What is Quant (QNT)?
Quant (QNT) is the native ERC-20 token for the project of the same name. Quant assists with network interoperability and scalable blockchain solutions. The project is known for Overledger, the first blockchain operating system, which enables connectivity and interoperability between different decentralized networks. You can analyze the QNT price performance using the chart above.
Who Are the Founders of Quant?
Quant was co-founded by Gilbert Verdian and Dr. Paolo Tasca. Verdian is the CEO at Quant and has more than two decades of experience in digital security in the healthcare and finance sectors. Dr. Tasca is an entrepreneur who has worked with the UN and the European Parliament on questions regarding blockchain technology and decentralization.
Quant aims to solve one of the biggest challenges that blockchains face – the lack of interoperability. After the launch of Bitcoin, the first blockchain, in 2009, new decentralized networks emerged. As they grew bigger, issues arose with the lack of technical tools that would enable cross-chain transactions and app functionality.
Some of the core issues are closely tied to the financial aspects of crypto – users cannot simply transfer different currencies from one chain to another. The idea of the Overledger operating system was to enable an API that would connect different blockchains to each other and allow apps to be used cross-chain without compromising data security.
The platform was launched in June 2018. Prior to the launch, the project held a token generation event (TGE). During this event, users could acquire the asset for an adjusted rate, where the QNT price was 430 QNT=1 ETH.
Prior to 2021, the Quant coin remained a mildly volatile asset. However, it experienced rapid growth in the first half of the year, peaking in September, when the QNT price reached $428. The asset is generally subject to common crypto market trends.
What Are the Key Functions of Quant?
The supply of Quant tokens was determined by the TGE sale results. The maximum supply is capped at 14,612,493 QNT. The asset is deflationary, meaning that over time its supply will deplete. This increased scarcity will likely lead to the Quant price increase.
The Quant token was developed to be dual-purposed. Its initial use was for the token offering event, which occurred before the platform’s launch. The second utility, which the asset is now primarily used for, is on-chain and transactional. QNT is officially referred to as the access token within the ecosystem.
Quant’s main product is Overledger – a blockchain-based operating system built specifically for interoperability. It was the first project of this kind to be launched in the blockchain space. Overledger aims to connect different blockchains without impacting their network efficiency. The operating system does not impact the autonomy of decentralized platforms or the processing speed.
Using APIs and distributed ledger technology (DLT) connectors, users can connect their blockchain projects to other blockchains, making them widely accessible. It works by creating new layers based on the required functionality. It enables multi-chain decentralized finance (DeFi) services, particularly transactions.
In order to access Overledger, developers must purchase a digital license and lock their tokens in a smart contract for 12 months. Overledger is used to develop multi-chain applications, or MApps. MApps can be operated on several different networks at once. Developers use QNT tokens as the payment method for the mApp creation services.
Users can also connect different applications within the same network. This can extend their utility and scalability. All services on Overledger, such as performing operations, are paid for using QNT.
The Quant ecosystem enables the use of smart contracts, which can be programmed for particular blockchains, to make transactions widely readable and verifiable. Smart contracts written on Overledger can also be accessed on blockchains that do not typically support this technology, like Bitcoin (BTC).
Quant is decentralized and governed by the community. Users are responsible for handling on-chain transactions. Gateway operators are paid in QNT for their contributions to the ecosystem.
As a layer 2 solution, Overledger is completely blockchain-agnostic, making the integrations seamless and technically simple to implement. The license for the multi-chain solutions is purchased on a yearly bases. Therefore, the Quant price in the market may affect the annual service fees.