Qredo Network is a self-custody cross-chain protocol for asset managers and traders active in the digital asset markets

Qredo

— Today, Qredo is thrilled to announce its – a cross-chain primitive that will allow Web3 developers to generate, sign, and broadcast data and transactions between different blockchains. Qredo is asking developers for their feedback to inform and shape QSign's future development. 27 April 2023 technology preview of QSign Using Qredo's distributed multi-party computation technology, QSign establishes an unprecedented level of security for cross-chain communication standards by reducing the many risks involved in managing centrally stored private keys. Web3 developers using QSign will be able to interact with assets and applications across different blockchains, connect to other blockchains and control numerous assets. They will be able to safely and reliably unlock market liquidity on chains, build secure cross-chain applications, and achieve open, permissionless blockchain interoperability. QSign can help to realize the full potential of blockchain interoperability, enabling cross-chain use cases such as distributed bridges, interchain AMMs, lending protocols, and cross-chain smart contract wallets. Using QSign, developers will be able to programmatically generate cryptocurrency addresses on different blockchains, and then remotely control that address from their contract, generating and broadcasting signed transactions to move funds or interact with other contracts. A new crypto primitive, QSign stands alongside emergent blockchain tech developments such as Account Abstraction and will be easily integrated into smart contracts with ready interfaces. We've created a dedicated channel, #QSign, in the , and we encourage developers to ask questions, give feedback and help us shape the roadmap for QSign together. Qredo Discord server Further information can be found on the and in the . Qredo website Qredo developer documentation QSign is perfectly aligned with our mission at Qredo to bring secure, reliable self-custody to the entire blockchain ecosystem. We invite developers to test our technology preview, share insights and use cases, and actively contribute to shaping this ground-breaking new crypto primitive. – Gabriele Farei, Chief Product Officer at Qredo About Qredo Qredo is a leading provider of institutional-grade digital asset self-custody solutions. The company's distributed multi-party computing (dMPC) technology provides a secure and regulated environment for users to store, transfer, and manage their digital assets. Press Contact: pr@qredo.com Also published . here

Qredo Announces QSign Technology Preview: New Cross-Chain Crypto Primitive

Qredo anuncia la vista previa de la tecnología QSign: nueva criptoprimitiva de cadena cruzada

Qredo annonce un aperçu de la technologie QSign : nouvelle crypto primitive inter-chaînes

Qredo ने QSign टेक्नोलॉजी प्रीव्यू की घोषणा की: नई क्रॉस-चेन क्रिप्टो प्रिमिटिव

Qredo が QSign テクノロジー プレビューを発表: 新しいクロスチェーン暗号プリミティブ

Qredo anuncia prévia da tecnologia QSign: novo cripto primitivo de cadeia cruzada

