What is Quant (QNT) and How Does it Work? | KuCoin Crypto Gem Observer

Source: https://medium.com/kucoinexchange/what-is-quant-and-how-does-it-work-kucoin-crypto-gem-observer-a88e779ed078

Over the last few years, we have seen distributed ledger technologies grow in popularity. The likes of blockchains and DAGs have seen usage expand into different industries and areas of life. So then, what if there was a way to promote interoperability between these different distributed ledger technologies?

That is what Quant is all about. Seeing the disconnect between these promising developments, they have worked on a solution that unites them without impacting their performance. The Overledger Network was built to achieve this vision, offering a standardized and protocol-agnostic platform for enterprises and individuals alike.

What is Quant?

Quant launched back in 2018, looking to provide a simple, efficient and effective solution to the lack of interoperability between blockchain, DAGs, and other distributed ledger technologies. Efficiency and security were of high priority when developing their technology.

Quant released their first product, the Overledger Network, to great success. It is the first of its kind in the industry, and they are building on it further to ensure all parties — enterprises, governments and more — can benefit and achieve their true potential. The team have been recognized as market leaders in DLT interoperability by Gartner, and are working closely with partners such as the UK Government.

How Does Quant Work?

The Overledger Network is a blockchain operating system that realizes their goal of building a connected network of distributed ledger technologies. It allows developers and enterprises to build multi-chain applications for users that leverage the power DLTs to their fullest.

These MApps allow for increased efficiency and innovation by connecting existing systems with DLTs like blockchains. It does not add any bottlenecks or require new infrastructure, instead operating on top of existing networks. Ultimately, Quant is changing the way networks interact and connect, offering a whole range of new possibilities for security, services and more.

Who Created Quant?

Gilbert Verdian is the current CEO of Quant. He founded Quant following his previous security-related roles at HM Treasury and as a Chief Information Security Officer. During this time, he was exposed to the potential of DLTs in information security and exchange. His background in the security space spans over 20 years, and includes working with the UK Government and in the healthcare field.

What is the QNT Token?

The Quant Network Utility Token is used by both developers and end users for multiple scenarios. Primarily, this revolves around the paying of license fees and gaining access to the wide range of services on the Quant network, such as the Overledger operating system.

The tokens were distributed as follows:

  • Public Sale — 68%
  • Reserve — 18%
  • Founders — 9%
  • Advisors — 5%

What is the QNT Token Used For?

QNT functions as a central part of the Quant ecosystem. First and foremost, it provides access into the Overledger Network. The token is also used for paying any necessary fees derived from the usage and development of multi-chain applications on the Overledger Network.

This includes the license fees and platform fees, which will need to be paid for using QNT, as well as any add on services available through the Overledger operating system. End users will need to hold QNT in order to use multi-chain applications and pay for gateway fees.

Closing Thoughts

As the blockchain industry continues to expand, fragmentation is all but certain. Therefore, the use cases of Quant’s Overledger Network are becoming ever clearer and more necessary than ever. After all, mass adoption of blockchain technology depends greatly on interoperability between the different networks.

All in all, Quant seems to be going from strength to strength. The question remains, how will Quant build on this foundation further?

Updated on June 29, 2021

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