What Is Open Custody Protocol(OPEN) Coin?

Launched on Ethereum, Open Custody Protocol (OPEN), the native token of the Qredo network, is built around a novel concept: a decentralized trustless multi-party computation (MPC) custodial network. This mouthful of a term translates to a system where users hold the keys to their digital assets, but the custody process itself is decentralized and secured through MPC.

Imagine a digital vault where multiple parties contribute pieces of a key, but none of them hold the complete key themselves. This is the core principle behind MPC. In the context of Qredo, the network leverages MPC to create a secure and transparent custody solution without relying on a single custodian. This eliminates the risk of a single point of failure and reduces the vulnerability to hacks or errors.
So, what are the highlights of OPEN? Decentralized custody is a major one. By removing the need for a centralized custodian, Qredo empowers users to maintain control over their assets while still benefiting from secure storage. Additionally, Qredo facilitates native cross-chain swaps. This means users can seamlessly exchange cryptocurrencies built on different blockchains directly within the Qredo network, eliminating the need for external exchanges and conversion processes.

Another key feature of OPEN is its role in enabling cross-platform liquidity access. Traditionally, crypto assets locked in decentralized finance (DeFi) protocols remain inaccessible for other uses. Qredo allows users to unlock this trapped liquidity by enabling them to participate in DeFi activities without having to withdraw their assets. This improves capital efficiency within the DeFi ecosystem.

OPEN also fuels the Qredo governance mechanism. Holders of the token can participate in voting on proposals that shape the future development of the network. This fosters a sense of community ownership and empowers users to have a say in the direction of the Qredo protocol.

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