November 10, 2020

What is Quant Network (QNT Token)

By 1bitcoincost

Interoperability is a buzzword you’re probably sick of hearing. Almost every cryptocurrency project that’s emerged in recent months claims to be interoperable with blockchains like bitcoin and Ethereum. But under all that marketing makeup you often find a barely functional bridge that requires a coordinated effort by both blockchains to cross. This is just not feasible when you have thousands of blockchains that need to work together. And especially not when you must build a new bridge for each one you connect to. Even if you do manage to stitch all of these blockchains together.

How are you going to use them in an effective manner ?

The solution to these problems is simple. Instead of building an even more complicated blockchain to connect to existing ones create a simple operating system that sits on top of every blockchain. One that’s truly interoperable with bitcoin ethereum and virtually every other blockchain in existence. In this post i’ll be covering quant network a cryptocurrency project without a blockchain that hopes to be the next generation operating system for every blockchain. Before I blow your mind I need to blow out some misconceptions. I am not a financial advisor and nothing I say in this post should be considered financial or investment advice. What you hear today should be just another part of your own research which I certainly hope you’ve been doing. If this is your first time stopping by welcome to 1bitcoincost. We explore everything regarding crypto. Cool coins, excellent exchanges, notable news, dazzling defi protocols, and much more. The crypto market never sleeps and neither do I. All said all right let’s see what quant network is all about.

What is Quant Network ?

Quant network starts with a man named gilbert verdian. Gilbert may just have one of the most impressive resumes in cryptocurrency. His private sector experience includes working in higher up positions at bernstein young hsbc bp oil and gas and price water housecoopers. If you think that’s impressive consider gilbert’s public sector experience. He was the chief security officer at her majesty’s treasury. Gilbert later became the security lead for the uk ministry of justice and then served as part of the bank of england’s cyber security and resilience committee for over two years. Around that time he was also involved with the u.s federal reserve. Helping them identify solutions to optimize their payments infrastructure as part of the fed payments improvement community. Ever since he found out about bitcoin in 2009 gilbert has been pushing for both the public and private sector to adopt blockchain technologies. In addition to pressurizing his former employers gilbert also helped create the blockchain iso standard tc 307 in 2015. Something which is currently being used by almost 60 countries around the world to guide their blockchain developed. However in contrast to popular opinion gilbert does not believe there will be one blockchain to rule them all. This is because there’s no one-size-fits-all solution to the thousands of blockchain use cases. It’s also very unlikely that a single institution would use the same blockchain indefinitely. At some point they might require a blockchain solution with say a higher degree of privacy and decentralization without too much emphasis on scalability. This is exactly what gilbert saw when working at these various institutions. Many of them started working with blockchain technologies and were satisfied for the first few years. But as the companies grew and the use cases they needed for that blockchain changed they suddenly found themselves running into some serious blockchain barriers. According to gilbert it would take an average of eight months and around four million dollars for these companies and government branches to build a new blockchain that satisfied their needs. Gilbert realized that what private and public institutions need is the ability to interact with any blockchain they want in a simple manner. They need a technology that would automatically allocate whatever application they made to the blockchain which would best suit their needs. And so amidst the cryptocurrency hype in december 2017 gilbert officially announced quant network. A cryptocurrency project which is building a blockchain operating system that’s interoperable with every blockchain in existence.

Quant network is not like other cryptocurrency projects. Perhaps the only thing it has in common with most other cryptos is that it’s still in development. For starters quant network does not have its own blockchain and does not intend to have one either. The reasoning behind this is simple blockchains have many use cases but hosting an operating system is not one of them. Creating a globally interoperable blockchain would not only be incredibly expensive and time consuming. But would also make creating a robust operating system much more complex than it needs to be. In addition the technology being used by quant network is not open source. It’s been patented something which is quite rare in the crypto space. While this means that neither you nor I can know exactly what’s going on behind closed doors at quant they do provide just enough information to give us an idea of how everything works.

How does Quant Network work ?

The quant network is made up of two key elements. Over ledger os their interoperable blockchain operating system and the overledger network which consists of all the parties building apps with the over ledger operating system. The overledger operating system will allow anyone to create multi-chain applications also referred to as maps. Maps are made up of treaty contracts which make it possible for smart contracts from separate blockchains to interact in an automated manner. In other words overledger os makes it possible to build applications using multiple blockchains instead of a single blockchain. This means you could create an application on overledger os that would leverage the speed of the stellar blockchain while also providing security of the bitcoin blockchain. Overledger os currently supports multiple enterprise blockchains including hyperledger fabric r3 corder and even jp morgan’s quorum blockchain. As far as cryptocurrency blockchains go overledger os currently supports bitcoin xrp stellar eos iota finance chain and constellation. Here’s the catch over ledger os does not provide a fixed speed in terms of transactions per second. This is dependent on the blockchains your application has been built on.

