The Quant Network can be summarised in one word – interoperability. Their official website expands this to 3 words which are connectivity, accessibility, and trust.
I recently produced a Quant Network Review video for the Altcoin Buzz YouTube channel. This series of articles aims to summarize what was outlined in the video review. This first part of the Quant Network series will provide an overview and outline the partnerships.
The Quant Network aims to connect countless types of people, enterprises, blockchains, and institutions. It does so by offering people easily accessible services and products using technology which they can trust.
Quant has built the world’s first operating system which interconnects blockchains. More importantly, it also connects legacy networks to blockchains. It is called the Overledger Operating System.
If the Quant Network can be summed up with the words interoperability, connectivity, accessibility, and trust, simplicity would have to be the fifth word.
A major advantage of the Quant Network
Simplicity is a major advantage of the Overledger which cannot be understated. Many other projects require enterprises to invest time and resources to use their blockchains. The Quant Network creates a network on top of blockchains which is incredibly easy to use. Game-changing applications that would otherwise have taken 8 months to build can be built within just 8 minutes with just 3 lines of code.
You may be wondering the following. What makes the project so valuable if it can be used with just 3 lines of code? The answer is simple. It requires 3 lines of code for enterprises to use on the front end but the real magic behind Overledger is everything they have created in the backend.
The Quant Network claims to have 300 partnerships
I came across a source saying they had 300 enterprise-level partners which I found a little suspicious. However, the very quick-to-reply and helpful Quant Telegram community confirmed that they are indeed involved with over 300 organizations. While many projects are quick to name these as “partnerships” it’s probably more accurate to think of most of these as collaborations. This is because it’s virtually impossible to genuinely partner up with 300 organizations.
We may never know exactly which partnerships the Quant Network has. As the CEO, Gilbert Verdian explained in an interview with Blockchain Brad, many enterprises do not want to announce their partnerships to the public. This is because it may lead their competitors to seek out out similar partnerships thus eroding their competitive advantage. This means that there are likely many partners who have asked not to be named.
SIA – The most important partnership
The most important partnership the Quant Network announced publicly was the partnership with SIA blockchain. According to Sia.eu, this partnership was announced on 05 June 2019 and led to the largest price rally that Quant Network experienced since its inception. The price rallied from $2.55 to $13.43 at its peak, more than a 500% rally reflecting the importance of this partnership.
So, why is this partnership or collaboration such a big deal?
According to a medium blog by CryptoSeq, this partnership was a game-changer for mass blockchain adoption. SIA is the European leader in the design, creation, and management of technology infrastructures and services for no less than 570 Financial Institutions, Central Banks, and Corporates in over 50 countries.
If you’re anything like me, the mere sound of the word banks makes you cringe. Many of us are in crypto for a decentralized revolution, so why should we be supporting Quant if it goes against our dreams for a decentralized future? This question and more are answered in the next parts of this series.