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Blockchain technology has experienced a lot of improvements since the first cryptocurrency, Bitcoin, entered the scene in 2009. However, despite its monumental growth, the technology is still plagued with several challenges. One that’s frequently brought up is the lack of interoperability between blockchains.
The blockchain operating system works in a complex and seemingly individualistic manner, making it difficult for progress to be measured accurately. This is a concern for developers, who design the software architecture employed, and for businesses who use the blockchains.
Different blockchains are built differently, hindering interoperability and compatibility between networks. These blockchains can’t share information and data among themselves unless they undergo a process that consumes time, energy and other resources.
Lack of interoperability is among the biggest threats to the widespread adoption of cryptocurrencies worldwide. With sanctions and clampdowns by many nations triggering skepticism, it’s only natural for traders to want an answer — and that answer could well be the Quant Network.
In this article, we evaluate Quant's relevance to the crypto landscape.
Key Takeaways:
Quant Network addresses the interoperability issue by providing a distributed ledger technology (DLT) service that enables the development of interoperable applications across blockchains.
Its Quant protocol, powered by the Overledger DLT Gateway, facilitates communication between various blockchain platforms, including major decentralized blockchains like Bitcoin, Ethereum and Ripple,
The native token of the Quant network, QNT, is used as a payment currency for Quant platform services and distributed as a reward to operators for managing transaction traffic within the network.
Quant Network is a distributed ledger technology (DLT) service provider that enables enterprise systems to easily build interoperable apps that can be connected across blockchains. It was founded in 2015 by Gilbert Verdian, with its native token, Quant (QNT), launched shortly afterward.
The Quant protocol was born from an immense passion for making the global exchange of information more efficient. Verdian identified this problem while working for the government of the U.K. and, later, Australia. He discovered how useful distributed ledger technologies (DLT) could be in solving his problems.
The Quant protocol comes closest to solving interoperability issues in the blockchain industry by facilitating communication across multiple blockchain platforms via its Overledger DLT Gateway, which supports interoperability between major decentralized Layer 1 blockchains such as Bitcoin, Ethereum and Ripple, as well as enterprise-grade blockchains, including ConsenSys Quorum and Hyperledger Fabric.
One of the ultimate goals of the Quant platform is to provide seamless interoperation such that the fractured world of ledger technology is evenly distributed. As a result, the Quant protocol is often referred to as an “operating system/software that connects all blockchains.”
The Quant protocol was designed to remove barriers commonly encountered on blockchains in communication, interoperability and scaling. To achieve this, different layers of the network are matched to tasks for which they’re best suited, as follows.
Transaction Layer: On this layer, storage of transactions is paramount. Both varied and isolated ledgers are used to place related operations in one layer and verify them across the blockchain. Once a transaction has been validated, it cannot be invalidated under any circumstance. Everything needed for consensus across blockchains occurs on this layer.
Messaging Layer: This layer deals with information and data transfer. Three types of data can be processed: smart contract data, metadata and transaction data. Metadata is used to interpret messages and translate them into different languages for different blockchains to understand.
Filtering and Ordering Layer: This layer also handles messages. Unlike the messaging layer, however, it filters searches into specific results. Every message on the digital ledger system is placed on a first-come, first-served basis and is kept neatly in a database. When validation of an off-chain message is required, the filtering and ordering layer is responsible for validation, since it’s the only layer with the history of messages transferred throughout the protocol.
Application Layer: This final layer controls all other layers by establishing communication rules that all blockchains must follow.
Through these four layers, developers can easily set specific tasks, e.g., allowing an application to transfer tokens to a particular network once they’ve developed a decentralized app (DApp).
As an Ethereum-based platform, Quant leverages the security and interoperability of the Ethereum ecosystem through smart contracts. Unlike the Bitcoin blockchain, which focuses on providing people a way to transfer value, Ethereum has a wider range of use cases. DEXs, DeFi and blockchain games are just some of the functions you can enjoy via Quant.
As the world’s first blockchain-agnostic API gateway, the Overledger DLT Gateway is made to facilitate interoperability between its distributed ledger system and networks.
Overledger DLT Gateway enables simultaneous interaction with multiple ledgers, ensuring scalability for DApps and multi-DLT applications (mDApps).
A defining attribute of Quant’s Overledger DLT Gateway is its ability to allow developers to write smart contracts in any programming language, even on DLTs that don’t inherently support them.
Multi-DLT applications (mDApps) are another unique feature found on the Quant protocol. While DApps can typically only be used within a single blockchain, mDApps allow different DApps to work on as many blockchains as possible. With mDApps, developers enjoy the advantage of each blockchain without having to deal with its restrictions. A developer can enjoy the consensus from one chain, and acquire data from another.
