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Across the world, the developers follow different blockchain standards or protocol. However, business processes demand interoperability of data along with the implementation of multiple block chain-related protocols.
In this regard, Quant Network has successfully created a digital block chain, known as Overledger, which would enable any kind of information to be exchanged on the block chain. The technology is almost like an extension of atomic swap which allows exchange of two different crypto currencies without the need for a third-party.
Overledger enables developers to create multi-chain applications (block chain agnostic software) with relative ease. It should be noted that Overledger is not another block chain, which imposes new gateways, consensus mechanics, or validating nodes over the existing block chains.
In an interview to Market Insider, Gilbert Verdian CEO and co-founder of Quant Network informed that a patent for Overledger technologies will be registered this month. According to Verdian, next-generation software should be able to function seamlessly across multiple block-chains, while interacting with multiple transactions and assets across block chains. It should not be limited to a single vendor or technology.
Thus, Quant is focused on developing an API that can connect existing networks to multiple block chains, bridge the existing networks, and develop a brand new block chain operating system with a protocol and platform that can create futuristic multi-chain software. Verdian is credited with the development of block chain ISO Standard TC307.
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Establishing block chain standards will facilitate ease of information exchange, thereby allowing efficient handling of transactions. Additionally, it would result in new innovations, thereby creating more employment opportunities. Further, the creation of block chain international standards supporting smart contracts will result in decreasing costs associated with contracting and compliance enforcement. Likewise, global block chain standards could lower costs for SMEs, while dealing with government authorities.
Verdian also stated that he has plans for a Quant App Store that will facilitate development of multi-chain applications on the Overledger platform. That would enable developers and startups to monetize their applications without a need to rely on one single block chain.
The company is planning to come up with a pre-ICO (Initial Coin Offering) in January, followed by an ICO in February. The tokens, christened as Quant, will allow users to access the Quant network. Quant Network is planning to release the first version of Overledger in the first-quarter of 2018 and launch the Quant App Store for developers by the end of 2018. To sum it up, as science and technology magazine “New Scientist” has stated, Overledger – a block chain to fix all block chains is arriving.
