The Quant Network is one of the most ambitious projects to attempt coming up with a universal solution to interoperability in the blockchain and crypto space.
For a long time, enabling interoperability among blockchain networks has been one of the most sought-after goals in the blockchain community. Interoperability facilitates effective communication between distinct blockchain networks, allowing for the instant transfer of value and information across multiple platforms.
This further facilitates easy adoption as users don’t have to go through the hassle of using multiple wallets or hassling with multiple protocols just to enjoy the befits of decentralized ledger technologies.
Currently, various blockchain-based decentralized innovations have emerged, and even though there is a level of increased mass adoption, the need for interoperability has never been more pronounced.
As a multi-tiered decentralized ecosystem, the Quant Network is poised to revolutionize blockchain interoperability and is already receiving recognition from top players in the industry.
In this piece, we will deep dive into how the Quant Network works and its implications on blockchain technology as a whole. Let’s jump right in without any further delay.
The main purpose of the Quant Network lies in providing interoperability among dApp platforms. Quant Network is working towards establishing a new type of application called a multi-chain application or mApps.
Simply put, Quant Network is an ingenious solution to blockchain’s interoperability problem as it aims to lay down optical fiber cable on the blockchain highway, creating a multi-lane superhighway for blockchains to communicate among themselves. To make this vision a reality, Quant Network is creating an operating system (OS) that will facilitate interoperability among blockchains.
Quant OS (or QoS) is the first operating system for blockchains, and it essentially works as an overlay protocol on top of existing blockchains. It seeks to increase interoperability by allowing sharing of information regardless of the data registered on different blockchains or DLT-based applications. In essence, QoS seeks to provide a protocol that facilitates cross-chain communication and the rapid movement of information on different systems.
The Quant Network was founded by Gilbert Verdian in partnership with a team of developers in December 2017. Verdian is a renowned business innovator and technology visionary with over two decades worth of experience in the tech industry. He’s also the brains behind the Blockchain International ISO Standard TC307, which is currently being applied in over 60 nations.
The Quant Network started with a mission to restore our trust in the internet. The company wants to do so by utilizing blockchain technology to develop products that will provide interoperability between different blockchains and networks.
Quant’s flagship product Overledger is a blockchain operating system that powers the Quant Network. It was first officially unveiled in 2020 at the inaugural Quant X event which was held in London, England. From that time, the company has been pushing to build awareness among businesses and consumers about Overledger’s features and benefits to enterprises.
Another noteworthy event in Quant Network’s history is its failed ICO in May 2018, which only raised a paltry $11 million as opposed to the pre-set hard cap of $40 million. Many critics have pointed to this fact as a reason for the delayed development of Quant Network’s project.
The specific design of Quant Network’s technology remains private as the project is run by a private entity. However, To achieve its goal of interoperability among decentralized technologies, Quant Network uses an amalgamation of several features that altogether make up its cost-effective enterprise solution for interoperability.
The underlying architecture of the Quant network consists of a three-layered structure. The topmost layer is called Overledger, while the other two layers are called Bridges and Gateways. Overledger is an integral part of the Quant Ecosystem, which enables interoperability among different blockchains and systems. In essence, it’s a blockchain operating system that uses a multi-chain architecture, and it’s also compatible with existing blockchains such as the Bitcoin, Ethereum, and Ripple blockchain. The other two layers, the Bridges and Gateways, exist only to provide connectivity between different blockchains and Overledger.
Other features include the Overledger Marketplace, the Quant Treasury, and the QNT token. Here is a breakdown of how all these features are interconnected.
Quant Network’s Overledger OS is capable of simultaneously connecting multiple blockchains to achieve interoperability. It is similar to an operating system for a computer with the only tasks of addressing functionality and communication issues of all the apps that launch on its platform. It redistributes the task of running an interoperable network of blockchains into several layers. These include the transaction layer, the messaging layer, the filtering and ordering layer, and the application layer.
The Transaction layer world to store transactions appended on the ledger’s technology and included all operations needed to reach consensus on various blockchain domains. Then there is the messaging layer which is a logical layer working to digest and interpret communication from multiple sources (on-chain and off-chain) to enable the functionality of various applications. The filtering and ordering layer filters and orders transactions to enable validation of communications sources and also organize micropayments made across the network.
While most interoperability solutions operate as layer 2 blockchains that bridge the gap between one blockchain network to the other, Quant Network takes a different approach where it does not operate as a blockchain. Instead, it operates as a centralized entity offering software that connects multiple blockchains.
There are several decentralized applications available today for the average DeFi and crypto enthusiast. However, save for a few, each decentralized application is siloed into the ecosystem of its blockchain network. For instance, if you have Ethereum tokens, you cannot use them on the Binance Smart chain and vice versa.
Quant Network’s multi-chain applications operate in a trustless manner between disparate blockchains while communicating using layer 2 unidirectional channels. Multi-chain applications enable transacting across multiple blockchain networks at the same time in a protocol-agnostic manner, thus allowing for interoperability with numerous DLTs.
