Blockchain technology has enormous potential in creating trustless decentralized applications. Decentralized exchanges, prediction markets, and asset management platforms are just a few of the exciting applications. The success of Blockchain has moved the technology to a very wide range which ultimately provided a huge amount of convenience to the organization’s but on the other hand, if the technology has pros, it has its cons too.
Some of the disadvantages of blockchain technology include in:
Limited Scalability:
Blockchains have consensus mechanisms which require every participating node to verify transaction. This limits the total number of transactions a blockchain network can process.Access to external data:
Blockchain services cannot inherently make arbitrary network requests to access data outside the network. Suppose if blockchain service retrieves some information from an external source, this retrieval is then to be performed repeatedly and separately by each node. But because this source is outside of the blockchain, there is no guarantee that every node will receive the same answer. Perhaps the source will change its response in the time between requests from different nodes, or perhaps it will become temporarily unavailable. Either way, the consensus is broken and the entire blockchain dies. Therefore blockchain interactions are limited to on chain data.
Quant Network is proposing an application which creates a platform for blockchains to interact with each other, Overledger Platform. Overledger separates the business logic from the underlying ledger technologies. This means that general-purpose applications can exist on different ledgers at the same time, with the ability to communicate with each other. In fact, Quant Network proposes an “over layer” on top of existing blockchains which applications can run on. Therefore, the applications can communicate, migrate and exchange information and value, regardless of the ledgers on which they are used. Overledger enables users to build decentralized multi-chain applications that are not tied to a single blockchain. Users can run applications, smart contracts, treaties or move data across different blockchain technologies. This unique approach should encourage the use of blockchain technologies across various sectors and use cases. This should lead to a large-scale adoption of the technology without tying it to a particular vendor or chain.
The Overledger is the platform on which multi-chain decentralized applications will run. Quant Network will provide the means for developers to create applications to interact across blockchains using a Software Development Kit (SDK).
Developers will be able to create applications which solve their customers’ needs, without having to rely on the capabilities of a single blockchain. They can create applications that incorporate the full range of data available on the blockchain.
OverLedger is focusing on three goals:
- Developing an interface to connect the world’s networks to multiple blockchains.
- Bridging existing networks (e.g. financial services) to new blockchains.
- Developing a new blockchain operating system with a protocol and a platform to allow developers to easily create next-generation, multi-chain applications.
If the team successfully solves the single-ledger dependency problem, there will be enormous use for the Overledger, as multi-ledger applications are built and used on top of the Overledger technology.
Quant will completely change how people will interact with blockchains today. A good example would be the recognition of a person’s identity by one entity. By integrating the Overledger an identity created on a particular blockchain can be recognized on every other blockchain connected through the Overledger. Consumers won’t need to constantly create accounts and remember all those passwords.
You can learn more about Quant's Overledger online on https://www.quant.network/, or check the company whitepaper available at https://www.quant.network/whitepaper/
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