QUANT OVERLEDGER

QUANT OVERLEDGER.

When the internet was being moulded, it was envisioned to become a trusted and secure network that would be open to all for use. It is sad however to say the least, that the internet through its years of monumental growth has been unable to achieve a totally secure network. In the face of pacing advancements to the internet, the Distributed Ledger Technology (DLT) has come to play a pivotal role, which is supposed to spur the internet to achieve its primary goal of a secure system.

The technology of distributed ledger technologies (DLT) and their broad range of application across DLTfinance, healthcare, supply-chain and many other sectors is an opportunity for the Internet to adapt and honour what was originally envisaged and reach its potential as a decentralized network of networks. While providing a broad range of benefits, the fast-paced environment of DLTs lacks seamless intercommunicability internally among ledgers and externally with existing networks. This limitation forces distributed applications to be single-ledger-dependent, i.e. limited to be only executed on a single ledger.

This limitation has not only limited the internet, but has affected an ever growing cryptocurrency mining industry. The coming of Bitcoin introduced a financial and also internet related advancement known as the blockchain; although the blockchain technology existed even before bitcoin gained prominence. The blockchain’s full introduction has allowed for a phase called “fermentation” which is characterised by technological uncertainty due to the evolution of blockchain into alternative technical paths. Although sometimes persisted as unstable, the different pathways which blockchain opened have led to major global financial profit and investment acquisitions.

The blockchain in aiding the internet opened the door to allow for more than a thousand various digital currency types, opening it up to a lot of great risks that raise serious concerns. A major concern is the absence of interoperability between the different existing blockchains. This does not allow chain to chain connections, communications, and transactions, leading to security risks with every emerging system. This absence of proper interoperability creates a big threat to financial transactions that are already threatened due to the fact that they operate a single ledger system.
In order to combat this failing single ledger system, and the absence of absolute security which comes with the inability to transact fully without incurring breach risks, we have developed a system called the OVERLEDGER.

In standing out, one of the problems the overledger tackles is the silo system. The commonplace digital ledgers exist in silos. The differences in each structure and the mechanisms with which they are implemented make it difficult to achieve a common interface. Overledger has an ideal solution to this. Overledger’s vision is to build a unique group of transactions that are put together and then ordered by the distributed applications. Our researches into the topic has allowed us draw a comparative analysis that permits us to extract the common logical elements that pertain to those methods:
● Build a platform with new features designed to address today DLTs challenges (slow transaction rate, migrations, cryptocurrencies exchange etc);
● Build a network of blockchains where nodes have different roles and responsibilities (e.g.
parentchain-sidechain, hub-zone, relaychain-parachain [16]);
● Define a standard to connect blockchains to the platform;
● Build adapters to make existing technologies compliant with the standard;
● Transaction-oriented, not application oriented;
● Connection at low-level that strictly involves consensus mechanism; and
● Tree/Graph network that requires complex routing algorithms.

Also, our model proposes an architecture that acts like the OSI model for the Internet, redistributing the tasks among four different layers built on the transport layer since most blockchain technologies are built on the internet.

An overview of our system shows that we are going to improve on the current state of the internet. We will launch a much more secure system that will allow for more participation; this will aid the developing blockchain systems we currently have. In addition, our system will improve on the single ledger system, reducing polarization and allowing for more participation. The Overledger operating system proposes an approach both to order and to manage the blockchain blocks that form part of the Overledger application so as to eliminate double spending problems while maintaining the ability to react to situations whereby if the DLT may become subject to a fork as a result of not being part of the accepted consensus.

MEET THE TEAM MEMBERS.

For more information,visit the following links:

Website : https://www.quant.network
Whitepaper : http://files.quant.network/files.quant.network/Quant_Overledger_Whitepaper_v0.1.pdf
Author bitcointalk profile link: https://bitcointalk.org/index.php?action=profile;u=1578037

Bounty0x username: Moshaid