What is Quant (QNT)? How does It Work? Complete Beginner’s Guide[2024]

Summary of Quant

• Quant is a distributed ledger technology (DLT) service provider that improves connections and communications between blockchains. 
• Quant’s software, Overledger,  is the world’s first API gateway for leading blockchains. 
• QNT is involved in the development of central bank digital currencies (CBDC), building on their experiences with US and UK central banks.

The Quant Network is a software focused on building connections between existing distributed ledger networks. QNT provides organizations and governments with the infrastructure they need to connect their products with multiple blockchains and efficiently transfer data between systems.

Today, numerous blockchain networks are in use by organizations and many are built with different coding languages and software development kits. Technical differences across these platforms often make it a challenge to connect to and transfer data from one blockchain to another. Quant aims to address this obstacle through their blockchain gateway, Overledger.

Overledger is not a blockchain itself, but an Application Programming Interface (API) gateway that connects blockchains together. Overledger allows organizations to share information efficiently with other networks.

The Quant network’s native cryptocurrency token, QNT, powers the ecosystem and is used to pay for the use of the Quant network.

Who Created The Quant Network?

Quant was founded by Gilbert Verdian, a cybersecurity expert who has held government-level positions around the world. These positions include the UK Treasury, the Australian Department of Health, and the US Federal Reserve, and private sector roles at HSBC Bank, Mastercard’s Vocalink, BP, and more. 

With over two decades of experience in the cybersecurity space, Verdian learned the power that blockchain technology holds when it comes to solving a plethora of security problems related to the exchange of digital assets and information on a global level. 

Verdian sits as the chair of the UK Blockchain and Distributed Ledger Technology committee and is a member of the EU’s Blockchain Observatory and the Federal Reserve. 

In 2017, Colin Paterson and Paolo Tasca joined the project as co-founders, each bringing their own impressive experience. Paterson, acting Chief Technology Officer, is a cybersecurity expert having worked with Deutsche Bank and Vocalink and acted as the chief information officer of NSW Ambulance, the CISO of eHealth NSW, and the security lead of the Ministry of Justice, UK, prior to joining the project. 

Tasca, Chief Strategist, serves as the Executive Director of the University College London (UCL) Centre for Blockchain Technologies, Executive Board Member of the DEC Institute, and as Co-Chair of the Hedera Treasury Management and Token Economics Committee.

Where did QNT come from?

QNT is a cryptocurrency built on the Ethereum platform, launched in June 2018. The CEO of Quant Network has a wide experience in the cybersecurity area. Not all of team members used to deal with the blockchain before working on Quant but their previous work experience helps to improve the product now. They started work on Overledger Quant Network in 2015.

Team leaders of QNT:

Gilbert Verdian (CEO) is a technologist with business education and extensive experience in technology and security areas. With more than 20 years of practice in the cybersecurity industry, he has gained working experience in the following companies: the UK government on Downing Street, the UK Department of the Treasury, the Cabinet Office, the Ministry of Justice and the New South Wales Department of Health, and the private sector of CSC, EY, HSBC, BP, and Vocalink.

Being very interested in advanced technologies, he is the author of the ISO/TC 307 project. He is also the chairman of the UK National Committee on Blockchain Technologies and Distributed Ledger Technologies (DLT / 1). He is actively working on technology advancement in the areas of AI, Cybersecurity, Blockchain, and Fintech.

Paolo Taska (co-founder/chief strategist) is a digital economist, a specialist in digital innovation, blockchain technology, and integrated systems. In addition, he is the Executive Director of UCL Center for Blockchain Technologies and has been the Dean of Research at Jiangsu Huaxin, a Chinese research institute. From the perspective of his background, he has a wide knowledge of Blockchains technology.

Colin Paterson (co-owner and technical manager) is the most experienced participant in the project, with 20 years of practice, a specialist in the field of security and IT-technologies. He started as a programmer, then became the creator of information security systems.

How does Quant work?

At the core of the Quant network is the Overledger DLT Gateway platform. Overledger provides an API link for businesses to connect their standard enterprise technology infrastructure with a range of blockchain ledgers. 

An API is a piece of intermediary software that creates or processes requests between two or more programs or computers. Most online applications, from trading software to social media sites, operate using an API.