Although we may never know what makes overledger os work the quant network website notes that it’s based on google’s kubernetes technology. Without getting into details kubernetes is used to ensure that an application can be used by thousands of people without failing. This brings us to the overledger network. As I mentioned earlier the over legend network consists of all the parties building apps with the overledger os operating system. These parties are divided into two categories. Community participants and enterprise participants both must pay licensing fees on an annual basis to quant network to use the overledger os in order to build apps. This fee is fixed for community participants but can vary significantly for enterprise participants depending on several metrics including network demand and the size of their company. Apps created by participants on the over ledger network can be for personal or corporate use or they can be monetized and made available for commercial use on the overledger network marketplace.

So where exactly does quant network’s QNT token fit into all of this ?

Quant network’s QNT token is an erc20 token used by community and enterprise participants to pay those annual licensing fees that I just mentioned. It’s also the payment method within the overledger network marketplace. That said everything is priced in dollars meaning the amount of QNT tokens you need to shell out for a licensing fee or to purchase a product from the marketplace depends on the current market price of QNT. The market price of QNT is determined using quant network’s own in-house oracle. All licensing fees and product payments made in the overledger network marketplace are settled using quant network treasury smart contracts. For licensing fees the treasury locks the QNT provided by a participant for the 12-month duration of their contract. When that contract expires QNT tokens are automatically sold by the treasury at current market prices. For any product payments made on the overledger network marketplace the treasury acts as a third party to the transaction and takes a small cut. In the event multiple participants on the overledger network are selling the same or similar service they can increase their exposure to potential buyers by staking an additional amount of QNT tokens with the treasury. In other words they can pay for advertising.

Is the QNT token worth it ?

Well to answer that question we need to examine the tokenomics the tokenomics of quant network’s QNT token are. Quite frankly not very clear. At the start of the project ceo gilbert verdian stated that quant network would not issue a token and would not be doing an ICO. The quant network white paper also does not mention a token of any kind. But lo and behold an ICO for quant network’s QNT token took place in may 2018. This ICO seems to have fallen flat raising just 11 million dollars. The soft cap for the ICO had been set at 16 million and the hard cap had been set at just over 40 million. Given that the price per QNT at ICO was around 1.1 £ this means that roughly 10 million QNT tokens were sold. From what I was able to gather QNT started off with an initial supply of around 45.5 million tokens. According to an interview with gilbert this was also the maximum supply but as it turned out that maximum supply was cut by nearly 66 just a few months after the ICO in september 2018. Their medium post which details the burn however notes that only nine and a half million QNT were burned? which is not even a fourth of the total supply. In any case the current distribution of QNT tokens is apparently as follows. Just under 10 million are in the hands of regular folk like you and me. This is probably the QNT that was sold during the ICO nearly 4.6 million QNT tokens belong to the quant network meaning they hold around a third of the total supply of QNT tokens. On the bright side etherscan appears to confirm their stated token distribution. Although a maximum supply of roughly 45.5 million QNT is still noted a quick glance at the largest QNT wallets proves that the new maximum supply of QNT is in fact roughly 14.6 million. Note that the top address is the smart contract where the 9.5 million burned QNT are apparently sitting. The info tab on etherscan also gives some more details about the september 2018 token burn and new supply.

Another thing to factor in when it comes to QNT’s tokenomics is that 12-month lock-up period for any QNT used to pay for licensing fees. Under the right circumstances this suppressed circulation of QNT tokens could set the stage for some serious price action. This brings us to the next pressing question the price action of QNT. The QNT token may just have one of the most beautiful price histories of any cryptocurrency. QNT debuted on the crypto market in august of 2018. This is because QNT tokens sold during the may ICO were locked for two months. For over two years the QNT token has been in a very visible uptrend. It seems to have had its own little bull market in july 2019 reaching a high of over 13$. This rally was probably caused by the news that quant network had partnered with sia not the decentralized storage cryptocurrency. The sia quant network partnered with in june 2019 provides technology solutions for public and private financial institutions in over 50 countries including multiple central banks in Europe. After being choked slammed by the flash crash in march QNT got back on its feet and continued its upward momentum, hitting an all-time high of nearly 16 in late October. Despite a small correction QNT still looks extremely bullish. The exchanges it’s listed on however give me second thoughts.

Unfortunately QNT is not listed on very many reputable exchanges and the exchanges with the highest trading volume are known to dabble in wash trading and other questionable practices. If you want to get your hands on some QNT your options are basically limited to bittrex, bit hum, and uniswap all of which have less than optimal trading volume. According to quant network ceo gilbert verdian the only two exchanges they voluntarily launched their tokens on were bittrex and digifinex. I’m going to give gilbert the benefit of the doubt and assume that he didn’t know that one of these exchanges is not like the other. In any case the subsequent exchanges that have offered trading for QNT have apparently done so without the support of quant network. I’ll leave it to you as to what to make of that. Since QNT is an erc20 token you can store it on basically any wallet that supports cryptocurrency assets. If you think you’ll be actively trading your QNT or just looking to hold it for the short term a software wallet like the exodus wallet or atomic wallet should do the trick. Both are available on desktop and mobile devices. If you’re a huddle or die kind of guy or gal a hardware wallet like a trezor or ledger might be a more comfortable residence for your QNT tokens.

