Quant(QNT)

Quant Network is an enterprise-focused blockchain company with a native token QNT. Quant introduced a unique interoperability solution for distributed ledgers (DLTs), non-DLT and legacy systems that allows public and private institutions to interact with different blockchains simply using Quant network’s unified API gateway.  

Quant is building a suite of products for a blockchain-based future of finance and is involved in high-profile projects of CBDC creation, asset tokenization and cross-border settlement.

It should be noted that Quant network does not have its own blockchain, and it’s not intended to have one. Instead, Quant network is building a SaaS product to provide developers with a single standard set of tools for multi-chain app creation. Overledger, a unified API gateway allows developers to create multi-chain applications (mApps) via their native coding language. Overledger does the translation to native DLT formats for developers, so one would not need any specialized knowledge to create an application. 

Unlike most of the projects in the crypto space, Quant is not open-source. The team behind Quant patented its signature technology and built a licensing business model. While institutions and developers don’t use QNT as a direct payment method to gain access to Quant’s services, QNT tokens are still used in the payments system in a complex scheme that involves Quant’s community treasury. Clients pay different types of transaction fees – platform fees, developer fees, user fees – on the network with QNT tokens. 

Quant network was founded in late 2017 by Gilbert Verdian, a veteran in cybersecurity who worked in higher-up positions for institutions such as HM Treasury, BIG-4 firms and consulted the U.S. Fed on its payments infrastructure. Like many projects at that time, Quant was funded through an initial coin offering (ICO), raising $11 million for the development of its platform in 2018. The Overledger Network went live on June 30, 2020.

QNT price

According to the QNT live price chart, QNT price didn’t witness any significant action since its launch in 2018 and mostly trade around the $4 zone until the beginning of 2021. Starting into the new year, Quant’s token saw a 270%+ price increase between Jan.1, 2021, and Feb. 18, 2021. 

QNT’s price coiled up for roughly four and a half months before it broke out of the channel by the end of Q1 2021, setting an all-time high above $89.2 on Jun. 28, 2021. 

The major growth spurt came later that year, when QNT went on a two-month rally from a local bottom of $66.72 on Jul. 20, 2021, to a new all-time high above $393 on Sep. 15, 2021. After a short breather, the price squeezed to a historic peak of $503.33 registered on Oct. 18, 2021, according to Coin360 data. 

The price of QNT fell heavily in the following months, and while the token closed 2021 with a whopping 1250% gain at $172.25, it was significantly below the October ATH. 

As crypto faced a brutal sell-off in 2022, the price of QNT plummeted alongside major cryptocurrencies. QNT spent the month of June 2022 struggling and even dipped below the $50 mark several times. 

How QNT works

Quant network curates its ecosystem around its API gateway Overledger, which offers universal interoperability between permissioned and permissionless blockchains and DLTs. Overledger Network is the second element of the ecosystem. It connects private networks and public blockchains and secures the transfer of information and data.  

Using Overledger, developers can connect port applications to new and more appropriate networks seamlessly, regardless of technical restrictions. Using this software, developers can create applications for multiple blockchains and DLTs instead of just one with the same time and cost effort.

Overledger also makes migrating existing apps to new DLTs easier for organizations as there is no need to rewrite application code from scratch. Using this software, developers can create applications for multiple blockchains and DLTs instead of just one with the same time and cost effort. 

As an Ethereum-based platform, Quant offers a wide range of use cases to developers, such as DeFi and Gaming. However, the platform is mainly focused on payments and asset tokenization. MApps built with Overledger can operate simultaneously across multiple different ledgers. 

Quant’s QNT is a utility token of the network issued under the ERC-20 standard. Every developer who would like to use Quant’s products needs to hold QNT tokens. They would have to buy some QNT tokens in the open market and then conduct a transaction with Quant Treasury. This way, developers go into a one-year agreement with the platform that would have to lock up their QNT tokens in exchange for an annual Overledger license. 

Under this model, circulating supply in the market is reduced, at least temporarily, until a license expires or a client stops using Quant’s Overledger API gateway. The supply of QNT is fixed at 14,612,493 tokens, and no new QNT can be minted. 

The major driver of demand for QNT is growing adoption, so the price theoretically should increase with more institutions joining the network given the capped supply of QNT. Quant network charges a license fee based on a fixed fiat value per one account in each client’s company, thus the total licensing revenue depends on the number of organizations that use Overledger as well as the size of these organizations. 

QNT news, updates and highlights

Quant Network is actively improving Overledger, its flagship product. While the company does not share all the technical details of the new upgrades, it regularly shares its progress on its website. 

Recently introduced features include the support of Polkadot Mainnet and Westend Testnet alongside Polygon Mainnet through new standardized APIs. Other new versions add new functionality like the ability to mint and burn programmable stablecoins and issue payments. However, new product releases are not always followed by any price action. 

In June 2022, the company revealed that it provides blockchain interoperability solutions to LACChain, a pan-regional blockchain initiative in Latin America and the Caribbean. Quant enabled interaction between private, public and permissioned blockchains of the LACChain participants. The company claims it developed smart contracts and tokenized money through its APIs. The use cases include stablecoin creation for interbank payments, remittance solutions and wholesale stablecoin creation.

There is no doubt that Quant will continue to grow its business given its positioning in the industry and the pace at which institutions move toward DLT-based solutions. However, the future of QNT is not that secure since it doesn’t have a robust use case inside Quant’s ecosystem. It is not a full payment method and may be replaced with other cryptocurrencies or fiat. 

Frequently asked questions about QNT

• Can you mine or stake QNT?

While staking on the Quant network is not available for retail investors at the time of writing, you can stake your QNT tokens on a centralized exchange such as AAX to earn up to 4% APY in rewards. 

• What are some of the best QNT wallets?

Since QNT is an ERC-20 token, it can be stored in a wide range of wallets, including MetaMask. You can also use hardware wallets such as Trezor and Ledger to hold and manage your QNT tokens. 

• What can you do with QNT?

QNT is a utility token of the Quant network, used as payment for licensing fees through interaction with Quant’s treasury. Users also pay other types of fees on the network with QNT. 

• How to buy QNT? 

You can buy QNT on almost every large centralized exchange, including Binance, Kraken, KuCoin,  and ByBit. Use trading pairs like QNT/USD, QNT/USDT, QNT/BTC, QTUM/ETH to make the purchase.