Qredo công bố bản xem trước công nghệ QSign: Tiền điện tử chuỗi chéo mới

Qredo 宣布 QSign 技术预览：新的跨链加密原语

The distribution of custody between multiple crypto custodians who control each other’s actions and risk with their funds in case of misbehavior will help achieve higher security and eliminate fraud. Custody has always been one of the core financial services tailored to protect clients from losing their assets or having them stolen. As we know, crypto is a favorite target of hackers and other malicious actors. That’s why the proper custody here gets even increased importance. It is also a necessary prerequisite for institutional mass adoption in the space. So far, we have several outstanding custody services in the crypto market. However, most of them have a that conflicts with the standard. In this article, I will walk through the current state of crypto custody services and explain the concept of a , which I believe will be a hot trend in crypto in the foreseeable future. centralized design DeFi decentralized custodian Somewhere in the article, I will use “deCustody” as a relevant shorthand. So don’t get confused by it. Now let’s dive in and learn from each other. Please, don’t be shy to leave your comments and correct me if I missed something. The Current State of Crypto Custody Today, crypto custody is performed mainly by centralized organizations. These crypto custodians have many similarities with their traditional (non-crypto) counterparts. Like a regular custodian, a crypto one Is a trusted third-party that specializes in assets safe-keeping, and Must follow the applicable regulatory requirements unless it’s registered somewhere in a free-of-rules banana republic. We thoroughly discussed centralized crypto custody in the recent article. It’s highly recommended to check out👌. custodial vs. non-custodial crypto trading So far, we have a bunch of reputable centralized players on the crypto market: , , , and the like. They are trusted by institutions and have impressive client flows. Fireblocks Coinbase Custody BitGo However, the relevance of the centralized custody model has been the subject of much debate within the crypto community. Here is why: A centralized architecture is highly exposed to a * * and doesn’t provide sufficient protection against hacker attacks; single point of failure In case of funds loss, it is difficult for customers to distinguish whether this loss was caused by a real hacker attack or that was internal fraud of a custodian; The regulatory framework is still in its development and not strong enough to back up assets owners in cases when things go wrong; and The centralized design doesn’t align with the crypto mission that, among other things, promotes disintermediated, trustless, and tamper-proof ways of interacting. The listed above doesn’t mean that the centralized custodian model is entirely wrong at its core. This model can work pretty well for certain users, like institutions, who want the services in crypto to be similar to those offered by traditional markets. On the other hand, crypto is an exceptional asset class. The technology behind it unlocks non-trivial ways to overcome the flaws of traditional solutions. So why not take advantage?! In the context of custody, crypto allows to have multiple custodians at a time and also to subject their work to a algorithm. The main benefits of such design can be better safety of assets, the absence of a single point of failure problem, and the decreased risk of custodians’ malicious behavior. tamper-proof This vision is what essentially constitutes the concept of a decentralized custodian. What Does Decentralized Custody Mean? Simply put, decentralized custody means that instead of having only one entity to store our crypto assets, we have a , where each: group of custodians Keeps custody of a particular of assets portfolio fraction Can move assets only if other custodians authorize it Shall act according to the rules established for the group members, and Has its skin in the game, as it and may lose it in the case of its fraudulent actions. provides collateral Therefore, the concept of decentralized custody aims to replace the single-entity storage model with distributed (collective) assets’ safekeeping and management. Doesn’t it remind you of or ? If so, I’m with you. DAO multisig How Does a Decentralized Custodian Work? Now let’s move to the meaty part and see how decentralized custody works. To simplify, we will assume that: Our digital asset portfolio is , i.e., everything is in the same crypto (let it be ETH). homogenous We have custodians (let’s take 5), and n Every custodian provides an amount of collateral which is denominated in the same currency as the portfolio. equal Mapping (Clusterization) Next, we apply an technique. In this context, mapping stands for assets and custodians in several groups, where each group consists of a few custodians and fully controls a particular portion of all assets under custody. asset mapping clustering By doing so, we distribute control among several players and therefore avoid a single point of failure that was discussed earlier. Creating Rules Now we create the rules according to which our collective custodian will function. Among other things, the rules should cover: How we authenticate custodians (there will always be custodians coming and leaving). For example, the authentication of each custodian group can require the consent of ⅔ group members (like ⅔ of votes), which can be obtained through voting or signatures collecting; What would be the for moving assets (sorry for my legal jargon here); conditions precedent What would be the protection against an assh… a malicious custodian, What would be a custodian’s responsibility in case of fraud, etc. Algorithmisation The collective work of the custodians can be facilitated by self-executing tamper-resistant algorithms to exclude any malicious interference. The use of smart contracts apparently seems organic here. A Theoretical Case Study Now I will refer to a tremendous scientific work on and give a summary of the scheme proposed there: decentralized asset custody Custodians are assigned to overlapping groups. Each group is fully controlled by its members and holds a fraction of the total assets under custody, including custodians’ collaterals and customer assets. The in-safekeeping assets are distributed to custodian groups since an uneven distribution naturally leads to degradation of security and capital efficiency. evenly A custodian’s collateral exceeds -time the fraction of assets in custody and will be confiscated for compensation in case of misbehavior. X The scheme should involve the mechanism of protection against a a bad actor that assumably would initiate an attack only if it would be economically beneficial. In other words, the adversary would try to corrupt other custodians to launch an attack only if its potential profit outweighs expenses. rational adversary — The scheme should involve sufficient to motivate the custodians involved to do their job in good faith. incentives I still can’t stop thinking of a DAO here… What Type of Users is Decentralized Custody Tailored For? Custodian services are primarily wired for institutions that work with large amounts of funds. Herewith, in some particular cases, institutions are even to store their holdings with a custodian. required by law A fair question here can be: why do I need a deCustody if I can store my funds with a non-custodial wallet?! If you are not an institutional user, you may not need to. It all depends on how much money you operate and your ability to manage the private keys on your own. Today custodian services are indeed more relevant to large-scale players. However, I believe that there will be some retail-oriented custody solutions in the foreseeable future. Examples of Decentralized Custodians By the time of this writing, there are not so many decentralized custody solutions out there. So the field is not crowded and is yet to be developed. Here is what we have so far: 1. Decentralized Custody in Token Wrapping Some time ago, I wrote an article on . There I mention that the token wrapping process generally involves a custodian that stores original tokens and “wraps” them in other tokens through a process known as minting. wrapped tokens Depending on the case, a custodian can be centralized or decentralized. When decentralized, a custodian may be a smart contract, multisig wallet, or a DAO. Examples of projects involving custodians in the wrapping process: and WBTC tBTC So two nuances here: We have a specific case of decentralized custody as a part of the token wrapping process, and It is far from being a financial service of institutional scale. 2. Decentralized Crypto Custody as a Financial Service Here I don’t know any other players but . If you do, please share in the comment. Qredo Qredo offers decentralized crypto custody for institutional investors. On the technology side, Qredo leverages and (MPC) model. Layer 2 technology multi-party computation Basically, MPC stands for a cryptographic protocol that distributes computation across multiple parties where no individual party can see the other parties’ data. In other words, MPC enables to securely and privately compute on distributed data without ever exposing or moving it. As Qredo , by decentralizing custody and securing it with MPC, it allows investors to trade crypto between different exchanges without constantly logging-on or working through crypto’s complex back-end system. They can quickly place more complicated trades, allowing them to respond to shifts in the market. states Marriage of Decentralized Custody With Web3 Multi-Chain Crypto Trading As a ecosystem, sticks to the DeFi standard. It seeks to provide its users with the possibility to explore decentralized solutions at every step of their journey. Web3 multi-chain trading Yellow Network Yellow’s users may choose between centralized and decentralized custodians. If users are keen to explore deCustody, they can do it through Qredo — the Yellow’s strategic partner. Final Thoughts If we want to reach a high DeFi standard in finance, we should apply the decentralization framework in a holistic manner. That means that to explore decentralization effects to the fullest, we have to extrapolate the DeFi standard not only on the core processes but also on their complementary parts. Otherwise, half-measures wouldn’t work here. The concept of a decentralized custodian enables to make the DeFi standard more viable. It helps preserve all the benefits of decentralization and creates favorable conditions for large-scale players to step onto the crypto scene. There will be a lot of experiments with decentralized custody design and improvements ahead. However, we are lucky to have a working model already now. Let’s keep an eye on how it pans out. Something tells me that decentralized custody has a tremendous potential to stimulate the crypto market to grow exponentially. By for . Julie Plavnik Yellow Network Learn Web3 with Yellow Network. We Can’t Wait to See You Driving This Movement! Check out OpenDAX v4 cryptocurrency exchange software stack on GitHub: https://github.com/openware/opendax Follow Yellow Twitter: https://twitter.com/Yellow Join the public Yellow Network Telegram: https://t.me/yellow_org Stay tuned as Network unveils the developer tools behind , brokerage nodes stack, and community liquidity mining software! Yellow Yellow Network Also published . here

