What is QNT?

Modified on Wed, 13 Dec 2023 at 01:50 PM

Similar to most blockchain projects, Quant has its native token called QNT, which is a utility token designed for specific uses within the Quant ecosystem.

The primary function of the QNT token is to act as a medium a developer can use to exchange for the right to use and develop applications on the Quant network. Both individual and corporate developers can purchase QNT tokens and lock them for 12 months. Additionally, developers are required to pay an annual fee in QNT to keep their applications running. When transactions occur on these applications, developers receive a portion of the fees generated from these transactions as compensation.

What is Quant network?

Quant is a network developed to function as an operating system, called Overledger, which is capable of connecting multiple blockchain networks on a global scale. Its purpose is to enable smooth collaboration between various blockchains and networks.

Quant was first introduced in 2018 and raised funds through an initial coin offering (ICO) worth up to 11 million USD. It stands out as one of the first projects aimed at solving the interoperability issue of blockchains by serving as an operating system for the world’s initial blockchains.

Quant’s Overledger operating system allows developers to create applications that operate across multiple blockchain networks, known as MApps. To create MApps, developers need to hold a certain amount of QNT tokens.

The Creators of Quant

One of the co-founders of Quant is Gilbert Verdian, who has over 20 years of experience in elevating technology and business strategy for global businesses in the field of cybersecurity. Before co-founding Quant, he served as the Chief Information Security Officer (CISO) for Vocalink, a company that produces physical cards for Mastercard. He also held the position of Chief Information Officer for NSW Ambulance and was the CISO for eHealth NSW. Additionally, he served as the head of cybersecurity for the Ministry of Justice in the United Kingdom.

Another co-founder is Dr. Paolo Tasca, a digital business and economics expert specializing in public ledger technologies. He has served as a special advisor on blockchain technology to the European Parliament, as well as to various international organizations and central banks worldwide.


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