Quant is different from other cryptocurrencies in the market. Quant’s underlying technology is dubbed “Overledger” and is run by underlying software that is not a blockchain but a blockchain operating system.
Why would you need a blockchain operating system? What is Quant? Let’s take a deeper look.
Introducing the Quant Token (QNT)
The quant token itself (QNT) is used for license fees to access the underlying technology of the tokens. Businesses that need access to the Overledger use the token.
QNT is a scarce resource as there are only 12 million tokens in circulation and even less that will be available for retail wallets due to locked rewards for staking and team wallets. The Overledger provides utility for the token.
Quant Network’s goal is to connect all blockchains in a way that Vint Cerf and Bob Kahn were able to achieve in the 70s with the invention of TCP/IP.
TCP/IP stands for Transmission Control Protocol/Internet Protocol. This invention allowed once siled sections of the Internet to communicate with each other no matter where they were or what they were running (Windows, Apple).
Different blockchain networks regardless of their consensus mechanism (proof of work and proof of stake), authorized (Corda, Hyperledger, R3) or permissionless (Bitcoin, Ethereum, Ripple). They are currently almost completely isolated from each other and find it difficult to interact.
Bridges at the transaction layer between networks appear from time to time, but they are difficult to create, extremely complex and often vulnerable to devastating hacks.
An example is the Ethereum to Polygon bridge which facilitates the exchange of tokens between networks.
Quant sees this problem and instead of creating a complicated bridge by connecting one specific blockchain to another at a time, he decided that it would be best to approach the problem in the global way that TCP/IP did.
How did he do this?
Quant decided that it was only important to focus on the information inside the transaction and not on who sent the transaction or what channel it came from.
Quant solved this problem by using application programming interfaces (APIs) to create the parameters that allow these blockchains to exchange data with each other without having to know everything about the sender, like TCP/IP.
APIs are powerful tools because they allow different programs to exchange information with each other in a personalized way. A YouTube video embedded in a news article is a simple example of an API, because the news website uses an API that allows its website to communicate with YouTube and display that video in real time.
Why do people use Quant?
Overledger’s design enables a new wave of blockchain adoption. Quant is fostering a new wave of interoperability across any blockchain network allowing data to be processed in parallel with each other.
This technology saves developers immense amounts of resources because they no longer need to develop connections between blockchains, which requires an additional layer of consensus for the two blockchains to communicate.
Quant’s revenue comes primarily from annual license fees for customers to use their platform. License fees can be paid in Quant Token (QNT) or fiat currency, but fiat payments are converted back to Quant Token.
Quant has recently seen renewed interest as it has become a leader in facilitating the development of central bank digital currencies (CBDCs). CBDCs use blockchain technology for digital currency issued by the central bank. Some of the reasons why central banks have asserted the need for a CBDC are banking the unbanked, increasing liquidity, and creating a new era of programmable money.
Here is a brief list of CBDC initiatives and other applications using Quant’s Overledger:
CBDCs may provide an important future use case for blockchain technology. Many developed countries are already designing or implementing this new form of currency.
Countries that have announced that they are developing or will use a CBDC include:
Quant Network Ltd. was founded by Gilbert Verdian in 2015, long before Overledger was developed. The team behind Quant Networks is impressive and their history spans almost every area of the financial industry.
Verdian, the current CEO, has deep experience with regulators and banks and established the Blockchain ISO TC307 standard.
The International Organization for Standardization (ISO) provides an appropriate framework and guidance for emerging businesses and innovations. These standards help to ensure that companies have guidance when integrating new technologies such as Quant into their technology stack so that (in this specific case) interoperability between blockchains is properly achieved and the system works as expected.
Here are some of the positions Verdian has held in the past.
- Federal Reserve Secure Payments Task Force (2018)
- Bank of England CMORG Cyber Unit (2016)
- UK Department of Justice Security Officer (2012)
Where to Buy Quant Token
securely through the What is Quant?
