The first half of 2021 was marked by great successes for Quant. From around eleven dollars in January 2021, it went to over 400 US dollars within half a year. In addition to the fundamentally bullish sentiment on the overall market, the main reason for the strong price development was the listing on Coinbase and Binance.
“The future of finance. Today.” — this is how the project justifies the strong price jumps. Still, the price has returned to the level before the rally in recent months.
The blockchain project Quant aims to connect different blockchains and allow them to communicate with each other. It wants to establish itself as a kind of basic infrastructure in the interoperability of blockchain platforms.
Connecting all the world’s distributed ledgers for faster, more efficient growth — quant.network
The project sees itself as an interoperability solution for blockchain platforms. In other words, it was developed to close the gap between different blockchains and enterprise software. This is supposed to happen with a simple plug-and-play solution. Developers are not forced to set up a new infrastructure anymore. At the heart of QNT is the Overledger network.
With Overledger, Quant acts as a gateway for any blockchain-based project. Developers can use it to write smart contracts for a variety of Chains.
Quant’s app store is also able to process transactions across different ledgers and thus blockchains. This includes Chains that do not support smart contracts. Quant also connects an application to other applications in the same blockchain ecosystem.
What makes it special: Quant Network enables the creation of so-called multi-chain apps (mApps). These work similar to dApps, but have the special feature that they allow the user to create an interaction between different blockchains. Data can therefore be processed, verified, and stored on multiple Chains. In short, mApps run on multiple blockchains. dApps (decentralized applications) can therefore use the properties and data of other platforms.
Which Problem Does QNT Address?
The majority of all blockchain projects provide unique benefits and opportunities. The technology would be even more efficient if the blockchains could bundle their strengths and capabilities.
Recent years have seen massive advances in distributed ledger technologies, such as blockchain, DAG and Tempo. […] Quant is leading this revolution. We’ve already developed Overledger DLT gateway — the world’s first DLT gateway for enterprise that delivers interoperability across different systems, networks, and DLTs. Now, we’re building on this platform to help enterprises, governments, and individuals, across the globe benefit from the true potential of an incredibly powerful technology. […] Quant team Overledger DLT gateway has game-changing implications for the world of distributed ledgers. Why? Because it delivers interoperability across systems, networks and DLTs, securely, simply, and cost-effectively, without the need for new infrastructure or introducing bottlenecks. By removing the barriers to interoperability, Overledger helps you to create a whole new world of possibility. — quant.network
Quant, on the other hand, can seamlessly connect different decentralized networks — regardless of which specific distributed ledger technology they use. Quant is designed as an interoperability solution that works with any existing distributed ledger.
Quant has created different layers for blockchain interactions, allowing individual apps to interact with each other on specific layers for things like transactions, orders, messaging, and the like.
Quant’s main product is the “Overledger Enterprise Platform”. With this, companies can connect their already existing infrastructure with the blockchain. In this way, companies can create so-called Multi-DLT Smart Contracts (MAPPs).
By delivering secure, simple and cost-effective integration of DLTs, without the need for new infrastructure or introducing bottlenecks, Overledger enables fast, easy deployment of business solutions, including those which require multi-chain strategies. It also allows new types of applications to be built. By breaking down DLT silos with Quant’s patented cross-DLT technology, available via REST API, Overledger provides a range of powerful cross-DLT transaction types. This allows applications to easily access, update and move data and assets held on all the DLTs and blockchains our customers use to operate their businesses. — quant.network
The developers refer to it as the ecosystem on which the future digital economy will be built.
History
The founders of Quant Network are Gilbert Verdian and Dr. Paolo Tasca. Dr. Paolo Tasca in particular is no stranger to the crypto world. Among other things, Dr. Tasca worked as a consultant for blockchain technologies for the EU Parliament and the United Nations. In addition, Dr. Tasca is the Chairman of the Board of the Retail Blockchain Consortium.
It is undeniable that the potential of QNT appears to be massive. The blockchain network is growing in all directions. And Quant wants to be the one big connection between all blockchains. But not only.
