Quant Network Selected by the BIS and BOE to be a Tech Provider for Project Rosalind
🏆 Quant, a UK FinTech startup (founded 2018) creating the foundation of the blockchain economy, was selected by the Bank for International Settlements — BIS and Bank of England to be a main partner and tech provider for Project Rosalind — which just concluded and was deemed a great success! The final report highlights over 30 successful Interoperability use-cases, connecting Blockchains to Real-time Gross Settlement (RTGS) systems.
🥇 This marks the first comprehensive demonstration by a Central Bank, showing the successful integration of an Application Programming Interface (API-Layer) agnostic interoperability protocol with legacy banking networks. Moreover, Quant’s patented API gateway method of interoperability (Overledger) received endorsement from the BIS, praised for its scalability compared to other networking methods that were causing bottlenecks in production.
This all sounds a bit Giga-Brain off first glance, and you might not even care what central banks are up to; bare with me though, and I’ll easily explain why THIS IS A BIG DEAL … let’s talk about video gaming for a sec.
Xbox or PS5? Doesn’t Matter Now, We Both Connect
I have an Xbox Series X, you’ve got a PS5, and that random dude over there wearing a cosplay Mario outfit clearly has a Nintendo Switch.
Picture each of us in our own worlds; I’m playing Halo only available to Xbox users, while you’re playing The Last of Us only available to Playstation users (both games legendary btw).
For the longest time, this was the case; endless debates about which console is better and why, usually revolving around the specific games available on specific consoles. That’s all beginning to change now with Cross-Platform Gaming becoming the new norm.
Cross-Platform Gaming Basically = “Interoperability”
Except … for the big shots spread across the world running central banks, it’s less about being able to play the same video games together, and more about creating an internet for money to send new forms of digital currencies back and forth to each other, no matter the network.
Xbox, PS5, Gamecube, Atari, Turbo-Saturn 3000, doesn’t matter, we can all communicate and conduct the same business — thanks to interoperability.
Project Rosalind’s goal was to test if Quant’s “Overledger” could help different banking networks to talk to each other better and faster. And guess what? It worked.
They connected different types of networks, even ones using blockchain (super secure, compared to traditional banking systems)
This is the first time a Central Bank — which is like the big boss of all other banks in a country — has shown that this can work. It’s like if the boss of all gaming companies showed that every single video gaming console can now connect with each other to allow anyone to play any games together.
More About Project Rosalind …
💡 Contrary to assumptions that big banks were ignoring Cross-Chain Delivery versus Payment, it turns out they have been actively integrating Blockchain directly with RTGS via API gateways.
The potential impact of this move is enormous
🔗 They managed to transfer value from both Token-based and Account-based systems, tackling the most challenging issue in interoperability: linking private wholesale banking networks to public retail networks like mobile wallets.
💎 Quant’s achievement is highly commendable; behemoths like Barclays, Mastercard, and Amazon, who all have decades of experience running critical transactional networks, were part of Project Rosalind, and were clearly able to see how a startup like Quant can play ball with the giants.
Global CBDC Tracker
🌐 More than 120 countries, representing over 95 percent of global GDP, are exploring a CBDC and will continue to experiment with integrating RTGS, API Gateways, and Blockchain functionalities, with Quant at the forefront.
