QNT is designed to provide digital access to a particular service or Multichain applications (MApps) built on the Quant platform for both users and developers.
A brief history
Quant is a blockchain interoperability network and operating system that was first announced in 2018 founded by Gilbert Verdian, Colin Paterson and Paolo Tasca, the goal of the platform is to build an ecosystem around Overledger, allowing for developers and enterprises to innovate, create value and build game-changing multi-chain applications for users and their customers. Quant's main product is its Overledger Enterprise platform which it has billed as the first DLT gateway for business. It uses a simple API gateway to connect various distributed ledgers, allowing companies to easily join their pre-existing infrastructure to the blockchain. The team plans to foster these innovations by incentivising developers with an App Store model akin to Apple and Google stores but instead for Blockchain enabled Multi chain applications (MApps). MApps are essentially smart contracts that exist across multiple distributed ledgers.
QNT in practice
Like most blockchain-powered platforms, Quant features its native utility token, known simply as Quant (QNT). The QNT token is a utility token which is intended to provide digital access to applications or services on the Overledger Operating System. QNT tokens must be provided to the Quant Network in exchange for an annual license or platform fee. The price of the access will be a fixed FIAT amount and the number of tokens needed will vary depending on the price of the token at the time of purchase. Every user who wants to use a MApp or a developer who wants to develop MApps needs to hold QNT tokens. Without QNT you can’t connect to Overledger and MApps won’t run. When you buy a license, the QNT tokens are taken out of circulation. They have an approach to lock them into a smart contract until the license expires, and then it needs to be renewed.