Quant Network (QNT) Interoperability and Real World Solutions
Quant Network (QNT) Cryptocurrency
Quant Network (QNT) Interoperability and Real World Solutions
Even though blockchain technology is still fresh, its popularity has been on the rise. While there have been some major changes to blockchains since Bitcoin started, they haven’t quite reached their potential in efficiency yet. The leading obstacle for distributed ledger technology today is the insufficient ability for different blockchains to communicate with each other. Interoperability, this is where Quant comes in.
Quant Network’s primary focus is to streamline the data, assets, and information-sharing process between digital platforms by providing a seamless solution that incorporates blockchain technology. In this article, we take a closer look at Quant’s innovative system, how it works, real-word use cases and many more about Quant’s native cryptocurrency token (QNT).
What is Quant Network?
Quant Network is an ecosystem that allows different blockchains to communicate with each other (interoperability) without reducing the system’s efficiency. Quant’s Overledger network makes it possible to connect blockchains together.
The Quant Network is proud to support the following blockchains: Bitcoin, Ethereum, Stellar, Ripple, EOS, IOTA, J.P. Morgan’s Quorum blockchain and Hyperledger Fabric.
What makes Quant Network unique?
The concept of blockchain interoperability refers to the ability of different blockchain networks to exchange and leverage data with each other and to move a unique type of digital asset between each blockchain in the network. Interoperable systems allow once heterogeneous blockchain networks and resources to be easily connected and combined with each other. This important feature is becoming increasingly necessary for developers and Dapps, especially with the explosion of the DeFi and NFT markets. For this reason, many blockchains, including Cardano and Polkadot, have long sought to develop systems to enable this functionality in the network.
Founded in 2015, Quant Network is enabling the creation of so-called mDApps, which allows distributed applications to run simultaneously on multiple blockchains. Quant’s Overledger is the world’s first blockchain-independent API gateway. It is the core of the future ecosystem of the digital economy that Quant Network’s founders and developers advocate. As explained on the company’s website, the system allows developers and businesses to create decentralized multi-chain applications (MApps) for their customers.
This will remove communication barriers between different blockchains and will likely support the use of MApps as dApps running on multiple different ledgers. This allows applications of the Quant protocol to run on Ethereum, Ripple, and Bitcoin networks.
In recent months, the token has seen a surge in price starting a good performance trend, apparently thanks to rumors that some government agencies will soon adopt the protocol.
Quant Network: How does it work?
Quant Network was created to improve communication and scalability in blockchain technology. This protocol is based on Ethereum because it provides the security and interoperability needed for its functionality. Keep in mind that Quant Network is not a blockchain but a networking ecosystem that uses some key elements that we will describe next. This provides a unique advantage because it works separately from other ledgers on the network.
The Overledger Network
Inspired by the TCP/IP (Transmission Control Protocol/Internet Protocol) communications network architecture, Overledger provides a missing link between the internal ledger and the external network. By utilizing Overledger’s technology, companies can now access various features on multiple Blockchains at once, enabling the platform to access them. It uses an Overledger DLT Gateway protocol to accomplish tasks between blockchain exchanges. Overledger Operating System is a “super-centralized” blockchain OS that can simultaneously run systems on multiple blockchains and store data.
Furthermore, interoperability is not limited to the transfer of value between blockchain networks. There is also a need to transfer messages and transaction storage. So the developers decided to organize the network into separate layers, each performing a separate task.
The Overledger Layer’s:
- Transaction Layer: This layer handles transaction storage by using ledger technology. All related operations are layered and verified across the blockchain, meaning they can’t be invalided once confirmed.
- Messaging Layer: The Messaging Layer is responsible for data and information transfer. This layer includes smart contract data, transaction data, and metadata. This function allows different blockchains to understand each other by translating messages into various languages.
- Filtering and Ordering Layer: This layer’s added feature of filtering searches enables it to produce specific results. As the only layer containing the history of messages, it is also responsible for validating off-chain messages when necessary.
- Application Layer: Valid messages that contain the required format and signature can update relevant application states on this layer. These applications can share or reference messages related to other apps using “hash pointers.”
- mApps: Multi-chain apps
While a distributed application (dApp) is only developed for use on one blockchain, a mApp is created to be compatible with multiple blockchains. It is also characterized by being based on a complex program called Treaty Contract, which supports interoperability between a number of smart contracts that exist on different blockchains.
