What Is Quant (QNT)?
Updated: March 16, 2022
Widespread adoption of blockchain technology has been hampered by the challenge of integrating legacy systems with distributed ledger technology (DLT) — and with the problem of interoperability between blockchains. Quant is attempting to solve these problems with its Overledger DLT gateway, providing interoperability across global networks and blockchains. QNT crypto is the native token of the project, which lives on the Ethereum blockchain.
This guide explains what Quant is, how it works, and how it could change the way data, information, and assets move across the digital financial ecosystem. Quant’s native token, QNT crypto, provides access to various services and apps on the Quant platform.
How Does Quant (QNT) Work?
Quant is a plug-and-play solution that connects different blockchains and enterprise software without the need for new infrastructure. Different blockchains communicate with each other using distributed ledger technology (DLT) and applicant programming interfaces (APIs) on the Overledger API gateway.
The QNT coin is a form of cryptocurrency native to the Quant network — and is also an ERC20-compatible coin (being that Quant exists on the Ethereum network). QNT crypto is typically considered a utility token, as it’s used to pay for apps and services on Quant and can be used for staking/holding and paying licensing fees.
What Is Overledger?
Overledger is designed as an enterprise-level solution that integrates with various DLTs involved in business operations. With regard to supply chains, for example, different DLTs might be used for procurement, logistics, provenance, customs and payments — yet too often these DLTs cannot communicate.
Overledger helps to eliminate this problem with the use of a single API that enables the efficient creation of apps that can use all DLTs simultaneously.
Overledger and mApps
The Quant network is comprised of the Overledger OS and the Overledger Network.
The Overledger OS is a patented technology, not open source, and it allows users to create and access multi-chain applications (mApps). Rather than using smart contracts like other DeFi apps, MApps rely on treaty contracts — which enable users to build applications on multiple blockchains. Equally important, the features of a given mApp reflect the blockchains it is built on, not the Overledger OS.
The Overledger Network consists of the developers and enterprises that use the Quant Network. Here, they pay an annual licensing fee for using the technology. Users can also sell their created mApps and data on the Overledger Network Marketplace.
Quant also supports multi-ledger tokens (MLTs), digital assets backed by fiat funds held in escrow with a financial institution. These MLTs serve central banks, banks, fintechs, closed-loop payments, marketplaces, and micropayment platforms. MLTs can be used as stablecoins, vouchers, loyalty points, and as eMoney for fast and transparent cross-border bank payments.
Advantages and Disadvantages of Quant (QNT)
As with all cryptocurrencies, Quant has unique characteristics that make it an appealing investment — though investors should also consider its potential disadvantages as well.
Since it’s built from scratch, Quant doesn’t experience some of the restrictions that come with many DLTs. It can be installed seamlessly, without prior knowledge of cryptography or programming.
Quant users can connect to any type of digital ledger system, irrespective of their position. Developers, individuals and even public workers can use the network without prior programming knowledge. This combination of flexibility and ease give the platform great appeal.
Quant can neither be forked, as some other cryptocurrencies have, nor lose communication with its multiple ledgers, so the chances of a security breach on the network are extremely low.
Relative to a first mover like Ethereum, of course, Quant is still relatively small. There are only 14.6 million Quant crypto, with about 12.1 million in circulation, as of March 8, 2022. And despite its vision for solving the problem of global interoperability, that capacity has not yet been fully tested.
That day may come, however, as governments begin to issue digital fiat currencies — such as digital dollars, euros, yen. As that occurs, and the problem of seamless communication between blockchains emerges as a larger challenge, it will be interesting to see if Quant’s solutions are widely adopted.
• With significant enterprise and government relationships, Quant is providing solutions for interoperability challenges.
• Quant is still relatively small relative to industry leaders like Ethereum.
• The Overledger DLT Gateway is a plug-and-play blockchain solution, and thus relatively easy for businesses to adopt.
• While its technology has seen some adoption, imminent challenges will likely determine whether Quant has staying power.
• The Overledger OS is flexible, offering users a wide range of capabilities, including mApps and MLTs.
• Being somewhat centralized, Quant may have security vulnerabilities.
Who Created Quant (QNT)?
Quant was founded by Gilbert Verdian, the current CEO, in 2018. The project was funded through an initial coin offering (ICO) that raised $11 million.
Verdian is a 20-year veteran of the security industry and was also founder of the Blockchain ISO Standard TC307. Jean-Paul de Jong is chief architect of Quant, and Colin Paterson is chief technology officer.
Verdian was inspired by his time working for Australian and UK governments, which enabled him to see the coming challenges with interoperability — and begin to devise a solution.
Why Does Quant (QNT) Have Value?