Understanding Decentralized Crypto Custody 

Until the crypto era, we didn't have many options of kicking out 3rd parties from dealing with our money. The only thing we could do with our funds in a non-custodial fashion (i.e., indirectly) was to keep them under a pillow in cash. In other cases, especially regarding trading and investment, multiple kinds of intermediaries were a must. Now it's different. We got a better alternative to a pillow. If we want to be the ultimate boss of our funds, we can turn them into crypto and trade and invest them via decentralized tools with no intermediary involved. However, such independence can cost us something. As we know, any benefit always has its price. In this article, we will compare custodial and non-custodial ways of doing things in crypto, primarily focusing on trading. We will also walk through examples of when each might be best for your needs. Let's get started. Difference between custodial and non-custodial First, let’s give the terms simple definitions. Roughly, something (trading, account, wallet, etc.) means that there is an entrusted 3rd third party in the process that handles your funds and is in charge of their safekeeping. custodial On the other hand, means that no one but a user stores and controls their funds and takes care of their safety. non-custodial In the context of trading, it's a matter of whether a trader is required to deposit their money with a 3rd party (an exchange or a depositary) or can trade directly from their own wallet. Custodial trading on traditional markets When trading on the conventional markets (stocks, commodities, bonds, etc.), retail users usually have to deal with other participants - brokers, depositories, and clearing houses. The involvement of multiple parties in the process can be explained by the intention of regulators to negate the risks of retail users who may not have sufficient knowledge or expertise to handle things properly in trading. Another goal here is to provide a kind of mechanics, where each professional participant supervises the actions of the other so that none of them has an opportunity to misuse their professional competence against a user’s interests. checks and balances Here is how it works in general. To buy/sell something, a user gives instructions to a broker, a professional market participant who will link them with other traders and ensure the proper execution of a user's order. A user's funds and assets (precisely, electronic records of them) are kept with another party - a custodian. An exchange functions as a neutral marketplace here by providing its order book. What is the role of the custodian? Now let’s look closer at the custodian. In traditional markets, a custodian is a regulated financial institution (like a bank or a specialized financial entity) that holds customers’ assets for safekeeping in order to minimize the risk of their misappropriation, misuse, theft, and loss. In general, the custodian’s main scope includes maintaining records of asset ownership and its economic benefits (like dividends) on behalf of clients, and tracking, settling, and reconciling assets that are acquired and disposed of by clients. Custodial trading on the crypto market On the crypto market, custodial trading happens on centralized exchanges (CEXs). As mentioned above, to start trading, a user is required to deposit their funds with an exchange or its designated partner third party - a custodian. Who exactly will perform the custodian functions majorly depends on a CEX legal setup, i.e., whether and how it is regulated and what jurisdiction it operates in. Let me explain below. Non-regulated (not licensed) CEXs If we take a non-regulated (not licensed) CEX, let’s say operating somewhere in Seychelles or any other jurisdiction not requiring licensing for trading, here is how things happen: a user deposits money with a CEX’s account, buys/sells assets on their own using CEX’s order book, then withdraws the funds when they want. As you might have noticed,  in this simplified trading process, we see none of the other earlier mentioned 3rd parties - brokers, custodians, and clearing houses. Therefore, in the case of trading on a non-regulated CEX,  all these functions are performed by the exchange itself. A CEX is your broker, custodian, and clearing house all in one. Literally a jack of all trades. For accuracy, not all non-regulated exchanges are like this. Some try to stick to the best traditional trading practices and voluntarily outsource the custodial functions to the relevant partners. Regulated CEXs Now let's take a look at a more civilized version of CEX - one that is regulated, meaning it has obtained an official license or permission from some official security watchdog to operate. These types of CEXs usually involve third-party custodians. : dealing with a regulated CEX doesn't automatically mean that your trading will be as safe as traditional non-crypto exchanges. Here is the thing: not all types of CEX licenses are of any legal value. With a license being issued somewhere offshore, a CEX may choose to partner with a questionable custodian that is, in fact, nothing more than yet another crypto startup. There is no guarantee that such a startup will be able to adequately protect and refund users in case things go haywire and there’s a funds dispute. On a side note However, regardless of the mentioned nuance, the point is that in the case of regulated CEXs, the custodian functions are separated from the exchange and rendered by third parties. Pros and cons of custodial crypto trading For a better understanding of the pros and cons of custodial crypto trading, let’s assume we got a reputable CEX with the proper license (like or , for example) and a trustworthy custodian. OTF MTF Pros: it’s relatively safe (however, something can always happen – this is crypto, after all) convenient to use support and recovery in case you forgot or lost your passport, and insurance coverage in case something goes wrong. Cons: " ," wise crypto saying says. In other words, here we face a good old counterparty risk. Regardless of all the bright things of third-party custody, you are no longer in control over your funds. That's a third party who is. Not your keys, not your crypto It's adding extra expenses, resulting in extra fees for the customer (you), as there are multiple parties involved in the process. Your account (and funds!) can be unexpectedly blocked or frozen for multiple reasons: it seems suspicious, an algorithm just randomly did it at its discretion, a regulatory body requires it, etc. Confidentiality is left alone. Depositing funds with a custodian (whether an exchange or a third party) requires users to pass KYC verification, which implies disclosing personal information (passport, income statement, utility bill, etc.). Custodian insolvency risk. It can be triggered by market conditions, hacks, or regulatory interventions. When a custodian goes insolvent, its clients can have difficulty accessing their assets. Most of the issues arising from the custodial trading overlap with__ __, which I covered in detail in my previous article. Check it out if you want to dive deeper. the risks of trading on CEXs What does non-custodial mean? As mentioned earlier, the non-custodial method implies that a user remains their funds’ sole owner and custodian. In practice, the non-custodial effect can be achieved in several ways. Decentralized wallets A most common scenario of non-custodial trading is when a user trades on a decentralized exchange (DEX) directly from their decentralized (non-custodial) wallet. Unlike with CEXs, in this case, users are not required to entrust their funds with an exchange or a 3rd party. Instead, all that is needed is just plugging a wallet into a DEX — that’s it. A non-custodial wallet provides an interface to interact with a public blockchain directly. It has public and private keys. So trading from such a wallet on a DEX implies that a user authorizes each transaction with their private key and takes care of their assets’ safety on their own. In this scenario, even a regulator can’t access the funds (unless they push you to provide the private key). Examples of non-custodial wallets — the oldest and most adopted non-custodial wallet. It supports all ERC-20 tokens, NFTs, and multiple blockchains, including the Ethereum main blockchain, Binance BNB blockchain, Polygon, Avalanche, and many test networks. Wallet of choice for the Ethereum blockchain. Metamask — a mobile-only non-custodial wallet. Trust wallet supports Ethereum, Binance chain, Cosmos, and Tron network. Trust wallet Now let’s look at other possible ways to achieve the non-custodial effect. Decentralized custody A good example of a decentralized custodian is . To decentralize private keys, Qredo uses (MPC), which allows splitting the keys into shares. These shares are stored with the MPC nodes, which are distributed on the network. Together, the nodes generate a digital signature to sign transactions without ever producing a private key. Qredo multi-party computation If you want to learn more about the concept of a decentralized custodian, check out this amazing research: by Zhaohua Chen and Guang Yang. Decentralized Asset Custody Scheme with Security against Rational Adversary Or wait until I get to write an article on this, lol. Decentralized Accounts (dAccs) The concept of dAccs was first time offered by the Xena Exchange developer team. Essentially, dAccs mean a proprietary clearing protocol, combining elements of centralized trading with segregated decentralized fund storage. For more details about dAccs check Xena’s . description page Pros and cons of non-custodial crypto trading First, let’s walk through the bright side of non-custodial trading. Pros The big fat pros here is that you have 100% control over your funds. Even a regulatory body can not reach out to your account (for some users, this is especially important, I know). Cons Many challenges overlap with the risks of trading on DEXs. I covered them here in more detail. Here is in short: : recovery of assets in case of losing a private key and a seed phrase is impossible. The responsibility of keeping the keys safe rests on the owner as the wallet cannot recover it under any circumstance. Risk of self custody : not all types of traders are allowed to engage in non-custodial trading by law or their licenses. Regulatory limitations . In case of a fraudulent transaction, a DEX cannot reverse the transaction and recover the funds. No protection against fraudulent activities to help you out. No support team Non-custodial vs. Custodial — what to choose? The choice is defined by answering the following questions: What kind of trader are you — a retailer or a regulated institution? If the latter, do your license and terms of work permit trading in a non-custodial manner? What do you believe in and trust more — traditional markets or a decentralized crypto environment? What’s your risk tolerance, and what price are you ready to pay for lower risks. As we mentioned, the price could be increased fees, giving up on confidentiality, and being ok with account freezes out of the blue. How diligent are you to manage your private keys and ensure you won’t lose them? Overall, the answer to what is better lies in the particular perks you are looking for and the sacrifices you are ready to make. Hybrid trading As the term suggests, a hybrid way of trading is one that combines elements from both custodial and non-custodial trading or/and allows a user to choose. For example, an exchange may require depositing funds with its accounts but offer an option of trading through dAccs (we covered them above). Or it may offer a user to choose whether to trade from the exchange account or their non-custodial wallet. IMHO, where a trading venue allows a user to pick up options is the best-case scenario. Let’s look at how the . hybrid custody is implemented by the Yellow Network Alternative ways to deposit funds Instead of transferring assets to an exchange, a user can enable a MetaMask connection. Then their funds will be secured by a multi-signature smart contract. Users can also deposit funds to the smart contract with any other hard/software wallet. This resolves major end-user’s concerns about improper funds storage and the safety of their assets. The security of the end-user’s funds is also ensured by the amount of collateral funds locked with Yellow tokens. As soon as any fraud or malicious activity affecting end-user’s funds is detected on the broker’s side — the dispute system will ensure the return of assets to their rightful owners. Non-custodial clearing Yellow Network uses state channel technology for non-custodial crypto clearing. This technology enables high-speed, high-volume transactions at a low cost. The settlement is done using smart contracts. The article “ ” thoroughly explains how state channels work in the Yellow Network ecosystem. Check it out, you will love it. State Channels Still Beat All Other Layer-2 Scalability Solutions Choice of custodian Also, Yellow Network has both centralized and decentralized custodians as partners: and . A user will essentially decide which of those will work for them best. Fireblocks Qredo Final thoughts So what’s the best way to go- a custodial or non-custodial? I will answer as Captain Hindsight here: there is no one size fits all. Both ways have their pros and cons. Mind your goals, applicable regulatory limitations (if any), risk tolerance, and the level of convenience you seek. Use your best judgment. Experiment, if possible. Enjoy the variety of options that crypto gives us now. By for . Julie Plavnik Yellow Network Want to learn more about Yellow Network and cross-chain trading technology? Check out OpenDAX v4 stack GitHub: https://github.com/openware/opendax Follow Yellow Twitter: https://twitter.com/Yellow Join the public Yellow Network Telegram: https://t.me/yellow_org Read Yellow Network Medium blog: https://medium.com/yellow-blog Stay tuned as Yellow Network unveils the developer tools, brokerage nodes stack, and community liquidity mining software. This article was first published here.

