What is Quant
Quant Network is software that aims to connect different DLT networks and enables organizations and governments to connect their products to different blockchains and enable data transfer.
Gilbert Verdian is the CEO of Quant Network, while Jean-Paul de Jong and Colin Patterson are the other key figures in the project in their roles as chief architect and chief technology officer respectively.
In April 2018, an ICO was held which managed to raise $11 million.
How does Quant work?
The Overledger DLT Gateway is the foundational element of Quant’s network.
Overledger itself is not a blockchain, but an application programming interface (API) gateway that connects blockchain networks. Overledger allows organizations to efficiently share information with other networks.
Developers can use the Overledger operating system to run decentralized applications using multiple blockchains (mDApps). Launching an mDApp allows developers to create applications that are compatible with existing, highly adopted blockchains.
QNT tokens are used to pay the licensing fees required to access Overledger. QNT is used to pay for absolutely all fees within the ecosystem. Also, in order to create or use an mDApp it must have QNT tokens.
Developers can launch their own blockchain tokens using the Quant Network’s QRC-20 token standard, which is similar to Etherium’s ERC-20 standard.
What is the purpose of Quant?
While working in the healthcare sector, Gilbert Verdian got the idea to create Overledger/Quant when he identified the key role of interoperability to provide coverage for patients registered in different networks and included in multiple datasets.
The Verdian-led team set about solving a number of problems to bring a future concept called the „Internet of Trust“ to life.
It is envisioned that Overledger provides each network used for a particular purpose a gateway to all other blockchains while maintaining communication between each application within the ecosystem with the desired blockchain.
Overledger hopes to assist in the development of tailored solutions for specific sectors, with its architecture serving as a shortcut to reducing the high cost of doing so and removing the requirement to own complex infrastructure spanning multiple circuits.
How does Overledger work?
The architecture that enables interoperability support and creates the prerequisites for scaling is actually inspired by the TCP/IP models used in communications networks.
The developers decided that the best structure for organizing individual tasks on the network was to divide it into different layers:
Transaction layer: This layer stores the transaction data – all the operations that are needed to achieve consensus across multiple blockchains. Yet the scope of transactions performed in a particular blockchain may not be valid in other ledgers. This layer is therefore composed of both diverse and isolated ledgers.
Messaging layer: This layer deals with all the information extracted from the ledgers that is considered relevant. These are smart contract data, metadata and transaction data.
Filtering and Sorting Layer: This layer also handles messages, especially those extracted and compiled from transaction information. Messages referenced in the transaction by a hash that is exchanged off-chain are subjected to ordering and filtering. Also, this layer is tasked with establishing connections between messages originating from the message exchange layer. This layer also validates messages outside the metadata chain. The validation mechanism verifies application requirements that can be defined on the transaction data.
Application layer: Messages that are considered valid based on having the required format and signatures can update the state of the corresponding application. Different applications can share identical messages or reference messages associated with other applications.
Quant App Store
Quant Network was able to demonstrate its ability to read and track transactions across multiple ledgers, which initially included Bitcoin, Ethereum, and Ripple, with the promise to add support for more of these as development progresses. Similarly, the same architecture that supports MApps should allow the Quant team to begin work on a Quant App Store, as one of several revenue sources within its ecosystem.
The App Store in question aims to provide the following functionality:
- Developers can create and release MApps.
- Apps can feature zero usage and transaction fees. Other options include one-time transaction or app usage fees, and an optional monthly subscription model.
In all cases, customers who want to use it will be required to hold a predetermined number of QNT tokens to gain access to the platform.
Quant SAAS
In addition to the App Store, Quant also plans to launch its own software as a service (SaaS) for enterprise and middleware applications. These will include tailored solutions based on the requirements of different industries.
How to buy QNT?
1. Choose a crypto exchange
There are numerous cryptocurrency exchanges and exchanges that range from easy-to-use systems to complex dashboards for advanced traders.
Because QNT is so popular, you’ll be able to purchase the token on most cryptocurrency exchanges, but it’s advisable to stick to a few of the more popular exchanges like Binance, Kraken, Coinbase, etc. Different platforms come with different fees, security measures, and may include other features, so it’s a good idea to do your research before signing up.
2. Create an account and confirm it
Start with account registration, which is completely free on the aforementioned platforms. For added security, 2FA – two-factor authentication – is also enabled. This way, you and your device are the only ones who can grant access to the account.
You are then taken through a KYC process, which is providing personal information – ID card/passport/driving license details, proof of address (e.g. bank statement or utility bill).
After completing these steps, you are ready to buy, sell and trade Quant Network (QNT) as well as avail various services such as staking.
3. Fund your account
Once your account has been registered and verified, you need to fund the account so you can start taking advantage of the platform’s buying and trading services.
The main deposit options are:
- Credit/Debit Card
- Bank deposit
- Peer-to-peer (P2P)
Where to buy QNT?