Developers can use the Overledger operating system to launch multi-blockchain decentralized applications (mDApps). Launching an mDApp allows developers to create applications that are compatible with pre-existing, highly-adopted blockchains. 

QNT tokens are used to pay the licensing fees required to access Overledger. All fees, including developer and user fees, are paid with QNT tokens. Furthermore, QNT tokens must be held to create or use mDApps in the Quant ecosystem.

Quant Network also allows developers to launch their own blockchain-agnostic tokens using its QRC-20 token standard — similar to the ERC-20 token standard created by Ethereum for deploying compatible fungible tokens on its blockchain. 

The recent release of QRC-20 smart contracts introduced a drag and drop style system for creating QRC-20 tokens on the Quant Network — making it easy for businesses to deploy them without any prior experience. 

Quant Technology

Quant Network wants to create one standard approach for blockchains. As a solution, they have developed a blockchain operating system: Overledger OS. Overledger OS is an interoperable blockchain operating system. In other words, it allows those using the Overledger OS to interact with multiple different blockchains simultaneously.

The Overledger OS is intended to be the Windows or macOS of the future network of blockchains. The interconnection ensures that the most valuable aspects of each blockchain can be combined. Overledger also connects legacy systems with blockchains. As QNT’s CEO Gilbert Verdian states:

“Overledger OS lives on top of blockchains but is not a blockchain itself”

To use the Overledger OS, you will need to pay in QNT for each interaction, which creates a value for the QNT token. Also, licenses for the use of Overledger OS will be paid with the Quant token.

The Idea Behind Quant

The concept of QNT was born in the mind of CEO and founder Gilbert Verdian while working in the healthcare sector. He often saw patients registered with multiple healthcare providers, each with their own databases and networks. He wanted to find a way for patients to receive comprehensive care and reimbursement without compromising their privacy or disrupting database operations. Thus, the concept of the “internet of trust” was born.

De technologie achter QNT

For the technology behind QNT, developers drew inspiration from various models of communication networks. They also divided the network into layers, each with its own set of tasks. Based on this architecture, the Quant network has the ability to read and verify transactions from multiple ledgers. The layers are organized as follows:

• Transaction Layer: This layer houses all operations necessary to achieve consensus on transactions across different blockchains. All transaction data is stored in this layer.
• Message Layer: This layer handles all relevant information retrieved from the ledgers, such as smart contract data, metadata, and transaction data. It is also used for storing all transaction data and handling message exchanges between different applications.
• Filtering and Ordering Layer: This layer validates the messages from the message layer and establishes connections between these messages, validating messages switching from one blockchain to another. Messages are sorted and filtered based on criteria that can be applied to transaction data.
• Application Layer: This layer ensures that information from verified messages is passed to the correct application.

Benefits of QNT

QNT is relatively new and certainly revolutionary, even within the crypto world. What are the advantages of QNT that attract investors?

• Built on the Ethereum blockchain, making many blockchain features usable and integratable.
• A new, interoperable operating system capable of working with different blockchains.
• Innovative technology with a focus on innovation.
• Focus on data processing between different systems.
• Developers require little specific blockchain knowledge.

Drawbacks of QNT

Like any other blockchain, Quant has its disadvantages. What should you consider when investing in Quant?

• QNT is relatively small and unknown compared to other established blockchains.
• The system is somewhat centralized, which may increase security risks.
• The platform will need to continue innovating to stay ahead of competition within the crypto world.

What can Quant (QNT) be used for?

QNT is an ERC-20 (Ethereum) token integral to driving the functionality of Quant Network’s Overledger suite of software solutions. QNT tokens are used to access the Overledger network and are necessary for reading from and writing to multiple blockchains; QNT, therefore, enables these functionalities—or the secure, simple, and cost-effective connection between public blockchain, private networks and/or various private blockchains and crypto networks. QNT also facilitates the creation of multi-chain applications (MApps).  

The Quant ecosystem

Overledger forms the core around which a future digital ecosystem can be built. Developers and companies can then build decentralized multi-chain applications (MApps) for their clients within this ecosystem. Overledger is intended to provide access to all other blockchains from any network, like a magical portal with a functional interface. This also applies to the communication between different applications within the ecosystem.

Participation in the Quant ecosystem can be facilitated using the Quant token (QNT), which can be used to pay for platform usage costs or annual licenses. QNT is also an ERC-20 token.

