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The enterprise-grade blockchain infrastructure provider, Quant (QNT), remains a project that interests traders for many reasons. The network's continual expansion of features and services has helped the platform secure more strategic partners in the traditional financial sector. Here are some noteworthy upgrades and projects that Quant recently introduced to the market.
Secure Asset Transfer Protocol (SATP)
One of the biggest announcements involving Quant this year is its participation in the Internet Engineering Task Force (IETF)'s creation of a Secure Asset Transfer Protocol (SATP). The new protocol will support full web3 functionality and, according to company documentation, the upgraded standard will focus on enabling DLT networks to communicate and transfer information and value securely.
Internet Engineering Task Force
The IETF working group is made up of a group of professionals in the field. It includes members such as Thomas Hardjono, Director at MIT Internet Trust Consortium, and other experts. The goal of the SATP initiative is to create a standard that will help to drive innovation in the market.
The importance of standardization and how it affects innovation can't be understated. A perfect example of how standardization has affected a market is USB chargers. Before the standardization of USB chargers, there was an endless selection of phone charges and accessories in the market.
Since each of these accessories had to be specific to the phone brand and model, it created a lot of problems. Waste, inaccessibility, and low-quality control were at the top of the list. It also made it so manufacturers had to waste time creating these devices rather than improving the phone.
Standards Drive Innovation
Currently, there are many decentralized networks but no standardized communication methods for transferring value across these ecosystems. As more networks emerge and more value becomes entangled in the decentered economy, the demand for interoperability rises. Quant seeks to provide the technical infrastructure and expertise to streamline these processes.
It can be seen as a major milestone for the firm to be a part of the Internet Engineering Task Force (IETF)'s team and their input in the creation of a Secure Asset Transfer Protocol (SATP) will further add credit to the project. It will also ensure that all Quant protocols are already up to standard in the future.
Project Rosalind – Quant
Another major development for Quant is the announcement of the testing phase of Project Rosalind. Project Rosalind focuses on CBDCs (Central Bank Digital Currencies) and how best to integrate them into legacy systems. The team behind Project Rosalind seeks to leverage the advantages that CBDCs offer to consumers and bankers.
CBDCs are like cryptocurrencies but they have centralized controls. Every major nation is currently researching CBDC tech to see how it can complement legacy fiat systems. These digital assets will streamline the legacy payment systems in many ways. They offer more security and monitoring capabilities while at the same time reducing both printing and issuance costs.
The project has seen major backing with the Bank for International Settlements and the Bank of England both signing on for the testing phase. The goal of the testing phase is to monitor how APIs can streamline the integration of CBDCs into consumer-facing products specifically. API protocols are how programs speak to each other.
APIs are Everywhere – Quant
Today, APIs play a crucial role in your everyday activities and often operate behind the scenes in your favorite apps. Project Rosalind is about leveraging API technology to streamline smart contract interoperability to provide support for programmable money in the future.
For its contribution, the team at Quant provided blockchain technology and its expertise to the project, which is a collaboration between the private and public sectors. The reason for the approach is to enable the private sector to focus on products that are designed to increase consumer interaction while leaving private firms such as Quant, tasked with offering infrastructure.
To date, Project Rosalind has been a strong success for Quant. The success has helped the network remain a smart contender in the enterprise-level blockchain systems sector and tightened its ties with the institutional investment sector. The success of this project has not been missed and the company has already made some smart moves to capitalize on the momentum.
Project Rosalind Services Goes Public
Quant recently announced that it will now offer enterprise clients access to the same tools and services provided to banks in Project Rosalind. Businesses can securely enter the decentralized economy and conduct transactions, hold assets, and issue tokens. The Project Rosalind features also include access to streamlined blockchain services such as no code digital network and asset issuance.
The software-as-a-service (SaaS) helps businesses save on blockchain professionals and improve security as the products leverage Quants proven and tested network. Businesses can use the service to create products that leverage multiple blockchains without worrying about creating custom code and using it. The developer-centric features include easy smart contract programming and the capability to execute coding on any blockchain.
Firms can create regulatory-compliant digital assets and networks to meet their specific use case scenarios. These systems can support options such as custom tokens and atomic settlement across networks. By enabling firms to integrate regulatory compliance into the core coding of digital assets it ensures compliance for the life of the asset.
Quant – Making Significant Moves
Quants' rise to success has been fueled by a smart strategy and business model. The firm's partnership with the Bank of England (BoE) places the platform in a select group of central bank-approved blockchain systems providers. Campaigns like Project Rosalind and the standardization efforts will only help to raise more awareness about the project's merits in the coming months. As such, it's wise to keep an eye on Quant moving forward. You can learn more about Quant here.