Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The crypto market ends the week at a total market capitalization of $2,17 trillion. Bitcoin continues to trade at around $62,300. Ethereum experiences no changes and stagnates at around $2,400. XRP is down by 2%, Solana by 1%, and Dogecoin by 3%. Almost all altcoins are trading in the red, with very few exceptions. The DeFi sector decreased the total value of protocols (TVL) to around…
A Guide to Quant Network: The Solution to Blockchain Interoperability?
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As the number of new blockchains continues to surge, a glaring question appears: who will deliver a solution to blockchain interoperability?
There are already some crypto projects like Band Protocol attempting to solve this age-old problem, but the answer may come from a project outside of the crypto space. Quant Network is a UK-based blockchain company that may have what it takes to support technologies and applications from different blockchains working together.
What is Quant Network?
Quant Network is a blockchain technology company aiming to obtain ultimate interoperability between blockchains addressing different use-cases. The project looks to support seamless operations between protocols, blockchains, and other distributed networks through two native solutions:
- Overledger OS – Quant’s distributed ledger technology operating system
- Overledger Network – A decentralized network that brings together various distributed ledgers from the crypto space
Contrary to other blockchain networks, Quant Network is not an open-source project with patented technologies. Those who want to use it have to require licensing rights.
Quant Network offers its support primarily for enterprise-oriented blockchains, such as JP Morgan’s Quorum blockchain, the R3 Corda blockchain, and the Hyperledger Fabric blockchain. Nevertheless, it also supports industry-leading cryptocurrencies like Bitcoin, Ethereum, XRP, Binance Chain, Stellar, and EOS.
A Short History of Quant Network
Quant Network is the brainchild of Gilbert Verdian, a crypto enthusiast with an impressive resume that includes high positions in prestigious companies, such as Ernst & Young, HSBC, and BP Oil. Additional roles include working for Her Majesty’s Treasury, the UK Ministry of Justice, the Bank of England, and even the Federal Reserve.
Verdian is a key figure in the cryptocurrency industry after developing the Blockchain ISO Standard TC307, which is now in use in nearly 60 countries across the world.
In December 2017, together with a team of developers, Verdian officially launched the Quant Network, promising to restore our trust in the Internet.
Less than a year later, Quant Network unveiled the innovative blockchain operating system Overledger at an inaugural Quant X event in London, England.
In 2019, it was named one of Crypto Valley’s Top 50 Companies for Q1 2019 by CV VC in collaboration with PwC.
In June 2020, Quant launched the Overledger Network, which uses a native utility token called QNT to confirm transactions and ensure coverage of network fees participation rewards for those who deliver services to users.
How does Quant Network work?
Quant Network is not a blockchain but a technological ecosystem enabling the existence and interoperability of other blockchains.
We cannot describe the exact core functionality of Quant Network since it is a closed-source project, and the developers have not disclosed it either. However, we can describe some of the features that enable its operation, such as:
- The Overledger OS
- The multi-chain apps (mApps)
- The Overledger Network
- The Overledger Network Marketplace
- The Quant Treasury
- The QNT token
Let’s break them down and see what role each of them plays in the ever-expanding Quant universe!
The Overledger OS
Overledger OS is an operating system that supports simultaneous blockchain interoperability. One can think of it as the MS Windows or macOS for blockchains with future versions to launch and address functionality issues.
According to the Quant Network FAQ section, Overledger OS functions similarly to Google’s Kubernetes technology, which allows a limitless number of participants to use an app without crashing. Kubernetes does so by automatically fixing any errors as soon as they appear. We can only assume that Quant’s OS uses the same functioning mechanism.
Overledger OS is not free of charge. Those who want to use it have to pay an annual licensing fee, which varies depending on various metrics, including the company size, performance, and active use of the operating system.
Multi-Chain Applications (mApps)
Multi-chain applications (mApps) are applications developed on top of multiple blockchains. They differ from decentralized applications (dApps), which are built on a single blockchain. Additionally, they are based on complex programs, called Treaty Contracts, which support interoperability between numerous smart contracts residing on different blockchains.
The performance of each mApp relies on the speed and efficiency of the blockchains on which it is built and functioning. For example, the transaction speed will always belong to the slowest chain supporting the mApp.
This Quant solution is where all the magic of the network takes place. The Overledger Network brings together all the blockchains operating on the Overledger OS. The Quant users can purchase or sell data, and digital apps on a market-like venue called the Overledger Network Marketplace.
All the Overledger Network transactions have to go through the Treasury, a series of Ethereum-based smart contracts. A small fraction of each transaction goes to the Treasury, which also has custody of the QNT tokens.
What is the Quant (QNT) Cryptocurrency?
QNT is an ERC-20 token that participants of the Quant Network use to pay for licensing fees. This token is neither inflationary nor deflationary.
Quant Network launched QNT through an Initial Coin Offering (ICO) in May 2018 and set a total supply of nearly 45.5 million units, out of which only 70% were made available for the ICO, and the rest of 30% went to the Quant Network.
To the surprise of the Quant developers, the QNT ICO was little more than a fiasco after it managed to raise only $11 million, which was considerably less than the pre-set hard cap of $40 million.
Four months after the ICO, in September 2018, Quant burned nearly 4.5 million QNT out of the 30% initially allocated to the network.
At the time of this writing, there are over 12 million QNT in circulation. The token has a market capitalization of $213,585,065, and one unit is trading for roughly $17.
If you want to buy QNT, you won’t find it in the most popular crypto exchanges. The few tokens available on the market are on Bittrex, Uniswap, and Bithumb, but in low liquidity.
After purchasing them, you can store QNT tokens into any ERC-20 compatible crypto wallets, such as Atomic Wallet, Exodus Wallet, and Ledger Nano S.
The Bottom Line – A Guide to Quant Network
Quant Network is one of the most ambitious projects that are even loosely related to the cryptocurrency market. Without being a blockchain per se, Quant manages to unite various new-age technologies and applications into a blockchain-like ecosystem.
It’s been a little over three years since Quant Network’s official launch, and we could and should have seen more significant developments from this project. After all, there are plenty of DeFi projects launched in 2020 that are now standing on +$100 million of locked value protocols.
The most probable reason Quant Network’s sloe advance could be the minuscule sum of money that it managed to raise through the ICO. Fortunately, in July 2020, the project announced a substantial investment in the project from Alpha Sigma Capital. While the value of the funding has not been disclosed, we can assume that it is enough to accelerate Quant development from now on.
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Verdian and his team foresee an implacable success for the Quant Network in the years to come. The company expects Overledger OS to impact blockchain technology like Apple and Microsoft’s computer operating systems have had on the IT industry.
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