Solving the Trust Issue Forever

Photo by Daniel Monteiro on Unsplash

Contents:

-The trust conundrum
-Quant Network
-Founding concept
-What is Overledger?
-Accelerating adoption
-Partnerships
-Exchanges
-Quant (QNT) token
-Supply
-Price
-References

The trust conundrum

The greatest battle facing the crypto community right now is no longer ensuring widespread acceptance of blockchain technology. As this quick overview will attempt to demonstrate, that is no longer in any doubt.

Blockchain will indeed become an ever-present and almost mundane reality in all our lives, with few of us even realizing it’s there at all. Despite the naysayers’ protestations, that war has now certainly been won.

The only obstacle preventing more rapid acceptance of cryptocurrency and the distributed ledger technology it will power is the crypto community’s obsession with anonymity and the resulting lack of trust.

We all remember what it was like to be young and unsure of ourselves, but experience has taught most of us that life is far more rewarding when we are comfortable with who and what we really are.

Unfortunately the crypto community is still in its infancy and prone to these same insecurities and uncertainties. Fear and the desire to conform are the primary drivers behind this phenomenon.

When enough of us do not have the courage of our convictions to identify ourselves properly, it causes most others to seek anonymity as well in an attempt to level the playing field and feel more secure in themselves.

Anonymity can also make nice people less nice, so is it really any wonder that full mainstream adoption of this wonderful idea has not yet occurred? Thankfully there are some leaders out there who are looking to change the status quo.

PaddyStash and Jessica Walker are among the world’s top leading crypto analysts, and lead the way with bucking this trend in our community. All three regularly present videos explaining their ideas, and understand the importance of being accountable to their often anonymous fans.

Quant Network

Fear and a desire to conform are not problems that Quant Network possesses either. And like Paddy and Jessica, they look set to change this approach forever too, but on an infrastructural level.

In the words of their CEO Gilbert Verdian, previously of the Bank of England, the US Federal Reserve and Vocalink, a MasterCard company, his company’s ultimate objective is simply to build the internet of trust.

This is a worthy goal that has so far proved elusive to the almost 2,500 platforms and cryptocurrencies listed on CoinMarketCap.

Photo by Lauren Lulu Taylor on Unsplash

Put another way, Quant Network have managed to bring together a network of blockchain networks to transfer value, allowing people all over the globe to trust and transact value with each other without fear or uncertainty.

The financial systems and trade systems we all rely on, as well as everything in between, including everyone reading this, are forever going to be changed for the better, with less intermediaries involved.

And there is no more need to be afraid.

Founding concept

To really comprehend what Quant Network is doing requires an understanding of the early stages of the Internet. It all started with ARPANET, which was founded by the Advanced Research Projects Agency (ARPA) of the United States Department of Defense.

Funded by the U.S. government during the Cold War, its purpose was to build a robust and reliable communications network by connecting various computers that could simultaneously communicate in a network that would not go down and continue running when a single node was taken out.

However, severe compatibility issues began to emerge as more computers were connected to the network. It became a very complicated stack that was very heavy and difficult to use and access.

These problems were solved in 1982 through the development of the Transfer Control Protocol/Internet Protocol (TCP/IP), which was invented by Vint Cerf in 1973.

Unknown to most of those in the crypto world, it describes the fundamental architecture of the Internet, and is the technology behind the Wi-Fi, Ethernet, LANs, the World Wide Web, e-mail, FTP, 3G/4G, not to mention the inventions that have used these as their basis.

Quant Network wants to solve the compatibility problem for blockchain, but without making the same mistakes made during the Internet’s formative years.

What sets them apart from the rest, however, is that they are not building another blockchain. They are adamant that this is not the solution to gluing all the different blockchain approaches together.

Instead Quant Network has built an operating system called Overledger that sits on top of other blockchains. Just like routing and interoperability was made possible through TCP/IP, Quant Network does the same for blockchain.

That’s what makes this idea so magnificent.

What is Overledger?

Put simply Overledger is a single distributed gateway which allows enterprises to access all the underlying blockchains that it connects. When working on a task on Ethereum, Ripple, Bitcoin or any other blockchain network, this means you don’t have to worry about the complexity.

Overledger handles all this for those who choose to use it. All you have to say is that you want to send something from blockchain A to blockchain B and it allows you to specify X, Y and Z before doing it all for you, removing the burden and complexity.

Put simply, multiple environments and multiple technologies get simplified. Overledger is the leading method when it comes to implementing blockchain technology for an enterprise effectively, and they have an “internet scale” approach.

Just use your applications as you would do normally, and Overledger does the rest for you.

