What is Quant?

Engineering puzzles ultimately have one solution.  Engineering works are immutable by nature. Engineering works are difficult to accomplish yet simple to verify.  Large projects require separation of responsibility and chronological verification. Moreover, the practice of engineering can be readily modeled as a “chain of interdependent blocks” resulting in complex structures, processes, or project delivery systems upon which society depends. Engineering is the perfect application for Blockchain technology.

[Note: QUANT is the cryptocurrency of the Integrated Engineering Blockchain Consortium (IEBC) with first issue and copyright on December 15, 2015 on the Bitshares blockchain and should not be confused with tokens of a similar name. QUANT is novel among digital tokens for representing value intrinsic to the ingenuity of people.]

Proof of Stake in a Community of Peers

Quant is a cryptographic token generated by a series of claims and verifications submitted by engineers in a delegated proof-of-stake algorithm.  The engineer receives Quant for making a claim about their skills, methods, techniques, education, experience, etc.  One or more other engineers in the network who also receive Quant for their review of the claimant must then validate these claims. Claimant and verifier then become permanently linked to each other in a decentralized network.  As such, some discretion is advised.

Managed with Game Mechanics

Over time, each engineer would accumulate a series of claims and verifications forming their individual record of transactions memorialized on the Blockchain. Transaction records serve as a unique encrypted identifier, public/private key set, and highly granular certification system for individual engineers, all stamped in chronological time. As a result, the engineer would have an incentive to cultivate a career transaction record that best reflects their interests, capabilities, and natural proclivity. In other words, the engineer would own their information like property and most likely cultivate it in an entrepreneurial fashion reflecting highest integrity, morality, and ethics. The career objective would be to accumulate a strong and diverse network of colleagues in order to avoid incomplete claims (a condition where a non-verified claim is registered to the Blockchain)

The Engineering Body of Knowledge

In aggregate, the compilation of all transactions in the network constitutes the body of knowledge for the engineering professions.  The decentralized database will have very high utility in predictive analysis, financial projection, risk mitigation, artificial intelligence, Internet of Things, and every manner of derivative Blockchain applications.

A Percentile Search Engine

This simple process motivates engineers of all disciplines to collaborate closely among each other to validate work, check each other’s proficiency, mitigate network risk exposures, and populate a decentralized database of codified engineering knowledge. Unlike other knowledge management systems that attempt to capture knowledge in written form or within a centralized semantic ontology, the decentralized database will serve as a percentile search engine that identifies relevant embodied knowledge and provides the probability of executing the corresponding query.

Who Cares what Engineers think?

Banks and Insurance companies who anticipate the future need for engineers to validate collateral on securities or to mitigate physical risk, would be likely to hold Quant in order to assure timely access to validated engineering solutions.  As the value of Quant increases, more engineers will seek to populate the decentralized database and increase their stake in the network.  Quant is therefore not a speculative instrument in itself, rather, the Quant will appreciate by network effects as the decentralized database becomes more comprehensive and essential to the normal operations of  global infrastructure.

Conclusion

The only way to create Quant is to build, maintain, and renovate the critical infrastructure upon which society depends. Now, that is something that everyone can agree on.