Recently, according to official news, Qredo announced its name change to Open Custody Protocol (OPEN).
It is understood that since 2023, Qredo has experienced two large-scale layoffs, with the total number of employees reduced from 200 to 50. Especially on November 2, 2023, the company once again laid off 50% of its employees. , this series of layoffs makes the public seem to have lowered their confidence in Qredo. However, Qredo’s announcement of a name change may represent not only a reshaping of the brand image, but also a fundamental change in the company’s strategy.
The following is a detailed explanation of this name change event.
The new name reflects the company’s strategic move towards open and decentralized hosting solutions, meaning In providing a wider range of services through innovative technologies. This transformation may be a sign of spring for Qredo, indicating that it will reposition itself with a new attitude in the future encryption market.
In addition, OPEN’s new strategy focuses on leveraging its second-layer protocol and distributed multi-party computation (MPC) technology to optimize the security and liquidity of crypto assets. Through these technologies, OPEN aims to eliminate pain points in traditional crypto custody, such as high dependence and security risks, thereby providing customers with stable and reliable services in a volatile market environment. These measures demonstrate OPEN’s rapid response to market needs and commitment to innovation, and are expected to set off a new wave in the crypto custody field.
As the crypto market continues to evolve, solving the problem of on-chain asset custody has become particularly critical, and OPEN Custody Protocol (formerly Qredo) is gradually becoming more and more popular with its innovative solutions in decentralized custody. Rewriting the future of crypto asset management. The core advantage of the OPEN protocol lies in its unique second-layer blockchain technology and multi-party computation (MPC) technology. These technologies work together to not only solve the risk of centralization of traditional custody services, but also greatly improve the flexibility of asset management. and security.
OPEN enables businesses to respond quickly in dynamically changing markets by enabling instant transaction processing and providing a one-stop asset management dashboard. In addition, its seamless integration with corporate financial systems and natural adaptation to various international compliance requirements mark the OPEN protocol's practicality and forward-lookingness in the global financial market.
However, despite OPEN’s innovative breakthroughs in the field of crypto custody, interoperability issues across the blockchain industry remain a challenge. The problems of cross-chain communication and multi-chain communication need to be solved through continuous technological iteration and innovation. At this point, the future development of the OPEN protocol still has great potential and demand, and it is necessary to continuously explore safer and more efficient solutions to optimize its network architecture and expand functions.
With the launch of OPEN Protocol, the protocol plans to use the accumulated funds to drive growth through acquisitions, product development and geographic expansion, although the recent bearish sentiment in the market has made layoffs a necessary. OPEN’s transformation is expected to fill a significant gap in the market for an open source, on-chain and cost-effective custody system.
Of course, the OPEN platform remains committed to its mission to provide a decentralized custody solution that not only guarantees the security and autonomy of digital assets, but also promotes a more resilient and inclusive financial ecosystem The formation of the system. Qredo's transition to the OPEN hosting protocol not only redefines the company's growth trajectory, but also enhances its ability to support the rapid demands of the digital economy.
OPEN Custody Protocol (OPEN) was established in 2018, with the original intention of enabling Secure self-hosted service to mitigate the risks associated with centralized hosting solutions. The rebranded OPEN not only retains Qredo’s foundational principles, but also expands on its infrastructure capabilities to serve both institutional and individual investors.
OPEN achieves complete decentralization of asset custody through its second-layer blockchain protocol. In this protocol, the private keys of digital assets are managed through a distributed network and are not stored centrally in any single location, greatly enhancing security. This unique structure allows businesses the flexibility to choose self-hosting, co-hosting, or third-party hosting based on their needs without having to compromise between security and accessibility.
In response to the FTX collapse and subsequent distrust of traditional custody services, OPEN has optimized its platform to meet the growing demand for reliable self-hosted solutions. In May of the same year, it was reported that OPEN had upgraded its self-hosted wallet platform. The new platform was called "New Qredo". The platform introduced smart key sharding technology and improved control over team permissions and approval processes.
Although OPEN completed an $80 million Series A round of financing led by Coinbase and received a total of approximately $94 million in venture capital, due to a significant decrease in monthly trading volume in 2023 from an average of $2.5 billion at the end of 2022, OPEN had to strategically downsize. This strategic reduction is focused on focusing efforts on core products such as Web 3 wallets and other custody solutions, in line with the broader movement of decentralized finance (DeFi) infrastructure in the crypto market.
The OPEN protocol supports instant asset transfer, allowing enterprises to respond quickly in a dynamic and ever-changing market. Treasurers can coordinate and manage assets across the network across custodians, brokers and financial institutions in real time from a unified dashboard. This not only improves operational efficiency, but also enhances the speed and accuracy of transaction execution.
OPEN runs on open source software, and its RESTful API interface can be directly integrated into the company's financial management system. This feature makes the auditing and reporting of digital assets easier, and enterprises can easily access asset information from any device connected to the network to achieve real-time visualization of capital flows.
OPEN uses its advanced blockchain technology to record all transaction activities in immutable ledgers, ensuring audit transparency and permanent preservation of transaction records. In addition, the platform also has powerful messaging capabilities that can handle complex compliance requirements, such as international travel rules, ensuring that the identity information and transaction background of both parties are always clear and traceable.
OPEN’s security architecture includes seven lines of defense, providing comprehensive protection measures from the physical hardware to the network protocol level. The introduction of MPC technology not only disperses the risk of private keys, but its distributed execution environment is also insured by Lloyds of London, providing bank-level security for user assets.
With the continuous evolution of the encryption market, solving the problem of on-chain asset custody has become It is particularly critical, and OPEN Custody Protocol (formerly Qredo) is gradually rewriting the future of crypto asset management with its innovative solutions in decentralized custody. The core advantage of the OPEN protocol lies in its unique second-layer blockchain technology and multi-party computation (MPC) technology. These technologies work together to not only solve the risk of centralization of traditional custody services, but also greatly improve the flexibility of asset management. and security.
OPEN enables businesses to respond quickly in dynamically changing markets by enabling instant transaction processing and providing a one-stop asset management dashboard. In addition, its seamless integration with corporate financial systems and natural adaptation to various international compliance requirements mark the OPEN protocol's practicality and forward-lookingness in the global financial market.
However, despite OPEN’s innovative breakthroughs in the field of crypto custody, interoperability issues across the blockchain industry remain a challenge. The problems of cross-chain communication and multi-chain communication need to be solved through continuous technological iteration and innovation. At this point, the future development of the OPEN protocol still has great potential and demand, and it is necessary to continuously explore safer and more efficient solutions to optimize its network architecture and expand functions.
Looking forward to the future, we look forward to the OPEN protocol not only continuing its innovation in decentralized hosting technology, but also making new progress in the interoperability, security and user-friendliness of full-chain dApps. As blockchain technology continues to mature, the continued innovation of platforms such as OPEN will be a key force in driving the entire crypto economy forward. In addition, possible synergies with other cross-chain technologies such as LayerZero, Axelar, etc. also herald the arrival of a more open and connected blockchain network world. Driven by the OPEN protocol, future crypto asset management will be more secure, efficient and transparent.
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