Large corporations, banks and governments are trying to improve their financial, healthcare and other cloud-based services with distributed ledger technologies (DLTs). Multiple DLTs have been built over time to facilitate these transitions, and so far, none dominate the market. The most popular DLTs with top companies in 2020 were Hyperledger Fabric and Ethereum by a mile, but the market is still fractured between more than 10 major DLT providers.
Before Quant Network’s Overledger was released there weren’t any easy ways for applications to interact with multiple of these services at once. The cryptocurrency community has already recognized the product’s worth. The price of Quant token reflects this, as it rose to about 8 times its value at the beginning of 2021. However, the token fell when the crypto market crashed in 2022.
Quant has been fortunate in that it has recovered to some degree. No, it hasn’t gotten back to its previous highs, but the token was still lingering around $100 in September of 2022.
With so many cryptocurrencies on the market, it can be hard to know what's legit and what's a cash grab. Learn more about what Quant is and how you can start investing today.
What is Quant?
Quant is the payment and validator token of the Overledger operating system, Quant Network’s flagship product. It is an ERC-20 token on the Ethereum blockchain that is used to pay for Quant’s services and validate, sign and encrypt transactions sent on Overledger. Quant Network’s ultimate goal is to provide seamless interoperability to the fractured world of distributed ledger technologies.
DLTs are databases spread among multiple physical locations and network participants. They remove the need for a central intermediary to process and validate transactions on it. It's important to understand that DLTs and blockchains are not the same. In fact, blockchains are just a subset of distributed ledgers. Blockchains like Bitcoin or Ethereum are decentralized ledgers in which each new transaction is verified via cryptographic signatures (known as hash functions) that build off of previous transactions.
Quant Network’s Overledger aims to be both regulator and developer-friendly. The company already works with multiple government agencies to improve their cloud frameworks including the U.K.’s Crown Commercial Service. Developers can build simple applications on Overledger that can interact with multiple DLTs and other applications on the same DLT. They must pay for Quant Network’s platform and annual license fees with the Quant token, possibly driving its price up whenever more applications are built on Overledger.
Brief History of Quant
Quant Network Ltd was founded by Gilbert Verdian in 2015, years before its flagship product Overledger and the Quant token were launched. Verdian saw an enormous problem that needed solving when he was working at Her Majesty’s Treasury and later in the Department of Health in Australia. He saw how impactful DLTs would be in the future and sought to fix the largest issues in modern global information exchange. He also understood that no one DLT would take over the market, and thus improvements in interoperability would be vital. So far he has been right, and Quant Network has performed incredibly well this year.
The 1.5 update to the Overledger OS in January 2021 opened Bitcoin, Ethereum and Ripple ledgers to its applications. Quant’s price almost immediately exploded to over $40 from about $11 earlier that month. The price continued to rise after further updates this June giving apps even more functionality. It skyrocketed to above $100 at its all-time high from $40 and is hovering around $80 at the time of writing. The company plans on releasing further updates to add access to more DLTs and to further expand app functionality and ease of use.
How to Buy Quant (QNT)
Ready to get started investing in Quant? Here’s a step by step guide on how to buy Quant today!
- Open an online account.
Quant is supported by only a few cryptocurrency trading platforms. Luckily, one of those few is Coinbase, one of the most popular crypto exchanges in the world. Coinbase has a simple yet powerful app on iOS and Android that gives users access to dozens of cryptos. In the United States, regulations force cryptocurrency exchanges to verify user identities before they can trade. This usually entails providing your address, Social Security number and a picture of your driver’s license (or other valid ID). Once you set up your Coinbase account and enter in the required verification information, you will be ready to start trading.
- Buy a wallet (optional).
Coinbase is one of the safest cryptocurrency exchanges in existence. It stores 98% of user cryptos offline in physically separated cold storage vaults and ensures the 2% that needs to be kept online for day-to-day trading. Even though user funds in Coinbase are mostly safe from hacks, you may still want to move your cryptos into a wallet you completely control. There are two major types of crypto wallets (software and hardware wallets), each with advantages and disadvantages.
