Quant Coin Explained
The Quant Network serves as the foundation of the Quant project. Quant coin is its native token.
The network uses the Overledger operating system to automate the trust processes between various blockchains. The system is marketed as the first operating system (OS) designed specifically for blockchains. Its objective is to globally connect blockchains and networks (such as those for delivering financial services, healthcare, and other services) while preserving their interoperability.
The Overledger serves as the foundation on which a future digital economy ecosystem is planned. This will enable its businesses and developers to create decentralised multi-chain applications, or mApps, for the benefit of their clients.
However, joining Overledger will require using Quant coin, which is used to pay for platform use fees or annual licences.
How does Quant function?
The network enables blockchain developers to launch multi-DLT Dapps (mDApps) on multiple blockchains simultaneously.
This interoperability eliminates the risk for a developer who will invest time and money in developing a blockchain that will become obsolete in a few years.
The platform's multi-chain smart contracts adhere to the guidelines established by security token issuer QRC. These tokens are distributed across multiple blockchains and supported by escrow accounts. The REST API from Quant's multi-chain operating system, Overledger, can query mDApps regardless of the chain.
Quant is one of several blockchains attempting to achieve interoperability and end the era of "blockchain maximalism," in which a blockchain develops a cult-like following who assumes that only their preferred blockchain will succeed.
While Quant is not on the Ethereum Virtual Machine (EVM), it does allow businesses to interact with it via the Overledger API. Several other blockchains, including Avalanche, Binance Smart Chain, and Fantom, are EVM-compatible. That means developers can redeploy apps on different blockchains without spending extra resources.
Token bridges such as Multichain, Ren, and Wormhole enable synthetic token variants to move across blockchains. Cosmos' Inter-blockchain Communication Protocol makes it simple for IBC-compatible app chains to collaborate. Quant's focus, on the other hand, is on connecting private blockchains (such as ConsenSys' Quorum and R3's Corda) with public ones (like Ethereum).
In 2018, Quant launched its QNT token. It's an ERC-20 utility token (stored on the Ethereum blockchain) used to pay for the licences and annual fees required for developers to access the network and pay for Overledger items.
The token began trading at around 27 cents and rose to about $12 by the beginning of 2021. It peaked at $428 in September 2021 before falling below $100 by the end of January 2022.
The maximum supply of QNT is 14.6 million. Because the initial coin offering did not sell out in time, the network burned 9.5 million of the existing supply (worth $6.2 million at the time), bringing its total supply to 14.6 million by April 2019.
During a public ICO, Quant distributed nearly 10 million QNT, reserving 2.65 million for operations, 1.3 million for company founders, and 650,000 for advisers. Although the supply is fixed, the circulating supply may decrease over time.
The QNT price is currently trading at $119.25, a 0.53% increase from the past 24 hours as of the time of writing. The recent price movement in Quant has resulted in a market capitalisation of $2,937,831,886.72.
Author: Priya Kumari
Priya is a passionate content writer and the co-founder of Finendorse. She is an enthusiastic crypto investor and has a huge interest in the upcoming digitisation age.