Quant launched in June 2018 with the goal of bringing interoperability between blockchains, catering to institutional use cases. The most important element of Quant’s infrastructure is OverLedger. OverLedger is the backbone of the project as it allows the seamless integration of multiple blockchain systems. Quant is often referred to as the first operating system to be built for blockchains, as it creates inter-chain connectivity on a global scale without limiting capabilities. Adding to the project’s appeal, Quant has several patented products which can serve to prove their strength in the industry.
The OverLedger network went live in June 2020 and currently supports multiple blockchain networks including Bitcoin, Ethereum, XRP Ledger, Fabric, Hyperledger, Corda, and Quorum.
How Quant works
The architecture that the team designed to enable the use of multi-chain applications (MApps) was allegedly inspired by the TCP/IP models used in communications networks. The developers found that organizing the system using layers that perform individual tasks was the optimal strategy to achieve interoperability on a large scale.
The layers that together form OverLedger are:
Home to all operations required to reach consensus across several blockchains, this is where transactions are stored. However, the scope of transactions made on a specific blockchain is limited to that system, so they cannot be made valid in other ledgers as well if there is no support for it. This is why this layer is made up of both varied and isolated ledgers.
All information retrieved from ledgers which is deemed relevant is processed in the messaging layer, which includes information across smart contract data, transaction data, and metadata.
Filtering and ordering layer
This layer also handles messages, particularly those which are extracted and composed of the transaction information, but the goal of this layer is different. Here, the task is to establish connections between messages originating in the Messaging Layer, validating out-of-chain messages for the metadata and checking the application requirements which can be defined on the transaction data.
In this final layer, messages that are deemed valid are used to update the state of relevant applications. Various applications can share identical messages or make references to messages related to other applications.
Currently, OverLedger is already in use across a wide variety of use cases such as finance, the energy sector, and supply chain management. By connecting data providers across multiple blockchain systems, Quant is unlocking silos across organizations and industries in a way that can streamline and digitize business processes. The project is actively building a future digital economy ecosystem that allows the developers and businesses in it to build MApps for their customers.
Accessing the OverLedger however requires the use of QUANT (QNT).
QNT’s price trajectory
Like many Layer 1 and Layer 2 solutions and other interoperability projects, Quant features its own native utility token, simply named Quant (QNT). The token is designed to have several functions within the Quant ecosystem.
Developers and businesses need to purchase licenses to use the platform. The fees are paid to the Quant treasure in fiat currency and then used to purchase QNT tokens. These purchased QNT tokens are then locked for 12 months in Layer 2 payment channels. Users also need to pay an annual fee in QNT tokens for running a gateway. In return, they receive a cut of the transaction fees going through their setup.
Ever since OverLedger went live, the QNT token has seen explosive gains trading freely on the global crypto markets. The token traded between $1 and $10 for the first few years of trading, up until early 2021. Since then, it has generated parabolic returns after the launch date mid-2021, going from $60 to $428 in just 3 months. It has since cooled off and dropped 50% from the all-time high, but overall QNT is up 138,034% from its all-time low 3 years ago.