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About Quant Network (QNT)
London-based Quant Network is a protocol focused on interoperability, a term of art and science, specifically referring to two or more blockchain networks being able to communicate – that is, share/access each other’s data – or “interoperating.”
Quant's blockchain operating system, Overledger, was specifically designed as an Application Programming Interface (API) for distributed ledger technology (DLT), with a goal of becoming a go-to gatekeeper connecting public blockchains and private networks.
Developers use Ethereum-run QNT utility tokens to stake/power-up Quant's core transactional activity, fostering multi-DLT applications, or "mDApps." What are mDApps? These are unique, possibly game-changing, applications that integrate various functions – decentralized applications ("dApps") – of different chains, similar to how Windows facilitates multiple applications on one computer.
"Quant Network is set to revolutionize blockchain technology with Overledger,".
The project began in 2018, brainchild of founder/leader Gilbert Verdian, formerly Chief Information Security Officer at Vocalink, MasterCard's UK-based payments systems provider. Building on his experience grappling with disparate payments infrastructures, Verdian set out to help enterprise IT teams integrate multiple forms of DLT,.
"We’ve solved DLT interoperability,".
Interoperability between blockchain networks has emerged as one of the most important concepts in crypto these days,. In August of 2021, QNT was surging and grabbing attention asset as the crypto industry's forward-thinkers sought more cost-effective ways to transfer value, in turn driving interoperability hype. Verdian has boasted that Quant is positioned to re-design the world's financial architecture, so as to create more and more seamlessly interconnected networks; that, in turn, will unlock "new efficiencies for enterprise, individuals and governments alike," .
Quant's ongoing work with governments warrants some mention. Possibly being an interoperability category killer is seen as an enviable position in the fast-unfurling age of Central Bank Digital Currencies (CBDCs) to which Quant seems to have pegged its future prospects.
"With its overledger functionality, Bitcoin, Ripple, and Ethereum ledgers are interoperable with Quant protocol,".
The industry-wide problem of dApps being largely single-ledger dependent has stoked competition among players such as Quant, determined to build technology for the deployment of multi-ledger dApps.
From: "From a technology perspective, the fact that distributed or decentralized applications are single ledger-dependent, makes it difficult to choose the appropriate DLT fit for a purpose, meeting technical and business requirements when considering DLTs for decentralized applications. This technical dependency slows down mass-adoption, limits scope, impedes scalability of new features and reduces necessary controls required for data security and privacy."
From the perspective of a team trying to run a business, as Verdian found out working in the payments space, engaging with a single-ledger DLT application is risky, needlessly complex and prone to inefficient redundancies; and being beholden to a single-ledger DLT creates an incentive to focus too heavily on managing fees and transaction costs, which limits widespread adoption of blockchain.
DLT-agnostic Overledger has the ability to unlock and distribute value as it connects the world's networks to blockchains, ensuring companies are not limited to any single vendor or technology,.
Ever-growing interoperability between public blockchains and private networks and associated innovations (and media attention) continues to unfold at a steady clip. The release of the latest Overledger upgrade in early February is being touted as an important milestone for smart contract functionality. "QRC20 smart contracts can act as programmable money across an interoperable blockchain payment system,". "This is the first phase in developing new digital payment instruments that move money more efficiently domestically and across borders."
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