can change the data within the transaction from the previous one, e.g., the withdrawal amounts. Duplication saves you time as you only need to enter items that are different from the original transaction.

Note that, for a transaction to be duplicated, the original transaction must already be approved and in the Ledger view.

  1. Click the Ledger icon.

Ledger

  1. Identify the withdrawal transaction entry that you want to duplicate from the Ledger view.

  2. At the end of the entry, click the three dots.

  3. In the pop-up, choose Duplicate.

  4. Enter details on the displayed form in the same way as for a new transaction.

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For more information on creating a transfer, refer to Create Transaction in the Deposit & Withdraw page.

Transfers#

How do I resend a transfer approval request?#

Resending a transfer approval request is useful in situations where an individual custodian has not responded to a request. Thus the approval is in a pending state.

  1. Click the Approvals icon.

Approvals

  1. Click the Custody tab.
  2. Click the Pending sub-tab.
  3. Select an entry in the approvals ledger.
  4. At the end of the entry, click the three dots.

Resend Transfer

  1. Select Resend Request. The custodian receives a notification on their phone, which they need to respond to.

How do I re-issue a transfer approval request?#

Re-issuing a transfer approval request is possible if it has expired, and no custodians have approved in the set time period. The following screen appears.

Reissue

  1. Click the Re-issue button.

  2. Enter details on the displayed form in the same way as a new transfer transaction.

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For more information creating a transfer, refer to the Create Transfer section in the Creating Transactions page.

How do I create a duplicate transfer transaction?#

Duplicating a transaction is useful if you want to create another transaction to the same recipient. You can change the data within the transaction from the previous one, e.g., the transfer amounts. Duplication saves you time as you only need to enter items that are different from the original transaction.

Note that, for a transaction to be duplicated, the original transaction must already be approved and in the Ledger view.

  1. Click the Ledger icon.

Ledger

  1. Identify the transfer transaction entry that you want to duplicate from the Ledger view.

  2. At the end of the entry, click the three dots.

Transferentry

  1. In the pop-up, choose Duplicate.
  2. Enter details on the displayed form in the same way as for a new transaction.
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For more information on creating a transfer, refer to Create Transfer.

Atomic Swaps#

How do I re-issue an atomic swap quote?#

You can re-issue an atomic swap quote if it has expired, and no custodians have approved it in the set time period.

  1. Click the Transactions tab in the Approvals ledger.
  2. Click the Pending sub-tab.
  3. Select an entry in the approvals ledger.
  4. At the end of the entry, click the three dots and View details.

Transferentry

  1. Click the Re-issue button.
  2. Enter details on the displayed form in the same way as a new atomic swap quote. .
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For more information on creating an atomic swap, refer to Create Atomic Swaps.

How do I monitor sign-in requests?#

You can see a history of sign-in requests from your own account to Qredo in the Identity ledger. As well as for general monitoring, viewing requests can also be useful for security purposes. For example, you can track sign-ins or sign-in attempts that may have been made by another user masquerading as yourself.

The Identity ledger also shows password reset actions.

  1. From the Qredo Web App, click the Approvals icon.

Approvals

  1. Observe the list of items in the Identity page that include the following information.
ColumnDescription
REQUESTEDDate and time in which the sign-in or password reset request was made from the Qredo Web App to the server.
TYPEType of request as a sign-in or password reset.
DEVICE IDBrowser program and operating system of the request. For Windows, the supported browsers are Firefox, Edge, and Chrome. For MacOS, the browsers are Firefox, Safari, and Chrome.
LOCATIONLocation where a request to the server was made from, e.g., the city and country.
ACTIONEDThe date and time in which a server responded to a request.
ACTION TAKENThe type of response action. When AUTHORIZED, the server authorized the request. When EXPIRED, the request had expired due to no activity during the time slot. When REJECTED, the server had rejected the request, e.g., because the credentials supplied for signing in were incorrect.