What Is Quant (QNT)?
Quant launched in June 2018 with the goal of connecting blockchains and networks on a global scale, without reducing the efficiency and interoperability of the network. It is the first project to solve the interoperability problem through the creation of the first blockchain operating system.
To learn more about this project, check out our deep dive of Quant.
The project is built as an operating system distributed ledger technology— and Overledger Network — for connecting different blockchain networks. The project is billed as the first OS to be built for blockchains.
The main aim of Quant — using Overledger — is to bridge the gap that exists between different blockchains. The backbone of the project is the Overledger network, which Quant bills as the ecosystem on which the future digital economy ecosystem will be built.
Overledger allows developers to build decentralized multi-chain applications (known as MApps) for their customers. For developers to build a Mapp on the network, they must hold a certain amount of Quant tokens (QNT).
Who Are the Founders of Quant?
Gilbert Verdian, one of the founders of the Quant network, had the idea for the blockchain project while he was working in the healthcare sector. Verdian identified the importance of interoperability in ensuring that patients registered on different platforms are covered.
Verdian has over 20 years of industry experience in upgrading the security, technology and business strategies of businesses around the globe in order to achieve tangible results.
Prior to the Quant Network, Verdian served as the chief information security officer (CISO) of Vocalink, a Mastercard card company, the chief information officer of NSW Ambulance, the CISO of eHealth NSW, and the security lead of the Ministry of Justice, UK.
The second co-founder, Dr Paolo Tasca, is an entrepreneur, digital economist who specializes in distributed systems. Dr. Tasca has served as the special advisor on blockchain technologies for the EU Parliament, the United Nations and numerous central banks worldwide.
He is also co-author of several books on fintech and is the co-founder and governing board chair of Retail Blockchain Consortium.
What Makes Quant Unique?
Since the introduction of blockchain and the distributed ledger technology, innovators have found use cases in almost every known industry. However, there has been the problem of seamless interoperability between these projects. Quant was created to be the missing link between the “different” blockchains.
Quant’s operating system, Overledger, was designed to act as a gateway for any blockchain-based project to access all other blockchains. It also works in connecting an application to other applications in the same blockchain ecosystem, like Ethereum.
More than multiple blockchain interactions, Quant creates different layers for apps to interact at different levels. Quant has different layers for transactions, messaging, filtering and ordering, and an application for sharing and referencing identical messages related to other applications.
The Quant App Store has the ability to read and monitor transactions across multiple ledgers. Using Overledger, developers write smart contracts across a wide variety of chains including those that don’t support them — such as Bitcoin. Developers can also use the store to create and release multi-chain applications (MApps).
How Many Quant (QNT) Tokens Are There in Circulation?
Enterprises do not need to purchase the QNT tokens in order to use the Quant Network. However, they need the QNT tokens to use the network.
A developer has to purchase a license (in QNT) to create anything on the platform. This requires tokens to be locked up for 12 months. The cost of running the Gateways and performing read/write operations on Overledger requires the use of the QNT tokens.
The max supply of QNT tokens is set at 14,612,493 tokens. The QNT tokens were split in the following way:
- 9.9 million QNT tokens were sold to the public during the ICO;
- 2.6 million QNT tokens were assigned to the company reserve, to keep the project running;
- 1.3 million QNT tokens were reserved for the company founders;
- 651,000 QNT tokens were issued to the company advisors.
Currently, the circulating supply of the token is 12,072,738 QNT. The extra 2 million tokens are held by the company. These tokens are unlocked and could be sold or issued at any time.
How Is Quant Secured?
Overledger forms the backbone of the Quant Network. Overledger ensures communicability among DLT networks and interacts with different blockchains.
The Overledger Network includes gateways for linking different blockchains. Similar to Ethereum’s proof-of-stake blockchains, the Quant Network community is involved in handling treasury smart contracts.
The community handles QNT payments flowing from users to the gateways. They do this in a manner where people are held accountable to any observer.