The Difference Between Custodial And Non-Custodial Crypto Trading

La diferencia entre el comercio de criptomonedas con custodia y sin custodia

Organized by Banco Hipotecario, Open Bank Project, API3, and Qredo On November 19, 2021, Banco Hipotecario will launch the first Bitcoin banking hackathon in El
 Salvador, entitled “Bitcoin Bankathon,” to fuel financial innovation in the country. Banco
 Hipotecario, a state-owned national bank, brings forth this event through a partnership with
 three industry leaders: , , and . The goal of the endeavor is to foster
 innovative banking applications from participating developers for Banco Hipotecario to explore
 Bitcoin banking services for Salvadorans. Open Bank Project API3 Qredo When November 19th - December 8th. Why Winning teams will be rewarded with a portion of a total of $150K in prizes (paid in
 Bitcoin), including for Best Overall Product and Most Advanced Technology. Participants will have access to online and on-ground support with technical queries, and
 mentors will be available for pitch guidance. Be part of the first bank-supported event to accelerate the democratization of Bitcoin
 electronic payments and facilitate the adoption of bitcoin as legal tender Where The first two weeks of the Hackathon will be held virtually, giving entrepreneurs, coders,
 designers and developers time to develop prototypes for their ideas. During the third week of
 the event, to push their
 products to the finish line. (on-site attendance is not required) participants are invited to El Salvador’s Hacienda de Los Miranda Hackathon details Hackathon challenges will be based around five challenge tracks: Build the next neobank: What could a more inclusive Bitcoin-enabled neobank for El
 Salvador look like in 2022? Redesign remittances: How could Bitcoin remittances improve the lives of Salvadorans
 who rely on money from abroad? Empower women: How can crypto and open banking help support women's economic
 empowerment? Battle climate change: How can banks and crypto companies unite citizens of El
 Salvador to tackle climate change? Empower merchants: How can we empower merchants using open banking data and smart-contracts? How Registration for the event is now open, and anyone interested in participating in the Bitcoin
 Bankathon can learn more or register . here

