By sec The potential for this is far far bigger than what you imagine. This isn't about users / companies having to use Binance to trade / Swap tokens. This is about having a representation of an asset on another chain. They will likely do this via adding metadata to the connecting chains, and locking the source currency on the respective chain, as Sonic discussed with WBTC as an example. JP Morgan aren't going to be sending trillions of dollars to Binance to swap to a different currency :smile:
Yes you can have cryptocurrencies and in particular Stable Coins representing fiat value. Let’s look at a few examples where this would be important. Smart Contracts with enterprises is supposed to be trust less, yet without that value being represented and automatically actioned via the smart contract what can they do now? Promise to send $100K on order manually? Create their own token representing it but no exchange / bank will accept it?
Or you can have a token that represents the FIAT value automatically deduct the $100K from their wallet etc. The value doesn't wildly fluctuate like other currencies so companies don't mind holding it, but now the person receiving the stable coins can then transfer them to whatever blockchain the banks are using and redeem them for FIAT.
Every Bank, Central Bank, Government, Nation, Enterprise aren't going to use the same blockchain. Having their own currencies that are only redeemable in their walled garden doesn't offer any benefits over what we have today. But instead we can have a global currency which represents multiple FIAT currencies for maximum stability and is redeemable by any bank, ATM, potentially any shop in the world. No having to pay ridiculous fees converting one currency to another when you go abroad and having to make sure you have their currency, just simply use your phone and pay.
But its far bigger than just cryptocurrencies. What about Supply Chains where you have an asset, the further you go along the supply chain, likely across borders they would all need to be using the same blockchain, which just isn't going to happen. With something like Quant's Multichain Search then you will be easily able to track assets as they move across the different blockchains. Checking the authenticity of Health care products etc
STO's / Stocks / Assets being managed on the blockchain. The likes of London Stock Exchange, Australian Stock Exchange, New York Stock Exchange, etc will likely use different blockchains. So, the STO tokens need to be represented and traded between exchanges for maximum exposure. This is what this will enable.
As Gilbert mentioned "Can you imagine QNT moving JPMorgan Coin to another bank? Or facebook's Libra coin? All of these need interoperability to transfer between parties." Banks won't all use the same blockchain technology and need an easy implement with their legacy networks. Overledger can provide this with Overledger and adding 3 lines of Code to their existing systems. This isn't like Ripple where they go to site, have to roll out and integrate / replace with each bank's legacy system and then forced to use their platform. Overledger provides an API for the banks to easily connect to without having to roll out software / replace legacy systems to immediately benefit from Blockchain interoperability. This is why they can achieve such fast growth
There’s many other use cases as well, like transferring Identity, other assets like Deeds to house / mortgages / basically anything you want to represent on the blockchain you can without having to have an exchange list the token to connect every single blockchain. All of the above requiring QNT where Overledger is used.
This is massive. Wonder when biz is going to realize the potential.
I'm unironically getting early ETH vibes
very good read
Join @QNTpricediscussionunofficial if you want to know more and discuss use cases.
This is indeed early ETH vibes.
That place is a shithole.
Lol sorry meant to post main chat.
Yes, main room is much better sir
Going all in, fuck it. Most institutions are trying to adopt eth and with this being built to utilize its erc 20 token, it's looking like a solid moonshot
The potential is much bigger than an average Jow Forums realizes.
Chainlink only targets oracles to bring real world data to smart contracts, while Quant targets interoperability between all existing and future networks and blockchains. MUCH BIGGER than LINK.
Checked and true.
Low IQ Linkie Cope.
Please stop the ChainLink vs QNT tribalism, it isn't helping either project and they are not competition.
See each one for what it is, invest and make gains anons.
ROI for QNT looks way way way better right now though.
Quanties are misrepresenting Chainlink
And ChainLinkers are misrepresenting Quanties. Can we just be frens and stop shitting on eachothers projects? Please?
