Since the invention of Bitcoin, more than 10,000 coins and tokens have been launched on various blockchain structures. While there have been many improvements since the very first blockchain, they still have many problems. One that has often been brought up is the lack of interoperability between blockchains.
The blockchain operating system operates in a complex and seemingly individualistic way, making it difficult to accurately measure progress. This is a concern for developers designing the software architecture to be used and companies using blockchain.
Different blockchains are built differently, which understandably hinders network interoperability and compatibility. These blockchains cannot share data with each other unless they go through a process that consumes time, energy and other resources.
Lack of interoperability is one of the biggest threats to the widespread adoption of cryptocurrencies around the world. With sanctions and restrictions from many countries arousing suspicion, it is only natural that traders want an answer…and that answer could very well be Quant Network. In this article, we take a look at Quant and assess its relevance to the cryptocurrency world.
What is a quantum protocol?
Quant Network was founded in 2015 by Gilbert Verdian and the original token, Quant, was launched shortly after.
The Quant Protocol was born out of a great passion to improve the global exchange of information. Verdian recognized this problem while working for the governments of the United Kingdom and later Australia. He realized how useful distributed ledger technologies (DLT) could be in solving the problems he was facing.
The addition of the override functionality to the Quant protocol has opened up the Bitcoin, Ethereum and Ripple ledgers to its application. The Quant protocol is the closest thing to solving interoperability problems in the blockchain industry. It serves as a payment verification token used in the money transfer operating system.
One of the ultimate goals of the Quant platform is to provide seamless interoperability so that the fragmented world of ledger technology is evenly distributed. As a result, the Quant protocol is often referred to as “the operating system/software that unifies all blockchains”.
What is QNT encryption?
QNT cryptography is a token on the Quant blockchain that provides digital access to a specific application or service. QNT tokens therefore incur a login fee based on a fixed amount of fiat currency. For example, developers and businesses pay a monthly consumption fee to a Quant Treasury account associated with QNT tokens.
The entrance fee is based not only on the number of tokens created, but also on a fixed amount of fiat currency. For example, developers and companies pay $10 monthly to Quant Treasury, which is based on a corresponding price in QNT tokens.
As both the number of users and the demand for QNT grow, more QNT tokens are created and put into circulation.
How Quant works
The Quant protocol is designed to remove barriers commonly encountered in blockchains in terms of communication, interoperability and scalability. To achieve this, levels are matched to the activities for which they are best suited as follows:
- Event Tier: In this tier, event logging is of primary importance. Both variable and separate ledgers are used to locate and verify related assets on a single layer of the blockchain. Once a transaction has been confirmed, it cannot be canceled under any circumstances. Everything needed for consensus between blockchains happens at this layer.
- Message layer: This layer deals with information and data transfer. There are three types of processed data: smart contract data, metadata, and event data. Metadata is used to interpret and translate messages into different languages to understand different blockchains.
- Filter and order level: This level also processes messages. However, unlike the message level, it includes filtering of searches based on specific results. Each message in the digital accounting system is entered in the order of receipt and filed neatly in the database. When off-chain message validation is required, the filtering and sorting layer is responsible for the validation, as it is the only layer with a history of messages transferred during the protocol. For example, developers can configure specific tasks, such as allowing an app to transfer tokens to a specific network when stored in a DApp.
As an Ethereum-based platform, Quant benefits from the security and interoperability of the Ethereum ecosystem. Unlike the Bitcoin blockchain, which aims to give people a way to transfer value, Ethereum has a wider variety of use cases. DEX, DeFi, and blockchain gaming are just some of the activities you can enjoy with Quant. Quant works on a modular architecture, which is alienated from various application-level accounting systems. Operate on these networks using scale-up and future-proof systems. Here are some features that make Quant useful.
The task of the Quant Overledger Network is to ensure the transfer of information and data in Quant. Use a different protocol, Overledger DLT, to do this. Once a user is connected to the protocol, data can be exchanged with any two blockchains in the system.
Overledger Gateway DLT
Overledger DLT Gateway is specifically designed for a large customer base. The main task is to assist the system in the interoperability of distributed ledger system and networks. What can be transferred without problems with DLT? The answer is data, non-removable tokens, smart contracts, exchangeable tokens, and even tokens. A distinctive feature of Quant’s Overledger DLT Gateway is that a smart contract can be written in any programming language, from Hyperledger Fabric to Ethereum.
Quant (QNT) mDApp
mDApps is another unique feature of the Quant protocol. Decentralized applications (DApps) are based on blockchains and mDApps allow different DApps to work on as many blockchains as possible. With mDApps, developers enjoy the benefits of any blockchain without necessarily having to deal with its limitations. A developer may have consent from one chain and gain insights from another.