Quant is still a relatively underground asset, but it can be found on many popular exchanges. QNT was listed on several trading platforms, including Coinbase Global Inc. (NASDAQ: COIN), Gemini and Crypto.com. You can also buy Ethereum on another exchange like Coinbase, Gemini or Kraken and trade it for Quant on Uniswap. In the United States, customers are required to complete Know Your Customer (KYC) verification to comply with anti-money laundering laws. Verifying your identity on these exchanges is easy and requires your address, social security number, and driver’s license.
Quant’s Overledger vs other blockchains
As a reminder, Quant’s Overledger technology is not a blockchain but a blockchain operating system that allows blockchains to interoperate. Quant’s native QNT token is used to pay license fees to use the existing Overledger network and access the ecosystem.
securely through the Exodus Wallet website
Crypto Staking + Earning Rewards
Founded in 2015, Exodus is a multi-asset software wallet that removes the geek requirement and makes design a priority cryptocurrency and easy digital assets for everyone. Available for desktop and mobile, Exodus allows users to secure, manage and trade cryptocurrencies like Bitcoin (BTC), Ethereum (ETH) and more on over 10,000 industry-leading asset pairs from one beautiful, easy-to-use wallet. Noncustodial functionality is encrypted locally on users’ own devices, ensuring privacy, security and complete control of their assets. Exodus’ mission is to enable half of the world to exit the traditional financial system by 2030.
- Newcomers to the world of cryptocurrencies
- Ease of use
- Trezor Integration
- Large selection of cryptocurrencies
- Excellent 24/7 customer support
- No personal information needed
- FTX app not available on mobile app
securely through the Ledger Hardware Wallet website
Launched in 2014, Ledger has evolved into a rapidly growing company developing infrastructure and security solutions for cryptocurrencies as well as blockchain applications for businesses and individuals. Born in Paris, the company has since grown to over 130 employees in France and San Francisco.
With 1,500,000 Ledger wallets already sold in 165 countries, the company aims to secure the disruptive new class of crypto assets. Ledger has developed a distinctive operating system called BOLOS, which it integrates with a secure chip for its line of wallets. So far, Ledger is proud to be the only market player to provide this technology.
- ERC-20 tokens
- All experience levels
- Easy to install and use
- Supports over 1,500 different digital assets
- Long battery life
- Bluetooth Connectivity Features
ND is an ERC-20 token on the Ethereum network. A few safe software wallets for storing Quant are Atomic Wallet or Exodus Wallet, which can be downloaded from the AppStore
Quant can also be stored on a hardware wallet like a ledger that stores your private keys like a software wallet, but is completely offline and can be stored in a vault for safekeeping. Ledger offers three models of hardware wallets: the Nano X, the Nano S and the Nano S Plus. The Nano S is the base model with everything you need to store your coins securely. The Nano S Plus adds a bigger screen and more memory, and the Nano X has the same big screen with added Bluetooth functionality.
Remember to always write down your key phrases on a piece of paper and keep them in a safe place.
Potential for Quant
Quant is a unique project with the potential to change the Web3 landscape. For blockchain technology to reach billions of people, it will need to interact seamlessly like the internet currently does. Quant has put itself in a special position by providing a utility that everyone needs. It works with central banks, governments, corporations and some of the largest payment infrastructure networks in the world. If Quant can achieve its grand vision of being the glue that ties all blockchains together, it could turn out to be a great investment.
Key takeaways for quantum networks:
- Quant’s goal is to connect blockchains and networks globally using APIs without reducing network efficiency and interoperability.
- The primary goal of Quant, using Overledger, is to bridging the gap between different blockchains.
- The backbone of the project is the Overledger Network, the purpose of the technology is to serve as the future backbone for the digital economy of the future.
- Network of overledgers — used to connect different blockchain networks. Ensures interoperability between different systems, networks and DLTs.
- It could be the backbone of several different central bank digital currencies in the future