Quant is different from other cryptocurrencies on the market. Quant's underlying technology is dubbed the "Overledger" and is run by an underlying software that is not a blockchain but a blockchain operating system.
Why would you need a blockchain operating system? What is Quant? Let’s us take a deeper look.
Overview of Quant (QNT) Token
The Quant token itself (QNT) is used for licensing fees to access the tokens underlying technology. Enterprises that need to access the Overledger use the token.
QNT is a scarce resource as there are only 12 million tokens circulating and even less that will be available for retail wallets because of locked up rewards for staking and team wallets. The Overledger provides utility for the token.
Quant Network's goal is to connect all blockchains in a way Vint Cerf and Bob Kahn were able to achieve in the 70s with the invention of TCP/IP.
TCP/IP stands for "Transmission Control Protocol/Internet Protocol." This invention allowed once-siloed-off sections of the internet to communicate with each other regardless of where they were or what they ran on (Windows, Apple).
Different blockchain networks regardless of their consensus mechanism (proof of work and proof of stake), permissioned (Corda, Hyperledger, R3) or permissionless (Bitcoin, Ethereum, Ripple ). They are currently nearly completely siloed off from one another and struggle to interoperate.
Bridges at the transaction layer between networks come out every so often, but these are difficult to create, extremely complex and often vulnerable to devastating hacks.
One example is the Ethereum to Polygon bridge that facilitates swapping tokens between the networks.
Quant sees this issue and instead of creating a complicated bridge by connecting one specific blockchain with another one at a time, it decided it would be better to approach the issue in the all-encompassing way TCP/IP did.
How did it do this?
Quant decided it was only important to focus on the information inside of the transaction and not who sent the transaction or which chain it originated from.
Quant solved this problem by using application programming interfaces (APIs) to create the parameters for how these blockchains could now exchange data between each other without having to know everything about the originator, similar to TCP/IP.
APIs are powerful tools because they allow different programs to exchange information with each other in a customized manner. A YouTube video embedded in a news article is a simple example of an API because the news website is using an API that allows its website to communicate with YouTube and display that video in real-time.
Why do People use Quant?
The design of Overledger enables a new wave of blockchain adoption. Quant fosters a new wave of interoperability across any blockchain network allowing for data to be processed in parallel with one another.
This technology saves developers immense amounts of resources as they no longer need to develop connections between blockchains, which require an added consensus layer on top for the two blockchains to communicate.
Quant's revenue stems mainly from annual licensing fees for customers to use their platform. Licensing fees can be paid in the Quant (QNT) token or in a fiat currency, but fiat payments are converted back into the Quant token.
Quant has seen a recent spike in interest because it has become a front runner in facilitating the development of central bank digital currencies (CBDCs). CBDCs use blockchain technology for central bank-issued digital money. A few reasons central banks have claimed a need to create a CBDC are for banking the unbanked, increasing liquidity and creating a new era of programmable money.
A brief list of CBDC initiatives and other applications using Quant's Overledger are:
- LACCHAIN (CBDC initiative to connect 14 countries in Latin America)
- Digital Pound Foundation
- SIA payment provider using Overledger for interoperability between blockchains
CBDCs may provide a important future use case for blockchain technology. Many developed countries are already designing or implementing this new form of money.
Countries who have announced they are developing or will use a CBDC include:
Quant's History
Quant Network Ltd. was founded Gilbert Verdian in 2015, long before Overledger was developed. The team behind Quant Networks is impressive, and its history extends into nearly every area of the financial sector.
Verdian, the current CEO, has a deep background with regulators and banks and established the Blockchain ISO Standard TC307.
The International Standards Organization (ISO) provides proper framework and guidance for emerging businesses and innovations. These standards help make sure businesses have guidance when integrating new technologies like Quant into its tech stack so (in this specific case) interoperability between blockchains is achieved properly and the system operates as intended.
Here are a few of the positions Verdian has held in the past.
- Federal Reserve's Secure Payment Task Force (2018)
- Bank of England's CMORG Cyber Unit (2016)
- Ministry of Justice U.K. Security Lead (2012)
Where to buy Quant Token
Sum of median estimated savings and rewards earned, per user in 2021 across multiple Coinbase programs (excluding sweepstakes). This amount includes fee waivers from Coinbase One (excluding the subscription cost), rewards from Coinbase Card, and staking rewards. ³Crypto rewards is an optional Coinbase offer. Upon purchase of USDC, you will be automatically opted in to rewards. If you’d like to opt out or learn more about rewards, you can click here. The rewards rate is subject to change and can vary by region. Customers will be able to see the latest applicable rates directly within their accounts.
Quant is still a relatively underground asset, but it can be found on many popular exchanges. QNT was listed on multiple trading platforms including Coinbase Global Inc. (NASDAQ: COIN), Gemini and Crypto.com. You can also buy Ethereum on another exchange like Coinbase, Gemini or Kraken and swap it for Quant on Uniswap. In the United States, customers are required to complete Know Your Customer (KYC) verification to comply with anti-money laundering laws. Verifying your identity on these exchanges is easy and requires your address, Social Security number and driver’s license.
Quant's Overledger vs. Other Blockchains
To reiterate, Quant's Overledger technology is not a blockchain but a blockchain operating system that allows blockchains to interoperate. Quant's native token QNT is used to pay licensing fees to use the existing Overledger network and access the ecosystem.
How to Store Quant Safely
QNT is an ERC-20 token on the Ethereum network. A safe software wallet to store Quant is Atomic Wallet, which can be downloaded from the AppStore
Quant can also be stored on a hardware wallet like a Ledger that stores your private keys similar to a software wallet, but it is completely offline and can be stored away in a safety deposit box for safekeeping. Ledger offers three models of hardware wallets: the Nano X, Nano S and Nano S Plus. The Nano S is the basic model with everything you need to store your cryptos safely. The Nano S Plus adds a larger screen and more memory, and the Nano X has the same large screen along with added Bluetooth functionality.
Remember to always write down your seed phrases on a piece of paper and store them in a safe place.
Potential for Quant
Quant is a unique project with the potential to change the landscape of Web3. For blockchain tech to reach billions of people, it will need to interoperate in a smooth way the internet does now. Quant has put itself in a special position by providing a utility that everyone needs. It is working with central banks, governments, enterprises and some of the largest payment infrastructure networks in the world. If Quant can achieve its grand vision of being the glue that connects all blockchains, it could prove to be a great investment.
Key Takeaways for Quant Networks:
- Quant's goal is to connect blockchains and networks on a global scale using APIs without reducing the efficiency and interoperability of the network.
- The main aim of Quant, using Overledger, is to bridge the gap that exists between different blockchains.
- The backbone of the project is the Overledger network, the technology's purpose is to serve as the future backbone for the digital economy of the future.
- Overledger Network — used for connecting different blockchain networks. Delivers interoperability across different systems, networks and DLTs.
- It could be the backbone of multiple different central bank digital currencies in the future
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