As well as solving the trust issue, they want to make life simple for enterprises. As everyone working in tech understands, it is incredibly difficult to keep a complex environment running.

To help with this, Overledger uses the solutions that enterprises already have in place because they have invested millions and understandably do not want to reverse this. Enterprises salivate over this approach because it gives them flexibility, choice and saves them huge amounts of money.

They want customization and interoperability, and the ability to use different blockchains simultaneously, and this recent article shows Barclay’s enthusiasm too.

Accelerating adoption

Photo by Cytonn Photography on Unsplash

If someone is using a particular blockchain like for example Hyperledger, Quant Network’s focus is not to replace it. Rather, they encourage their customers to keep their existing solution in place, but to use Overledger on top to provide more resilience and choice.

If an enterprise faces difficulty with its blockchain solution, they want the choice to move somewhere else quickly and easily. If you are using one particular blockchain and it turns out to be wrong, then you’re stuck. Using Overledger gives them the choice to use any of the blockchains safely.

Banks, enterprises and companies in general love that approach. The second benefit is getting all the features of the different blockchains at the same time, in effect yielding multi-chain distributed technology.

Overledger has already connected Hyperledger, Ethereum and Ripple, as well as many others, giving everyone the choice they need, and the idea is simple.

If you want your application to do something really fast, use blockchain A; if you need high storage, use blockchain B; and if you need the best processing power use blockchain C.

Enterprises such as SIA, which runs private Ethereum networks, have onboarded this concept already because they can now try out different blockchain solutions to suit their needs, with minimum fuss and hassle.

From a different perspective, this also works to the benefit of great up-and-coming blockchain companies because it gives them even greater opportunity to promote their solutions.

Quant Network are positioned to help the best of these, such as my former client, Hiveterminal, and their co-actors in the blockchain space, PayPie and Debitum, navigate the interoperability challenges they will inevitably face when attempting to expand internationally.

Quant Atlas can also help with the regulatory aspects too. Its focus is on helping different jurisdictions’ open-banking solutions operate with each other. Since Overledger supports permissioned blockchains - which are more appropriate for the sensitive content that needs to apply to financial data obligations and local regulations like GDPR - this means that hyper decentralization will be achieved.

The highly promising Crowdz, a blockchain based invoice financing platform backed by Barclays, have already taken the first step on this road.

Partnerships

One of the many reasons for all the excitement currently is the partnerships that Quant Network have already managed to get into place, and the rumored new partners in the pipeline — all of which are multinationals with thousands of employees.

Below is a snapshot of just some of the companies that have already confirmed their association with Quant Network, with many huge names among them.

Just some of Overledger’s confirmed partnerships

Exchanges

Wisely, and in much the same way as Hiveterminal, Debitum and PayPie have chosen to do, Quant Network decided to wait before listing on any big exchanges until their technology was built and clients onboarded.

Despite dabbling slightly in the exchange world up until now, they are not yet listed on any of the big hitters. However the Quant Network team have confirmed that these will be coming at some point this year.

Details on their identities are scarce since Quant Network has NDAs in place with several exchanges, and they will only engage with those that can handle the volume and scale coming their way. In terms of how they assess the validity of the exchanges to come, they are evaluating only those that have the ability to deal with digital assets like Quant.

This means that they will be searching for exchanges with the ability to transact stocks, bonds, derivatives and traditional financial products, and that cater for all markets.

Quant token (QNT)

Photo by Thought Catalog on Unsplash

Quant is an ERC20 utility token and is currently available for trade at Idex, among other smaller exchanges. This token is required to access the ecosystem, and for transactions and volume.

From a security perspective, nothing will run without the QNT token — all the transactions need to be signed and validated using the token for security purposes. Without it, nothing works.

One particularly industrious member of the Quant Network community has gone to enormous trouble to produce an excellent write up of the features of the Quant token, explaining its utility in full.

Those interested in learning more about Quant in general would be well advised to check the rest of his excellent work here, much of which served as the research basis for this article.

Since QNT serves enterprise and many banking clients, many in the crypto community have been tempted to draw comparisons with XRP. However the key difference between the two is that XRP is a settlement coin, whereas QNT is a utility token which provides interoperability to enable transfer of value as well as moving tokens across chains.

A full and detailed explanation of the differences can be found here.

Supply

There are 14,612,493 QNT tokens in existence, with a circulating supply of 12,072,7389. If someone tries to capitalize on this and tries to make the tokens more scare, is that a concern? Could they treat this as their own bank vault, which will take QNT out of the utility framework?

Quant Network are unwavering in their responses. They do not comment on what people want to do with the QNT token — this kind of behavior happens a lot, and to every token listed on every exchange.

