Gilbert Verdian, Quant CEO and Co-founder, left his role as Chief Information Security Officer at Vocalink, a Mastercard company, to lead the Quant Network team in developing their own blockchain operating system, Overledger.
“I’m looking forward to continuing to collaborate on Mastercard’s blockchain strategy whilst also focusing on developing our blockchain operating system, Overledger,” Verdian said. “We envision Overledger becoming a partner for enterprises by helping them overcome the biggest challenges they face when trying to adopt blockchain technology including the lack of interoperability and single ledger-dependence,” he added.
“Overledger was designed in response to industry demand for a blockchain technology that inter-connects and opens up closed proprietary blockchain networks to the Internet. This ensures that companies like Mastercard and developers aren’t restricted to or limited and entirely dependent on a single technology. Instead, they have the flexibility to easily migrate to another technology when required. As well as boosting their resilience by limiting their risk and exposure, this also allows them to unlock cost savings by better managing consensus fees, which are set with no option to remediate.”
According to Veridian, the use of multiple, different blockchains help foster innovation by offering unique solutions to real-world problems. Blockchains do not only encourage the mass adoption of decentralized techonlogies, but they also challenge the status quo with those decentralized technologies.
What is Overledger?
Overledger is a blockchain operating system that allows interoperability between blockchains and connets it to the world’s existing networks and to the Internet.
Overledger fosters innovation by giving developers the opportunity to build applications across multiple ledgers or multi-chain applications (MApps). This means developers can use the power of multiple individual blockchains instead of being confined to just one.
It was announced last week that Quant signed a five-year Memorandum of Understanding (MoU) as the exclusive blockchain partner of Jiangsu Huaxin Blockchain Research Institute (JBI).
The Quant Network’s team promises to reveal features of the Overledger platform in the next few months, with a MApps store scheduled to open on the second quarter of 2019. Quant is leading the way to a new era of innovation and economic growth in the same way the Internet grew through open connectivity.