Quant Network recently attended Money 20/20 in Europe where they announced a partnership with SIA.
So what we’ve done is instead of just announcing one client and one thing, we’re announcing that we’re working with SIA. So, SIA is leading European payment infrastructure. And what we’re doing with SIA is interconnecting blockchain networks with SIA, and doing settlements, which are central bank settlements, with the central bank in Italy. So what Overledger is doing is we’re actually bringing blockchain and interoperability to all of SIA’s clients, which are 580 banks. So, Overledger could be rolled out to all these institutions, financial services, banks, at scale, and have interoperability to get the benefits of this.
Just to make it clear this isn't SIACoin, this is SIA, the largest financial Network provider in Europe. some more info about SIA below:
The Eurosystem (compromises of the European Central Bank (ECB) and 19 National Central banks that are using the Euro such as the central banks of Italy, Germany, France, Spain, Netherlands, Belgium, Ireland etc.) operates the financial market infrastructure for the settlement of payments (TARGET2), TARGET Instant Payment Settlement (TIPS) and securities (TARGET2-Securities, or T2S). These platforms form the backbone of the European financial market.
All of these platforms will be reachable via the Eurosystem Single Market Infrastructure Gateway (ESMIG). The single connectivity gateway to all Target services would provide a simpler and more efficient means to access the key market infrastructures and up to 3 Network Service Providers will be able chosen. The two companies currently going through the approval process are SIA (who were the first to be gain Eurosystem certification for TIPS) and SWIFT.
- In 2018, SIA managed 14 billion institutional services transactions, 7.2 billion card transactions, 3 billion payments, 51.7 billion financial transactions and carried 1,204 terabytes of data on the network.
- SIA supported the launch of the new Samsung Pay payment system, and also Alipay and WeChat Pay payment service were activated. Furthermore, the offering of terminals has been enriched with the Android-based smartPOS line, making value-added services available to consumers and merchants.
- In 2018, SIA confirmed its role as key technology partner to the London Stock Exchange Group and at the end of 2018, 44 trading venues operating in Europe and the United States were connected to SIA’s “Financial Ring” which enables financial intermediaries to access, via a single high-speed, low-latency network infrastructure, the main international stock markets using date centers in Milan, Rome, London, Frankfurt, and New York.
- SIAchain was selected for the operational testing of the "Spunta Banca" project - coordinated by ABI Lab, the research and innovation center promoted by the Italian Banking Association - based on blockchain technology that currently involves 18 Italian banks. SIA participates in the project together with other technological partners such as R3 and NTT Data.
- Quant Network and SIA are founding members of IATBA (International Association of Trusted Blockchain Applications), led by the European Commission, which will bring together all stakeholders interested in the transparent promotion of interoperability, governance, legal certainty and trust in services made possible by Blockchain and Distributed Ledger technologies
Other Partners and Announcements:
- Quant Network has been named Gartner Cool Vendor 2019 in Blockchain Technology. Gartner is the world’s leading research and advisory company. Quant Network joins a list of illustrious names like Dropbox, Nest, Evernote, Cloudera, Palantir and Instagram, all of which have been named a Cool Vendor in the past ten years. Cool Vendor status is bestowed upon the most disruptive and credible startups that Gartner analysts genuinely believe will change the technology landscape. The Cool Vendor status is highly recognisable and tracked by potential acquirers, investors and large enterprise buyers.
- Quant Network Chosen for the UK Government Backed Tech Nation's Cybersecurity growth Programme
- Quant Network Chosen for the UK Government Backed LORCA Cybersecurity scaleups cohort 3 in joint collaboration with Plexal, CSIT and Deloitte
- Quant Network’s Overledger to play integral part in Hyperledger Quilt reboot to enable universal interoperability for Hyperledger. Hyperledger is very popular with enterprises with half of the Forbes 50 list using Hyperledger. It consists of many frameworks and Hyperledger Quilt is their tool that provides interoperability.
