What is Quant (QNT)?
Quant (QNT) is a blockchain interoperability network and operating system that was first announced in 2018. The project was funded through an initial coin offering (ICO), in which $11 million was raised (out of a $36.9 million hard cap).
The project falls squarely into the interoperability solutions category of blockchain platforms. It's designed to help bridge the gap between various different blockchains and enterprise software using a simple plug-and-play solution that doesn't require teams to deploy any new infrastructure.
It uses a continually expanding list of DLT and API connectors to allow different blockchains to communicate with one another via Quant’s Overledger API gateway. This is achieved without sacrificing the autonomy, efficiency or speed of each chain, ensuring that each retains its unique properties.
The Quant Network's founders are Gilbert Verdian, Colin Paterson and Paolo Tasca. Verdian is an early blockchain pioneer with a wealth of experience in the technology and security sectors. Prior to his role as Quant's CEO, he held several managing and C-level roles at prominent firms, including PricewaterhouseCoopers, BP, and Vocalink (a Mastercard firm). He also founded the Blockchain ISO Standard TC307, which is currently being implemented in over 50 countries.
Paterson and Tasca are similarly distinguished in the blockchain and online technology spaces but are no longer with the company.
Who Are the Founders of Quant?
Gilbert Verdian, one of the founders of the Quant network, had the idea for the blockchain project while he was working in the healthcare sector. Verdian identified the importance of interoperability in ensuring that patients registered on different platforms are covered.
Verdian has over 20 years of industry experience in upgrading the security, technology and business strategies of businesses around the globe in order to achieve tangible results.
Prior to the Quant Network, Verdian served as the chief information security officer (CISO) of Vocalink, a Mastercard card company, the chief information officer of NSW Ambulance, the CISO of eHealth NSW, and the security lead of the Ministry of Justice, UK.
The second co-founder, Dr Paolo Tasca, is an entrepreneur, digital economist who specializes in distributed systems. Dr. Tasca has served as the special advisor on blockchain technologies for the EU Parliament, the United Nations and numerous central banks worldwide.
He is also co-author of several books on fintech and is the co-founder and governing board chair of Retail Blockchain Consortium.
How Does Quant Work?
Using a technology known as the Overledger DLT gateway, Quant is able to seamlessly connect different decentralized networks, regardless of which specific distributed ledger technology they use (e.g. blockchain, DAG, or another protocol).
Quant's main product is its Overledger Enterprise platform, which it has billed as the first DLT gateway for business. It's used as a simple API gateway to various distributed ledgers, allowing companies to easily connect their pre-existing infrastructure to the blockchain. The platform provides an easy-to-use REST API that provides a standardized way to interface with a wide variety of blockchains.
The technology allows businesses to create what Quant describes as “multi-DLT smart contracts,” or MAPPs. These are essentially smart contracts that exist across multiple distributed ledgers, thereby allowing decentralized applications (DApps) to leverage the data and capabilities of multiple platforms to provide functionality that was not possible before.
Quant also supports so-called multi-ledger tokens (MLTs), which are digital assets backed by real funds held in escrow with a financial institution. These MLTs can be used to represent stablecoins, vouchers, loyalty points, central bank digital currencies, and more. They can be issued and used across multiple distributed ledgers thanks to Quant's Overledger technology.
As of June 2021, Quant is operating on version 1.5 of its mainnet, and Overledger 2.0 is now operational. The platform doesn't have a fixed roadmap but the team behind the platform is at present largely focused on onboarding developers, blockchains and applications to the Overledger network.
What Makes Quant Unique?
Quant aims to help enterprises to streamline their workflows and improve efficiency through the integration of blockchain technology. The platform incorporates a number of unique features that help distinguish it from the competition out there.
It’s Blockchain-Agnostic
Quant is designed to provide an interoperability solution that works with any existing distributed ledger, regardless of its architecture and individual properties. Likewise, Quant's Overledger DLT Gateway can be easily integrated into legacy financial infrastructure, allowing developers to easily leverage the capabilities of different blockchains using a REST API.
Unlike some existing layer 2 solutions, Quant’s Overledger platform doesn’t require any modifications to the base chain in order to integrate it, making it completely plug and play.
The Quant Token
Like most blockchain-powered platforms, Quant features its own native utility token, known simply as Quant (QNT). As a utility token, it is designed to have several functions within the Quant ecosystem.
For one, developers and enterprises need to purchase licenses to use the platform. This is paid to the Quant treasury in fiat currency and is then used to purchase QNT tokens, which are then locked for 12 months in layer 2 payment channels. Users also need to pay an annual fee in QNT tokens for running a gateway. In return, they receive a cut of the transaction fees going through their setup.
Strong Funding
Quant has completed several fundraising rounds, raising $11 million in an ICO in March 2018 and a further undisclosed sum in a further seed round led by Alpha Sigma Capital. As a result, it is one of just a minority of 2018-era projects to still be actively developing and growing in 2021.
Community Treasury
Quant is one of the few projects to have a true community-governed treasury, which allows stakeholders in the Quant economy to help direct the growth of the Quant ecosystem. This is structured as one of several MApps running on the blockchain.
How QUANT Works?
Quant’s goal is to provide interoperability between blockchains, especially for institutions. QNT Tokens will be used to pay for Quant services, pay transaction fees, and secure the OverLedger network.
The QNT Token is at the heart of the Quant network and can be used to access services offered by the Quant ecosystem.
The Quant ecosystem services include Licenses, Overledger Network, Gateways, Platform Fees, Add-On Services, Users licenses, Community Treasury with Layer 2 Payment Channels, Consumption Fees, Marketplaces, Open Source Connectors, Combine any Blockchain and API based system to create new products, Multi-Chain Oracles, Gateway Staking, Signing of Transactions and more.
Benefits of Quant (QNT)
- QNT tokens are required to utilise or create MApps.QNT tokens are required to connect to Overledger or execute MApps.
- QNT tokens act as a licence key to access the ecosystem and execute applications.
- QNT tokens are used to pay the licence fees, platform fees, Developer fees, user fees, Consumption, purchase of Mapps etc.
How Is Quant Secured?
Overledger forms the backbone of the Quant Network. Overledger ensures communicability among DLT networks and interacts with different blockchains.
The Overledger Network includes gateways for linking different blockchains. Similar to Ethereum’s proof-of-stake blockchains, the Quant Network community is involved in handling treasury smart contracts.
The community handles QNT payments flowing from users to the gateways. They do this in a manner where people are held accountable to any observer.
Tags:
Cryptocurrency