Developers Unite for the First Bitcoin Banking Hackathon, Happening in El Salvador

API3 is pleased to announce the , an alliance with Banco Hipotecario, TESOBE (The company behind the Open Bank Project), Qredo and Sovryn to support El Salvador’s recent adoption of bitcoin and crypto-friendly financial services. Bitcoin Alliance In April 2021 API3 and Open Bank Project teamed up for a decade-long blockchain venture, with Airnode enabling banks to send data directly to blockchain networks. Potential use cases for open banking data on blockchains include solutions like secure and decentralised databases for data verification between banks and authorised third parties, the bridging of open banking data to blockchain-native systems like DeFi and self-sovereign identities, as well as data marketplaces and data unions enabling banking customers to monetise their private financial data. Meanwhile, El Salvador’s Bitcoin Law entered into force on Sept 7th, seeing the nation-state officially adopting Bitcoin as legal tender. In a nutshell, this regulatory shift enables Salvadorans to purchase goods and pay taxes with Bitcoin, using the lightning network for instant settlement and low fees. Meanwhile, financial institutions in the region were faced with the operational challenges of accepting Bitcoin as legal tender at scale. While working with Banco Hipotecario to help them react to these regulatory shifts, the Bitcoin Alliance was formed to support El Salvador’s transition into accepting Bitcoin as legal tender — welcoming Sovryn’s Bitcoin-based Decentralized Finance platform & Qredo’s Lightning Network-compatible custodial infrastructure. All this of course in collaboration with OBP’s APIs that will be brought on-chain by API3’s first-party oracle solution, Airnode. The Bitcoin Alliance, El Salvador The project will see the parties working in close collaboration with Banco Hipotecario, a national bank of El Salvador, with an aim to accelerate the democratization of Bitcoin electronic payments and help Salvadorans enjoy the benefits of digital and decentralized financial services. “ ” “ ” This alliance is a great opportunity for El Salvador to create new financial products that support the needs of our Salvadoran citizens, says Celina Padilla, president of Bank Hipotecario de El Salvador. We are closer than ever to achieving true financial inclusion and I am proud that Banco Hipotecario is the first bank at the national level to carry out this type of alliance. Now everyone has their eyes on our country and on our bank. “ ” API3 is incredibly excited to announce this alliance and we can’t wait to see the synergies between these leading technologies in action. As the world’s financial system is modernized, we will help build a foundation for the future of digital banking that can easily be adapted to fit the needs of those who will benefit from it most. says Heikki Vänttinen, Co-Founder at API3. “ ” “ ” We are super excited and grateful for the opportunity to assemble this advanced Crypto Banking infrastructure, which will act as the foundation for a new breed of financial services in El Salvador, says Simon Redfern, CEO of TESOBE and founder of the Open Bank Project. Our combined technologies will help Banco Hipotecario deliver more transparent and inclusive financial services to Salvadorans — especially the underbanked part of the population — and will remove many of the uncertainties that stand between El Salvador and the advantages of cryptocurrency adoption. “ ” . “ ” We are glad to get in at the ground zero of global bitcoinization, says Anthony Foy, Qredo CEO Qredo brings the scalability and instant settlement to underpin bitcoin banking infrastructure, making it possible to adopt crypto assets securely on a national scale, with none of the governance limitations imposed by private keys. , “ ” Edan Yago, core contributor at Sovryn, comments With its adoption of Bitcoin, El Salvador has chosen to rewrite the script of its national finance system and to blaze a trail for other nations to follow. DeFi is now coming to the world and Sovryn is playing a crucial part in these early practical steps towards making Bitcoin adoption a reality in El Salvador and beyond. , a national bank with a commercial focus, offers a wide range of banking products and services such as consumer and corporate loans, savings accounts, credit and debit cards, and related financial services to individuals, small- and medium-sized enterprises and large corporations. About Banco Hipotecario de El Salvador Banco Hipotecario de El Salvador Led by Berlin-based software company , the Open Bank Project is the leading API Management platform for banks that want to ensure a rapid and secure enhancement of their digital offerings. The Open Bank Project assists banks in deploying Open Banking platforms by providing access to over 450 standardised APIs, used by our vibrant global community of over 11,000 developers. About the Open Bank Project TESOBE GmbH The Foundation is a Decentralized Autonomous Organization (DAO) leading the movement from legacy third-party oracle networks to first-party oracle solutions that deliver more security, efficiency, and regulatory compliance. Powered by Airnode first-party oracles, API3’s Decentralized APIs (dAPIs) are decentrally controlled and blockchain-native data feeds with quantifiable security. About API3 API3 is a decentralized digital asset management infrastructure and product suite designed to unlock new opportunities for institutional investors in digital assets and decentralized finance. Qredo’s Layer 2 blockchain protocol enables users to seamlessly transfer and settle BTC, ETH, and ERC-20 tokens. Assets are secured by Qredo’s advanced Gen 2.0 multi-party computation (MPC), which provides tier-1 bank security and institutional-grade governance. About Qredo Qredo is a Bitcoin-native financial operating system that allows people to utilize their Bitcoin in decentralised applications. The Sovryn protocol provides an infrastructure using layer-2 technologies for the next generation of DeFi. For more details about the Sovryn tech stack, its use cases, and the SOV token see the Sovryn Black Paper. About Sovryn Sovryn Previously published here .