- Quant Network was appointed company Guarantor of Pay.UK, the largest payment network in the UKand is accountable to the Bank of England. Quant Network will shape the payment ecosystem to promote competition, innovation and openness, as well as setting the strategic direction of the Payments infrastructure and adopting the New Payments Architecture (NPA).
- Overledger is providing interoperability by connecting to 10 Blockchains currently as well as connecting non-blockchain networks. These include the Enterprise 5 Permissioned blockchains - R3's Corda, Hyperledger, Permissioned versions of Ethereum, JP Morgan's Quorum and Ripple as well as the permissionless blockchains of Bitcoin, Ethereum, IOTA, EOS and Stellar
- Guy Dietrich, Managing Director of Rockefeller Capital (manage $18.6 billion in assets) is joining the board of directors at Quant Network, supporting the company's recent expansion to the US to meet client demand.
- Quant Network partnered with Crowdz who Barclays and Bold Capital Partners recently invested $5.5 million into. Barclays are integrating Crowdz into Barclaycard
"Although Crowdz uses the Ethereum blockchain as the foundation for our Invoice Auction Exchange, we have needed a solution that allows for invoices and other documents to be transferred from one blockchain to another — for example, among Hyperledger, Corda, and EOS. With the Overledger solution from Quant Network, it is now possible to pass data among different blockchains. Crowdz looks forward to working with Quant Network to enable the true multi-blockchain environment that our customers demand.” - Payson Johnston, President and CEO of Crowdz
- Quant Network Partners with DATA 61 to participate in Cross-Border trials with the Global Financial Innovation Network, a network of 35 organisations committed to supporting financial innovation in the interests of consumers. Bodies such as the Financial Conduct Authority (FSA), Australian Securities & Investments Commision (ASIC), Monetary Authroity of Signapore, Hong Kong Monetory Authority, Central Bank of Bahrain and many more all participated with in the trials.
Incredible team with loads of experience - Gilbert CEO was the Chief Information Security Officer at Vocalink (Mastercard) Gilbert was in charge of Security for the Faster Payments service in the UK which deals with £6 Trillion every year. Previous roles at HSBC, PWC, HSBC, EY, UK Government, HM Treasury and Bank of England.
The most recent addition is the new COO, Cecilia Harvey, who joined from her previous role as Director at HSBC Global Banking and Markets. Cecilia is a Tech Women 100 Winner and also worked at Vocalink, Citi, Barclays, Accenture, IBM and Morgan Stanley
Lots of other experience in the team working for companies such as BT, Nationwide, NHS, Deutsche Bank, KPMG, HMRC, National Crime Agency and Europol
From our original thinking in the whitepaper and business paper, the purpose of QNT has always been multi-purpose. The 1st phase of QNT was to help create an ecosystem of developers and enterprise. The 2nd phase, QNT has been used to verify and the option to sign and encrypt every single transaction that flows through Overledger for security purposes. The 3rd phase of QNT is something we've been working on. It's to be used for the movement of Digital Assets across chains. QNT is a Universal Utility Token, providing access to the Overledger ecosystem and also to be used to pay for transactions and usage across chains. We're also going to enforce mimimum wallet holdings for all participants.This is a market need we're seeing with clients and a tokenised ecosystem is the future we're all working towards. This is something we can do now, where others have been trying to achieve for the last couple of years.We have clients we're working with in financial services that are moving digital assets internally within a permissioned network and want to be able to interoperate with other parties to recognise their digital asset on different internal permissioned chains. Plus they also want to be able to move and settle on public permissionless blockchains safely and securely - Overledger is the only technology that can do this today.
This is a game changer we've been working on. We're bringing blockchain interoperability to the 570 banks that SIA work with.We want users with volume - if we're powering the digital asset economy with QNT this is a game changer in this space. This is what Ripple with XRP, Stellar with XLM and partnering with IBM have been trying to do - Gilbert from Telegram
- QNT is used to validate with the option to sign and encrypt every transaction that flows through Overledger. No Transactions can
- No 3rd Party can view or tamper with transactions and their contents, including Quant when signed and encrypted
- Enterprises and community developers need to purchase an annual license to develop apps on the platform
- Consumption fees such as read / write to overledger are paid in QNT
- Moving of digital assets across chains whether permissioned or permissionless will require QNT
- The license fees are based on a fixed FIAT Value and the equivilant number of QNT are purchased and taken out of circulation for 12 months.
