Understanding Quant

Quant is a blockchain initiative focused on connecting diverse blockchains to facilitate communication among them. It aspires to serve as a foundational framework for interoperability across various blockchain platforms.

> Connecting all the world’s distributed ledgers for faster, more efficient growth — quant.network

Positioned as an interoperability solution, Quant aims to bridge the gap between disparate blockchains and enterprise software through a straightforward plug-and-play solution. This means developers no longer need to establish new infrastructures. The core of Quant's offering is the Overledger network, which acts as a gateway for any blockchain-related project, allowing developers to create smart contracts across multiple chains.

The Quant app store is capable of processing transactions across various ledgers, even those that don't support smart contracts. It also enables applications to interact within the same blockchain ecosystem. A standout feature is that Quant Network facilitates the development of multi-chain applications (mApps), which function similarly to decentralized applications (dApps) but enable user interaction across different blockchains. This allows for data to be processed, verified, and stored across multiple chains, enhancing the capabilities of dApps to utilize features and data from other platforms.

Addressing a Key Problem

While many blockchain projects offer unique advantages, the overall efficiency could be vastly improved if these blockchains could leverage each other's strengths.

> Recent years have seen massive advances in distributed ledger technologies, such as blockchain, DAG, and Tempo. […] Quant is leading this revolution. We’ve already developed the Overledger DLT gateway — the world’s first DLT gateway for enterprises, delivering interoperability across various systems, networks, and DLTs. Now, we’re building on this platform to help enterprises, governments, and individuals globally tap into the true potential of this powerful technology. — quant.network

Quant seamlessly connects distinct decentralized networks, regardless of the specific distributed ledger technology they employ. It is designed as an interoperability solution compatible with any existing distributed ledger.

The platform has established different layers for blockchain interactions, allowing apps to communicate on specific layers for transactions, orders, messaging, and more. Quant’s primary offering is the Overledger Enterprise Platform, enabling companies to integrate their existing infrastructure with blockchain technology, thus creating Multi-DLT Smart Contracts (MAPPs).

> By delivering secure, simple, and cost-effective integration of DLTs, without the need for new infrastructure or introducing bottlenecks, Overledger facilitates rapid deployment of business solutions, including those requiring multi-chain strategies. It also supports the creation of new application types. By dismantling DLT silos through Quant’s patented cross-DLT technology, accessible via REST API, Overledger empowers applications to efficiently access, update, and transfer data and assets across all DLTs and blockchains utilized by businesses. — quant.network

This ecosystem is seen by developers as the backbone for the future digital economy.

The Founders' Vision

Quant Network was co-founded by Gilbert Verdian and Dr. Paolo Tasca, the latter being a prominent figure in the crypto community. Dr. Tasca has served as a consultant for blockchain technologies for both the EU Parliament and the United Nations and holds the position of Chairman of the Board for the Retail Blockchain Consortium.

Opportunities Ahead

The potential for QNT is substantial, as the blockchain network expands in multiple directions. Quant aims to be the principal link between all blockchains and additionally supports multi-ledger tokens (MLTs), which are digital assets backed by tangible assets. This allows banks to trade digital currencies without being restricted to a specific blockchain.

> How MLTs work: Funds are held in escrow with a financial institution, and tokens of equal value are minted on a private DLT. These funds can then be utilized on any DLT, whether public or private, utilizing Quant's patented MLT technology. This ensures that ownership changes are recorded on the original DLT, maintaining a clear, auditable history. MLTs are adaptable and can be employed on various emerging DLTs as they arise, breaking down the barriers imposed by many eMoney solutions. > > Examples: This Quant solution implements the IMF’s “semi-decentralized” model for Central Bank Digital Currency (CBDC) and facilitates the flexible implementation of synthetic CBDCs, serving as a more versatile type of stablecoin. — quant.network

In recent years, Quant has worked diligently to forge partnerships, laying the groundwork for potential project growth. Notable collaborations include one with the financial firm SIA, which services over 500 banks, as well as partnerships with Pay.UK and SIMBAchain.

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Challenges and Competition

Despite its promising outlook, the Quant project faces several challenges. As the number of blockchain projects rises, creating central connections for interaction will likely become more complex. The team must strive to meet its ambitious objectives.

Additionally, competition is fierce. Recent developments, such as a security breach involving the Wormhole project, which also focuses on blockchain interoperability, have positively impacted QNT’s market value. Projects like Cosmos are also working towards creating connections between multiple blockchains, aiming to establish themselves as a central hub in the blockchain landscape.

> The declared goal of projects like Polkadot and Cosmos is to facilitate interoperability among different blockchains, enabling them to exchange data. Cosmos envisions itself as the “Internet of Blockchains,” creating an ecosystem for applications and services to interchange digital assets and data through the IBC (Inter-Blockchain Communication) protocol. Their objective is to enhance the resilience of the global economy through decentralization, increase accountability through transparency, and improve efficiency through programmable value. Developers assert that the future economy will consist of over a million interconnected blockchains for exchanging digitized real and scarce digital assets. — COSMOS $ATOM: Top Performer With Potential

Polkadot shares a similar vision, envisioning the future of the internet as Web 3.0, where decentralized platforms empower users, rather than corporations, to control their privacy and personal data. Web3 encompasses AI-managed services, decentralized data storage, and edge computing infrastructure.

For more insights, check out: Is Polkadot THE Ethereum-Killer? and Will Polkadot Outperform Ethereum?

The Quant Token

The Quant token is an Ethereum-based token that powers the enterprise solutions of Quant Network. During the Initial Coin Offering in 2018, 9.9 million tokens were made available to the public, with a significant portion retained by the founders. Since then, approximately 14.6 million QNT tokens have been issued, with around 12.1 million currently in circulation.

QNT tokens are not generated through mining, thus lacking a consensus algorithm. Security is primarily ensured by Overledger, which facilitates communication among DLT networks and interaction across different blockchains.

The community plays a role in managing processes through treasury smart contracts, which are somewhat akin to Ethereum's proof-of-stake algorithm. These ensure that user payments to various blockchain gateways are secured.

As a utility token, QNT has several functions within its ecosystem. Developers and companies need to buy licenses to access the platform, paid to the Quant treasury in fiat currency, which are then used to purchase QNT tokens locked for 12 months in tier 2 payment channels. Users must also pay an annual fee in QNT to operate a gateway, which grants them reduced transaction fees during setup.

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Conclusion

Quant addresses one of the major challenges in the crypto landscape: the inability of individual blockchains to communicate and interact with each other. With Overledger technology, this limitation may soon be overcome. Additionally, Quant’s strategy to assist businesses in their decentralized approaches appears promising. An intriguing problem. An innovative solution.

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With appreciation, Maximilian

The views expressed in this article are those of the author and should not be interpreted as financial or legal advice. All data and figures are as of 2022-06-02 and may be subject to change.

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