Quant is a crypto project which aims to achieve universal interoperability between blockchains using its Overledger blockchain operating system that interacts with any Distributed Ledger Technology (DLT). The network has its native ERC-20 token, QNT. The QNT token provides access to the Quant ecosystem and helps run applications. You'll need Quant tokens to pay for licenses if you want to build on the Overledger platform. Additionally, you can use QNT to pay the developer fees, platform fees, user fees, etc.
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Read on to learn everything you need to know about the Quant network and the QNT token.
What Is Quant Network
Launched in June 2018, Quant is an Ethereum-based protocol that uses its Overledger operating system for global DLT (Distributed Ledger Technology) interoperability. Quant acts as a DLT gateway and translation service and describes itself as a network of networks. The system differs from other blockchain interoperability protocols with the company's flagship product, Overledger. The Overledger Network includes gateways to connect different blockchain networks within the same blockchain ecosystem, ensuring there's no reduction in network efficiency and interoperability on a global scale.
The Overledger is reputed to be the first blockchain operating system (OS) built for blockchains. Overledger introduced tools to increase communicability among DLTs and solve the problems of single-ledger dependency. The technology supports twelve programming languages, provides increased transaction speeds, and provides mitigation tools against news security threats.
Overledger provides network participants with access to APIs, data, blockchains, enterprise-based platforms, and supply management. The network enables developers to build multi-chain applications (MApps) using smart contracts from different blockchain networks that interact automatically. Quant’s Overledger DLT Gateway supports such blockchains as Ethereum, Bitcoin, XRP Ledger, EOS, Binance Chain, Stellar, JP Morgan's Quorum blockchain, Linux Foundation's Hyperledger Fabric, etc.
The key role of QNT tokens is to provide digital access to a particular service or an application (MApp). Parties building apps on the network, both community participants and enterprises, must pay yearly licensing fees with the Quant QNT token to use the technology. QNT is also a payments method within the Overledger network marketplace for resources like APIs, data, connections, etc. Quant's treasury pays Overledger network operators some percentage of the amount generated from transaction fees for running a gateway.
Quant Founders
Gilbert Verdian is the founder and CEO of Quant Network. Dr. Paolo Tasca and Colin Paterson are the co-founders of Quant.
Verdian is a business innovator skilled in security and technology. He has over 20 years of industry experience in both the private and public sectors. He served as a Chief Security Officer and Deputy CTO for the UK government agency HM Treasury, a Security Lead of the Ministry of Justice UK, worked for the US Federal Reserve System Security Payments Task Force and held other high-ranking positions. Currently, Verdian is also a Board Member of the Digital Pound Foundation.
Tasca is a digital economist and an innovation expert in blockchain technology for complex systems. Paterson is a technology innovator with a solid background in cybersecurity, information, and AI, with years of experience in the finance, defense, health, and utility sectors.
In an interview with Forbes, Verdian said that while working with the British government as Chief Information Security Officer (CISO) for the Department of Health, he discovered the need for a system that would connect data across systems and jurisdictions. As traditional ways were pretty expensive, he came up with the idea to create a secure blockchain technology system that could operate with different systems and transfer data.
Verdian carried out R&D for his idea with the University College London (UCL) and worked with the Centre for Blockchain Technologies to develop the Overledger technology. The most prominent use cases of Overledger have been in the financial sector, but there are also global-scale implementations in healthcare and other sectors.
Quant ICO and QNT Tokenomics
The Initial Coin Offering (ICO) of the Quant cryptocurrency took place in May 2018. The company raised $11 million, and the QNT price at the time of ICO was around $1.1. Quant has a max supply of 14,612,493 tokens, from which 9.9 million tokens were sold at the ICO, 2.6 million were assigned to the company reserve, 1.3 million were allocated to founders, and 651,000 tokens were issued to advisors. Currently, QNT tokens have a circulating supply of 12,072,738.00 tokens. QNT price reached its all-time high of $428 on September 11, 2021.
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How Does Quant Work
Quant makes distributed ledger technology (DLT) accessible to the masses and boosts enterprise adoption, providing interoperability. Quant's Overledger technology aims to connect multiple blockchains, bridge existing networks to new blockchains, and facilitate the creation of next-generation MApps.
Overledger provides various DLT tools and resources, such as REST API (application programming interface), allowing applications to function across multiple distributed ledgers simultaneously.
Quant's Overledger DLT Gateway is a communications protocol that operates on top of various blockchains. The protocol acts on an application layer, and it doesn't need a consensus mechanism or fork requirements.
Overledger allows businesses to create multi-DLT smart contacts, multi-DLT, and multi-chain applications (MApps). Unlike decentralized applications (DApps), which run on a single chain or network, MApps use data and capabilities of multiple blockchains running in parallel. Multi-DLT smart contracts make complex operations, such as exchanging data and assets across different systems, networks, and DLTs, more secure, easy, and cost-effective.
Using Overledger, enterprises can create stablecoins, Central Bank Digital Currencies, and other assets via blockchain protocols. The network also supports multi-ledger tokens (MLTs), a form of digital money used in cross-border payment services, supply chain tracking, trading, investing in private blockchain systems, etc. MLTs are designed mainly for FinTech businesses, banking systems, and Central Banks and can also be used for micropayments in a marketplace.
The Overledger Network is used in supply chain management, finance, the energy sector, and other areas. Among the partners of Quant are Amazon, SIA, LACChain, Nvidia, AUCloud, etc.
Where to Buy Quant
There are several exchanges where you can buy and sell Quant QNT tokens. Among the most popular cryptocurrency exchanges are Binance, Kucoin, Coinbase, Coinbase Pro, LBank, ZBCom, Bithumb Global, Crypto.com, Bkex, UniswapV3, Hotbit, Bitrue, Gate.io, etc.
Our step-by-step guide on how to buy Quant will help you get started!
