23 August 2020
In the blockchain sector, the success of any project depends on two factors. The first factor is its utility, which determines reception. Next is how interoperable and complementing it is to existing solutions.
The latter is crucial, especially, where the solution is trailblazing. In the world of open-source, trustless solutions marked by specialized transparent ledgers, creating a platform that ticks those boxes places such projects ahead of the pack.
What is Quant Network?
Guided by efficiency through interconnection, the founders of the Quant project are keen on using what’s available for efficacy. At the heart of the project is the Quant network consisting of an ecosystem of disparate but interconnected and, therefore, interoperable blockchains oiled by the Overledger, which acts as the operating system.
If the Quant network is the nervous system transmitting the pulse that makes the whole, the Overledger is the heart of the whole system. Overledger ensures that the network is steady and concurrently interconnected at any one time. The Overledger is an ISO certified system that facilitates the building and deployment of decentralized multi-chain applications (mApps). These applications enable users to benefit from the diversity of the Quant network which is not a blockchain by itself but a blend of different DLTs like DAG or the ordinary blockchains.
In this arrangement, instead of a client/a user enjoying the benefits of a single purpose, say Ethereum, the developer or user is open to several possibilities created by the underlying Quant Network. The role of the Overledger is to link together supported networks. These networks are of different types or forms. Overledger achieves this without the need of another blockchain as an intermediary. Interestingly, the Overledger has been operational since 2018.
During this time, several networks like Bitcoin, Corda, Ethereum, and HyperLedger are now plugged in, and part of the Quant Network, and accessible to all developers across the globe via a single API. This way, a developer can launch decentralized applications—as aforementioned, called mApps. Uniquely, mApps differ from dApps. Both are decentralized, true. However, the main difference is mApps operating over a layer of several chains and drawing use from different functionalities offered by the diverse base.
The QNT Coin, BaaS, and Quant Store
Ordinarily, and typical of dApps, certain components may require different features offered by different platforms. This problem is automatically resolved, in part to the network’s ability to operate simultaneously, streamlining features of the base layer for the overall success of mApps.
Additionally, thanks to the Overledger, developers can at any time switch between blockchains to sync with supportive properties of any of the supported chains. It may be cost-related or scalability concerns. This flexibility is what makes Quant revolutionary in all aspects for ordinary investors but far more suitable for developers.
Priming the Quant network is the QNT coin. The coins primarily serve as a utility in the multi-chain, secure, and flexible network. QNT is used to access services offered by Quant. As a network designed to solve problems faced by enterprises, QNT is also required for encryption and transaction signature. The Quant Network also has a Quant Store, a platform where developers can launch and store mApps created specifically to draw utility and demand for QNT tokens. Unlike competing platforms like Ethereum, there will only be 14.6 million QNT with no inflation. The lack of inflation (or extra minting of coins) often means the total supply is fixed. This often has an effect on price.
A big part of QNT is the Quant Treasury. The Enterprise version of the treasury is already out and by 2020, the Community version will be released. Once launched, changes will be made and for the first time, enterprises using the Quant network will use fiat currencies to purchase licenses. Payment will then be used to directly buy QNT coins from public crypto exchanges. This was designed in part to attract businesses, and secondly to induce buy pressure.
By 2022, and forecasting the rise of stablecoin in DLT, users of the network will need to hold and use QNT to move stablecoins between networks through a secure gateway that’s currently in development. There are also plans for building a Quant Blockchain-as-a-Service (BaaS) platform for enterprise and middleware applications. These updates are going to be vital in propelling Quant forward.