The Quant Network made our list of top altcoins related to smart contracts and interoperability back in July 2019. What products does it have to offer?
In the first part of this series, we got a quick overview of the Quant Network along with its partnerships. We will now take a look at the Overledger Network and some of the Quant Network products.
Quant Network Products
Three notable products of the Quant network are GoVerify, Atlas, and TrustTag.
GoVerify serves to verify that any email, SMS, or phone call is legitimate.
Atlas enables cross border open banking. Many of you crypto enthusiasts out there may not like banks. However, banks are currently some of the most powerful and well-funded organizations in the world. As has been evidenced with Ripple, any solution which solves problems for banks can have massive potential.
The TrustTag is a type of digital fingerprint verification technology. It enables developers to assign digital fingerprints to for example Intellectual Property or physical goods. This can allow blockchain technology to be used across multiple sectors. For example, if you buy a designer bag, you could trust that it is the original one.
Overledger Operating System
One of the Unique Selling Points of Quant compared to its competitors is the Overledger Operating System. Instead of creating a separate blockchain to solve the problem of interoperability, they created an Operating System that runs on top of blockchains. This is what makes the Overledger Network so exciting.
Enterprises do not want to spend the money, time, or exercise the effort needed to run a node on a new blockchain in order to access multiple other blockchains. The Overledger creates an easy and realistic way for them to quickly access multiple blockchains and internet of things applications with one Operating System.
Think of Overledger like the App Store or the Play Store for multiple blockchains and/or multiple existing types of institutional infrastructure. It has the potential to connect and make use of almost any type of digital system you can think of to another, it’s not limited to just blockchains.
Overledger Network Explained
Most enterprise interoperability solutions target just permissioned, centralized blockchains. The Overledger creates a network between enterprise permissioned blockchains, public decentralized, permissionless blockchains, and existing networks.
Connecting existing networks is huge because it means that Overledger is not limited to just crypto to crypto use cases.
The Overledger OS is centralized in that only they have access to their backend and their patented technology. Nevertheless, they enable developers to create MApps connecting decentralized, permissionless blockchains. In this sense, they are using a centralized technology to help spread the use of decentralized technology.
You’ve heard of DApps but what are MApps?
The MApps that Quant Network talk of stand for Multi-chain or Multi-protocol applications. This means that developers can use Overledger to create applications that for example leverage the security of Bitcoin and the smart contract capabilities of Ethereum.
Features of the Quant Network
We’ve talked about how Quant is interoperable and simple to use. Like pretty much all crypto projects, they claim to be stable and secure. The difference here is that we have to trust them because their backend code is proprietary meaning no one but them can prove that it is stable and secure until their technology is used on a mass scale by external parties. They further claim that it is fast and scalable. Finally, they call their operating system “future proof”. This aspect is important as blockchains and tech is constantly changing so it’s paramount that the Overledger system maintains its compatibility.
This is a series of articles summarizing our Quant Network review video from the Altcoin Buzz YouTube channel which you can see below.