The lack of interoperability is a leading problem in the blockchain industry. The blockchains are primarily designed to work individually. Thus, there’s a significant issue of compatibility between these networks. Although developers have introduced several ways to share information between different blockchain networks, it consumes a lot of time, energy, and other resources.
Thus, it hinders the mass adoption of cryptocurrencies globally. Quant Network is particularly designed to facilitate the users who want to share data and information among different blockchain networks.
Quant is an interoperable communications protocol that is designed to streamline the global exchange of data and information. The Quant protocol is recognized as the “protocol that connects all blockchains” because it ensures seamless interoperation.
The Quant Network uses Overledger operating system to automate the trust functions between different blockchain networks. The developers can build multi-chain applications using this protocol. Businesses can rest assured about the interoperability when using the Quant network for the exchange of information.
User-friendly Interface – The users can easily install the protocol even if they don’t have any knowledge about cryptography and programming. Quant waives off a number of restrictions that are commonly found in distributed ledger technology.
Fiat Compatible – The users can easily purchase Quant tokens through fiat currencies. Similarly, they can convert their tokens to their desired fiat currencies quite easily.
Easily Accessible – The developers, individuals, and even public workers can easily access different digital ledger systems through the Quant network.
Secure Network – The Quant Network has an experienced team of cybersecurity and cryptography professionals who have developed a secure network to avoid all chances of security breaches. Most Importantly, the Quant Network doesn’t store any information on the gateway. Moreover, it provides an extra layer of security through a standards-aligned API.
Quant network was founded by Gilbert Verdian, the founder of the Blockchain ISO Standard TC307, in 2018. Gilbert also had an extensive experience in the security industry. Jean-Paul de Jong played a vital role in the development of the overall network’s architecture.
Verdian identified the upcoming challenges of interoperability when he was working with the UK and Australian governments. He started working on this project in 2015 and officially launched it in 2018. The Quant team raised around $11 million through the initial coin offering.
A Quant network consists of a set of layers that handle different tasks within the network. Thus, it fixes some of the most common issues in the blockchain industry. Quant users can access Defi, DEXs, and blockchain games because Quant is built on the Ethereum blockchain.
The Overledger network is integrated with a range of distributed ledger networks including Bitcoin, Ethereum, Quorum, Hyper Ledger Fabric, XRP, and Corda to provide enterprise-level solutions globally.
Although DLTs solve multiple problems in several areas including customs, procurement, payments, provenance, and logistics, they can’t communicate with each other. Overledger provides an application programming interface to establish a secure line between these networks.
Overledger ensures data safety with a number of components:
The transaction layer keeps a record of the transactions that take place over time. It’s the core of the network where the validation process takes place. It’s a combination of varied and isolated ledgers.
This layer handles the data and information transferred between different ledgers. It’s designed to process transaction data, metadata, and smart contract information. The metadata translates the data into the native language of different blockchains to make it easily understandable for all ledgers connected to the network.
Filtering and Ordering Layer
This layer maintains the history of messages sent throughout the protocol. Thus, it helps with validating the off-chain messages whenever needed.
Overldger DLT Gateway is the center point that connects different distributed ledgers without affecting their security. The gateway can be used for the exchange of data, smart contracts, fungible/non-fungible tokens, and IDs.
The best part is that the developers can create smart contracts in any programming language because the Overledger protocol is capable of translating data into different languages.
Quant mDapps is a combination of different distributed ledger technologies that supports transactions across multiple ledgers. The Dapps aren’t limited to a single blockchain network anymore but they can be run on multiple blockchains smoothly. The developers can easily acquire data from different blockchains using this protocol.
Although Quant SAAS isn’t yet operational, the Quant team is working on introducing their own Software-As-A-Service that will facilitate businesses from different industries to smoothly run their operations through the blockchain.
The team is mainly focused on introducing solutions for sectors like healthcare, government, supply chain, and financial services. The Quant team is trying to make its decentralized services easily accessible for businesses from around the world.
The Quant team is planning to introduce solutions for middleware products, decentralized messaging, electronic health records, identity broker solutions, and fiat currency gateways.
QNT is the native token of the Quant network that is used for the transfer of value within the network. With a circulating supply of 12 million tokens, QNT has a market cap of $1.3 billion. It has a total supply of 14 million tokens that will be released over time. QNT ranks among the 40 best cryptocurrencies in terms of market cap.
QNT is a decentralized network designed to fix the lack of interoperability within the blockchain industry. It creates a secure connection between different blockchain networks through a set of layers. It has an easy-to-use interface that can be used to create multi-chain applications. If you need more information about how Quant works, feel free to get in touch with us.