Quant is a unique operating system that links blockchains for interoperability. Although interoperability is one of the cryptoworld’s current buzzwords, Quant could be poised to be a market leader in this area if their innovations prove relevant, timely, and successful.
Some Quant investors are anticipating the mass adoption of blockchain technologies and are betting that Quant will be the go-to platform to make them work interdependently.
Quant is also forging partnerships with central banks such as the Federal Reserve of the U.S., the European Central Bank, the Bank for International Settlements, and finance regulatory bodies such as the Financial Conduct Authority in the hope that Quant will play a leading role in overhauling global financial systems.
Price of Quant (QNT)
While some analysts predict a rise in the price and volume of Quant in the future, QNT crypto remains far below its historic high of $428.38, with a value of $111, as of March 8, 2022.
Quant’s current market cap is $1.3 billion, with 12.1 million coins in circulation, against a total supply of 14.6 million QNT coin. The price of Quant rose to around eight times its value at the beginning of 2021.
Why Use Quant (QNT)?
DLTs are the vehicle that will allow organizations, central banks, financial institutions, fintechs, and governments to streamline their financial, legal, healthcare, and other cloud-based services. Similar to other cryptocurrencies, Quant crypto is the token that fuels these processes.
Quant’s creator and CEO, Gilbert Verdian, is a seasoned professional in the blockchain world. His earlier projects included work on interoperability between healthcare platforms, which spawned the Quant platform. Verdian’s credentials support the optimistic predictions proponents have for the future of Quant as a major facilitator of revolutionized finance and banking protocols.
How Can I Buy Quant (QNT)?
You may have to do a little research to find platforms that enable QNT trades. Also, be sure to review how crypto exchanges work, as well as any fees that may apply.
Step 1. Find an exchange, fund your account.
Set up a crypto trading account and then fund your account with a secure wire transfer from your bank, or even with a credit or debit card transfer (but check with your bank in the case of restrictions). Fees may apply.
Step 2. Set up a wallet to store your assets.
Just as you might keep money in a physical wallet, cryptocurrencies are held in digital “wallets.” Be sure to select a crypto wallet that supports QNT.
Note that some crypto exchange accounts come with a custodial wallet, and there may be restrictions about moving your crypto off-platform.
Step 3. Make the Trade
Once you’ve executed the trade, you can transfer your holdings to your wallet. You may want to leave your holdings there if you plan to keep trading.
Sharing Personal Data
Depending on where you choose to trade your crypto, different platforms may require different forms of identification. Some exchanges adhere to Know Your Customer (KYC) rules, a common set of standards that require investors to disclose certain information. Others may allow anonymous or P2P transactions.
Similar to trading securities, there are fees to consider when trading crypto. Be sure to understand the associated costs that may come with trading crypto on one platform versus another, or using one form of payment versus another.
How to Sell Quant (QNT)
Once you’ve decided to sell your QNT, the next step is deciding whether you plan to cash out for a fiat currency like U.S. dollars (USD) or trade another type of crypto.
Step 1. Set up the trade.
If you’re exchanging QNT for USD, the steps may be different than if you’re buying another form of crypto — or you may have to complete a more extensive KYC identification.
Step 2. Find the best price.
Crypto prices fluctuate by the minute, so do your research beforehand so you know a good offer when you see one.
Step 3. Sell QNT.
Complete the trade and move your crypto (or cash) to your wallet, unless you plan to keep trading on the exchange.
Step 4. Keep taxes in mind.
Remember that crypto gains are subject to taxes. Be sure to consider the tax implications of selling QNT coin, and consult a professional as needed.
Does Quant (QNT) Have Staking?
Yes. You can stake QNT crypto to earn some rewards and perks on the network. For example, Overledger Gateway operators may stake QNT with the platform’s treasury to gain higher priority for their transactions.
Proof-of-stake is becoming increasingly common among crypto platforms, compared with proof-of-work, which relies on the energy-intensive process of mining.
Distributed ledgers, the backbone of blockchain technology, are emerging all the time. These ledgers store data across a network of decentralized nodes. They are a digital innovation that some consider poised to disrupt financial transactions globally.
However, widespread adoption of blockchain technologies by central banks and global financial institutions requires overcoming the many challenges of integrating legacy technologies with new distributed ledgers. Quant’s Overledger operating system connects individual blockchains, and the technology could herald a pivot toward mass adoption of blockchain.
The future of QNT crypto depends on the decisions of banks and financial institutions regarding the use of blockchain and the legal and regulatory environment. If and when governments start producing digital fiat currencies that require the integration of blockchains, Quant’s role is expected to be significant, and the crypto’s value reflective of the facilitating technology.
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