Quant Crypto Network: A Beginner’s Guide
Quant crypto has become a vital part of the decentralized finance (DeFi) economy due to its unique feature of interoperability that enables several blockchain technologies to communicate with one another.
Communication was seen as a major barrier to advancing blockchain tech. However, thanks to the development team behind this project, a foundation for the blockchain economy has been built, and it continues to unlock several benefits for the stakeholders involved.
In this article, we will take an extensive look into what the Quant network entails, the purpose of the novel Quant crypto token QNT, the number of cryptocurrency exchanges that support the crypto asset as a tradable coin, and then end with a fundamental analysis of pros and cons of investing in QNT in 2023 and beyond.
What is Quant crypto?
Quant crypto comprises a network and cryptocurrency. Founded in 2015 by Gilbert Verdian to enhance the efficiency of information communication globally, the network became a mainstream player in the blockchain-powered economy in 2018.
As an open-source protocol with a primary interest in communication, Quant offers a network for developers and businesses to connect to and communicate simultaneously with the diverse distributed ledger technologies (DLTs).
DLTs employ ledgers stored on connected, separate devices on a network to guarantee the privacy and security of data; a perfect example of this is blockchain.
After seeing many distributed applications as non-interoperable and single-ledger-dependent in his time serving in the Australian and UK governments, Verdian and his team launched the 'Overledger DLT Gateway', also known as Enterprise 5, on 13 September 2021.
The Overledger Network supports several blockchains, including Binance (BNB) Chain, Ethereum, Bitcoin, R3 Corda, and Hyperledger Fabric.
At its launch, Overledger made it easy for multi-DLT applications (mDApps) developers to use Quant's distributed network of Remote Connector Gateways (RCG) globally to facilitate transactions on Ripple, Bitcoin, and Ethereum.
Quant crypto can be tapped by several stakeholders
While blockchain developers are the first group that comes to mind, financial institutions, enterprises, and partners are utilising the Overledger Network.
According to the project's official website, vendors and consultants are partners in many businesses. Quant believes there is a great chance that each client in today's economy will be drawn to the benefits of blockchain technology due to its private and secure nature. Therefore, partners can tap into Quant's resources and employ its technology to their demands.
While millions of people associate blockchain technology with cryptocurrencies and non-fungible tokens (NFTs), there is more to that than the eyes see.
Several businesses use blockchain to build new business models, from small-to-medium enterprises (SMEs) to multinationals. Quant can help enterprises capture a substantial part of every market they operate within a short period.
It has been argued by several centralized and decentralized finance figures that the traditional infrastructure for handling money is complicated and fragmented. This is why investment firms, banks, and other financial institutions embed programmable money, tokenized assets, and central bank digital currencies (CBDCs) into their operations. Blockchain technology plays an instrumental role in this. Since financial institutions need to be interoperable to communicate and serve clients easily, Quant network is helping empower an interconnected world.
Quant crypto (QNT) role in Overledger Network
QNT is the novel token of Quant and possesses all the attributes of a digital currency. Aside from being transferable, divisible, scarce, non-counterfeitable, and durable, QNT has the utility attribute.
Engaging in Ethereum-based DApps normally comes with Ether (ETH) being used as a base currency for transactions. In the same way, enterprises, partners, and financial institutions interested in employing Overledger are required to pay licensing fees in QNT.
As a result, QNT must be bought from supported gateways to enable the successful use of the network, which will grant interoperability to all of a business' systems.
Now that the technical side of this innovation has been explained, let us examine the investment side of the QNT. What are the pros and cons of buying Quant crypto?
Pros and cons of buying QNT
As a trader or investor, if you have read the article to this point, you can tell that Quant crypto has the potential of becoming one of the leading alternate coins (altcoins) due to the possibilities of the network that supports it.
Unfortunately, while many unsophisticated investors (those who do not conduct any fundamental or technical analysis) only look at the rewards, we would like you to always weigh the positives against the negatives before making an investment decision.
Passive income: Aside from buying a cryptocurrency and seeing multiple percentage gains, one of the ways to earn passive income in the DeFi economy is staking. In crypto circles, staking is whereby a significant portion of a digital currency is locked to support the validation and verification of transactions on a Proof-of-Stake (PoS) network. Staking can be done on the exchange of a trader’s choice and comes with above-average annual percentage yields (APYs).
Supported by many crypto wallets: Crypto wallets facilitate access to blockchains. They play an invaluable role in transferring and storing digital currencies such as QNT securely. Top wallets that securely hold the tokens include MetaMask, TrustWallet, Ledger, imToken, Torus, Coinbase Wallet, TokenPocket, iToken Wallet, Freewallet, and SimpleHold Wallet, and others.
Listed by several mainstream cryptocurrency exchanges: As of 18 April, the crypto token is supported by more than 40 centralized and decentralized exchanges. Among them are popular centralized exchanges Binance, Coinbase Pro, Kraken, Crypto.com, Gate.io, Gemini, MEXC Global, and HitBTC, as well as decentralized exchange Uniswap Vaults 2 and 3. This means that it is easy to locate the token. Being listed on well-known platforms also explains the millions of dollars in daily volume the virtual currency sees.
Ease-of-use of Quant Network: Due to the complexity of blockchain, the team behind the technology has made it easy for people without specialized knowledge to be able to go around Overledger. With this, there could be a spike in the number of potential clients. Since QNT functions as a utility token, the increased usage of the crypto could lead to soaring demand for the coin as an investment instrument. This could lead the digital asset to new price milestones.
Security: Founder Verdian’s experiences serving in governments have seen him amass a wealth of experience in cybersecurity. With the necessary security encryptions in place, several stakeholders can tap into the platform’s resources without worrying about cyber-attacks. Since blockchain and crypto hacks continue to soar, a secure protocol is one of the primary factors to be considered before settling on a cryptocurrency.
Quant crypto is relatively expensive: The token exchanged hands for $112.64 on 18 April. To see 100% gains or double in investment capital, the price must rise to $225.28. This will take consistent above-average daily trading volumes to see the token retest the $200 mark. While a $250 investment can buy two QNTs, the same amount can buy more of other cryptocurrencies, which are far cheaper and have a greater chance of bringing traders short-term returns.
Faces infinite competition from other projects: Projects like Polkadot and Chainlink were created to solve the interoperability problems associated with using blockchain. While Quant network seems to have a bit of an external focus with an eye on bringing in many centralized financial institutions, Polkadot and Chainlink are purely on the DeFi market. The two blockchains are among the top projects when development activities are measured, as several developers are designing many innovative products that are interoperable, which will positively impact the development of Web3.
Author: Raphael Minter
Raphael Minter/ Albert Zuhnden (preferred pen name) is a crypto finance writer, data miner, and fundamental analyst. Raphael has written hundreds of articles about centralized and decentralized financial instruments such as precious metals, commodities, stocks, and cryptocurrencies. He broke into digital finance in 2016 and believes digital assets and blockchain technology is the future of finance.