Quant is a next-level protocol supporting the mass adoption of distributed ledger technology (DLT). The Quant network provides interoperability for various types of DLTs with development tools for enterprise-grade applications. The native Quant token (QNT) is used to gain access to Quant’s Overledger DLT Gateway. Overledger is responsible for the interoperability with DLTs and allows developers to build multi-DLT applications (mApps) using novel Multi-DLT Smart Contracts. Moreover, Quant offers a range of exciting and scalable enterprise and developer solutions that can be applied with some of the largest blockchains in the industry. Further, the Quant network is easily integrated into current IT frameworks making enterprise access to decentralization easier than ever before!
In this article, we’re going to explore the Quant network and the role of the QNT token. We’ll look at the current and future use cases for Quant and how distributed ledger technology (DLT) is being adopted at enterprise level. Moreover, we’ll explore the Overledger Network and the Overledger DLT Gateway.
Quant is a protocol facilitating interoperability between various types of distributed ledger technologies (DLT) including blockchain. If you’d like to learn about this technology on a deeper level, see our Blockchain & Bitcoin 101 course! Ivan on Tech Academy is a great place to start your blockchain education, with courses designed for people of all backgrounds. See our Ethereum 101 course to learn about the largest smart contract-enabled blockchain, the Ethereum Virtual Machine (EVM), and how transactions are processed differently to Bitcoin! Discover this and so much more, at Ivan on Tech Academy today!
What is Quant?
The Quant Overledger operating system (OS) is the first gateway for distributed ledger technology (DLT). Overledger was created to connect existing DLT systems for enterprises, public organizations, and regulatory bodies. Quant is an interoperable communications protocol providing a network for developers and enterprises to connect and interact with multiple DLTs at the same time.
With several live patented products and plenty more in the development pipeline, Quant offers enterprise-ready solutions. Furthermore, these solutions are future-proof, providing scaling options with no increased overhead. The Quant network ensures the interoperable transfer of digital assets across any protocol or platform, on any type of distributed ledger.
Known as the “Enterprise 5”, Quant’s Overledger DLT Gateway supports the top enterprise-used blockchains. These are Ethereum, JPM Quorum, XRP ledger, Hyperledger Fabric, and R3 Corda. The Overledger DLT Gateway also supports some of the largest other blockchains including Bitcoin, Binance Chain, and EOS.
How Does Quant Network Operate?
Quant is making distributed ledger technology (DLT) accessible and interoperable for large-scale enterprise adoption. Using this technology, Quant aims to break down many of the barriers that prevent DLT interoperability. This is achieved using an application programming interface (API) gateway accommodating various types of distributed ledgers, known as Overledger.
In June 2020, Overledger Network became operational. Currently, Overledger Network supports multiple distributed ledger networks. These include Ethereum, Bitcoin, Hyperledger Fabric, Corda, Quorum, and XRP Ledger. By the end of 2021, Overledger Network is expected to be integrated into National and Regional Distributed Ledger Networks. This will allow Overledger to provide access to DLT infrastructures across the world.
Overledger Network connects several public, private, and commercial distributed ledger technologies (DLTs) via Overledger DLT gateways. This is achieved by providing a range of DLT tools and resources as a REST API, or, representational state transfer application programming interface. REST APIs are designed to utilize existing protocols to their fullest extent while allowing developers to build applications without the need to download entirely new libraries or software. Also, in the future, we can expect Overledger Network to integrate with other open digital asset (ODAP) compliant protocols.
Overledger Network provides “world-leading DLT interoperability”. Overledger makes it fast and simple to establish trading relationships and monetize data assets and services that can be utilized in Overledger applications. Also, Overledger users can increase their return on investment (ROI) in DLTs by removing many of the barriers to interoperability between different types of DLTs and making them accessible to enterprise developers.
Moreover, Overledger Network is currently being used in supply chain management, finance, and the energy sector. As an extension of Quant’s core technology, Overledger Network makes it possible to build all kinds of new cross-DLT applications. By connecting data providers across multiple DLT systems, this technology unlocks silos across organizations and industries in a way that can streamline and digitize business processes.
Overledger DLT Gateway
Using the REST API, users can seamlessly interact with Quant’s Overledger DLT Gateway. The Overledger DLT Gateway is a communications protocol that sits on top of various types of distributed ledgers. Further, the protocol is used without interacting with ledgers on an application level. This means using the Overledger DLT Gateway doesn’t create the need for consensus or fork requirements. The Gateway operates with no single-point-of-failure and without bottlenecking transactions.
Quant’s Overledger DLT Gateway can interact with multiple ledgers simultaneously allowing future-proof scalability for decentralized applications (dApps) and multi-DLT applications (mDapps). Furthermore, creating these applications could not be easier!
Decentralized applications (dApps) are internet applications built using Web3 infrastructure. The nature of these applications is decentralization, with no central governing party or single-point-of-failure. When referencing dApps, it generally infers the use of blockchain technology. The dApps are operating across a distributed network of nodes with transactions and data stored immutably on a single blockchain.
However, multi-DLT applications (mDapps) not only use blockchain technology but also implement various other types of distributed ledger technologies (DLTs) too. Whereas decentralized applications (dApps) are limited to a single chain or network, mDapps can facilitate transactions across multiple ledgers simultaneously. mDapps create a standardized application model with interoperability with multiple DLTs.
