🤔 What is Quant Network ?
Quant is not a blockchain. It is an operating system like Windows that can interact with various databases like blockchains and legacy financial systems.
Developers can build multichain applications on Quant operating system that can interact with many blockchains.
💡 What role does QNT token play ?
QNT is an ERC-20 token. It is used for:
- Paying licensing fee: Developers have to pay an annual subscription fee in QNT tokens to use Quant operating system.
- Quant marketplace: QNT is the currency of Quant marketplace. Multichain apps listed on Quant marketplace are denominated in QNT tokens.
- Access network: Users must hold an amount of QNT tokens to interact with Quant ecosystem
📝 Origin of Quant Network
Gilbert Verdian found the Quant Network company in 2015. He came up with the idea for a system that allows for interoperability between multiple blockchains while working in the healthcare sector.
Before founding the company, Verdian held prestigious positions at companies like BP Oil, Price Waterhouse Coopers, and Ernst & Young.
In 2015, Verdian founded the Blockchain ISO Standard TC307, which is now being used by 57 countries for blockchain development. ISO Standard TC307 makes interoperability between different blockchains possible and allows blockchain networks to function within existing systems and networks that are in use today.
In December 2017, the Quant Network was officially announced by Verdian.
🤖How does it work ?
Architecture
Transaction layer
This layer handles the storage of transactions using ledger technology. It is home to all operations which are required to reach the consensus in several blockchain domains.
This process is made simpler by placing all the related operations in a single layer. Yet, the scope of transactions made on a specific blockchain is limited to that domain, meaning that they cannot be made valid in other ledgers as well.
Therefore this layer is made up of both varied and isolated ledgers.
Messaging layer
This logical layer tackles all information retrieved from the ledgers which are deemed relevant. Types of information involved include smart contract data, metadata and transaction data.
For metadata, the strings which are added usually represent the digest of out-of-chain messages, which can be interpreted as the payload.
This layer is also used for the storage of all transaction information and the digests of the messaging between multiple applications.
Filtering and ordering layer
This layer also handles messages, particularly those which are extracted and composed of the transaction information.
Messages are referenced in the transaction via a hash which is exchanged out-of-chain undergoes ordering and filtering.
Besides this, this layer is tasked with establishing connections between messages originating in the Messaging Layer.
This layer also validates out-of-chain messages for the metadata. The validation engine checks the application requirements which can be defined on the transaction data.
For instance, an application in question can be set to accept only transactions involving a particular address or it may need payment in tokens which are to be transferred.
Based on the filtering done on this layer, the applications can take into account only the messages that involve transferring a predefined amount of tokens to a specific address.
Application layer
Messages deemed valid based on having the required format and signatures can update the state of the application relevant to them.
Various applications can share identical messages or make references to messages related to other applications.
These references use one-of-the-kind hash pointers referring to the ledger transactions with the message digest.
These pointers essentially refer to the storage location of a particular cryptographic hash.
They also function as identifiers that can pick out a transaction from a database and confirm its unchanged status.
Products
Overleadger OS
Overleadger OS is the operating system like windows that lets developers to interconnect and inter-operate different DLT(Distributed leader technology) as well as legacy systems.
Overleadger Network
Overledger Network connects several public, private, and commercial distributed ledger technologies (DLTs) via Overledger DLT gateways.
This is achieved by providing a range of DLT tools and resources as a REST API, or, representational state transfer application programming interface.
SeeQ - Multi-DLT search and analysis
SeeQ uses Overledger to compile a full transaction history from all in-scope DLTs (typically Bitcoin, Ethereum and Ripple, but many others are supported).
These histories are collected into a cloud-based graph database, for use by front end SeeQ applications, such as SeeQ Explore, a web-based analysis, visualization and case management tool, designed to be integrated into existing workflows.
SeeQ is available to Overledger customers as an optional module and is integrated with Overledger.
Multi chain Dapps
Whereas decentralized applications (dApps) are limited to a single chain or network, mDapps can facilitate transactions across multiple ledgers simultaneously.
mDapps create a standardized application model with interoperability with multiple DLTs.
Multi DLT Smart contracts
Multi-DLT Smart Contracts facilitate complex operations across multiple distributed ledger technologies (DLTs).
This includes cross-chain atomic swaps and multi-ledger tokens. Moreover, with the ability to be implemented on-chain or off-chain, Multi-DLT Smart Contracts offer governance for on-chain interactions of Multi-DLT Smart Contracts across multiple DLTs.
These smart contracts are essential to the Quant network and a solid foundation for multi-DLT applications (mDapps).
🤑 How much money does the project have for future development ?
- The project raised 11 million USD during ICO in May 2018.
- The project generates revenue from:
- Charging licensing fee from Quant operating system users.
- Advertising fee on Quant marketplace.
😨 Risks and challenges
- Centralization:
- Quant operating system code is not open source. The team has filed various patents to protect their technology.
- Quant team has the power to ban any user or terminate any application running on their operating system.
- This centralization exposes the team to government regulations and crackdowns.
- QNT token does not have much utility. The team could have charged the users fiat for selling subscriptions to the Quant operating system.
- QNT token’s value is tied to Quant company’s growth. Quant is a private company, hence investors will not come to know inside information like financial statements, user growth metrics, etc.
- Quant operating system is built on an inherent assumption that the future will be multi blockchain, not a single blockchain. Only the time will tell if that turns out to be true.
- There are many decentralized projects like Cosmos etc that are trying to tackle blockchain interoperability issues in a decentralized way. Why would anyone introduce a central point of failure by using Quant operating system to connect two decentralized blockchains.
💰 Tokenomics
QNT token has a max supply of 14.5 million. Distribution of these tokens is:
- Around 4.5 million tokens are held with Quant project.
- Around 10 million tokens are in the market.
🧐 Indicators to watch out for
- Twitter following is growing:
