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Made up of the Overledger blockchain operating system and QNT token, the goal of the Quant Network is to allow multiple blockchains to work together and to give more flexibility when it comes to linking different global networks, services, and chains. With an impressive founder and resilience to the bear market, QNT has made a considerable impression in the industry.

What Is The Quant Network?

The Quant Network was designed to connect blockchains and networks on a global scale, prioritising interoperability and trust functions between them using the Overledger operating system, the first OS built for blockchains.

The Overledger network acts as the backbone of the project and is not a blockchain but rather an Application Programming Interface (API) gateway that allows developers to build decentralised multi-chain applications (known as Mapps) and bridges the gap between various blockchain networks.

The Quant project believes that this technology will be the foundation on which the future digital economy will be built. In light of this, the network has been working with central banks in the US and UK to build Central Bank Digital Currencies (CDBCs).

Founded in 2015 the platform officially launched in 2018 following a successful ICO earlier that year. July 2020 marks the launch of the world’s first blockchain operating system in July 2020, Version 1.0.

Who Created The Quant Network?

Quant was founded by Gilbert Verdian, a cybersecurity expert who has held government-level positions around the world. These positions include the UK Treasury, the Australian Department of Health, and the US Federal Reserve, and private sector roles at HSBC Bank, Mastercard’s Vocalink, BP, and more. 

With over two decades of experience in the cybersecurity space, Verdian learned the power that blockchain technology holds when it comes to solving a plethora of security problems related to the exchange of digital assets and information on a global level. 

Verdian sits as the chair of the UK Blockchain and Distributed Ledger Technology committee and is a member of the EU’s Blockchain Observatory and the Federal Reserve. 

In 2017, Colin Paterson and Paolo Tasca joined the project as co-founders, each bringing their own impressive experience. Paterson, acting Chief Technology Officer, is a cybersecurity expert having worked with Deutsche Bank and Vocalink and acted as the chief information officer of NSW Ambulance, the CISO of eHealth NSW, and the security lead of the Ministry of Justice, UK, prior to joining the project. 

Tasca, Chief Strategist, serves as the Executive Director of the University College London (UCL) Centre for Blockchain Technologies, Executive Board Member of the DEC Institute, and as Co-Chair of the Hedera Treasury Management and Token Economics Committee.

How Does The Quant Network Work?

The Quant network is centred around the Overledger feature. With Overledger, businesses can connect their preexisting technology infrastructures with a number of blockchain ledgers using an easy-to-use API.

APIs are software that creates or processes requests between two programs, acting as an intermediary. Many online applications rely on APIs, including finance trading software and social media sites.

The Overledger operating system lets developers launch Mapps, which are decentralised applications that work with numerous existing blockchains. Overledger operates in a similar manner to Windows, Android, or Macintosh OS in that it allows applications to run on it. The technology sits between underlying blockchain infrastructure and allows the Mapps to communicate seamlessly with multiple blockchains.

In order to access Overledger and build Mapps on the network, developers are required to hold QNT tokens and use these tokens to pay transaction fees, as well as a fiat-based annual licence. The platform also allows developers to create their own tokens using its QRC-20 token standards (similar to Ethereum ERC-20 tokens) as well as create QRC-20 smart contracts. These functionalities were created in a drag-and-drop style so that anyone with no prior experience can create them.

As an example, a developer within the ecosystem could create a smart contract that incorporates both the Bitcoin and Ethereum networks. The interconnected smart contract could stipulate that Jane will pay Sandy 1 BTC only once Paul has paid Jane 1 ETH.

What Is QNT?

QNT is an ERC-20 token that is used to access the Overledger network and validate transactions on the network. There is a maximum supply of 14.6 million QNT tokens, of which over 80% are in circulation (at the time of writing).

All product users, developers, and gateway operators are required to purchase annual licences, used to maintain platform efficiency. These licence fees are converted to QNT and locked up in the Quant treasury. If a user does not renew their licence, they forfeit their fees, discouraging them from dumping tokens on the market if the price increases.

Transaction fees for using Overledger are paid for in QNT to gateway operators. Since its launch in August 2018, QNT has seen consistent price growth and activity on the network.

Where Can I Get QNT?

You can simply buy / sell QNT through the Tap app, one of the most secure solutions in the crypto space as being a fully regulated crypto fintech. Using a range of cryptocurrencies and fiat currencies on offer, users can exchange any of the supported currencies to build a healthy portfolio that can be safely stored in its unique wallet linked to your account. Find links to download the app from the Tap website.

