Qredo was designed first and foremost for institutions. But the governance tools it provides are also very useful to individuals.

Your Qredo wallet's custom signature scheme and subaccounts can be used for everything from securing your inheritance to protecting your assets from basic attacks. You can use ourWalletConnect integrationSecure your DeFi access.

To give you an idea of ​​the possibilities, here are a few ways Qredo can help you manage your digital assets as an individual.

1. Thwarting Basic Attacks

Imagine someone hears through the grapevine that you have piles of bitcoins, and kicks down the front door, threateningly waving a steel wrench, demanding that you send him your cryptocurrency.

This is well known in the crypto communityfive dollar wrench attackis increasing. They are made possible by the unique nature of digital asset payments, which, unlike bank transfers, cannot be simply reversed and can be received without revealing the identity of the thief.

One way to protect your digital assets from ransomware is to set up multipleApprover。

This might not stop criminals from breaking your legs, but it means your assets are less vulnerable to blackmail. Because even if you give up and approve the transaction under duress, it will still be blocked by your appointed approvers. Therefore, in order to be successful, the intruder must send their cronies to threaten everyone in your signature scheme at the same time.

In addition to physical blackmail, the extra layer of security provided by having multiple approvers can help protect you from phishing attacks.

https://xkcd.com/538/

2. Take care of your estate

“My bitcoins are in our safe, my son and daughter are tech savvy. I think they are safe enough. I am happy with my legacy.” – Hal Finney, 2014

Are you planning to pass your digital wealth on to your heirs? Or will you be HODLing forever in the grave?

Legendary crypto pioneer Hal Finney was one of the first to consider this question. He stores his family bitcoins in a shared safe, inspiring many others to experiment with different methods of passing digital assets on to the next generation.

Some try to store private keys in hardware and share passwords with partners; this option can backfire if the relationship sours. Others write their seed phrases directly into their wills; relying on the honesty and skill of their attorneys. More observant investors have even created treasure hunt documents detailing methods for exchanging passwords and accessing the multiple platforms where their cryptocurrencies are stored.

While these ideas may work, they all make the same compromise—they sacrifice security to increase the chances that your estate will actually be able to use your assets after your death.

Qredo offers a simple alternative that enables you to grant someone (be it an official executor, family member or friend) Approver status on your account.

For example, if you're a buy-and-hold investor, you might only need to set up a wallet, requiring any two of three people (yourself, your significant other, and a lawyer) to approve the transaction. Then, after your death, your significant other can still authorize transactions without your consent. Also, since Qredo is an easy-to-use wallet, your approvers don't necessarily need to have deep technical knowledge.

3. Allocation of funds for different purposes

Digital assets are built on public key cryptography, where each private key corresponds to an account on the blockchain.

The structure itself is inflexible and may confuse sophisticated investors - whether individuals, professional traders, ormoney manager- Requires juggling hardware wallets or handing over funds to a third party to easily manage multiple accounts.

Qredo enables digital asset investors to create an unlimited number of sub-wallets (called funds) within a single Qredo wallet. Each sub-wallet can have its own set of distinct users who can assume specific roles.

This functionality can impact individuals and institutions alike in a number of different ways:

• Segregate funds for different trading teams

  Create multiple accounts for different trading teams to manage assets on your behalf. Each can customize individual permissions for different traders.

  
  

• Manage assets in multiple personal accounts

  You can have aWalletConnectA Qredo Web3 wallet to use together to emulate altcoins on a decentralized exchange, and another sub-account with additional approvers that you use as a savings account

  
  

• Organize accounts for business and pleasure

  Maintain some segregation of accounts that may be subject to different tax treatment, and keep clear transaction records for each wallet.

4. Escrow transactions

Escrow services are often used for big-ticket purchases, such as a house, business, or car. They make transactions between buyers and sellers more secure by ensuring that transactions are only fully executed when both buyers and sellers agree that the terms of the transaction have been met.

Executing escrow transactions on Qredo is as easy as setting up an account that requires both buyer and seller to approve the transaction. The flow of such a transaction is as follows:

• Buyer sends funds to Qredo wallet

• The seller supplies the product or service

• Both parties sign the transaction, sending funds from the address to the seller

To make the process more secure, you can set up a 2-of-3 signature scheme where you have a mediator (ie escrow) to help resolve potential conflicts. If a product does not arrive or is defective, then a third party can find a solution and sign a deal with the buyer or seller to complete the process.

Learn more about why you should use Qredo instead of on-chainmulti-signatureandmechanismandfamily and friendsuse case.

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Original link:https://www.qredo.com/blog/how-individuals-can-benefit-from-qredo-governance

Qredo Chinese page:qredo.com/zh-cn