What’s more, developers of mApps can create the applications in any programing language or with the standards of any single decentralized ledger technology and still achieve interoperability with any private, public or commercial blockchain.
As mentioned earlier, Gateways and Bridges work in conjunction with the Overledger Operating System to ensure seamless connectivity between different blockchains. Gateways are uniquely designed operating systems that are built to interface with a single blockchain network, while Bridges are applications capable of interconnecting multiple blockchains by linking inter-chain peers through interoperability channels.
Gateways provide the capability of connecting existing public and private infrastructure to decentralized applications and Overledger OS. Quant Network is in talks with several clients who wish to integrate their systems with the blockchain projects available on the Overledger platform.
The Quant Network comes with a native cryptocurrency called Quant Token. This is an ERC-20 token that is required to create mApps, facilitate functioning smart contracts on several blockchain networks, and pay for transactions on the Overledger platform.
QNT charged as a commission fee for every payment operation made on the Quant Network goes to the Quant Treasury which is a digital reserve that accumulates QNT tokens through transaction fees or from other sources. Quant Network’s Treasury is composed of a decentralized autonomous organization (DAO) which enables its users to have a say in how the funds are allocated and invested in various projects within the network.
QNT tokens are neither inflationary nor deflationary tokens. If there is an increase in demand, new tokens will be bought from the existing supply of tokens which currently sits at 12 million QNT tokens.
Another feature that comes with Quant Networks infrastructure is its capacity to enable the minting of multi-DLT stablecoins. These are designed for central banks and fintech firms looking to create micropayment platforms for their organizations. It works through the holding of funds in an escrow with financial institutions where the same value of funds held in escrow is minted on a private DLT. The newly minted funds can be deployed on the Quant Network ecosystem to be used on any DLT or a mix of DLTs, both private and public. The minted multi-ledger tokens can be tracked, audited, and recorded in a reliable way, just as regular cryptocurrencies are monitored on the blockchain.
Quant Network’s solution is unique in the sense that it caters to real-world problems when it comes to blockchain infrastructure. It allows developers to create applications in any programming language or DLTs while still surviving across multiple blockchains in a protocol-agnostic manner.
Although it operates as a closed and private network, Quant Token is designed with a tokenomics that gives power back to the people who are part of the ecosystem. This is done through the Quant Treasury which enables users to have a say in how funds are allocated or invested.
The Quant Network solution has something for everyone in the blockchain and decentralized ledger network space. Enterprises get to have end-to-end integration with DLTs without worrying about creating protocols that align with the various DLT development standards currently present. this enables speedy development processes for companies and consortia connecting to more than one DLT.
In addition, the Quant Network’s solution revolutionizes crypto payments whereby access to a range of different DLTs enables scalability of micropayments thus pushing the boundaries of what is possible with cryptocurrencies. Once interoperability is achieved, users can make payments from one blockchain-based platform to another without worrying about the acceptance of funds from one venue to the next. This expands the applicability of crypto payments to invoice financing across multiple jurisdictions, syndicated loans, and a range DeFi financial services.
The Quant Token (QNT) is an ERC-20 token that facilitates transactions on the Overledger. It’s also used to facilitate smart contract creation and mApp creation on the network. These smart contracts and mApps can be used across multiple DLT and blockchain networks, further adding to the utility of decentralized smart contracts and increasing adoption.
There are now 29 members working with Quant Network’s team spread all around the world. The group has several partners and advisers to support its vision towards fulfilling the blockchain demands across various sectors. These include:
Chairman and Executive Team: Gilbert Verdian, CEO of Quant Network, has a successful track record of 20 years in cyber security and governance. Over the last few years, he has successfully transformed his knowledge on blockchain interoperability to help grow Quant Network’s ecosystem.
Peter Marirosans, CTO brings onboard a rare talent of solving complex technical problems with his experience in leading a large team to solve complex cyber security problems. Marirosans has worked with Quant Network since 2019. Others in the team include Lara Verdian who is the COO and Gagik Alaverdian (COO of Americas).
If blockchain adoption is to pick up speed, institutions have to get on board and deploy enterprise-grade platforms in an easy as well as cost-effective manner.
Quant Network is a blockchain-agnostic platform that caters to the interoperability needs of enterprises and governments. It has a solid team working on its vision as well as an impressive list of partners, advisers, and influencers from across various industries. Its ecosystem enables easy integration with various DLTs while also hosting multi-ledger smart contracts that can be used within the Quant Network ecosystem.
The solutions that Quant Network provides are set to revolutionize how enterprises and governments use blockchain technology and cryptocurrencies. The benefits of scalable micropayments, faster transactions, and interoperability between DLTs will further propel adoption across various sectors that stand to gain from what Quant Network can offer.
Quant Network has also grown significantly in terms of its team members, partners, and advisers while also pushing for research initiatives to make interoperability easier across various DLTs. Despite the seemingly failed funding round in its 2018 ICO, Quant Network continues to conduct further undisclosed funding rounds led by Alpha Sigma Capital which is a leading VC firm supporting big-time crypto projects such as Cardano, Coinbase, and AAVE to mention a few.