What is Quant Network?

[TL;DR]

• Quant Network is a decentralized platform that provides interoperability between existing distributed ledger networks.

• Quant's Overledger network makes the connections and communications between blockchains possible.

• Developers organized the network into distinct layers performing specific functions to help achieve the interoperability goals of the network.

• The Quant network is easily integrated into existing IT frameworks making enterprise access to decentralization much easier.

• The Quant network provides various solutions that positively affect both developers and businesses.

• QNT is the native Crypto token for the Quant network, which powers the ecosystem

Introduction

As blockchain technology continues to gain mainstream adoption, efficiency becomes more of a priority. Although many advancements have been made since the first blockchain, several issues exist. One that is often brought up is the lack of interoperability between blockchains.

The blockchain system functions in a complex and seemingly individualistic method, making it difficult for growth to be accurately measured. This is always a concern for developers, who design the software architecture used, and for some blockchain-based businesses.

However, Quant Network offers a seamless solution to the issues on blockchain by ensuring efficient and flexible interoperability between multiple blockchains.

What is Quant Network?

source: bitnovo

A Quant network is an advanced protocol that facilitates interoperability between various types of distributed ledger technologies (DLT) like the blockchain.

Quant provides a variety of innovative and scalable developer and enterprise solutions that can be used with some of the biggest blockchains in the industry.

The Quant Network was founded in 2015 by Gilbert Verdian and Dr Paolo Tasca and was officially launched in June 2018.

The network emerged out of an immense passion for improving the effectiveness of the global exchange of information. Gilbert Verdian recognized this issue when he worked for the UK and Australian governments. He discovered how beneficial distributed ledger technologies (DLT) are in solving the interoperability issue.

Presently, the Quant Network supports Bitcoin, Ethereum, Stellar, Ripple, EOS, IOTA, J.P. Morgan's Quorum blockchain, and Hyperledger Fabric.

Key Features of Quant Network

Here are some of the features which make Quant network beneficial:

Overledger Network

Overledger, a software by Quant, is the world's first API gateway for significant blockchains. Overledger is not a blockchain but an Application Programming Interface (API) gateway that links blockchains together. Overledger enables organizations to transfer information efficiently across networks.

The Quant Overledger Network, as a feature of Quant network, protects the exchange of information and data on QuantQuant.

QNT Token

The native token for the Quant network, QNT, fuels the ecosystem and is used to pay for access to the Quant network.

All fees, including the licensing fees needed to access Overledger, developer and user fees, are paid with QNT tokens.

Learn how to buy QuantQuant on gate.io

Overledger DLT Gateway

The Overledger DLT Gateway is specifically designed for a wide clientele. This feature assists the blockchain with interoperability between its distributed ledger system and networks. The DLT successfully transfers NFTs, smart contracts, fungible tokens, and even IDs.

One key feature of Quant's Overledger DLT Gateway is that the smart contract may be coded in any programming language, ranging from Hyperledger Fabric to Ethereum.

Quant mDApps

mDApps are another defining feature of the Quant protocol. Decentralized applications (DApps) operate on blockchains, and mDApps enable various DApps to run on as many blockchains as possible. With mDApps, developers take advantage of each blockchain without having to deal with its limitations. A developer can use one chain's consensus while obtaining data from another.

By launching a mDApp, developers can build applications that work with pre-existing, widely-used blockchains.

How Does Quant Network Work?

The Quant protocol was designed to eliminate barriers commonly found on blockchains in communication, interoperability and scaling. To achieve this, developers organized the network into distinct layers, with each performing specific functions, as follows:

Transaction Layer

This layer manages the ledger-based storage of transactions. Transactions made on a particular blockchain are only valid inside that domain, so they cannot be made valid on other ledgers.

The transaction layer comprises varied and isolated ledgers, which are used to group related operations in one layer and validate them across the blockchain.

Once related operations get validated, the process cannot be revoked.

Hence, the transaction layer houses the operations required to reach the consensus across blockchains.

Messaging Layer

The messaging layer focuses on the transfer of data and information. It tackles all relevant information retrieved from the ledgers. This layer is also employed in storing all transaction details and the digests of the messaging between various applications.

The Messaging Layer comprises smart contract data, transaction data, and metadata. Metadata is used to interpret and translate messages into languages that other blockchains understand.

Filtering and Ordering Layer

This layer handles messages, especially those extracted and composed of transaction information.

Unlike the messaging layer, however, it entails filtering searches to give specific results. Every message on the digital ledger system is entered neatly into a database on a first-come, first-served basis. Since the filtering and ordering layer is the only layer that has access to the history of messages transferred throughout the protocol, it performs validation when an off-chain message needs to be verified. Developers can assign specific tasks, such as enabling applications to transfer tokens to a specific network after they are deposited on the DApp.

Application Layer

Messages deemed valid based on having the necessary format and signatures can update the state of the application related to them. Various applications can share similar messages or refer to messages connected to other applications. These references employ unique hash pointers which point back to the storage location of a specific cryptographic hash.

They also serve as identifiers that can be used to locate a transaction in a database and verify its status as unchanged.

What is Quant Network Trying to Achieve?

Quant for Developers

Quant provides solutions for developers across various blockchains, including Ethereum, Bitcoin, Ripple, Corda, and Hyperledger Fabric. Quant offers a standard API for connecting with the blockchain, making it suitable for companies looking to develop their own applications. As a result, developers and even businesses won't need to have or manage their own nodes. This significantly reduces the technical requirements and, thus, the barrier to entry.

Quant For Enterprise

The Quant network offers numerous enterprise-ready solutions to assist businesses in achieving secure and private decentralization. This covers the use of Multi-Ledger Tokens (MLT), cryptocurrency payments services, and end-to-end DLT access.

Multi-Ledger Tokens (MLT) was made to target FinTech businesses, banking services, and Central Banks. Quant's MLT technology enables users to mint tokens to the value of a fund or asset, which are issued on a private distributed ledger controlled by the enterprise.

Then, the newly created Multi-Ledger Tokens can be integrated with many other distributed ledger technologies (DLTs).

The end-to-end DLT access helps businesses to use multiple types of distributed ledger technologies (DLTs) after the simple application step. Suppliers, customs, logistics, and payments may all use different DLTs. Therefore, QuantQuant makes it possible to securely and safely connect all of these ledgers.

Conclusion

Quant Network was developed to address the communication and scalability problems frequently encountered in blockchains.

With its unique features, distinct operation techniques and enterprise-focused solutions, Quant Network makes work efficient for Developers and improves data management for blockchain-based businesses.

Author: M. Olatunji, Gate.io Researcher

Disclaimer:

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