- Make your purchase.
Now that your account is ready for trading, you’ll need to deposit fiat currency or another supported cryptocurrency to fund your Coinbase account. If you deposit a different crypto, you will have to sell it for U.S. dollars (USD) before you can purchase Quant. Once you have your USD ready in Coinbase, look for the QNT/USD pair and make your purchase.
Crypto Exchanges For Quant QNT
Check out some of the best U.S exchanges that support Quant token below. Coinbase is a great option for new investors, and they have a Coinbase Learn program that will deposit free crypto to your account for learning about the technology.
Best Hardware Wallet: Ledger
Hardware wallets are the safest cryptocurrency storage solution. They protect against cyberattacks because they are kept offline. Ledger is a leading hardware wallet brand with two models, the Ledger Nano X and Ledger Nano S. Both devices have the same secure chip that randomly generates and encrypts your wallet’s private keys. Private keys are what let you access the wallet, and Ledger makes sure no one but you can use them. Not even Ledger itself ever gains access to your keys.
The Nano S is Ledger’s basic model with all the security and simplicity a hardware wallet needs. The Nano X model adds Bluetooth functionality and a larger screen for about twice the price of the basic model. Both Ledgers support most major cryptos including Bitcoin, Ripple, Ethereum and all ERC-20 tokens (including Quant).
Best Software Wallet: Coinbase Wallet
Even though hardware wallets are deemed safer than software wallets, the latter are often easier to use and are necessary for interacting with many decentralized finance (DeFi) applications. Software wallets are online, making them somewhat vulnerable to cyberattacks. The biggest advantages of online wallets are ease of use and flexibility. Interacting with decentralized applications, like some on Overledger, is a breeze with software wallets.
Coinbase provides a secure and powerful software wallet called Coinbase Wallet. It is available both as a browser extension and a mobile app (on iOS and Android). It boasts an impressive list of features that many wallets skimp on. It has a swap tab where you can trade your cryptos for others and a tab for storing your nonfungible tokens (NFTs). The dApp browser allows you to use DeFi applications all in the app. Coinbase Wallet also supports the top cryptos like Bitcoin, Ethereum, Litecoin and ERC-20s.
The main factors to impact Quant will probably be new applications joining the network and more updates to Overledger from the Quant team. If you decide to invest in Quant, keep a lookout for any news like this.
Trade, Sell or Convert your Quant
Altcoins like Quant can be extremely volatile and you should know how to sell or convert your tokens. It’s incredibly easy to close your Quant position. You can either sell your Quant on the exchange you purchased it from or you can use a decentralized exchange (DEX) to swap it for another token. If you want to sell it for USD just send it back to your Coinbase account, find the QNT/USD pair and sell. You could also go to Uniswap, a (DEX) on Ethereum, and use a software wallet to swap it for another cryptocurrency.
Current Crypto Prices
The cryptocurrency market is continuing to cool off after somewhat recovering from its major crash earlier this summer 2021. The nosedive was driven by a combination of Tesla’s decision to stop accepting Bitcoin payments (for a period) and a recent ban on cryptocurrency mining and services in China. The market has recovered a portion of its value and could be at a vital turning point. The community is still hotly debating whether the crash marked the end of the record-breaking crypto bull-run or if it was just a correction before moving farther to the upside. Historically, altcoins have suffered even more than Bitcoin in bear markets, so be careful with these investments.
Is Quant a Good Investment?
Quant has been a fantastic investment for anyone that bought and held before Overledger 1.5 was released. However, those who purchased the token at its peak may be down more than 20% on their investment. This is the reality for altcoins in general, not just Quant. They are volatile and risky investments that may see massive returns or destructive losses.
Frequently Asked Questions
Is Quant a good investment?
Quant can be a good investment provided that you do your research before investing in these crypto assets. Remember, the crypto market is volatile and you must invest with care.
Is Quant a good cryptocurrency to diversify your portfolio?
Quant can be a good cryptocurrency to diversify your portfolio, but you must match the token to your financial goals before moving forward.
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