If quant network sounds more like apple or microsoft than another cryptocurrency you’d be correct. Being the windows or mac os of the future internet is quite literally their long term goal. But what’s next for quant network in the short term ? Well basically everything the over ledger os blockchain operating system the over legend network and the over legend network marketplace are all still in their infancy. I thinks one of the biggest reasons for this lackluster development is a relative lack of funding. The QNT ICO did not pull in very much capital. And something tells me that building an interoperable operating system is going to cost a whole lot more than building a cryptocurrency blockchain. Thankfully in july this year quant network raised an undisclosed amount with alpha sigma capital. It must have been quite a bit because quant network seems to have ramped up its development since then. The team has finally begun beta testing its treasury smart contract licensing mechanism. Quant network does not appear to have a current roadmap at the moment. Its old roadmap notes a bunch of products and developments which do not seem to have taken place. Then again given that the project is much less transparent than other cryptocurrency projects there is no way of knowing for sure. That said the quant network website notes that they plan on making some parts of their technology open source as time goes on. In addition some of quant network’s recent documentation suggests that they are playing with the idea of introducing staking for the QNT token.

No further details nor a time is given for this but assuming quant network is able to leverage the connections of its ceo and the connections it’s made so far staking QNT could be incredibly lucrative. Another possible development I came across involves adding a layer to scaling solution for their money management via the treasury smart contracts. They probably know that ethereum’s 15 transactions per second will probably do a poor job at handling the thousands of transactions per second they hope their over legend network and its marketplace will someday support. While the devs code away gilbert verdian has been busy cozying up to european institutions in the public sector. His recent tweets suggest he has central bank digital currencies in his sniper scope. The international monetary fund is helping governments around the world get organized to launch their own cbdc’s on a series of both public and private blockchains. The blockchains that cbdc’s will be built on will require some sort of interoperability layer and gilbert seems to be trying to serve up quant network as that solution. At least within the european union . Assuming quant networks developers can slap together a functioning product soon they may just land that contract. All right ladies and gents that’s all i’ve got to say about quant network for today. It’s one hell of an ambitious project I personally agree with the ceo’s insight that there won’t be one blockchain to rule them all. Different use cases often require different blockchains and the resulting network of blockchains will require a user-friendly interoperability layer for individuals, business and government institutions. Were not for gilbert’s incredible experience and connections I would be seriously doubting whether quant network would be able to convince public and private institutions that their overledger os is the solution to their current and future blockchain world. Although quant network seems to have had a hard time on the development side it seems to have finally broken through that barrier with its recent test net.

 Can it create something that will truly wow the people it’s hoping to sell its licensed technology too ?

On that note I don’t think you can really classify quant network as a cryptocurrency project for that reason. The project is not open source and its operations and partnerships are also not very transparent. However the few goals and partnerships it does flaunt definitely do stimulate my fomo when it comes to their QNT token. This is because quant network is trying to become the windows or mac os operating system of blockchains and the sort of traditional business model it has means it has a much higher potential for returns compared to most other cryptocurrency projects. The licensing fees for their overledger os operating system as well as all transactions in their overledger network marketplace will be paid for in QNT tokens. Not only does that drive demand for QNT if they introduce QNT staking the returns would be ungodly. You’d be getting a lot more than a cut of sub-zero trading fees or network fees you get from staking on other blockchains and defi protocols. That said the QNT token is on some shady exchanges and it is possible that its price action may be due to some sort of market manipulation. I guess with these sorts of projects you can never know for sure so think twice before doing anything impulsive with your hard earned gains.

Where to buy Quant token ?

You can buy Quant token on :

Last Quant Network news

"The synergies between LCX and Quant technologies are clear and significant."

@Quant_network partners with LCX to advance #CBDC Settlement implementation

https://www.quant.network/pr-announcements/quant-partners-with-lcx-to-advance-cbdc-settlement-implementation

#100DaysLCX 💯 $LCX 🤝 $QNT

Quant Chooses LCX as Partner to Enable DLT Interoperability. @Quant_network and cryptoasset pioneer, LCX, partnership will further accelerate the progression towards Central Bank Digital Currencies #CBDCs.

#100DaysLCX 💯 $LCX 🤝 $QNT

https://www.lcx.com/quant-chooses-lcx-as-partner-to-enable-dlt-interoperability/

A strategic partnership between Quant and @lcx will contribute significantly to the advance of the banking and finance sector, with respect to the implementation and settlement of #CBDCs, banking #stablecoins and #digitalasset securities.

More at https://buff.ly/3v6kwBQ

We welcome the @ecb report on “The use of DLT in post-trade processes” in which Quant is recognised. The report notes that “interoperability remains critical in a DLT environment”.

https://www.ecb.europa.eu/paym/intro/news/html/ecb.mipnews210412.en.html

#DLT #interoperability #posttrade

We have been recognised in the @Gartner_inc report

"DeFi, CeFi and How Blockchains Interoperate: Case Study in Carbon Trading" as a robust interoperability solution connecting disparate blockchains.

Overledger bridges Enterprise and DeFi/CeFi use cases.

https://www.gartner.com/doc/4000202?ref=solrAll&refval=283312682

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