London and Zug-based firm Quant Network on Monday unveiled plans to develop Overledger, an operating system that will allow transactions to take place across multiple blockchains, addressing problems of interoperability and single-ledger dependence, restrictions that have plagued blockchain technology for many years. The company’s Token Generation Event (TGE) commences in April 2018, with a presale starting March 19, 2018.
Overledger claims to be the only platform to facilitate internet-scale development and deployment of decentralised, multi-chain applications (MApps) and Treaty Contracts (multi-chain smart contracts).
“The key to unlocking the true potential of blockchain technology and facilitating the mass-adoption of blockchain technology, is enabling applications to function across multiple blockchains whilst not be limited to any single vendor or technology,” stated Quant Network CEO Gilbert Verdian. “Overledger will enable seamless communication across multiple blockchains as well as the recognition of transactions across blockchains. We are de-risking the adoption of blockchains for enterprises by, for the first time, giving them choice to use multiple chains at the same time, providing better resilience and reducing costs by managing the fees associated with the usage of blockchains.”
Following the TGE, the Quant Network stated that Overledger’s development will happen in two phases.
First, a new blockchain operating system will be developed, with a protocol and a platform to allow developers to easily create next-generation, multi-chain applications; an interface to connect the world’s networks to multiple blockchains and bridge existing legacy networks (e.g. in financial services), attaching them to new blockchains.
Second, the company will launch a Quant App Store for multi-chain applications, and connect the internet directly to the blockchain.
“We’ve engineered the technology for enterprise and developers to be seamless; to implement [and] comply with internal and external security and regulatory requirements,” explained CTO Colin Paterson, in a statement. “This means there will be minimal change to existing systems and [enables] networks to access legacy networks of many current and future blockchains through Overledger.”
For more information: https://www.quant.network/.