Editing by Meghan Lim and Michael Mislos
With the many blockchain networks available, is it possible for a single token to gateway coins like Ethereum (ETH) and Bitcoin (BTC)? Quant Protocol—a token by Ethereum that was created to bridge all networks—might just be the solution to this challenge.
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What is Quant Token?
Table of Contents.
- 1 What is Quant Token?
- 2 How does one buy Quant in the Philippines?
- 3 What is Quant Protocol?
- 4 Key Features of Quant
- 5 Pros and Cons of Quant Network
Quant (QNT) as an Ethereum token can be used to power the Quant Network’s Overledger. This software solution aims to connect public blockchains with private networks.
Multiple DLT apps (mDapps) are created in the Quant Network. MDapps enables Dapps to work on multiple blockchains at the same time. DLT stands for distributed ledger technologies.
How does one buy Quant in the Philippines?
Buy Quant Token at Maya (Formerly PayMaya)
With the Maya app, Filipinos can buy QNT.
- Log into the Maya account.
- Press on Crypto.
- Select QNT from the portfolio.
- Tap on Buy.
- Enter the desired amount of Peso to convert to QNT and tap on Next.
- Slide the arrow button to the right to confirm purchase.
- The amount converted will reflect on the portfolio.
Buy Quant at Binance
There are two ways to buy QNT on Binance. Users may choose between converting USDT, BUSD, BNB or BTC to QNT directly or doing Spot Trading with QNT.
What is Quant Protocol?
Quant Protocol serves as a bridge to blockchain networks like BTC, ETH and XRP that can open more opportunities for people to use multiple DLT Apps (mDapps) to be able to access different networks and introduce crypto enthusiasts to a broader scope of cryptocurrencies across networks. MDapps serve like adapters or add-ons for Dapps for them to operate on other blockchains. MDapps removes the restriction of the blockchain it belongs to so it could work on another blockchain.
Its token, QNT, has access to mDapps which can bridge networks and interpolate with one another. Decentralized apps (Dapps) are limited to the network it is associated with while mDapps can interact with multiple networks.
Let us compare it with the Internet. There are a lot of social media and messenger apps available and people are using different devices, whether desktop, mobile phone or tablets. For all of the hardware and software to communicate with one another, they need a medium, which is the TCP/IP. This protocol connects all devices and softwares in the Internet even if the users have different networks and devices; the TCP/IP can take one message to another person’s phone through the app.
The concept of the TCP/IP is the idea behind Quant Protocol and how it connects all blockchain networks through mDapps. This can bridge government agencies, medical institutions, and more into the blockchain, making transactions easier and swifter.
Key Features of Quant
Quant, as an Ethereum-based platform, leverages Ethereum ecosystem’s security and interoperability. Decentralized exchanges (DEXs), decentralized financing (DeFi) and blockchain games are just some of the many functions that can be enjoyed using Quant.
The Quant Overledger Network secures the transfer of information and data on Quant. It uses the Overledger distributed ledger technologies (DLT) protocol to fulfill this task. When connected to the protocol, data can be exchanged with any two blockchains within the system.
Overledger DLT Gateway
The Overledger DLT Gateway is where data, non-fungible tokens (NFTs), smart contracts, fungible tokens, and even IDs pass through the system and networks it caters. A smart contract can be written in any programming language, from Hyperledger Fabric to Ethereum using this feature.
Quant (QNT) mDApps
MDApps can be considered as a hub for Dapps from different networks. Developers can enjoy the advantage of each blockchain without being limited by its restrictions when using mDapps.
Pros and Cons of Quant Network
- The Quant Network can be established, even if the user has no prior knowledge of computer languages and crypto security protocols.
- Quant users can connect to any type of digital ledger system.
- Quant can be bought and traded back with fiat.
- Quant is secured. It can neither be split nor lose communication with its multiple ledgers, so the chances of a security breach on the network are extremely low.
- In case of security breaches in centralized exchanges, Quant tokens may be at risk of theft.
- Quant protocol is doing great but still largely unknown and has a long way to go if it’s to overtake the market’s leaders. It has the potential to replace traditional finance systems, but it needs to venture into the blockchain industry and is strong enough to compete with traditional finance (TradFi) companies.
This innovation to link different different blockchain networks can assist in further improvement in the technology and also exploration of other networks. This can also open doors for multiple stable currencies to interpolate with blockchain networks in the future. Just as some government institutions are producing their digital fiat currencies, QNT can be used to link this to blockchain transactions. Making it convenient for enterprises, government, medical and insurance companies to transact with clients with blockchain technology.
QNT has use cases now but it may soon evolve through new technological solutions for Quant projects, the volatility of the crypto market, and more. It is important to do due diligence in researching the currency before investing in it.
This article is published on BitPinas: What is Quant Protocol? | Where to Buy QNT in the Philippines
Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.