NFT Collection The Superlative Secret Society Price, Stats, and Review
Crypto price predictions: BitBot, Pepe, Algorand (ALGO)
Hong Kong to launch spot crypto ETF trading by April-end
Cardano’s [ADA] quiet month: Key numbers you need to know
Crypto Market Shakeup? New Whales Invest 2X More Than Established Players
In Mexico’s Biggest Election Yet, Crypto Remains on the Sidelines
Market dips while Rebel Satoshi’s RBLZ token surges with new opportunities
Tether Will Freeze Wallets Evading Venezuelan Sanctions
Base Chain Welcomes Inaugural Meme Coin Launchpad: A Beacon Against Scams and Rug Pulls
Breaking: Binance Founder Changpeng Zhao Likely To Face 36 Months In Prison
Me3 Launches Private Sale on Yield App: Revolutionising Fan Engagement and Digital Asset Ownership
XRP: 600 Million Token Influx As Whales Make Their Presence Felt
USDC and Polkadot investors gear up for DeeStream milestone
Shiba Inu – Key indicator’s 200% price hike prediction after break from Bitcoin
Ripple Replaced XRP With USDT For US Clients, Here’s Why
Binance Founder Changpeng Zhao Should Spend 3 Years in Prison, DOJ Says
Noones CEO Ray Youssef Blasts Bitcoin Fees: ‘We Have Failed the Global South’
Indonesian President Joko Widodo Warns of Money Laundering via Crypto and NFTs
Blockchain Life 2024 thunderstruck in Dubai
XRP Price Reclaims $0.50 and Indicators Suggest Fresh Surge To $0.70
Can Bitcoin above $66K reverse the $206M outflows?
Bitcoin, Ether Coil as Crypto Traders in Limbo After Halving
Ethereum Price Holds Support – Why ETH Could Soon Rally 5%
Your Next Crypto Breakthrough Might Be a Walk in the Park – Literally
Ripple Fans Should Watch Out For Quant Network’s OverLedger
Quant Network recently collaborated with Italian tech firm SIA to explore blockchain interoperability. Quant Network is a UK based, and its technology seeks to automate trust functions between various blockchains.
Quant uses OverLedger operating system, the first OS built for blockchains. Many crypto fans have touted Quant as the Ripple’s InterLedger protocol killer. Unlike ILP, that is limited to value transfer, the applications of Quant’s OverLedger are bottomless.
The technology can settle not just value like Ripple, but also other non-fungible assets like rights to ownership, identity, or contracts. Similarly, the OverLedger can access data from IOT devices and will soon take on treaty contracts or multichains smart contracts as well.
OverLedger’s Interoperability Prowess
The InterLedger Protocol has, therefore, a minimal use case when
compared with OverLedger. The latter has a broader scope and has above all
universal interoperability of blockchains working for it. On it, multichain
projects can be built, and their code moved across blockchains as necessary.
It is, consequently, possible for Quaint to build a robust new
financial system that works with banks. Financial institutions that do not want
to be boxed into the use of XRP will go for an OverLedger based payment
platform. SIA, for instance, founded in 1977 by the Bank of Italy, is a key
player in the development of the European domestic payments system.
The Italian technology firm exploits the vast potential of
information and communication technology for financial systems. Its
blockchain-based platform SIAchain leverages 570 European network nodes with
its SIAnet. The network is a low latency and high-speed fiber-optic network
that SIAchain operates on.
Quant Network’s OverLedger will integrate into SIAchain to enable interoperability. This will allow cross-platform applications for financial institutions to run on it. This could potentially turn the Ripple game upside down. OverLedger platforms will be more efficient and will deliver different blockchain technologies easier.
Quant Network’s OverLedger Disrupting DLT
SIA’s Innovation & Business Solutions Director, Daniele Savarè
has said:
“We actively continue on our path of innovation and the achievement of a fully interoperable blockchain network is the foremost objective we want to reach with the collaboration of Quant Network and its disruptive vision on DLT.”
Distributed ledger technology has the inherent disruptive potential in minimizing friction. It is also a key technology in building trust in the exchange of value, data, and information globally. DLT use cases vary from sovereign identity, central bank digital currencies to trade finance solutions. The permissioned version of DLT is also used by banks, insurance, public and corporate sectors.
The plurality of systems used is growing by the day as new DLT
based innovations are conceptualized. Nevertheless, this vast network of
blockchain-based technology requires standards and interoperability to reach
its full potential. Without these two ingredients, the innovations will remain
as struggling isolated platforms that will not achieve mass adoption on their
own. Quant Network is built to solve these two problems.
Its OverLedger operating system connects all these isolated
networks as the internet did with Application Programming Interfaces years
back. David W, in his Quant Network Medium post, says:
“OverLedger offers an ANY-to-ANY connection without the need for an additional blockchain in the middle. That is a key feature which enables smooth, interoperable communication between the various systems without the need to run additional consensus, nodes or open up Enterprise networks to thousands of incoming connections required by peer-to-peer networks to the outside world”.
The post Ripple Fans Should Watch Out For Quant Network’s OverLedger appeared first on Ethereum World News.