The LEOX token is the first public launch worldwide using the Quant Networks QRC-20 standardisation. LCX, the Liechtenstein-based exchange and long-term strategic Quant Network partner, will manage the token sale. Physical asset-backed NFT marketplace Galileo Protocol becomes the first company to use the new QRC-20 token standard. Galileo Protocol QRC-20 LEOX Token Presale is now live on LCX exchange.
“Galileo Protocol is a new web3 marketplace protocol designed for safely and efficiently trading PNFTs. We’re excited about this partnership to issue LEOX tokens. LEOX is a QRC-20 utility token issued on a multichain protocol. I have thoroughly gone through its benefits and believe that Quant Network level security is good for safeguarding your wallet, tokens, non-fungible tokens, and transactions.”
LCX’s CEO Monty Metzger.
Quant Networks much anticipated QRC-20 token standardisation finally comes to market via the Liechtenstein-based exchange LCX. Quant’s Overledger product suite Tokenise facilitates creating and deploying institutional grade QRC-20 and QRC-721 multichain tokens and digital assets. The LCX exchange is the world's first centralised exchange and crypto platform to launch the Quant-based product in the form of a private sale of the LEOX QRC-20 token. The LEOX offering is an essential milestone for Quant Network and the Quant community. Long-term strategic partner LCX will manage the private sale of LEOX, using the new QRC-20 standard. Both entities have a history of collaboration and integration of technologies, with much overlap in values and vision. LCX has established itself as a crypto asset pioneer and focuses on bridging blockchain technology with the finance and banking industries. Physical asset-backed NFT platform Galileo Protocol utilises Quant’s Tokenise to create and deploy QRC-20 LEOX and pNFTs. The LEOX private sale goes live on LCX using the enterprise-grade Token Sale Manager, being the first ever QRC-20 token to do so. According to the roadmap (6), the LEOX sale is to facilitate project funding and community growth. The Galileo Protocol has synergy with Quant Network and LCX, enabling crypto investors to diversify into real-world assets backed by NFTs while being fully regulatory compliant. There is much ideological overlap between the crypto asset trailblazers too. LCX CEO Money Metzger joins the Galileo Protocol team as an official advisor.
Quant Network has recently garnered much attention, partly due to the positive price action of its underlying utility token, QNT. Another reason for being in the spotlight is the new tokenisation product launch, Tokenise.
Described as ‘a suite of smart contract templates’, Tokenise empowers users to create and deploy multichain QRC-20 and QRC-721 standard tokens and smart contracts. The QRC-20/721 standardisation is comparable to the Ethereum native ERC-20 but comes with two primary advantages; token security and interoperability.
The smart contract is the underlying ruleset that creates and manages the token. As such, it is highly susceptible to attacks by malevolent actors. A single point of failure in the smart contract can lead to catastrophic losses for the token issuer and its users. Therefore, the smart contract code has to be rigorously battle-tested via proper auditing and verification.
The auditing and verification process is time-consuming, costly and requires the development team have a profound specialised understanding of the technology. The Quant Network smart contract template suite is a solution to this challenge. All QRC-20 smart contracts have been designed to industry standard specifications and are third-party audited to verify their integrity and security.
The second challenge is interoperability. Unlike the Ethereum-based counterpart ERC-20, the QRC-20 standard is blockchain agnostic. Blockchain agnostic means these tokens can deploy on multiple blockchains whilst behaving identically without re-coding.
Quant Network and LCX have maintained a strategic collaboration since 2019. The working relationship aims to integrate their existing technologies to advance the implementation of Central Bank Digital Currencies (CBDC), retail and wholesale facing stablecoins, and digital asset securities. (3)
“Due to their expertise and technology leadership, Quant plays a key role in global DLT Interoperability. Together we are pursuing the goal of translating this expertise into further growth, using LCX regulatory setup as a basis. In doing so, we hope to define a new industry-leading standard that will open up the advantages of interoperable digital assets.”
Monty C. M. Metzger, CEO and Founder of LCX.com.
Quant Network and LCX share common ground in their vision of the role of distributed ledger technology (DLT) and world finance. In 2019 LCX joined the World Economic Forum’s (WEF) Center for the Fourth Industrial Revolution. The WEF facilitates an open discussion between leaders and policymakers from business, politics, and academia to address the most fundamental economic challenges. The Center for the Fourth Industrial Revolution aims to use science and technology to address these challenges and effect positive change. The Center identified blockchain and distributed ledger technology (DLT) as core technologies that help facilitate the transformation into the ‘Fourth Industrial Revolution.’ (4)
“LCX is aligned with the World Economic Forum to engage in this process and shape the exploration and experimentation of DLT for global financial and monetary systems” says CEO Monty Metzger.
The LCX and WEF partnership looks to establish a framework for how DLT can benefit banking, finance and regulations. In 2019 LCX hosted a special session at the closed-door WEF working group “Central Banks in the Age of Blockchain Technology” in Singapore. In attendance were senior executives of 15 central banks. The discussion centred on addressing potential challenges involving digital currency regulation, international inter-bank settlement, and retail-facing central-bank digital currency, including KYC/AML implications.
Galileo Protocol forms an alliance with LCX for the LEOX QRC-20 private token sale. The Galileo team utilises LCX’s Token Sale Manager (TSM), leveraging its full regulatory-compliant standard blockchain platform. The TSM allows the Galileo team to bring their token sale to market with full assurance of Know Your Customer (KYC)& Anti Money Laundering (AML) compliance per all necessary legal and regulatory obligations. Following the project’s roadmap (6), the LEOX private sale is now live on LCX. The LEOX token can be purchased by investors who are whitelisted using BTC, ETH, USDC, QNT, or EURO (1)
There are notable parallels between Galileo’s tokenisation project and the LCX-affiliated Tiamonds. Tiamonds are digital representations of real-world physical diamonds in NFT form that can function as tradable assets. LCX oversees the regulatory framework and uses its advanced blockchain infrastructure to facilitate the Taimonds marketplace. LCX showcases Tiamonds as a demonstration of the opportunities in tokenising real-world assets. Due to this considerable project overlap, LCX CEO Monty Metzger officially announced his joining the Galileo Protocol board of advisors.
“LCX has consistently prioritised regulatory compliance at a time when the crypto industry is moving into the mainstream. We like their approach and feel they set a good standard for the Galileo Protocol” – Team Galileo.
* Quant and Overledger are registered trademarks of Quant Network Limited