Since launching in 2017 Tron has taken the world by storm with its blockchain technology-based operating system. Users around the world have flocked to the Tron blockchain network released by the Tron Foundation to create dapps (decentralized apps) and smart contracts, attracting plenty of investors at the same time. 

In a pool of a large number of digital assets, below we explore what Tron is and what it brings to the crypto industry.

What is Tron (TRX)?

The Tron blockchain is a platform on which developers can create dapps, smart contracts and tokens through its delegated Proof-of-Stake (DPoS) model. Initially built on the Ethereum blockchain with an ERC-20 token, in 2018 the Tron protocol moved onto its own blockchain and created the Tron TRX tokens. 

That same year the Tron foundation acquired Bit Torrent, the biggest file-sharing site on the internet. In 2019, the platform launched the Bittorrent token, essentially releasing a second token under the same umbrella company. 

The aim behind the platform was to provide developers with a space in which they can create blockchain-based products, as well as better reward content creators for their efforts. The Tron network allows viewers to directly reward the creators using the TRX token, cutting out the middle-media-man and subsequent losses. 

With a higher TPS (transaction per second) processing capability, Tron establishes itself above its peers. According to the platform, Tron can handle up to 2,000 TPS, a high increase from the likes of Bitcoin’s 6 TPS and Ethereum’s 25 TPS.

Who created the Tron network?

The Tron power concept was created and launched by Tron founder Justin Sun (Sun Yuchen), a two-time recipient of the “30 Under 30” Forbes’ accolade. Before Tron, Sun launched an audio content platform Peiwo and worked as a representative for Ripple where he earned the attention of big investors.

Justin Sun is currently acting as the CEO of the Tron Foundation.

How does the Tron protocol works?

The Tron platform uses a DPoS model and consists of three layers: the core layer, the application layer and the storage layer. 

The Core Layer is responsible for computing instructions written in either Java or Solidity (the programming language Ethereum uses) and sending them to the Tron Virtual Machine which in turn executes the function.

The Application Layer is used by developers and allows them to create apps and wallets compatible with the relevant software and powered by TRX. 

The Storage Layer is designed to divide the state data (the data that maintains the status of smart contracts) and the blockchain data (the data that holds the transactional history).  

Through the DPoS system, 27 “super representatives” on the network take turns to validate the transactions and maintain the blockchain data. These representatives are chosen every 6 hours and when chosen earn TRX for their contributions to the network. 

Users can vote for super representatives and engage in staking by locking their TRX in an account and receiving Tron Power in return. Tron Power can then be used to vote for the super representatives, and when returned to TRX, lose the ability to vote. 

Block creation time on the Tron network is three seconds, with the current block reward set at 32 TRX. 

There are also three different nodes that users are able to operate: witness nodes, full nodes and Solidity nodes. Witness nodes can vote on protocol decisions and propose blocks, full nodes are responsible for broadcasting transactions and blocks to the network while Soliditiy nodes sync the blocks from the full nodes and provide APIs. 

What is TRX?

TRX is the native token to the Tron network. Initially created as an ERC-20 token, when the coin was launched on the Tron network holders of the ERC-20 version were able to swap them out and receive the new version. All ERC-20 tokens were then burnt. 

TRX is needed for using applications on the Tron network, staking, and participating in Tron’s consensus system

How can i buy Tron?

If you’d like to get your hands on TRX you will soon be able do so conveniently through your Tap app. In a recent onboarding of cryptocurrencies, Tap will soon be including TRX in its portfolio, allowing users to easily invest and hold the token through several convenient payment options. 

FAQs

What is the Tron foundation?

The Tron Foundation is a non-profit organization based in Singapore that is responsible for developing and providing software solutions to the Tron ecosystem.

What is Tron power?

Tron Power is an energy/bandwidth rental and investment platform for the Tron community.

What is the TRX supply?

There is no cap on the TRX token supply, at the time of writing the circulating supply of TRX tokens is 92.5 billion.

We are delighted to announce the listing and support of Maker (MKR) on Tap!

MKR is now available for trading on the Tap mobile app. You can now Buy, Sell, Trade or hold MKR for any of the other asset supported on the platform without any pair boundaries. Tap is pair agnostic, meaning you can trade any asset for any other asset without having to worries if a "trading pair" is available.

We believe supporting MKR will provide value to our users. We are looking forward to continue supporting new crypto projects with the aim of providing access to financial power and freedom for all.

MKR, the governance token fueling the network, comes from the same platform that created DAI, the algorithmic stablecoin soft-pegged to the US dollar. MKR serves both the decentralized autonomous organization, MakerDAO, and the software platform, Maker Protocol, both built on the Ethereum blockchain. These two platforms generate DAI and allow users to issue and manage the DAI stablecoin.

MKR is an ERC-20 token and acts as a governance and utility token to the Maker Protocol with no fixed supply. The token gains value as the use of the Maker Protocol increases as the supply is reduced when the Protocol is working effectively and increased when governed poorly. MKR tokens are created or destroyed through surplus auctions and debt auctions.

Get to know more about Maker (MKR) in our dedicated article here.

When learning about paper wallets it's likely that you came across this option nestled safely in the “cold wallet” section in the different types of cryptocurrency wallets. While the popularity of paper wallets has somewhat declined, there are still a strong number of crypto enthusiasts that still appreciate the completely offline storage option. Let's explore what is a paper wallet and whether it's suited to your crypto needs.

What is a paper wallet?

For those needing a recap, a paper wallet is a piece of paper that holds both one’s public and private keys in both alphanumeric form and QR codes. Known as a non-custodial cold storage wallet, paper wallets allow the holders to manage their own private keys and remain entirely offline. A private key is a unique code that grants a user ownership of their wallet and digital funds, akin to a pin code for a bank account.

Creating paper wallets is incredibly simple, and can be completed in a matter of seconds. As a paper wallet "functions" offline, this makes them free from hackers, unlike a software wallet which is operated online. However, the paper wallet still carries its own set of risks in that the piece of paper cannot get damaged or lost.  Many Bitcoin paper wallets have been lost due to the paper fading or the information becoming illegible.

The objective of keeping a paper wallet is to keep the private key safe whether its for a Bitcoin paper wallet or one designed to hold any other cryptocurrency. Each crypto wallet will be designed to store one specific cryptocurrency.

The term Bitcoin wallet is a generic term for any type of crypto wallet, whether a paper wallet, a software wallet or any type of online wallet or hot wallet. The only distinguishing factor is that the digital wallet only holds Bitcoin.

Precautions for using paper wallets

While storing the paper wallet securely in a safe location makes the top of the list here, other precautions to take are listed below:

Quality printer

Always use a good quality printer. Ensure that your paper wallet is printed with a high-quality inkjet printed to ensure that the characters on the paper don’t fade or bleed over time. Should this happen you could lose access to your funds. 

Don’t share private keys

Never share your private keys with anyone. Paper wallets are designed to show the public key QR code on one side and the private key on the other. When sharing your public key with someone be sure not to accidentally share the private key as then they could gain access to your funds. 

Be sure to set up a change address

If you don't set up a change address before sending funds from a paper wallet, the leftover funds will go to waste. A change address is a separate wallet address that picks up the change from a transaction. 

If you have, for example, 100 BTC in your Bitcoin paper wallet and only spend 0.50 BTC, the remaining  99.5 BTC will either be sent to the change address or lost from your own paper wallet entirely. 

Paper wallets are not designed to be used for sending funds, but instead for receiving and storing funds for the long term. Hot wallets (as opposed to paper wallets) are better suited to users looking to frequently send and receive funds. There are plenty of crypto wallets on the market, ensure that you find the most convenient one for you.

Alternatively, funds can be stored in a yield-generating account where your funds can earn interest. Tap offers a wallet of this nature conveniently located on the app, which allows users to hold several crypto and fiat currencies and earn rewards based on each currency. The longer the funds remain there, the higher the yield.

While paper wallets remain offline, there are still risks associated with them. Be sure to adhere to the above precautions in order to keep your funds safe. 

Are paper wallets still relevant?

In the early days of crypto trading, paper wallets were strongly advised due to the offline safety of storing private keys. They began to be popular around the end of 2010 but unfortunately have been on a decline in more recent years as innovation in the industry has picked up momentum. A paper wallet is resistant to online attacks as long as it's made correctly; you can't hack a piece of paper.

In the past, people could create and print paper wallets for their crypto right from their exchange accounts. But now experts believe that hardware wallets are a more secure option, so most major exchanges don't offer this service anymore.

While some die-hard crypto traders still believe in the solid security of paper wallets, there are plenty of more innovative options available on the market today. 

We are delighted to announce the listing and support of Chain (XCN) on Tap!

XCN is now available for trading on the Tap mobile app. You can now Buy, Sell, Trade or hold XCN for any of the other asset supported on the platform without any pair boundaries. Tap is pair agnostic, meaning you can trade any asset for any other asset without having to worries if a "trading pair" is available.

We believe supporting XCN will provide value to our users. We are looking forward to continue supporting new crypto projects with the aim of providing access to financial power and freedom for all.

