Quant Network is a widely expanding blockchain, albeit little known perhaps to the general public, that aims to solve some problems related to the world of blockchain, first and foremost interoperability across different networks.
What’s new in Quant Network
The concept of “blockchain interoperability” refers to the ability of different blockchain networks to exchange and leverage data with each other and to move unique types of digital assets between the networks’ respective blockchains. In an interoperable system, once disparate blockchain networks and resources can easily connect and be combined with each other. This important function has become increasingly necessary for developers and Dapps especially in light of the great explosion of the DeFi and NFT markets. For this reason, many blockchains, including Cardano and Polkadot, have long been exploring how to develop systems to enable this function in their networks.
Quant Network was founded in 2015, enables the creation of so-called mDapps, which allow decentralized applications to operate simultaneously on multiple blockchains. Quant’s Overledger is the world’s first blockchain-independent API gateway. It basically represents the core around which a future ecosystem of the digital economy should be built, again according to what are the theses put forward by the founders and developers of Quant Network. This system as is also explained on the company’s website allows developers and companies within it to create decentralized multi-chain applications (known as MApps) for their customers.
In this way occurs what can be considered as a removal of communication barriers between different blockchains and support for the use of MApps as dApps running on multiple different ledgers. Thanks to this, the application of the Quant protocol is now possible on the Ethereum, Ripple and Bitcoin networks.
In recent weeks, the asset has soared in price from around $99 in early September to over $170 these days, apparently thanks to rumors that the protocol would soon be adopted by some government agencies.
⚔️ Yesterday, multiple US gov’t agencies came together to deliver a document addressing the benefits and risks of digital assets.
It’s called the “Framework for International Engagement on Digital Assets,” and it includes many names $QNT has been linked to. 👀🔥
A thread 🧵👇🏼
— Greg Lunt 🌐 (@GregLunt27) July 8, 2022
An ecosystem immersed in crypto winter
All this despite the fact that the market continues in what has been referred to for months now as the cryptocurrency winter. Some say a further boost to listings was also provided by Sibos, the world’s largest conference dedicated to financial services. Hosted by SWIFT, which a few days ago presented its thoughts on CBDC, the conference will host several thousand participants, including Quant Network executives.
With #Sibos2022 now over, our Twitter handle is back to normal. But you can still catch up on anything you missed from our dedicated Quant at Sibos page: our guide to the conference, interviews and wrap-up videos are all there.#Sibos https://t.co/WzNOxIaGsu
— Quant (@quant_network) October 14, 2022
Great expectations are also being held by the company’s developers in the upcoming launch of CBDCs or digital state currencies.
A lengthy report from the company explaining the features that can be used for the new CBDCs reads:
“We show how the mandatory requirements of privacy and security, openness, high performance and scalability are built into a platform for innovation that creates the assurance for Financial Institutions and regulated payments providers to integrate CBDCs into their payment flows.
Finally, we demonstrate how interoperability breaks down the walled gardens of siloed payment systems. Giving customers and businesses choice, speed and access to foster a new generation of payments, their funds can roam the world and transact on any payment system underpinned by any DLT or mixture of DLTs, public or private.”
The company’s Chief Officer Product, Martin Hargreaves, also wanted to emphasize how CBDCs could also be a very useful tool for consumers and not just for states:
“Consumers could use new smart contract functionality within CBDCs, similar to escrow, to automatically issue payment after the safe and secure delivery of goods or services. This feature would help people avoid the returns/reimbursement process and access their cash. Merchants could see payments cleared and settled faster, prevent chargebacks and gain a more accurate view of their accounts and stock.”
And it is for all these reasons that many analysts think the stock can grow further even after gaining about 80% in just over a month, confirming it as one of the best-performing tokens in the market in this disappointing month of September and first ten days of October (it is enough to think that in the last three months it has outperformed Bitcoin by 106% and Ethereum by 71%). The next targets for analysts would be set in the $180/$190 area, which seems absolutely within the asset’s reach.
Source: https://en.cryptonomist.ch/2022/10/14/what-is-quant-network/