Published Jun 15, 2023
By Qredo Team
Welcome to a New World of Policy Governance at New Qredo
As part of our New Qredo platform launch, we are excited to reveal our enhanced governance controls.
This is the first of a weekly deep dive into New Qredo's core advancements, going into detail on new functions and discussing how they are designed to help you achieve your goals.
With this new upgrade, we provide more rigorous and comprehensive customization of governance, allowing you to handle risk management, add additional layers of control and implement disaster recovery – all while eliminating single points of failure with respect to private key storage and management.
What’s changing with policies?
In the previous version of Qredo, only one type of policy was available: Transaction policies, which were only able to be managed at the Wallet level and were tied to Wallets for governing transactions. No extra layer of control was available for Admins, and a Whitelist could only be managed per Fund and applied per Wallet.
How does governance work on New Qredo?
Qredo policies define members, thresholds to approve, and which groups and actions are governed by the policy, such as Vaults, Web3 Wallets, Portfolios, Send, and Swap.
Meanwhile, Whitelists add another security layer by defining and restricting addresses to which a Wallet can send assets.
A breakdown on policy management
Let's look at some key features of policy management in New Qredo.
Policies can now be managed at a Workspace level, giving our members more control over their Portfolios.
We have also added an all-new policy, the Admin policy, which governs Transaction policies and the granting of administrative powers. This policy adds another layer of disaster recovery and can be used as a failsafe in case of loss of keys by Approvers, as well as for a more rigorous approach to making policy updates.
Instead of being coupled with a single Wallet, in New Qredo you can create policies which can be applied to as many Wallets and portfolios as you wish.
Users can now define which actions should be governed by Transaction policies.
Whitelists can now be managed at a Workspace level.
Whitelists are applied with smart contract interactions on top of transfers and withdrawals at a portfolio level.
The purpose of Qredo's new Admin policy
The Admin policy is a brand-new feature of New Qredo which provides a secure second layer of governance and control as well as a disaster recovery function.
The purpose of Transaction policies
While Admin policies govern Transaction policies and other high-level administrative actions, Transaction policies govern transactions themselves, such as Swap and Send actions. These can be proposed for a Portfolio, Web3 Wallet or Vault according to how they are assigned.
Transaction policies also govern actions such as Transfer and Withdraw. For more on either Admin or Transaction policies for New Qredo, please refer to our new Help Center.
New Qredo's Whitelist function
Finally, Whitelists work by defining from which addresses you can automatically send assets.
Whitelists are managed at the Workspace level and can be selectively applied to different Portfolios. These control the addresses to which funds can be sent, helping to prevent funds from being lost due to user error.
New users, sign up now to check out the New Qredo!
There’s nothing like trying New Qredo for yourself and new users can do just that. Existing users will also be upgraded to New Qredo in the coming weeks.
We are thrilled to have you jump in and explore the New Qredo and our upgraded and enhanced policy management system.
With policies that allow for enhanced risk management and an incredibly easy-to-use interface, we're confident our upgraded governance controls will give you the best possible oversight on your transactions and capital deployments. New Qredo is delivering the best protection yet for your securely held digital assets.
Come on in and check out the New Qredo for yourself!