They can’t do anything about this and so focus instead on their core business — serving the needs of their enterprise customers. This is an admirable approach and has been mirrored by all the best utility-token-based blockchain companies out there.

Price

Those who discovered Quant Network’s native Quant (QNT) token recently have experienced the token price rising four-fold in as little as one month. However, just a quick overview of their history shows that their development as a company has been organic and steady.

They are laser focused on building the infrastructure required for industry sectors as diverse as banking, healthcare and government and could not care less about the price.

It is clear that the QNT token is the vital ingredient required to power this and so it is also evident why the market has reacted with these huge price gains.

Photo by M. B. M. on Unsplash

But does the price have any impact on the business itself? Does this volatility even matter? Quant Network are clear that it does not.

If for example a client pays $100 a month to use 100 transactions on Overledger for read and write operations, they and their clients are completely agnostic to the token price on exchanges. Their clients simply pay for the usage in fiat, with the token purchased at the equivalent price on exchanges.

As everyone knows, banks and enterprises are not yet ready to use exchanges and still have no process in place to even sign up to them. That is why Quant Network have set all their pricing in dollars, euros, pounds, etc. and then convert this to whatever the price of the token might be.

The treasury model is built on fiat so they can overcome this barrier and pay for the services they provide. To them it does not matter at all what the speculators do and that’s not even a focus. This should be commended and supported by us all.

They rightly have no time for what’s happening with speculators, and draw comparisons with the stock market to illustrate this point. There you have a stock price, and you care about how you report that to the regulators/stock market, but that is as far as it goes.

If there is algorithmic trading or shorting going on, like what happens with Tesla, this is nothing new and all companies face it, listed or not.

The future is ours

Photo by Perry Grone on Unsplash

It’s now only a question of time before Quant Network heralds the true mainstream adoption of blockchain and crypto. But, what’s the actual timeline for them to overtake bitcoin’s seemingly indomitable throne?

My view is that this will happen when the largely faceless and unaccountable crypto community decide finally as a whole to reveal their true identities, embracing trust for good and setting the same example they expect from others.

All we need to do is follow the example set by Gilbert Verdian, Guy Dietrich, Cecilia Harvey, Colin Paterson, Jean-Paul de Jong, Vijay Verma, Rui Wang, Alexandru Chiriac, Sebastien Bramille, Paolo Tasca, Chris Adelsbach, Renier Janse van Rensburg, Volker Skwarek, Tariq Khan and many others who are all leading the way.

We all have our parts to play if we want to enter the promised land. I for one cannot wait for that moment to arrive.

References and links

Website:
https://quant.network
https://quant.network/blog/
https://treasury.overledger.com
https://www.linkedin.com/company/quantnetwork/people/

Products:
https://overledger.com (For developers)
https://goverify.com
https://quant.network/products/atlas/

Twitter:
https://twitter.com/quant_network

Telegram Channels:
Announcement: https://t.me/QuantNetworkAnnouncements
Developer chat: https://t.me/QNT_Developer_Community

Whitepaper:
https://quant.network/wp-content/uploads/2018/09/Quant_Overledger_Whitepaper-Sep.pdf
Business Paper:
https://quant.network/wp-content/uploads/2018/09/Quant_Overledger_Business_Paper-Sep.pdf
Token Utility:
https://www.quant.network/QUANT_Token_Utility_V0.2.pdf

Unofficial sites:
https://qntunofficial.com/amas
https://www.reddit.com/r/QuantNetwork/

QuantX Official Launch:
Part 1: https://youtu.be/pi7Tr94XgjQ
Part 2: https://youtu.be/K6j9vDSt0EM

Interviews:
Bitcoin Magazine NL: https://youtu.be/0cNmGrLPoTo
Crypto Finder: https://youtu.be/7DRj98hehzQ

Crypto Zombie review: https://youtu.be/vuZ2RlOYzVA
Crypto Chico review: https://youtu.be/JZQkiT6l_vc?t=68
Famous Amos review: https://youtu.be/9X8tNz2M1EI

Technical overview of Overledger by Seq22 (8 parts):
https://medium.com/@CryptoSeq/quant-networks-overledger-part-one-blockchain-fundamentals-db7fdb43058a

CoinMarketCap: https://coinmarketcap.com/currencies/quant/
CoinCodex: https://coincodex.com/crypto/quant-network/

German 🇩🇪 Community Channel: @QNTgermanyunofficial
Spanish 🇪🇸 Community Channel: @QUANT_SPAIN
Dutch 🇳🇱 CommunityChannel: @dutchqnt

Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency or digital currency.

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