- Once the license is renewed after 12 months the tokens remain locked out of circulation
- Users will need to hold a minimum amount of QNT to use Overledger.
Quant have released the Quant Enterprise Treasury which allows Enterprises to pay for license fees in FIAT and the treasury automatically converts them into QNT. The treasury gets the tokens from Exchanges / OTC.
QNT has a total supply which is 1/3 less than Bitcoin's total supply at only 14.6 million QNT. Unlike Bitcoin currently you don't have to wait till 2140 for all of the tokens to be in circulation. All QNT is in circulation, there is no inflation and no new tokens will be minted.
Unlike with Ripple where the majority of partnered banks don't actually use XRP, all banks that use Overledger will use QNT. Ripple is valued at $17.7 Billion and 42 Billion XRP are in circulation. There is another 58 Billion XRP which is due to come into circulation via inflation. (If you take that into account at todays prices that's a total market cap of $42 Billion
The other thing to consider is that whilst they may not be popular on here, permissioned blockchains are going to far more widely used over the next couple of years than public blockchains for Enterprises. This is because public blockchains currently lack many features - speed, privacy, as well as regulation involved with being decentralised etc. Thats not to say it won't shift towards public blockchains in the future but not in the next couple of years. (Just have to look at the number of permissioned blockchains being used in Forbes recent blockchain 50 list to see this. Whilst permissioned blockchains don't need Gas and so don't have their own token. Even if enterprises are only using permissioned blockchains to interoperabte between them, they will need QNT.
QNT with all of its token in circulation, no inflation, better tokenomics than many, wide usage in short and long term connecting to permissioned and public blockchains as well as sitll on the 2nd page on Coinmarket cap and hasn't listed on a "Tier 1" exchange yet.
- Gilbert Verdian founded the ISO TC 307 Standard for Blockchain which 54 countries are working towards currently -https://www.iso.org/committee/…4.html?view=participation
- Treaty Contracts will allow developers to build MAPPS that can interoperate with multiple blockchains without having to write the smart contract for every blockchain in each of their programming languages - solidity for Eth, Go etc. Treaty Contracts will also enable smart contract capability to be used on blockchains that don't support smart contracts such as Bitcoin
- Quant provides easy Off Chain / Oracle functionality with just the addition of 3 lines of code to their existing applications. Meaning developers don't need to rewrite their applications to work with blockchain.
- Quant have launched multiple products that use Overledger - GoVerify - Protects people from impersonation and deception fraud and Quant ATLAS - their solution to enable interoperable banking through cross border open banking.
- Overledger can connect to any blockchain / DAG / Permissioned or permissionless and is designed to be future proof by isolating the layers so they don’t care which blockchain is being used, what consensus method etc, each layer is only interested with the data within that same layer
- It uses proven Internet Scale infastructure and can operate in either a centralised manner or decentralised with the addition of Hosted Overledger gateways (with details being released later this year)
Would you like to connect your favourite blockchain to Overledger so that you have access to all of these enterprises / developers / clients to use? Well you can and unlike with exchange listings its completely free and open source. Once you have created the connector send it in for approval to connect to Overledger. Join the Quant Network Developer portal to find out more
for a more in depth look at Quant Network please see the following articles:
Part One — Blockchain Fundamentals
Part Two — The Layers Of Overledger
Part Three — TrustTag and the Tokenisation of data
Part Four — Features Overledger provides to MAPPs
Part Five — Creating the Standards for Interoperability
Part Six — The Team behind Overledger and Partners
Part Seven — The QNT Token
Part Eight — Enabling Enterprise Mass Adoption/u/xSeq22x
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