Strengths and Weaknesses
- Friendly interface - Quant Network can be used without knowledge of cryptography or programming
- Security - the network cannot be forked
- Overledger DLT Gateway - accelerates transactions of data, smart contracts and other applications
- Business system - large use of QNT tokens, which benefits the company
- Centralization - Quant Network is under the control of the development team
- Development - the development is managed by a closed team and the code is not open-source
Quant Network focuses on providing enterprise-grade security and scalability for decentralized applications (dApps) and services. It is run on the Ethereum blockchain and leverages its security and infrastructure.
Its Overledger system uses cross-chain technology and enables interoperability between different blockchains, including public and private blockchains. This allows organizations to benefit from multiple chains while maintaining a secure and unified infrastructure. Overledger was designed to overcome current limitations of blockchain technology such as scalability, interoperability, and security issues.
A team of experienced experts, including CEO and founder Gilbert Verdian, who previously served as a security advisor for the UK government regarding blockchain, leads Quant Network. The company has strong partnerships with significant organizations in various industries such as finance, telecommunications, and logistics to bring the benefits of blockchain technology to a wider audience.
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Functioning of the Chain
Quant Network is not a typical blockchain as we know it, but rather a bridge for APIs that allows different blockchains to communicate with each other. This is all managed by Overledger OS, which consists of four layers:
1. Message Sending Layer
This is a shared channel where transactions from all ledgers are recorded. This logical layer retrieves all information related to transactions, including smart contract data and message digests, from each ledger in the transaction layer.
The Transaction Layer doesn't know the content of the Message Layer because the transaction information is packaged, allowing for the combination of all transactions from all ledger books.
2. Filtering and Sorting Layer
This layer also processes messages - mainly those that are extracted and composed from transaction information - and verifies off-chain messages in terms of metadata. Among other things, it also takes care of connecting messages from the Message Sending Layer. The validation engine checks the requirements of applications that can be translated into transaction data. A relevant application can be set up, for example, to only accept transactions involving a specific address or may require payment in tokens to be transferred.
3. Transaction Layer
This layer is responsible for storing transactions that have been verified using distributed ledger technology. This means that another ledger cannot confirm previously verified transactions. By consolidating all related activities into a single layer, Overledger simplifies the activities necessary to achieve consensus across different blockchain domains.
4. Application Layer
This layer takes control over all other layers. Through the Blockchain Programming Interface (BPI), it establishes rules for interaction with blockchains.
BPI: Multi-ledger applications that want to use Overledger will need to define two sets (mandatory and optional) of rules. These rules determine how the wire protocol will communicate with the Overledger system and with other users/applications. A non-exhaustive list of rules includes:
- Receive messages that can be verified according to a specific schema
- Receive messages only if they respect certain pattern sequences (e.g., in 2PC, we want to receive the "propose" message before the "ready" message)
- Receive messages only if their hash was attached to a specific set of ledgers
- Receive messages only if their hash contains specific source and recipient addresses
- Receive messages only if their hash outputs at least a certain amount of cryptocurrency
Quant Network is not a blockchain as we know it, but a software that connects existing blockchains. All of this works thanks to Overledger OS, which gives you access to the entire system. For example, if you wanted to send someone your cryptocurrency across different blockchains, you would have to go to the "bridge," move it to the given blockchain, then send it to the recipient's address. Overledger OS is aiming to simplify this process by allowing you to log into the system and simply send a command, which will then send the cryptocurrency from blockchain A to the designated blockchain B address via mApps, and Quant Network will take care of everything. The same will apply for interactions between the real world and the blockchain.
- Quant Network founded
- introduction of Overledger OS
- overall, 30 % of the total 33 million QNT tokens were sold during the ICO
- launch of Overledger
- Alpha Sigma Capital invested in Quant Network
- launch of Overledger 2.0
The total planned supply of $QNT was 45.5 million. But due to low interest during the ICO, the 22 million remaining unsold tokens were burned. Furthermore, on September 21st, 2018, an additional 9 million QNT tokens were burned, leaving the final total supply of $QNT at 14 612 493 tokens.
Quant Network is backed by a large and experienced team, including:
- Gilbert Verdian - CEO and Founder
- Martin Hargreaves - CPO
- Lara Verdian - COO
- Peter Marirosans - CTO
- Andrew Carrier - CMO
- Helen Kemmitt - General Counsel
- Gagik Alaverdian - COO of Americas
- Dr. Luke Riley - Head of Innovation
- Christopher Harrison - Head of Engineering
- Andy Nelson - Head of Systems and Architecture
As Quant Network is not an open-source platform and some of its designs are patented, the development of the entire system is exclusively handled by Quant Network, which regularly updates it.
Gilbert Verdian - A business innovator and technology visionary with global experience in implementing change in the areas of security, technology, and business strategy to achieve tangible business results within global corporations and for governments worldwide. He obtained his MBA from the Sydney University of Technology. He has also worked for Mastercard, NSW Health, HSBC, the Ministry of Justice, and the Ministry of Finance in England.
The decision making for new updates and management of the Quant Network is decided by the team.