Since Quant is built from scratch, it avoids most restrictions that come with DLT. It can be installed seamlessly, without prior knowledge of cryptography or programming.
Quant users can connect to any digital ledger supported by Quant’s Overledger DLT Gateway. Developers and individuals can use the network without prior programming knowledge. This combination of flexibility and ease gives the platform great appeal.
Quant can neither be forked nor lose communication with its multiple ledgers, so the chances of a security breach on the network are extremely low. Unlike most other distributed ledger systems, no data is stored on the gateway on the Quant Network. Instead the network uses a standards-aligned API for an extra layer of security.
As is commonly expressed in the crypto space, “Not your keys, not your coins.” Since centralized exchanges are major players in the interoperability space, the strength of an exchange determines the safety of your Quant tokens. If a breach does occur, your tokens may be at risk of theft.
Although the Quant protocol seems to be doing everything right, it’s still largely unknown — and has a long way to go if it’s to overtake the market’s current leaders. Poised to upend some traditional finance systems, Quant needs to venture into the blockchain industry and become powerful enough to stand toe-to-toe with traditional finance (TradFi) companies.
Quant (QNT), the native token of the Quant network, is an ERC-20 token with three main uses.
First, QNT serves as a form of payment for accessing network resources, such as APIs and data, and facilitating connections between different enterprise blockchains and traditional systems.
Secondly, QNT is utilized by gateway operators to pay for annual licensing fees, granting them access to and participation in the Overledger Network.
Finally, the Quant Treasury account compensates gateway operators with QNT tokens for facilitating and managing transaction traffic within the Overledger Network.
Quant has a fixed max supply of 14,612,493 QNT tokens, with over 99% of these (14,544,176 tokens) in circulation. The project team holds a small percentage of them, most of which have been unlocked.
Furthermore, in order to create deflationary pressure, which helps preserve the value of QNT, the circulating supply of the tokens will decrease through lockups using various methods, such as staking.
As of May 30, 2023, Quant’s price was $111.05 with a 24-hr trading volume of $32.88 million. The price is a 74% drop from its ATH of $427.42 on Sep 11, 2021. However, Quant’s current price is an incredible 51,378.67% rise from its ATL of $0.216 on Aug 23, 2018.
Price analysts are highly bullish on the price of QNT. Many believe that it has the potential to easily cross $500, $1,000 — and even hit $5,000 in the long term. As a platform with solid tokenomics and real use case in a digital world, QNT tokens hold long-term value. Further, its significant growth since launch shows that the project has serious potential.
According to PricePrediction’s technical analysts, the token could hit $310.80 in 2025 and surge to $1,966.53 by 2030. A more conservative long-term stance from DigitalCoinPrice still predicts QNT will reach $404.83 in 2025 and rise to a maximum price of $1,164.76 by 2030.
Despite these bullish price predictions, the crypto market is highly volatile, with no guarantees. We recommend that you do your own research before investing in QNT or any other altcoins.
Based on its impressive growth rate since inception, and the ongoing developments on its platform, Quant is an excellent long-term investment. Despite bearish market conditions, the project has continued building a solid ecosystem of blockchain-powered, innovative enterprise software solutions.
Quant updated its Overledger in Mar 2022, extending its support to Polygon and enabling Ethereum Overledger functions to be performed on Polygon instantaneously at a lower cost.
In March 2023, the platform announced a strategic partnership with the Avalanche blockchain in its latest Overledger platform version. The upgrade will ensure improved functionality for its customers through faster speeds and low transaction cost. In addition, Quant is spearheading the Secure Asset Transfer Protocol (SATP) Working Group, which aims to provide a secure way to transfer assets across DLT networks.
These developments and the visionary team driving Quant make the project attractive to investors who are in crypto for the long haul.
QNT is available on many top crypto exchanges, including Bybit. You can purchase QNT by creating your account and funding your wallet with USDT. After your account has received funding, you can trade QNT as a Spot pair (QNT/USDT) on Bybit’s easy-to-use trading terminal.
Quant Overledger Network has created a robust and innovative blockchain platform to provide financial institutions and enterprise software solutions. Its technology is built for the web3 world, which needs simple and future-proof systems.
As a communication protocol focused on innovation and adaptability, Quant has made tremendous strides toward making blockchain accessible to all. Through its partnerships with various stakeholders and continuous upgrades to its Overledger’s interoperability functions, Quant is definitely a project to watch in the coming years.
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