In the cryptocurrency space, there are many digital assets that run on the blockchain. Each cryptocurrency has a different purpose and serves something different. Yet, they face a number of problems. One of them is the lack of interoperability of the blockchain network. We wrote about what blockchain interoperability is here.
Every blockchain network is built differently. This logically makes interoperability and compatibility with other networks difficult. Blockchains are not able to share information and data with each other. Quant Network is a scaling solution that proposes to address these shortcomings.
Quant Network – definition
Making its debut in 2018, Quant Network is a blockchain interoperability network, an operating system that improves work and interoperability between multiple blockchains.
The network acts as an intermediary. It helps bridge multiple blockchains by implementing very simple software solutions that do not require additional layers of infrastructure. It uses DLTs and API connectors for its operation. This helps in establishing connections between blockchains. These connections are established via an API gateway. But that’s not all. Quant Network uses its Overledger Enterprise platform, which the company itself promotes as the first DLT gateway. Using an API gateway, the platform allows other blockchains to access the information they need very quickly by connecting them to the distributed ledgers of other blockchains.
The Overledger DLT Gateway enables the Quant Network to connect decentralized networks. Regardless of which distributed ledger technology, they use.
How does the Overledger gateway work?
Overledger removes all communication barriers and uses MApps as dApps. The Overledger team has designed the architecture to enable both improved scalability and interoperability. To achieve this, the developers have designed the Quant Network, they rely on layers that perform individual tasks. Let us take a closer look at these:
- Transaction Layer. It is responsible for storing transactions and uses ledger technology. In quotes, this is the home for all operations required to reach consensus in blockchain networks.
- Messaging Layer. This is the logical layer. It deals with all the information that is retrieved from the ledgers. This includes smart contract data, metadata, transaction data and message summaries between multiple applications.
- Philter and organization layer. This layer also processes messages, but those extracted and compiled from information about a specific transaction. It refers to the hash of transactions that are exchanged out-of-chain. Another task of this layer is to establish connections between messages coming from the messaging layer. In addition, this layer also validates out-of-chain messages for metadata.
- Application layer. Messages that are considered valid in this layer because they have the required format and signatures can update the status of the application that refers to them.
Overledger DTL Gateway
This is another communication protocol in the Quant Network. It relies on different types of distributed ledgers. We can use the protocol without interacting with the ledgers, at any application level. The Overledger DLT Gateway therefore does not require consensus. The gateway works without a single point of failure or transactional bottlenecks. Interestingly, it can work with multiple ledgers simultaneously, giving us greater scalability for dApps and mDapps.
Decentralized mDapps
These are also applications, but they are built on top of the Web3 infrastructure. They are decentralized – we have no manager or single point of failure. Unlike dApps, which run on a distributed network of nodes, mDapps use blockchain technology and implement various DLTs.
dApps are usually limited to a single chain or network. mDapps can enable transactions across multiple distributed ledgers simultaneously. mDapps is a standardized application model that enables interoperability with multiple DLTs.
QUANT(QNT) Token
It is the native token of the Quant Network. It was developed on the Ethereum blockchain in the ERC-20 standard, and any developer who wants to build on the network must own this token. QNT is also used by Overledger users to pay for reading and moving assets between chains.
In order to access the Quant ecosystem and interact with Overledger at all, users must own a certain amount of QNT. The token is designed to facilitate the creation, use and access of mDapps on the Quant network.
Summary
Quant Network is another application to improve the scalability of blockchain networks. You already know what it is and how it works. It must be said that the project is very complex, and the technology used is unique. Assuming that the project attracts more users, it will be a very important player as the cryptocurrency space matures.