Key Components of the Quant Ecosystem

• Overledger: This is the central hub of the Quant ecosystem. It serves as a protocol and operating system for distributed ledgers, enabling communication and data exchange between various blockchains.
• Quant Network: This is the network that powers the Overledger platform and facilitates the creation of multi-chain applications (MApps).
• QNT Token: The native token of the Quant ecosystem, used for network fees, staking, and governance.
• Multi-Chain Applications (MApps): These are decentralized applications built on the Quant ecosystem that can operate across multiple blockchains.
• Quant Community: A growing community of developers, businesses, and individuals who contribute to the Quant ecosystem.

How the Ecosystem Works

1. Interoperability: Overledger acts as a bridge, connecting different blockchains and allowing them to exchange information and assets.
2. MApp Development: Developers can create MApps that leverage the interoperability features of Overledger to build applications that work across multiple blockchains.
3. Token Economy: QNT tokens are used to power the ecosystem, providing incentives for network participation and governance.
4. Ecosystem Growth: The Quant ecosystem is designed to expand as more blockchains and applications join the network.

Benefits of the Quant Ecosystem

• Increased Efficiency: By connecting different blockchains, Quant can streamline processes and reduce transaction costs.
• Expanded Opportunities: The ability to build MApps that operate across multiple blockchains opens up new possibilities for developers and businesses.
• Enhanced Security: The Overledger platform is designed with security in mind, providing a robust foundation for the ecosystem.
• Innovation: The Quant ecosystem fosters innovation by enabling the creation of new and innovative blockchain-based solutions.

Essentially, the Quant ecosystem aims to create a more interconnected and efficient blockchain world.

A Tailored Business Solution

The Quant and Overledger team primarily focuses on developing tailored solutions within specific sectors such as banking and healthcare. Its overarching architecture eliminates the need for companies and institutions to build complex infrastructures, which require significant maintenance and costs individually. Companies are also not limited to working with just one blockchain. This means they can offer a wide range of features from all the blockchains that the platform provides access to.

Thanks to Overledger, the team behind it can promote the adoption of Quant and accelerate the implementation of new applications and features. The Quant App Store is also intended to enable developers to create and release MApps on the network.

Is Quant safe?

The security of any cryptocurrency, including Quant (QNT), depends on several factors:

1. The Blockchain’s Security:

• Quant’s Overledger platform is designed with a focus on security, aiming to provide a secure environment for interoperability.
• The platform uses advanced security protocols and has a team with extensive experience in designing critical systems.

2. Your Personal Security Practices:

• Secure Wallet: Using a reputable and secure wallet is crucial. Hardware wallets are generally considered more secure than software wallets.
• Strong Passwords: Employing strong, unique passwords for your wallet and exchange accounts is essential.
• Two-Factor Authentication (2FA): Activating 2FA adds an extra layer of security.
• Phishing Awareness: Be cautious of phishing attempts and avoid clicking on suspicious links or downloading malicious software.

3. Market Volatility:

• While not directly related to security, the cryptocurrency market is highly volatile, and the price of QNT can fluctuate significantly. This volatility is an inherent risk of investing in cryptocurrencies.

Overall, Quant has taken steps to prioritize security in its platform. However, like any cryptocurrency, it’s essential to practice good security habits to protect your investment.

Conclusion

Quant (QNT) stands as a testament to the transformative power of blockchain technology, transcending traditional financial boundaries to forge a new paradigm in connectivity and interoperability. As the digital economy evolves, Quant’s Overledger network emerges as a pivotal innovation, enabling diverse blockchain networks to communicate seamlessly, thus amplifying their collective strengths. This breakthrough heralds a future where financial institutions, enterprises, and blockchain ecosystems coalesce into a unified, efficient, and agile digital landscape.

The journey of Quant is not just about technological advancement; it is about the realization of a vision where data flows unimpeded across multiple chains, fostering a level of collaboration and access previously unattainable. By investing in QNT, one is not merely participating in a cryptocurrency movement but is also contributing to a foundational infrastructure that promises to redefine our interaction with the digital world.

As we stand on the cusp of this new era, Quant invites us all to explore its potential, engage with its community, and contribute to a platform that is shaping the future of finance and technology. The significance of Quant in the cryptocurrency space is undeniable, and its continued development is something to watch with keen interest and active participation.

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