Bitcoin Alliance to Support El Salvador’s Recent Adoption of Crypto-Friendly Financial Services

**CAYMAN ISLANDS, Cayman Islands, January 30th, 2024/Chainwire/--**The QRDO Foundation, dedicated to the growth and development of the QRDO ecosystem, has announced a strategic partnership with EQ LAB, a leading blockchain developer lab, to launch the Warden Protocol. This initiative accelerates the upcoming launch of the Warden Protocol, an intent-based interoperability protocol built on Cosmos and based on the Fusionchain primitive. Introducing The Warden Protocol The is a modular intent-centric blockchain built on the Cosmos-SDK. At its most basic level, it enables users to create Spaces and Wallets on various blockchains and govern their activity through on-chain intents. Warden Protocol Complex multi-leg transactions can be built, and cross-chain activity protected via complex intents, all enforced on-chain by the Warden Protocol. For the builders in the space, Warden enables smart contracts to be deployed on Cosmos using Solidity and WebAssembly, and facilitates a modular marketplace of key management solutions, from HSM solutions to multi-party computation providers. “The Warden Protocol is the next evolution in intent and interoperability primitives,” said a representative for the QRDO Foundation, “Joining forces with the EQ LAB team enables us to achieve this ambitious vision and ensures that QRDO token holders see the realization of a truly decentralized and open, intent-centric interoperability and key management protocol.” Various applications have pledged their support to deploy on Warden, including: , a liquid staking hub for Cosmos that puts existing liquid staking tokens to work; EQ.finance WARDD, a USD-pegged decentralized stablecoin that provides Warden users with instant access to dollar liquidity; , a pluggable protocol for decentralized funding pools that enable margin trading on any spot DEX; and Marginly SpaceWard, a SAFE-like platform for wallet management and governance. EQ LAB will form the core contributor team to the Warden Protocol and will bring an extensive team of 15 core developers to the Warden Protocol. “We are very pleased to be helping to establish the Warden Protocol as Core Contributors”, said Alex Melikhov, founder of EQ LAB, “as an experienced team of qualified blockchain developers, we see a bright future in the Cosmos ecosystem, and we look forward to seeing incredible value unlocked for both the existing QRDO and Q token holder communities”. WARD Token The Warden Protocol plans to introduce the WARD token via a fair launch mechanism. This launch will take place without any pre-mine or investor allocations, with eligibility for both an airdrop and an incentivised WARD-swap extending first to existing QRDO holders. As a nod to the public goods done by various other Cosmos chains, TIA and ATOM stakers will also be eligible, as well as builders and users from other complimentary protocols and chains. Further details will be announced shortly. The Alfama testnet will go live in the coming weeks, with details for an incentivised testnet to be published shortly. Contact Information Warden Protocol Warden Protocol is a new modular intent-based blockchain based on CosmosSDK that allows users and builders to explore and build cross-chain securely. pr@wardenprotocol.org www.wardenprotocol.org About EQ LAB EQ LAB is an experienced software engineering house specializing in permissionless applications and protocols, acting as a technology partner in a plethora of projects on Cosmos, Ethereum, Arbitrum, Polkadot, and other blockchain platforms. hello@eqlab.io www.eqlab.io About QRDO Foundation: QRDO Foundation has been established to focus on accelerating the adoption of open custody, security and interoperability protocols and nurture the value of the QRDO ecosystem. Contact PR Team QRDO Foundation pr@qrdo.org This story was distributed as a release by Chainwire under HackerNoon’s Business Blogging Program. Learn more about the program here.

QRDO Foundation and EQ LAB Announce Strategic Partnership To Launch The Warden Protocol

Silicon Valley Bank — one of the most prominent banks in the country, which held relationships with of the U.S.’ venture capital-backed companies — experienced a historic collapse on Friday that has sent shockwaves throughout the banking industry. Now, in a bid to boost confidence in the U.S. banking system, the Biden administration has moved to at SVB and fellow fallen financial institution . more than 50% safeguard all deposits Signature Bank Since its founding in 1983, SVB has been a key player in supporting startups and other companies backed by venture capital. For hundreds, perhaps thousands, of numerous tech and innovation startups, this provided new players with a reputable and widely-accepted option to secure loans and hold funds. As of Friday, however, the bank is now widely considered to be the single . For , the firm went without a chief risk officer. And just recently, was caught cashing out $3.6m worth of stock a couple of weeks prior to the bank’s collapse as well. largest bank failure since the Great Recession of 2008 nearly an entire year their CEO While the ongoing fragility of the tech sector hasn’t exactly been doing SVB any favors, the bank’s swift slide into complete failure and utter chaos in just a few short days has taken many by surprise. This news prompted a series of questions that started to rise among the public: How could this have happened? And in what ways will this affect the banking industry moving forward? What Went Down? With private fundraising made more expensive thanks to the Federal Reserve’s attempt to combat inflation with higher interest rates, a growing number of tech startups were forced to borrow more and more from SVB as investors became more cautious. The bank itself, however, was quietly struggling to meet the recent steady rise in financial demand, and needed a plan in order to quickly make up for its low liquidity. Surely enough, red flags were flying high that Wednesday when the SVB Financial Group announced a in an attempt to bounce back from a devastating $1.8b loss catalyzed by an approximate $21b sale of low-value securities. $1.75b share sale Ultimately, the capital raise did little to bolster confidence in venture-capital clients and founders, who were soon encouraged to quickly pull their funds from SVB en masse. Driven by investors with growing concerns over a potential bank run, this led to a direct negative impact on the company stock the following day on Thursday as it or an estimated $80b+ depreciation in share value. plummeted by 60% Before long, public trust in bank stocks across the board also started to wane, resulting in a same-day $52b market value loss among the , including Citigroup, JP Morgan Chase, Wells Fargo and Bank of America. Smaller banks also reported significant drops in shares, with San Francisco-based First Republic Bank stock falling by 17%, signaling a more widespread lack of confidence in the security of bank funds within the sector amidst rising interest rates. four biggest banks in the U.S. By Friday morning, trading had been put on pause. Come Friday afternoon, the California Department of Financial Protection & Innovation shut down the bank entirely and relinquished the firm over to the FDIC shortly after. Widespread panic ensued over the weekend as at SVB were promised a middling $250k in FDIC-insured funds, and nothing more. hundreds of companies with millions locked up That is until Sunday rolled around, when U.S. regulators announced deposits at the bank would be protected and available in full by Monday morning. This announcement was brought alongside the official closure of Signature Bank, an institution that made its name off the back of real-estate ventures and, more recently, its dive into the crypto industry. In the Wake of the Collapse, Who Stepped Up? As small startups and their founders scrambled to make payroll while the future of the tech industry was being threatened, many of its prominent leaders stood up, looking for any way they could lend a helping hand to those most affected by the crisis. CEO of OpenAI Sam Altman and renowned venture capitalist Vinod Khosla were among the first to lead the charge in support of small businesses, offering good-faith loans to periled companies and encouraging other VCs to do what they can to help. https://twitter.com/sama/status/1634249962874888192?embedable=true Garry Tan – the President and CEO of Y Combinator, a major accelerator for early-stage startups – started a petition for startups at risk, imploring affected businesses all over Twitter to sign it and prompt regulators to take action. The petition received more than from various CEOs and founders by the time the U.S. government stepped in on Sunday. 5,000 signatures https://twitter.com/garrytan/status/1634697926219010048?embedable=true Some companies, like those within the financial services and technology sphere, were taking the opportunity to assist depositors while simultaneously gaining goodwill to draw in new potential customers. Brex – a fintech business dealing in credit and cash management accounts – opened an emergency bridge loan to assist companies with funds tied up at SVB so they could meet payroll and additional operational needs. After only a day following the bank’s collapse, the initiative had received over in requested funds. Since the presence of these startups are necessary for the company to thrive, Co-CEO and founder Henrique Dubugras told Forbes, “solving this is very good business for us.” $1 billion How Will This Impact the Future of Banking? In an with Reuters, founder and investment manager of AlphasFuture LLC Geetu Sharma discussed how the impact of interest rates are spreading beyond its effects on the greater tech ecosystem. And according to Sharma, company liquidity may pose a more omnipresent issue for a number of business sectors if increased interest rates are left unaccounted for: interview “If you look at the chain of events we had, once we started seeing the rate of increases, we first had the most speculative part of the market kind of see a collapse, whether it was in the crypto space, these banks, the FDX, and now it seems that it is expanding into this private market space, venture capital, [and] asset prices may be coming down and liquidity is becoming an issue,” said Geetu Sharma. Although the effects of SVB’s looming collapse are already rearing their heads among other financial institutions, as is the case with the aforementioned First Republic Bank and, now, Signature Bank, Sharma says the “trillion dollar question” is a matter of exactly how far these ripples will reach. So far, those ripples are slowly becoming waves as they continuously sweep across the country, spilling over into the as many wonder what the future of banking will look like. global banking industry https://twitter.com/fintechjunkie/status/1635150177576292353?embedable=true

