7/13/2023 0 Comments Quant crypto![]() Quant formed a test net version of it’s over ledger platform in 2020 and went live with the network in 2021. The issues were eased by an investment of an undisclosed amount of funding to the network by Alpha Sigma capital. The amount made from the ICO was low enough to cause some issues since the expected amount from the ICO was $40 million. Quant’s ICO was held in 2018 and made $11 million by selling 10 million QNT. ![]() Both Verdian and Paterson had worked in informational security before. Quant was created in 2018 by Colin Paterson, Gilbert Verdian, and Paolo Taska. The Quant white paper was written by Gilbert Verdian. The token hit a record high of $428 per QNT in September 2021 but proceeded to fall below $100 per QNT by February 2022. Quant launched the Quant token, QNT, in 2018. It is part of the digital pound association which works on advocating for the creation of a digital Pound. It is used to pay the fees and the licenses needed to access the quant network and pay for items. The QNT token is based on the Ethereum blockchain. The Quant network is a blockchain platform that focuses on creating and strengthening interoperability in the operations of different blockchain platforms. The next step for the Digital Pound project will be the "design phase," and here experimentation will be at the center of the project.Quant is the native cryptocurrency token of the Quant network. Mutton confirmed that the Bank of England had been experimenting with the Digital Pound and explained that Quant has been an important participant in these experiments. Instead, programmability is something the private sector will be allowed to explore with consent from users. ![]() Mutton also added that a digital pound wouldn’t be programmable, adding restrictions to how much money could be spent or where that money could be spent. And that's a very firm commitment from both the bank and the government." "Really importantly, cash will be available for as long as people wish to use it. ![]() "You wouldn't have an account at the Bank of England, you would be accessing the services through a private sector-provided digital wallet or smart card," he told the panel. No official decision to build a digital pound has been made, yet.īut if they do, "around the end of the decade" would be the earliest point it'd be released to the public, Mutton said. With "privacy-enabled CBDCs," the relevant bodies will be able to get a more holistic view of the system enabling them to prevent and punish fraud in a new way. In the current system, he explained, each bank is isolated from the other making tackling fraud more difficult. "In this new form of technology, we can actually build in fraud protection at the money, at the network level." "Fraud is an exponentially growing problem we've been battling fraud for decades," he said. Verdian also sees CBDCs as a unique opportunity for the legacy issue of fraud to be "solved." "But none of that identity information will be passed to the Bank of England." "The reason for that is we think that it's important that there is some level of identity information, to make sure that there are no opportunities for fraud or financial crime," Mutton said. The UK CBDC, known as the Digital Pound, will be "private but not anonymous" affirmed the director responsible for Central Bank Digital Currency at the Bank of England, Tom Mutton. “It's looking at the values, but not personal identifiable information.” "The transactional data on chain is on an interbank network that is looking at the actual API calls,” he said. Central Bank Digital Currencies, or CBDCs, are usually tokenized versions of fiat currencies, like the dollar or the pound. Quant is positioned in the industry to help governments and organizations build distributed ledger systems whether it be a traditional blockchain or CBDC technology.
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