Quant also offers support for so-called multi-ledger tokens (MLTs). These are digital assets but backed by real assets. So banks can easily use Quant to trade digital currencies without being tied to a specific blockchain.
How MLTs work: Funds are held in escrow with a financial institution, and tokens to the same value are issued (“minted”) on a private DLT. These funds can then be used on any DLT, or mixture of DLTs, public or private, and Quant-patented Multi-Ledger Token (MLT) technology is applied. This ensures that wherever the tokens are used, changes of ownership are recorded on the original DLT, and a clear, auditable record is maintained. The nature of MLT means that the tokens are “open” and can be used on new and different DLTs as they emerge, or as use cases grow. This opens up the walled gardens of many eMoney solutions.
Examples: This Quant solution implements the IMF’s “semi-decentralised” model for Central Bank Digital Currency (CBDC). It also enables simple and flexible implementation of synthetic CBDC and can be used by banks as a more flexible type of stablecoin. — quant.network
In recent years, Quant has made great efforts to establish partnerships. These partnerships form an important foundation for the potential growth of the project. For example, QNT was able to establish cooperation with the financial company SIA, which operates more than 500 banks. Pay.UK and SIMBAchain are also among the partners.
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Even though the Quant project promises a lot, it will also face several challenges. In general, as the number of blockchain projects increases, it is likely to become increasingly complex to create central connections for interaction. The project and the developers need to make sure to keep up with the ambitious goals.
Moreover, the project is not free of competition. Recently, however, this has boosted QNT. The Wormhole project announced in February 2022 that a theft had happened. Since Wormhole also focuses on blockchain interoperability, QNT’s share price exploded. In addition, Project Cosmos is also working on being able to link multiple blockchains together. The name is no coincidence. Cosmos wants to become the center of the blockchain world and cross-network communications are to be made possible here as well.
The declared goal of projects such as Polkadot and Cosmos is to make different blockchains interoperable with each other and enable them to exchange data. Cosmos sees itself as “the Internet of Blockchains” — an ecosystem of applications and services that exchange digital assets and data using the IBC (Inter-Blockchain Communication) protocol. Cosmos aims to make the global economy more resilient through decentralization, more accountable through transparency, and more efficient through programmable value. Indeed, according to the developers, the future economy will consist of more than a million interconnected blockchains used to exchange digitized real assets and scarce digital assets. — COSMOS $ATOM: Top Performer With Potential
Polkadot, for example, also has a similar approach and pictures the future internet as the so-called Web 3.0. Web3 refers to the next-generation Internet, where decentralized platforms give users, rather than large corporations, control over their privacy and personal data. Web3 is about AI-managed services, decentralized data storage, and edge computing infrastructure
Read more: Is Polkadot THE Ethereum-Killer? and Will Polkadot Outperform Ethereum?
The Quant token is an Ethereum token on which Quant Network’s enterprise software solutions operate.
At the Initial Coin Offering in 2018, 9.9 million tokens were sold to the public. A relatively large portion was held back by the company’s founders at the time
Since then, a total of around 14.6 million QNT tokens were issued. Currently, there are already about 12.1 million tokens in circulation.
The QNT tokens are not generated by mining, so no consensus algorithm is used here. Security is mainly provided by Overledger, which is used for communication between the DLT networks and interaction between the different blockchains.
At Quant, the community is also involved in the handling of the processes. So-called treasury smart contracts are generated for this purpose. Somehow, these are comparable to the proof-of-stake algorithm of Ethereum. The community secures the payments of the users to the gateways of the various blockchains.
As a utility token, it is designed to serve a few functions within its ecosystem. First, developers and companies must purchase licenses to use the platform. This is paid to the Quant treasury in fiat currency and is then used to purchase Quant, which are then locked for 12 months in tier 2 payment channels. Users must also pay an annual fee in Quant for running a gateway. In return, they receive a reduction in transaction fees during their setup.
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Quant faces what is arguably one of the biggest problems in the crypto world. Until now, individual blockchains have not been able to interact and communicate with each other. Thanks to Quant’s Overledger technology, this is set to change. Next to that, Quant’s approach to supporting businesses and enterprises in their decentralized strategy could be promising. Exciting problem. Exciting solution.