How Silicon Valley Bank Went Under - And the Tech Execs Who Stepped Up 

কীভাবে সিলিকন ভ্যালি ব্যাংকের অধীনে চলে গেছে - এবং টেক এক্সিকিউজরা যারা এগিয়ে গেছেন

Wie die Silicon Valley Bank unterging – und die Tech-Manager, die aufstanden

Cómo se hundió Silicon Valley Bank y los ejecutivos tecnológicos que dieron un paso al frente

Comment Silicon Valley Bank a fait faillite - et les responsables techniques qui se sont intensifiés

सिलिकन वैली बैंक कैसे डूबा - और तकनीकी अधिकारी जिन्होंने कदम बढ़ाया

シリコンバレー銀行がどのように倒産したか - そしてステップアップした技術幹部

실리콘밸리 은행은 어떻게 망해갔는가 - 그리고 한발 더 나아간 기술 임원들

Como o banco do Vale do Silício faliu - e os executivos de tecnologia que se destacaram

Silikon Vadisi Bankası Nasıl Battı - Ve Öne Çıkan Teknoloji Yöneticileri

Ngân hàng Thung lũng Silicon đã hoạt động như thế nào - Và các nhà điều hành công nghệ đã bước lên

硅谷银行是如何倒闭的——以及那些挺身而出的技术高管

The Memento Pattern is a pattern that is used to save and restore objects to their original states. The purpose of the Memento Pattern is to enable effortless restoration of an object’s previous state. In this article, we’ll be looking at the Memento Pattern in C# with code examples. software design In software engineering, state restoration is the ability to bring back the previous states of an object or system. This is important because it helps prevent system crashes and loss of data. With the Memento Pattern in C#, developers can implement state restoration without much effort. This is particularly useful when building applications that need to track changes to an object over time. design pattern By following the steps outlined in this article, C# developers can easily implement the Memento Pattern in their C# projects. This article includes an affiliate link to Amazon. You won’t be charged anything extra for clicking on these links, but you will be supporting me if you do choose to purchase something through one of these links. Thanks! How the Memento Pattern Works The Memento Pattern is a software design pattern that allows developers to restore an object’s previous state with ease. It is often used in undo-redo systems or situations requiring state restoration — and we’re all familiar with pressing ctrl+Z to get our work back! It works by separating an object’s state and creating a memento object that stores the state. This memento object can later be returned to restore the object’s previous state. Origin and Principle of the Memento Pattern Design patterns are generally classified into three categories: behavioral, creational, and structural patterns. The Memento Pattern falls under the behavioral pattern category. It was first introduced by the GoF (Gang of Four) in their book “ ”. Design Patterns: Elements of Reusable Object-Oriented Software The principle of the Memento Pattern is to save and restore an object’s previous state without exposing its private implementation. This pattern ensures encapsulation and separation of concerns by separating an object’s state from the object itself. This way, the object’s state can be retrieved and restored without compromising its integrity. Different Components of the Memento Pattern in C# The primary components of the Memento Pattern in C# include the Memento, Originator, Details, and Caretaker. The Memento object stores the object’s state, while the Originator creates and restores the object’s state. Details provide a snapshot of the object state, and Caretaker is responsible for the object’s history. The Memento object captures and saves the current state of the Originator object. The Originator object creates a new Memento object and saves its state in the Memento object. The Details object is used to provide a snapshot of the object state. Caretaker is responsible for saving and restoring the object’s state history. We’ll see this in more detail by looking at some code momentarily! Examples of the Memento Pattern One use case example for the Memento Pattern is for a game that allows the save and load of levels. A game level can be designed as an object, and its state, including objects placed, scores gained, and player location, can be captured and saved in a Memento object. The system can later load and restore the saved level state. Another example of where the Memento Pattern can be applied is in a text editor system (just like the code editor you use daily). In such a system, users can perform undo and redo operations after typing. The Memento Pattern can be used to store a snapshot of the text area’s state. When an undo operation is performed, the text area can be restored to its previous state, as stored in the memento. ! All future revisions and additions are TOTALLY FREE. Get your copy of the Design Patterns E-Book now Steps to Implement Memento Pattern in C# Creating the Originator Class The first step is to create the Originator class, which is responsible for creating and restoring an object’s state. The Originator class needs to have a method that returns a Memento object containing the current state of the object. To create an Originator class, you’ll first need to define the state you want to save as properties. Then, you’ll need to create a method that returns a new Memento object with the current state. This method should save the current state of the properties in a new Memento object. Below is an example of a simple Originator class that saves and restores a string property: public class TextEditor
{
    private string text;

