The world of cryptocurrencies and blockchain technology encompasses a myriad of use cases and applications within them, with some promising projects being introduced in 2018 and 2019. Quant Network has gained a solid reputation for being a promising project, one which aims to create a platform for blockchain network to interact with each other. This project is the focus of this article.
What Is Quant?
The Quant Network is developing an application focused towards inter-blockchain interaction. The platform is referred to as the “OverLedger”. Although not the first project of its kind, Quant Network has added some notable features to separate its business logic from the underlying ledger technologies.
In layman’s terms, the Quant Network would allow general purpose applications to exist on different ledgers simultaneously, allowing seamless communication with each other. With this “overlayer” technology, it allows applications to run on top of existing blockchain networks, allowing the applications to migrate and exchange information and value.
What is Quant Network Trying To Achieve?
The main aim of the Quant Network development team was to build an all-inclusive decentralized multi-chain application, not tied to any single blockchain. This would allow users to run any application, smart contract, treaties etc., to move data across blockchain networks.
The cornerstone of the Quant Network, notably the “overledger” platform would allow multi-chain decentralized applications to run. Quant also provides a software development kit for developers on their platform to create applications that can interact with other blockchain networks.
Thus, to sum up the main aims and goals of what Quant Network tries to achieve, the following list is compiled:
- Users will not be limited to any single network architecture or vendor
- Multiple blockchain networks will be able to communicate seamlessly with each other, recognizing transactions and assets across different blockchain networks.
When it comes to its users, Quant hopes to completely change the way users react with different blockchains. For instance, for an application that is responsible for the recognition of a person’s identification, Overledger could be integrated to create an identity on a particular blockchain. This identity will be recognized on other blockchain networks which are connected through the Overledger transactions.
From the business aspect of things, Quant hopes to present a product that will aim to:
- Gain access to newer markets and new customers that are already on different blockchain networks.
- Providing connectivity between suppliers and partners on different blockchain networks.
- The minimization of risk and improvement of resilience by allowing applications and data to spread across different blockchains
- Not be restricted to any single technology or vendor.
How Does OverLedger Work?
As mentioned before, OverLedger is the main platform used by Quant Network, intended to be a platform for running multi-chain decentralized applications with interoperability. The OverLedger platform is several layers which are responsible for specific processes. These layers are described in brief below:
- Transaction Layer: This layer is entrusted with storing all transactions which are appended, queued or stored on the different layers. Here, only transactions executed in a specific blockchain are given validity for a particular ledger. It thus does not record transactions happening on an intra-chain level, such as between Bitcoin and the Ethereum network. Components of this layer include Thin Clients, Full Nodes and all other operations necessary for reaching a consensus for transaction validation
- The Messaging Layer: This layer is entrusted with taking transaction information from the transaction layer, and storing them in the messaging layer, which is shared,
- Filtering and Ordering Layer: The messages placed in the messaging layer, filtering them by applying the rules as defined by the MAPP in the application layer. It then orders the messages into “verification blocks”. The hash of the verification block is then written to all the blockchains which took part in the transaction.
The application Layer: This layer takes the messages from the ordering layer to update its state. The rules for how the other layers will operate and interact with other blockchains are defined in this layer, with each MAPP being isolated.
What is Quant App Store?
The world is going through a particularly effective phase of application development, with estimated figures showing up to 12 to 14 million active developers worldwide. With a firm vision of building an ecosystem centered around OverLedger, it aims to create an environment which favors value creation and development. This is where Quant’s App store comes into play.
Quant Network would encourage innovation by introducing a system of incentives for developers, through the creation of an official app store. The app store model is similar to Apple or Google Stores, only with blockchain enabled multi-chain applications supported. Quant network has introduced 4 different types of incentive modes for developers to choose from:
- Freemium Model
- Paid Model
- Subscription Model
- In-App Model
About Quant Enterprise and Middleware Products
The Quant Network has launched their own set of enterprise and middleware applications, where sector-specific technology will be developed to aid organizations as well as governments to operate in such a new and complex distributed hyper connected economy. The main goal is to launch a set of clients specific and sector specific blockchain based solutions, through tie-ups and partnerships.
Some of the industries it has started focusing on include the following sectors:
- Governmental: Helping Governments to realize benefits, efficiencies and savings, providing more transparency and reducing errors.
- Supply Chain: Aimed at providing interoperability between different suppliers in any complex supply chain.
- Financial Services: This focuses on key areas such as capital markets, stock exchanges, retail, asset management and even regulatory technology, aimed at simplifying the existing process.
- Healthcare: Aimed at exploring different use-cases in the healthcare sector, such as interoperability, clinical trials and counterfeit drug detection.
As the current cryptocurrency space is being introduced with several projects per day, it is important to be aware of the very few projects that actually add some value. In this respect, Quant Network is well on its way to achieve even bigger things in the near future.
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