Founded in 2014, Chain provides organisations with the infrastructure they need to build better financial services from scratch. The Chain token (XCN) is a utility and governance token for the Chain Protocol that allows its holder to vote on protocol improvements and various community-driven programs. XCN can be used for premium access, discounts, and payment of commercial fees on Sequence and other Chain ecosystem products.

Get to learn more about XCN in our dedicated article here.

With rising inflation rates and economic downturns around the world, there's plenty of speculation that we're headed for another global recession. While the media tends to paint the darkest picture, it's always worth being prepared. In this article we're providing five action points you can do now to ensure that your finances remain recession-proof.

The National Bureau of Economic Research defines a recession as “a significant decline in economic activity that is spread across the economy and that lasts more than a few months. It's worth noting that these are a natural part of the economic cycle and are completely unavoidable. The best thing you can do is be educated and prepared with a reliable plan in place to overcome any economic downturn.

According to a study conducted by Empower and Personal Capital, 74% of consumers in the U.S. are concerned over an impending recession. While some analysts believe the recession has already started, Goldman Sachs has predicted there is a 30% chance of one materializing while UBS has forecast "no recession".

Whichever side of the fence you sit on, it can't hurt to be prepared. While it sounds dark and gloomy, we're here to help you prepare for a recession.
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Anxious about an incoming recession?
Here are 5 steps to get yourself recession ready

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1. Try to eradicate debt

The first step of most financial plans, paying off high-interest debt is a valuable practice. The recent increase in interest rates by the Federal Reserve has seen credit card rates rise over 17% for the first time in two years. Analysts are predicting that these interest rates will continue to rise in the coming months. Avoid credit card debt and the high-interest rates associated with them.

If you are carrying high-interest-rate debt, your best port of call would be to strategically manage this, with the intention to pay it off as soon as possible. With recessions oftentimes come job cuts, and if this happens to you paying off your debt now will be a worthy exercise. Known that in times of recession, interest rates will increase.

2. Lessen your expenses

Consider your monthly living expenses and what you spend money on and see where you can make cuts in order to prepare for the "worst case scenario". Consider what would happen if you were to receive a lower salary, if you were to lose your job, or if you were suddenly faced with an emergency (more on emergency savings next).

While these can take place at any stage, having a plan will help you to be prepared should you come face to face with this. Monitoring your monthly expenses is, either way, a great opportunity to stay on top of your finances and improve your financial situation.

3. Establish your emergency savings fund (and bulk it up)

If you haven't already done so, establish an emergency fund. Financial advisors define an emergency fund as three to six months' worth of living expenses. This emergency fund is to be used for unexpected expenses like home repairs, a car issue, a medical emergency etc. This is separate from your retirement account, and acts as a cash cushion should you need it.

As you prepare for a recession, it's advised to bulk up your emergency fund to be at least six months' worth of expenses/salary. This personal budget will act as your financial safety net should you need it, a rainy day fund. For bonus points, try to keep this in interest-generating savings accounts. 

4. Update your resume

In the unfortunate event of losing your job in a recession, it will bode well to build your resume up before the time so that you can immediately start searching for a new job. During recessions, the job-seeking market tends not to favor job seekers so being prepared beforehand may work out to be to your advantage.

Alternatively, if you were considering advancing your education or going back to school, this could be a prime time to do so. This will not only improve your chances of employment in the future but also allow you time to emerge when the job market is more favorable.

5. Stick to long-term investment plans

In times of recessions it might seem tempting to cut back on retirement savings or pull investments, but try to hold strong. These investments are for the long term and will lose significant value if pulled prematurely, especially in the crypto and stock market.

Focus on managing your emotions and consider the long-term benefits. After the recession moves into its next economic phase would you rather have your long-term investment in place, or have to start again? Especially if your investments are linked to a retirement portfolio. For ease of mind, know that historical data proves that a bull market lasts longer than a bear market.

Whether you're invested in crypto, gold, or the stock market, stick to your long-term strategy and don't be tempted to make decisions based on fear, they rarely turn out to be good ones.‍
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Closing thoughts on surviving economic downturn

Recessions tend to carry a lot of fear mongering news, however, did you know that the recession in 2020 only lasted for two months? While they're times of little to no economic growth, they are just as quickly corrected and allow new innovations, services, and economic activity to ignite. Consider it a breeding ground for new opportunities.
Use the time beforehand to prepare for a recession by managing your expenses, freeing yourself from high-interest rates, and building an appropriate savings account to see you through. If in doubt, consider speaking to a financial advisor who can professionally guide you in building a solid financial plan. 



Disclaimer: This article is intended for communication purposes only, you should not consider any such information, opinions or other material as financial advice. This communication should be read in conjunction with Tap’s Terms and Conditions.