What is Quant (QNT)?
Quant (QNT) is the blockchain for the future. It was created to address the interoperability problem of blockchains by providing an additional layer that connects multiple blockchains. Quant’s main purpose is not only to connect blockchains together but also to connect existing networks to the blockchain and facilitates the creation of multi-chain applications (aka Mapps) that can run on many different blockchain platforms.
Quant will take on bridging blockchains using a new technology to design, deploy, and implement decentralized applications that can run on a variety of blockchain platforms. This technology is called Overledger.
QNT is the platform’s main cryptocurrency, used to provide users with access to the Quant Overledger platform for both developers and users of various Mapps. It is also used in the transaction fee body, where developers can choose to create free applications but with the ability to recommend a transaction fee for each application. Easier to understand, QNT is Quant’s Token.
What does Quant QNT solve?
A drawback of current blockchain platforms is that it cannot connect and interact with Quant; the Overledger technology of Quant will solve this problem. Overledger provides compatibility for data and applications across all current and future chains without being limited to any technology or method and helps unlock the true potential. In other words, Overledger creates a super portal for existing networks to connect to blockchains and vice versa. Quant is focusing on the following 4 main subjects:
Personal: Create trust between people, machines and machines to ensure safe and confidential transactions. Provide individuals with a level of access and control of their personal information that we have never experienced.
Businesses: Empower businesses to have the flexibility to connect their networks to blockchains without the burden of being “locked” in existing technology or supplier. By facilitating multi-chain interoperability, Overledger allows businesses to access new markets, increase resilience, and reduce investment risks.
Government: Provides solutions for governments to minimize bureaucracy but enhance transparency and cooperation between governments and corporate advertising citizens. Creating opportunities for cooperation between the public and private sectors.
Healthcare: Increasing the confidentiality, privacy and interoperability of health data. Revolutionize global health information exchange (HIE) by making electronic medical records more efficient and safe for the benefit of each patient as well as the scientific and healthcare community.
Quant is focusing on three goals:
- Develop interfaces to connect world networks with multiple blockchains.
- Connect existing networks (e.g., financial services) to new blockchains.
- Develop a new blockchain operating system with protocols and platforms to allow developers to create next-generation multi-chain applications easily.
How does Overledger work?
Removing communication barriers between blockchains and supporting the use of MApps when dApps run on different ledgers, prompted the Overledger team to design an architecture that supports both interoperability and scalability. The architecture in question is actually inspired by the TCP / IP models used with communication networks. The developers decided that organizing it based on classes that perform individual tasks is the best way to achieve the platform’s goals, leaving Overledger with the following components:
Transaction Layer: This layer handles the storage of transactions using ledger technology. This is the home of all activities required to reach consensus in some blockchain areas. This process is made simpler by putting all related activities in a single layer. However, the scope of transactions performed on a specific blockchain is limited within that domain. This means they also cannot be performed in other ledgers. This is why this layer is made up of both varied and isolated ledgers.
Messaging Layer: This logical layer processes all information from the ledgers that are considered relevant. Types of related information include smart contract data, metadata and transaction data. When it comes to metadata, strings added often represent out-of-chain messages that can be interpreted as a payload. This layer is also used to store all transaction information and message notifications between multiple applications.
Filtering and Ordering Layer: This layer also handles messages, especially the extracted messages and includes transaction information. The messages that are referenced in the transaction through the hash function are exchanged outside the chain through the ordering and filtering process. In addition, this layer is responsible for establishing connections between messages originating in the Messaging Layer. This layer also validates out-of-chain messages for metadata. The validation tool checks application requests that can be specified on transaction data. For example, an application in question may be set to accept only transactions related to a specific address, or it may need to be paid by tokens to be transferred. Based on the filtering implemented on this layer, applications can only take into account messages regarding the transfer of a predefined amount of tokens to a specific address.
Application layer: Messages are considered valid based on the required format and the signature can update the application status related to them. Different applications may share identical messages or create references to messages related to other applications. These references use unique hash pointers to refer to ledger transactions with messages. These pointers basically refer to the storage location of a specific cryptographic hash function. They also act as identifiers that can be used to select a transaction from the database and confirm its immutable state.
QNT Token used to do?
Developers use QNT Token to:
- Pay a license fee for developing your application on Overledger.
- Pay maintenance fee when apps run on Overledger.
- Pay for extra services and utilities.
- Developers can also earn QNT Token through their applications.
Businesses use QNT to:
- Pay a license fee for developing applications on Overledger.
- Pay Platforms.
- Pay maintenance fee and other expenses when using other utilities.
Users can use QNT Token to use mApps inside Overledger.
Gilbert Verdian (CEO): He has worked in the field of Cyber Security for 20 years at CIO / CTO / CISO levels in the fields of Financial Services, Government, Consulting and Industry of the British Government, Ministry Health, Ministry of Justice. He is also the founder of the ISO Standard TC307 blockchain standard – a standard that 40 countries are currently working to develop together.
Gilbert Verdian. Image via medium.
Collin Patterson (CTO): He is a technology innovator with 20 years of experience in cybersecurity and AI. Working in financial services, government and technology at Deutsche Bank.
Paolo Tasca (Chief Strategy Officer): He is the head of the world’s largest blockchain center at UCL, the blockchain technology center and a digital economist with an economic background at central banks in the UK.
QUANT is a cryptocurrency with many special and unique features, it promises a promising future and is an investment option for cryptocurrency lovers. The virtual currency Quant is a truly unpopular coin, so it has only been listed on a few exchanges. And of course, in the near future, there will be more exchanges to support QNT.