Usage of the QNT Coin:
- Subscription fee for a node
- Transaction fees
- Developer license
- Corporate license
Revenue & Tokenomics
Quant Network ran an ICO for their $QNT in 2018, with a goal of raising 36 900 000 USD, but due to low interest, only 11 000 000 USD was raised.
They released all their tokens at once and distributed them as follows:
- 9 964 259 $QNT - sold to the public during the ICO
- 2 649 493 $QNT - is for the company reserve and used for Research and Development, Facilities, Infrastructure, Legal / IP, Marketing, and Exchanges
- 1 347 988 $QNT - for the company founders
- 650 753 $QNT - for the company advisors
The QNT token isn't inflationary because no new tokens will be released into circulation.
The total supply of $QNT is 14 612 493.
The main revenue comes from using Quant Network, and is paid by applications or services for using Overledger OS to access other blockchains.
The Uniqueness of the Chain
This is not a typical cryptocurrency exchange or market where assets are traded and transferred to different wallets. Instead, it's a digital marketplace where digital applications can trade data across platforms.
Transactions on the marketplace are facilitated by a Treasury, a smart contract-based wallet built on the Ethereum blockchain that acts as a third-party intermediary for transactions between applications. Each transaction generates revenue from fees that are paid to Quant Network.
Multi-Chain Application (mApp)
MApps are built on multiple blockchains, making them different from dApps, which run on a specific blockchain. They are created using smart contracts which, in turn, allow other smart contracts from different blockchains to collaborate.
For example, if developers develop an application on blockchain A but blockchain B is more popular, they can create an mApp on blockchain A, then deploy it on Overledger, where it can be used on blockchain B.
Overledger DLT Gateway
The Overledger DLT Gateway is specially designed for corporate clients. Its function is to help with the interoperability between distributed ledger systems and networks.
Anything from data to smart contracts or identification data can be transferred through the DLT Gateway.
A big advantage is that the Overledger DLT Gateway supports almost all known programming languages, so the language for writing smart contracts isn't limited.
How the Network is Secured
Quant Network and its developers have a vast amount of experience in the field of security. They were formerly working for governments, banks, and industries protecting against security threats. To promote confidentiality and integrity, $QNT is used for verification, with the ability to sign and encrypt each transaction that passes through the Overledger system. Each corporate client, developer, user, and application (mApp) verifies each transaction using QNT tokens linked to their mAppID and bpiKey.
- No transaction can flow through Overledger without being securely verified using $QNT
- No third party can view or manipulate transactions and their contents, including Quant, when they are signed and encrypted
Quant Network's fingerprint verification technology allows developers to assign digital fingerprints to real IPs, documents, and physical goods in a secure and irrefutable way. This way, each $QNT can be labeled and used for verification.
As of 7 February 2023, 227 gateways are responsible for managing the network, processing requests and sending them on to the network.
Quant Network does not have a set Road Map for network improvements. According to the company leadership, everything is fully functional and the focus is on attracting new clients and partnerships.
Quant Network is not a classic blockchain and does not operate a DeFi ecosystem on its network. Its goal is to enable secure and easy interconnectivity between different blockchains, allowing users to benefit from the advantages of the DeFi world without the limitations that might arise from using only one blockchain.
Quant Network offers a high level of security and privacy, which is a key factor in the proper functioning of DeFi applications. In addition, Quant Network provides developers with a wide range of tools and technologies that allow them to develop and interconnect DeFi projects quickly and efficiently.
Through its activity on Twitter, the company has the opportunity to provide its followers with current and relevant information about finance and cryptocurrencies. This makes it a valuable source of information for its audience, and will play a role in building its reputation as an expert in these areas.
The company's Youtube channel may be a disappointment for some followers, as they would likely expect educational videos about using Quant Network. These videos could help better understand this technology, and how it can be effectively utilized. It is therefore important for the company to think about using the Youtube channel more effectively, to expand its reach and provide information to its followers.
The main investors include:
- Alpha Sigma Capital
- Krenex Capital
- A195 Capital
- DeltaHub Capital
- Master Ventures
Where to Buy
The $QNT can be bought almost on all CEXs that figure in the crypto space.
When buying on a DEX, use:
When purchasing on a CEX, always check if it supports the QNT token. $QNT is the 37th largest cryptocurrency and is supported by almost all CEXs.
Quant Network is a technological ecosystem that focuses on DLT (Distributed Ledger Technology) interoperability. The project aims to enable the sharing of the best aspects of various blockchains. Quant Network works with governments, central banks, and other organizations in an effort to change the way data is recorded. Founder Gilbert Verdian is a strong advocate of blockchain and is excited about the possibilities that Quant Network can bring.
Quant Network addresses a problem that, once solved, could lead to the widespread use of blockchain. As the trend of governments issuing digital fiat currencies (such as digital dollars and euros) grows, this will surely become increasingly important. These digital currencies will require interconnection with various blockchains, and Quant Network will play a crucial role in this area. The Quant Network team is working to develop an "internet of trust," representing a future based concept of interoperability. The issue of interoperability has existed for a long time, and now, with the possibility of connecting networks using technologies like Quant Network, we could see the future of blockchain transformed for the better.