I haven't seen any misrepresentation of Quant besides calling it a scam, which is just foolish.
chainlink holder here. Quant mcap is still low and it has not been added to normie friendly exchanges yet. So a good buy, just like chainlink was a good buy on etherdelta
Thanks based linkie. I was once all-in LINK myself, until I realized it's going to take a LOT for the 1000$ EOY meme to come true. For Quant? Not so much.
A few months back I had like 6x more QNT than Link in $. Two days ago I had roughly equal dollar amounts of QNT and Link. Link has pulled ahead now; will be curious to see what it looks like a year from today.
QUANT IS A SCAM
Feeling comfy knowing that QNT will have to use LINK.
I'm gonna LINK will perform better despite the mcap. You guys will disagree, but the network effects will be substantially larger with LINK. i also don't think Quants vision of interop is the most effective way to implement it.
I like QNT but no need to be retarded, you're not going to convince any linkie with this pajeet tactics.
Let me ask you, do you think of it as a backed dex for token swaps? Basically a backend using atomic swaps?
No, you have completely misunderstood what it does.
QNT works as the fuel for OverLedger, an operating system for blockchains which lets you create mAPPS (not just dAPPS).
Checked. I doubt this though.
Why would QNT have to use Link? Explain. And no "EVERYTHING AND EVERYONE IS GOING TO NEED LINK" is not an acceptable answer.
Yes but essentially you are talking about atomic swaps if you exchange tokens between systems.
OVERLEDGER IS NOT OPEN SOURCE, COMPANIES WILL NOT BUY A TOKEN FOR A CLOSED SOURCE SYSTEM WHEN THEY CAN JUST PAY GOOGLE.
No, its much more than a simple atomic swap. the tokens are represented on another blockchain allowing interaction with smart contracts etc on the various chains. Technically you could pay for BTC using IOTA if you wanted but theres far more usecases than just cryptocurrencies.
Ok. So if you paid for BTC using IOTA, how would the movement be represented. Would BTC flow into a different address on BTC and the same on IOTA? Or is it more using Quant as a bridge currency like Ripple?
>But instead we can have a global currency which represents multiple FIAT currencies for maximum stability and is redeemable by any bank, ATM, potentially any shop in the world. No having to pay ridiculous fees converting one currency to another when you go abroad and having to make sure you have their currency, just simply use your phone and pay.
Yeah it's called XRP. The only RTGS crypto that's actually worked and been used by people moving money. You people are so lost. It's right there in front of you, it's already won and been chosen. They have open relationships with the Trump administration, the FED, the IMF, what more do you need? Like I said, you're lost.
Since Overledger lets you utilize any chain you want (provided you have the QNT needed to use it), you can store the transaction on any blockchain you want, like Red Belly for example. More details are yet to come from the team.
Sorry mate, but why would banks and other financial institutions want to adopt Ripple as astandard when they can just use QNT and Overledger to access and use any feature of any chain they like?
What if something better than XRP comes out and you're stuck with all your systems running XRP? You're shit out of luck. Unless you use Overledger in which case you can just switch to using the next blockchain within minutes.
I don't get what you mean by store the transaction. I get you can use any chain, but am still trying to figure out how the actual swap takes place. It it just messaging, are they doing an actual atomic swap, or is quant a bridge currency?
Scroll down to "Transaction Layer" and start reading from there, maybe you'll get what I'm trying to explain.
QNT is some serious shit. Can't believe the market cap is so low.
Literally internet 4.0.
Looks to me it just has a common messaging layer to trigger transactions on different chains, instead of actually swap them.
No it is not. Did you even read the article or giving your opinion?
I did but that's just how I interpreted. It can do multiple transactions at the same time through a common messaging layer.
What am I missing here. I'm genuinely curious?
Crazy, isn't it. The market will wake up though in time. Most people in crypto are also lazy as fuck so if it's not on Binance it takes a lot to push them to sign up on other exchanges to buy (usually after it's already mooned).
Not that it matters much. With the tokenomics model the price could skyrocket without any speculative buying whatsoever. Overledger usage = QNT market buys.
You really should ask these questions in the official channel and get them fleshed out better than I can do for you.