Imagine a world where blockchain technology seamlessly connects multiple industries, and anyone – from developers to everyday individuals – can tap into its power with ease. That’s precisely what Quant Network is bringing to life, revolutionizing the way we interact with distributed ledger technologies. In this ultimate guide, we’ll dive deep into the Quant Network, exploring its background, how it works, the critical role of Quant Token ($QNT), and what sets it apart from other blockchain solutions.

So, buckle up and join us on this exciting journey into the world of Quant, where the boundaries of blockchain are redefined, and endless possibilities await.

Background

Quant Network, established by Gilbert Verdian in 2018, is the brainchild of a seasoned security professional with 20 years of experience under his belt. The project came to fruition through an initial coin offering (ICO) that successfully raised $11 million.

As the founder of the Blockchain ISO Standard TC307, Verdian’s extensive experience in the security industry has played a crucial role in shaping Quant Network. The company’s leadership includes Jean-Paul de Jong as chief architect and Colin Paterson as chief technology officer.

Drawing from his experience working with the Australian and UK governments, Verdian recognized the imminent challenges related to interoperability in the blockchain landscape. This realization sparked his drive to develop a solution, which led to the inception of Quant Network.

What is Quant?

Quant Network revolves around a unique technology that streamlines trust mechanisms among various blockchains by utilizing the Overledger operating system. This groundbreaking OS is specifically designed for blockchain integration, aiming to connect a diverse range of networks, including finance, healthcare, and more, without hindering their interoperability.

The Overledger lays the groundwork for a new digital economy ecosystem, enabling developers and businesses to develop decentralized applications that span multiple chains (MApps) tailored to their customers’ needs. To gain access to the Overledger, QUANT (QNT) tokens are required, which function as payment for platform usage fees or annual licenses.

How Does Quant Work?

Quant Network tackles blockchain interoperability through its innovative Overledger, an API gateway compatible with numerous distributed ledgers. APIs enable communication between different computer programs, allowing developers to create multi-DLT applications (mDApps) that work with popular blockchains. The Overledger protocol’s architecture comprises four distinct layers, each playing a crucial role in the network’s functionality.

  1. Transaction Layer: Verified transactions using distributed ledger technology are stored here. By consolidating all activities onto a single layer, Overledger simplifies the process of achieving consensus across multiple blockchain domains.
  2. Messaging Layer: This shared channel records transactions from all ledgers, unlike the transaction layer with its individual ledgers. The Messaging Layer extracts transaction data, including smart contract information and message digests, from every ledger in the Transaction Layer.
  3. Filtering and Ordering Layer: This layer filters and orders messages from the Messaging Layer based on the digest of out-of-chain messages. Additionally, it ensures the message complies with the application’s needs and schema.
  4. Application Layer: This layer manages the rules and methods for interacting with blockchains, with each multi-chain application separated from others. Applications can communicate by sending messages through the Messaging Layer, and if they meet the filtering requirements, the messages can pass from the Filtering and Ordering Layer to the Application Layer.

Quant Network’s core features include the Overledger Network, Overledger DLT Gateway, mDApps, and multi-DLT smart contracts. The Overledger Network provides interoperability using Overledger DLT gateways, connecting various commercial, private, and public distributed ledger technologies. The Overledger DLT Gateway allows communication between multiple blockchains without application-level ledger interaction. mDApps combine features from several blockchains into one application, while multi-DLT smart contracts enable cross-chain transactions, such as cross-chain atomic swaps between different blockchains.

Quant Token ($QNT)

Quant tokens, or QNT, primarily function as digital access keys to specific services or applications (MApps) on the Quant platform for both users and developers. Access fees depend on the number of tokens and a fixed fiat currency amount. For instance, if developers and enterprises need to pay a monthly consumption fee of USD 10, they will make payments to the Quant Treasury based on the equivalent price in QNT tokens.

As user numbers increase and demand for QNT changes, the total tokens required for accessing the platform and applications may fluctuate based on the tokens’ value and their circulation. As of March 2019, more than 9 million tokens were in circulation out of the total supply of 14.6 million. By pegging access fees to fiat values, developers can hold more flexible amounts of QNT, given that its price may vary relative to fiat currencies.

What Makes Quant Stand Out?

Distributed ledger technologies (DLTs) enable organizations, central banks, financial institutions, fintechs, and governments to streamline financial, legal, healthcare, and other cloud-based services. Quant cryptocurrency, like other digital currencies, fuels these processes.

What makes Quant unique is that it has been built from the ground up, allowing it to avoid some of the limitations common to many DLTs. It can be seamlessly integrated without requiring prior knowledge of cryptography or programming. Quant users can connect to any digital ledger system, regardless of their background. Developers, individuals, and even public sector workers can utilize the network without any programming expertise, making the platform highly accessible and versatile.

Additionally, Quant is designed to be both unforkable and to maintain communication with multiple ledgers, resulting in an extremely low likelihood of security breaches on the network. This combination of flexibility, ease of use, and robust security makes Quant stand out in the field.

Overledger vs Ripple Interledger

Some of you may be wondering what’s the difference between Quant Network’s Overledger and Ripple’s classic Interledger Protocol. Overledger connects permissioned and permissionless blockchains using an API gateway and enables the development of mDApps. Quant Network’s native cryptocurrency, QNT, serves as a means of payment for stakeholders across various blockchain networks.

On the other hand, Ripple’s Interledger Protocol focuses on transferring funds through a network of interconnected ledgers from the source to the recipient, using connectors for seamless transactions. Unlike Overledger, it does not have a native token for enabling digital transfers across multiple blockchain networks. This distinction highlights the different strategies and technologies employed by each project in their pursuit of creating a more interconnected blockchain ecosystem.

Conclusion

As we come to the end of our exploration of Quant Network, it’s clear that this groundbreaking technology is reshaping the landscape of blockchain and distributed ledger systems. By solving interoperability issues, enabling seamless connections between multiple industries, and offering unparalleled ease of use, Quant Network has positioned itself as a force to be reckoned with in the world of digital innovation.

Whether you’re a developer, business owner, or just an individual curious about the future of blockchain, keep an eye on Quant Network as it continues to push the boundaries of what’s possible and redefine the way we interact with these technologies.