Overledger layers. Supply: Medium
Multi-chain purposes, or MApps, are basically sensible contracts that exist throughout a number of distributed ledgers. They permit decentralized purposes to leverage the information acquired from completely different networks to carry out operations in a number of networks concurrently, Quant additionally helps so-called multi-ledger tokens (MTLs) or digital belongings backed by actual funds in exterior sources. These MTLs can be utilized as stablecoins, loyalty factors, central financial institution digital currencies, that are issued and used throughout a number of distributed ledgers utilizing Overledger expertise.
Every MApp is remoted within the Overledger ecosystem and comprises the enterprise logic. When creating multi-chain purposes, builders want to find out guidelines on tips on how to work together with the Overledger system and with different purposes. If vital, purposes in numerous networks can talk with one another by placing messages on the messaging layer.
MApps might use so-called treaty contracts to assist sensible contacts in a single community acknowledge standing and operations by sensible contracts in different networks. Treaty contracts might be described as sensible contracts which might be run off-chain for larger efficiency and supply the power to run sensible contracts throughout a number of blockchains, even these which don’t help sensible contracts such because the Bitcoin community.
Overledger use case
Let’s say you might have a MApp which represents a market that sells sure merchandise. MApp comprises guidelines that if the client buys your product in bitcoin, you’ll mechanically pay your product provider in ether, ship some XRP to the supply firm to ship the product to the purchasers, and ship some a part of bitcoin to your personal reserve fund. It means when prospects purchase a product, it triggers sensible contracts in numerous networks to carry out sure actions. The ETH and XRP transactions, in addition to the BTC transaction to the reserve fund, will occur concurrently as soon as the preliminary buyer’s BTC transaction is confirmed.
This is just one potential means to make use of Quant’s Overledger system to realize interoperability and preserve operations in a number of networks on the similar time. Another Quant use instances might embody creating interoperable tokens which exist in numerous blockchains or performing cross-chain token swaps.
Quant’s native token
The QNT token is an Ethereum-based utility token that’s meant to offer digital entry to the Overledger ecosystem. QNT tokens should be offered by enterprises and builders in change for an annual license for utilizing Overledger options. Nevertheless, the value of the entry is mounted in fiat currencies, which means enterprises and builders don’t have to buy QNT for the license. They pay for the license in fiat to the Quant Treasury which handles the conversion of fiat to QNT. QNT funds used for license charges stay locked for 12 months in layer 2 (L2) cost channels.
As well as, each enterprise or developer who needs to run MApps wants to carry a sure variety of QNT tokens. So long as QNT tokens are staked, builders might create and preserve their MApps. Builders might monetize their MApps and should use the treasury as a cost processor to cost funds for subscription or one-time transactions. Such monetization is assumed to be achieved utilizing fiat currencies or digital currencies, together with QNT. Finish prospects may additionally maintain and pay with QNT tokens to get entry to MApps and use companies throughout the Overledger ecosystem.
The preliminary token provide differs from the present one as a result of the staff behind the challenge accomplished a burn of 9,545,765.950989192 QNT. The reason being thought of to be the ICO which hasn’t achieved set targets due to tough market situations at the moment (bear market). The present complete QNT provide is mounted and comprises 14,612,493 QNT tokens.
The QNT tokens are assumed to be cut up within the following means:
- 9,964,259 QNT — tokens offered throughout the public ICO, pre-sale, and personal funding rounds.
- 2,649,493 QNT — the Quant firm reserve which is used for analysis and growth, constructing infrastructure, and different functions.
- 1,347,988 QNT — tokens that belong to the corporate founders.
- 650,753 QNT — tokens that belong to the corporate advisors and workers.
The present circulation provide excludes Quant’s firm reserve, which can differ relying on the Quant firm technique.