    public string Text
    {
        get => text;
        set
        {
            text = value;
            Save();
        }
    }

    private void Save()
    {
        Console.WriteLine($"Saving state: {text}");
    }

    public TextEditorMemento CreateMemento() => new TextEditorMemento(text);

    public void Restore(TextEditorMemento memento)
    {
        text = memento.Text;
        Console.WriteLine($"State restored: {text}");
    }

    public class TextEditorMemento
    {
        public string Text { get; private set; }

        public TextEditorMemento(string text)
        {
            Text = text;
        }
    }
} The Memento Class The next step in implementing the Memento Pattern is creating a Memento class. The Memento class stores the state of the Originator object and provides access to that state when the object’s state needs to be restored. To create a Memento class, you’ll need to define the state you want to save as properties. Then, you’ll need to create a constructor that takes in the object’s current state and sets the state properties. Below is an example of a simple Memento class for our TextEditor: public class TextEditorMemento
{
    public string Text { get; private set; }

    public TextEditorMemento(string text)
    {
        Text = text;
    }
} The Caretaker Class The third step in implementing the Memento Pattern is creating the Caretaker class. The Caretaker class is responsible for storing and managing the Memento objects that hold the Originator object’s state. It provides an interface for saving and restoring the object state. To create a Caretaker class, you’ll need to define a list for storing the Memento objects. Then, you’ll need to create methods for adding Mementos to the list and retrieving Mementos from the list. Here’s a simple Caretaker class for our TextEditor example: public class TextEditorHistory
{
    private readonly List<TextEditorMemento> _mementos = new List<TextEditorMemento>();

    public void Save(TextEditorMemento memento)
    {
        _mementos.Add(memento);
        Console.WriteLine($"Editor state saved: {memento.Text}");
    }

    public TextEditorMemento Undo()
    {
        var memento = _mementos.LastOrDefault();
        if (memento != null)
        {
            _mementos.Remove(memento);
            Console.WriteLine($"Editor state restored: {memento.Text}");
        }

        return memento;
    }
} Adding Undo Functionality The final step is to add ‘Undo’ functionality. When ‘Undo’ is performed, the latest Memento object is retrieved from the Caretaker object and used to restore the object’s state. The Originator object is updated with the restored state. To add ‘Undo’ functionality, you’ll need to modify the Originator class to include a method that restores the object’s state from a Memento object. Then, you’ll need to modify the Caretaker class to keep track of a history of Mementos so that the application can undo changes. Here’s an example of a simple ‘Undo’ implementation for our TextEditor example: var textEditor = new TextEditor();
var history = new TextEditorHistory();

textEditor.Text = "hello";
history.Save(textEditor.CreateMemento());

textEditor.Text = "world";
history.Save(textEditor.CreateMemento());

textEditor.Restore(history.Undo()); // Restores state to "hello" Benefits and Tradeoffs Benefits of the Memento Pattern in C# Implementing the Memento Pattern in C# can bring several benefits to your code. First, it can simplify the application’s state restoration process. The Memento Pattern allows objects to be restored to their previous state with minimal complexity or interference. It can also improve an application’s scalability and flexibility since it separates an object’s state and its implementation. Another benefit is that it can improve the code’s readability and maintainability by organizing the necessary code into separate components. The Memento Pattern meets the ‘Single Responsibility Principle’ and encapsulates all of the necessary information regarding the object’s state. Compared to some other design patterns, the Memento Pattern is more maintainable, scalable, and flexible. Drawbacks of the Memento Pattern in C# Like any other software design pattern, the Memento Pattern has drawbacks. Implementing the in memory since the Memento objects use more memory to store states. This increase can pile up, resulting in performance degradation — So you need to be careful when managing state. It might be a good opportunity for some tests! pattern requires an increase In addition, the Memento Pattern can overcomplicate simple applications. When deciding whether to use the Memento Pattern or another software design pattern, it is essential to consider the application’s use case. The Memento Pattern is most useful when an object or application undergoes frequent state changes. The pattern would not be recommended for systems with minimal state changes. In general, the Memento Pattern is an excellent software design pattern that can bring valuable benefits to your code. It can also help an application scale by separating the aspects of state management from an object’s implementation. Still, before implementation, it is essential to consider the tradeoffs and how it can affect the application’s overall performance. Wrapping Up The Memento Pattern in C# In this article, I discussed the Memento Pattern in C# and how it can be used to restore the state of an object effortlessly. We covered the origin and principle of the Memento Pattern and explained its different components, including the Memento, Originator, Details, and CareTaker classes. I also provided a detailed explanation of the steps required to implement the Memento Pattern in C#, including creating an Originator class, a Memento class, and a Caretaker class. I also discussed how to add ‘Undo’ functionality to the pattern and the benefits and tradeoffs of implementing it in your programs. In conclusion, using the Memento Pattern in C# can lead to easy state restoration and provide a cleaner, more organized codebase. If you’re interested in more learning opportunities, and ! subscribe to my free weekly newsletter check out my YouTube channel Also published here.

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