Each mApp’s performance is based on how quickly and efficiently the blockchain works. For example, the speed of each transaction will be limited to the slowest chain that supports mApps.
All the action of the network happens in this Quant solution. Overledger OS runs all the blockchains that are connected to the Overledger network. In a marketplace called Overledger Network Marketplace, digital apps and data can be bought and sold by Quant users.
All Overledger Network transactions are required to go through the treasury. It’s a series of Ethereum-based smart contracts that automatically takes a small portion from each transaction and store QNT tokens.
Overledger Network Marketplace
With Overledger Network Marketplace, you can buy and sell mApps and data that you own, which are executed through the treasury. This is an alias for smart contracts that run on Ethereum. The small fee taken from the treasury will be sent to Quant Network. The license is paid in fiat using the treasury, which can be used to purchase QNT tokens that are locked to the treasury during the specified period of the license.
QNT (Quant) Cryptocurrency
Quant Network participants use QNT ERC-20 tokens to pay for their license fees. Inflation or deflation is not a concern for this token.
A total of 45.5 million QNT units were issued through Quant Network’s Initial Coin Offering (ICO) in May 2018. 30% of units were sold to Quant Network, while only 70% were sold to ICOs.
QNT Limited Supply Explained
To the surprise of the Quant developers, QNT’s ICOs were only able to raise $11 million, far less than the $40 million pre-set hard cap, which was a fiasco.
So, almost 4.5 million QNT were burned out of the 30% allocated to the network four months after the ICO.
At the time of recording this video, Quant (QNT) has a maximum supply of 14.6 million tokens and a circulating supply of 12.07 million tokens. The market capitalization of QNT is considerable and have been in the TOP50 rank for a while with strong performance during the Bear Market so far.
If you want to buy QNT, you can do it in most popular crypto exchanges like Binance, Coinbase, and KuCoin. In order to store QNT tokens, you can use ERC-20-compatible crypto wallets such as Atomic or Guarda wallets.
Use cases of Quant Network
The potential applications of Quant are almost limitless. Here are a few examples of real-world solutions:
- Banking and finance: With the help of Overledger, financial institutions can access multiple chains securely and quickly, thereby offering customers more flexible services.
- Trading: As the platform supports the ability to execute transactions across multiple blockchains, Quant Network can be a game-changer for the cryptocurrency trading industry.
- Supply chain: Companies can use Quant Network to monitor and manage the production and supply chain in real-time on an immutable ledger.
- Healthcare: Hospitals and healthcare providers can leverage the platform to securely store and exchange patient records on multiple blockchains.
- Insurance: Insurance companies can sync their policies with the platform and store data across multiple blockchains.
- Government: Governments can use Quant Network to ensure the secure and transparent exchange of data, as well as manage their infrastructure in a more efficient manner.
Quant Network is an innovative blockchain solution that promises to provide users with better scalability, interoperability and security than any other platform on the market. By using it, businesses and individuals can save time and money while maintaining the security of their data across multiple networks. With all these potential use cases, Quant Network has the potential to revolutionize the blockchain industry.
Benefits of Quant Network
Quant Network offers users a secure and seamless way to send and receive data across multiple blockchains. Here are the key benefits of using Quant Network:
- Secure transactions: All transactions on the network are cryptographically secured, ensuring that user data is never compromised.
- Scalability: The platform allows for an unlimited number of transactions to be processed in a matter of seconds.
- Interoperability: Quant Network allows users to securely exchange data across multiple blockchains and networks. So, Quant makes it easier for businesses and individuals to collaborate and interact with one another.
- Cost-effectiveness: The platform is highly cost-effective, allowing users to save time and money when sending or receiving data.
- Speed: Transactions on the network are incredibly fast, taking just a few seconds to process.
So, these are just some of the reasons why Quant Network is becoming increasingly popular in the blockchain industry. With its secure and cost-effective solutions, Quant Network has the potential to revolutionize the way we interact with data across multiple networks.
Conclusion
Quant Network is an innovative and revolutionary blockchain project that promises to bridge the gap between multiple blockchains and networks. It offers users a secure and cost-effective way to send and receive data while also providing scalability, speed and interoperability. With its potential to revolutionize the blockchain industry, Quant Network is sure to become increasingly popular in the near future.
Thus, Quant Network is an ideal platform for businesses and individuals looking to take advantage of the power of blockchain technology. With its robust solutions, it can be a game changer in the Crypto Industry.
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Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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