Moreover, thanks to Quant’s Overledger DLT Gateway, developers can write their smart contracts in any programming language on any type of distributed ledger technology (DLT). This includes DLTs that natively don’t support smart contracts. Multi-DLT applications (mDapps) were designed to offer horizontal scaling for enterprise-ready distributed ledger solutions.
Multi-DLT Smart Contracts
Unique to the Quant network, Multi-DLT Smart Contracts facilitate complex operations across multiple distributed ledger technologies (DLTs). This includes cross-chain atomic swaps and multi-ledger tokens. Moreover, with the ability to be implemented on-chain or off-chain, Multi-DLT Smart Contracts offer governance for on-chain interactions of Multi-DLT Smart Contracts across multiple DLTs. These smart contracts are essential to the Quant network and a solid foundation for multi-DLT applications (mDapps).
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Quant Token (QNT)
The native ERC-20 QNT token is required for any developer that wishes to build on the Overledger platform. Developers use fiat money to pay for licenses to use Quant Network’s services. Then, Quant Treasury sets aside an amount of QNT tokens equal to the value paid by developers, which are locked for 12 months.
Also, the QNT token is used in a similar way by Overledger clients to pay for read and write activity and transferring assets across chains and DLT systems. Again, fiat money is paid in exchange for QNT tokens. However, unlike when paying for licenses, paying for read and write activities does not require users to lock up QNT tokens.
To gain access to the Quant ecosystem and interact with Overledger, users must hold an amount of QNT tokens. This is because the QNT token was designed to facilitate the creation, use of, and access to multi-chain applications (mApps) across the Quant network. At the time of writing, the QNT token circulating supply is 12.8 million tokens, out of a maximum of 14.6 million tokens, according to CoinGecko.
Quant offers solutions for developers across a range of blockchains including Ethereum, Bitcoin, Ripple, Corda, Hyperledger Fabric, and Hyperledger Besu. Suitable for businesses wishing to create their own applications, Quant provides a standard API for interacting with the desired blockchain.
Moreover, this means developers and businesses won’t need to own or run their own nodes. This drastically lowers the technical requirements and thus the barrier to entry. Resultantly, enterprises can gain quick and easy access to a variety of DLT services with minimal friction. Plus, these DLT solutions can be easily integrated into existing systems.
Quant For Enterprise
The Quant network offers various enterprise-ready solutions to help businesses take steps towards secure and private decentralization. This includes the use of Multi-Ledger Tokens (MLT), cryptocurrency payments facilities, and end-to-end DLT access.
Multi-Ledger Tokens (MLT) were designed primarily for FinTech businesses, banking services, and Central Banks. However, MLT can be used by any marketplace or micropayment platform. Quant’s patented MLT technology allows users to mint tokens to the value of a fund or asset, which are issued on a private distributed ledger managed by the enterprise. Then the minted Multi-Ledger Tokens can be applied and integrated with different types of distributed ledger technologies (DLTs). Using MLT, users can access application tokens or currency available universally across payment platforms. Moreover, this technology provides a faster, cheaper, and more efficient way to send and receive funds, including transparent real-time status updates.
Available now, Quant offers businesses the ability to send and receive payments in cryptocurrency. Furthermore, businesses have the choice of the type of currency they receive funds, create automatic crowd-funding processes, plus the choice of distributed ledger technology (DLT) to receive payments through Overledger. This allows customers a wide variety of choices when it comes to payment options. Moreover, as Overledger will easily integrate with any future DLT, this creates a future-proof and scalable payment service for businesses.
Another key solution for enterprises offered by Quant is end-to-end DLT access, ideal for cross-border supply chains. This allows businesses to access multiple types of distributed ledger technologies (DLTs) from one easy application. It provides decentralized finance (DeFi) companies, payments platforms, and other multi-party consortiums a way to connect and interact with more than one DLT. Different DLTs may be used by suppliers, customs, logistics, and payments. Therefore, Quant makes it easy to connect all these ledgers together, safely and securely.
Quant Network & QNT Token Summary
Quant recognized that to facilitate mass adoption of blockchain technology and distributed ledger technology (DLT) as a whole, seamless interoperability needed to occur. This included inter-blockchain communication, interoperability with other DLTs, plus frictionless integration with existing enterprise systems and application programming interfaces (APIs). Thanks to the Quant network and its Overledger DLT Gateway, this interoperability is becoming a reality.
Quant is combining different distributed ledger technologies (DLTs) and organizing them in one accessible place. Further, Quant makes it possible to build applications using multi-DLT tokens and immutable transaction histories across multiple DLTs. Quant is a forward-thinking project with ample scalability and flexibility. Also, the recent price of the QNT token has appeared strong during the recent bear market. Fundamentally, the Quant network looks to be well-positioned in the crypto markets.
Integration of blockchain technology with enterprise use cases is growing at an exponential rate. To learn more about the operations of this, see our Blockchain for Enterprise course, covering global corporations implementing Baseline Protocol. Also, our OriginTrail 101 course is the best place to learn about how blockchain is reshaping the supply chain management industry.
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