What is Quant Network: A brief introduction to the blockchain operating system
Quant was founded in 2015 by Gilbert Verdian as a potential solution to the problem of blockchain interoperability. Verdian, who had worked in cybersecurity across various public and private companies, saw the immense potential of blockchain technology.
Quant aims to provide enterprise-grade solutions for secure, decentralized communication across multiple networks. Unlike other cryptocurrencies, Quant Network has developed a blockchain operating system called Overledger, which allows for interoperability between different blockchain networks. This means that various blockchain networks can communicate and transact seamlessly with each other through Overledger.
Why is interoperability so important in the blockchain industry?
Over the past ten years or so, there has been explosive growth in the blockchain industry. There are many blockchains because blockchain technology has many potential use cases and can be applied in a wide range of industries and sectors. Each blockchain network has its own unique characteristics and features that make it suitable for different types of applications and use cases.
For example, XRP Ledger is a blockchain that is focused on facilitating fast cross-border payments, IOTA is a blockchain-based platform that is designed for the Internet of Things (IoT) and Chainlink (LINK) is a platform that aims to provide accurate and reliable data feeds for smart contracts.
Developers have built blockchains – some of which are focused on particular multiple chains that exist side by side, however, blockchains are not very efficient at sharing data across various networks.
Other ways blockchains share data and assets
There are currently a number of ways to achieve interoperability between various blockchains and allow for the transfer of data and assets, including atomic swaps, sidechains, relays, gateways, and API-based solutions.
- Atomic swaps enable the exchange of one cryptocurrency for another without the need for a trusted intermediary.
- Sidechains function as separate blockchains connected to the main chain, allowing for the transfer of assets and data between the two.
- Relays establish a connection between one blockchain network and another, enabling communication and transactions.
- Gateways facilitate the conversion of one cryptocurrency to another through a trusted intermediary.
- API-based solutions enable different blockchains to interact with each other through Application Programming Interfaces (APIs).
Advantages of Quant Network over other methods
However, while the solutions exist Quant Network’s Overledger has several advantages over other methods, such as sidechains and relays:
- Security: Overledger uses a MultiChain Operating System (MOS) that allows for the creation of a secure, decentralized network. It is designed to protect against malicious attacks and unauthorized access, making it more secure than other interoperability solutions.
- Scalability: Overledger is designed to handle a large number of transactions per second, making it more scalable than other interoperability solutions.
- Flexibility: Overledger is designed to be flexible and can connect to any blockchain network, regardless of the protocol or consensus mechanism used. This allows for greater interoperability between different networks.
- Simplicity: The Overledger provides a simple and easy-to-use interface, making it accessible to a wider range of users and developers.
- Multi-Enterprise: Overledger allows for communication and transactions between different enterprise networks, making it more suitable for use in business and enterprise settings.
- Agnostic: Overledger is blockchain agnostic, meaning it can connect to any blockchain network regardless of the protocol used, it is not limited to a specific type of blockchain.
- Interoperability at the protocol level: Overledger connects to different blockchains at the protocol level, which means that it can interact with the native functions and smart contracts of each blockchain.
Who is Quant partnering and working with?
Quant Network is teaming up with some big players in the blockchain industry to help promote and develop its interoperability solution, Overledger. They are working with companies like LACChain, SIA, UST, and Oracle (the world’s largest database company).
It’s not just the private sector that they are working with, they are also in talks with governments and international organizations. The goal is to help these organizations understand the potential benefits and uses of their technology. With Overledger, different blockchain networks can talk to each other, which opens up a whole world of possibilities.
What is Quant Network: Final Thoughts
In conclusion, Quant Network’s Overledger blockchain operating system is a game-changer in the blockchain industry. It allows for the creation of a wide range of decentralized applications (dApps) and services and its interoperability feature enables the connection to different blockchain networks and opens up new opportunities for decentralized applications and services. With a secure, decentralized, and interoperable ecosystem, Quant Network’s Overledger is set to revolutionize the way we interact and transact with different blockchain networks.