What is PRELUDE? PRELUDE is a secure, decentralized network that can be used by all institutions entering thefast growing digital custody business.
Nodes of the Prelude network are financial institutions localized worldwide. In order to join the network, an institution needs two things: Meet the network criteria and Stake PLD tokens
Nodes of the Prelude network service the users in two ways: Validating Transaction and Storing & Validating Identity
Nodes that only validates transactions are regular nodes and nodes that actually hold and validate user identity information are Prime Nodes.
When a new institution joins the networks, it can start servicing digital assets with a very short time to market.
Joining Prelude allows service providers to offer new services to their current clients (who will chose them as Prime Nodes) and to attract new clients who use Prelude to secure their digital holdings.
Firms keep full control of their processes and fee schedule and can use their current systems and databases using a simple API to interact with the network.
At the beginning of each quarters, each firm defines its fee schedule. Nodes get rewarded for each service they provide to the network:
|User Fee||Payment To||Frequency||Amount|
|Account Opening Fee||Prime Nodes||One-time fee||Fixed quarterly by each node|
|Custody Fee||Prime Nodes||Quarterly||Fixed quarterly by each node|
|Identity Validation||Prime Nodes||On large transactions||Fixed quarterly by each node|
|Key Recovery||Prime Nodes||If key is lost||Fixed quarterly by each node|
|Transaction Validation||All nodes||For each Transaction signed||Voted by PLD holders|