Quick Protocol Finding a Durable Solution for Cross-Chain Transactions

Quick Protocol Finding a Durable Solution for Cross-Chain Transactions

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Cross-chain transactions are basically transactions from a blockchain of one type of cryptocurrency to a blockchain of another type of cryptocurrency.

Different blockchains have different protocols. Traditionally when someone who has assets in a bitcoin blockchain wants to transfer to someone who has assets in a litecoin blockchain, he would first have to convert his assets to litecoin assets. Not only is this process tedious it is also time-consuming and costly

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Cross-Chain Issues

The cost of transactions and the time it takes to finish a single transaction, which goes up to several seconds in some blockchains, are just but a few of the many problems facing blockchains.

This problem becomes even more complex when you are doing transactions from one blockchain to another.

The cost of transactions usually rises because of the miners who perform transactions on behalf of investors. The irony of this is that the reason why bitcoin was created in the first place was to create a new currency which did not involve any monetary institutions and to avoid unnecessary interchange fees.

For cryptocurrencies to survive they must solve the problem of cross-chain transactions. The aim is that cryptocurrencies will fulfill the reason why they were created.

The Benefits of Cross-Chain Transactions

Cross-chain transactions give the advantage of improved privacy. With cross-chain transactions, the trading fees will greatly come down. They also tackle the issue of time spent per transaction.

Blockchain developers have for some time now been thinking of ways to salvage the situation. Recently steps were made and the first ‘atomic swaps’ (exchanging one cryptocurrency for another without a third party) between bitcoin and litecoin were successfully completed.

This improvement shows that things have started moving in the right direction. Atomic swaps make it easy for transactions to be conducted in a trustless manner and they also ensure that the outcome of the transactions are either that they go through or they don’t (reducing the double-spend risk).

However hopeful we are, there are some hurdles on the individual blockchains. This might mean that we’ll have to stay for a little longer before atomic swaps become consistent.

Cross-Chain Transactions, QuickX and Pooling Facilitators

Technologies like bitcoin’s lightning network and ethereum’s raiden network are still under construction. Individual blockchains are also still solving problems like scalability. It might be a while before it’s all systems go.

This is where QuickX technology saves the day. QuickX solves problems like those of scalability, time and cost by building a decentralized platform. This transactions are done off the chain for the same blockchain assets by having pooling facilitators.

Pooling facilitators input the necessary liquidity into the ecosystem while facilitating the cross-chain instant funds transfer. This is actually the framework of QuickX interoperability.

Pooling facilitators can make transactions for other users and can ask for a loan from any other pooling facilitator.

What QuickX aims to do is to solve issues and offer solutions like: low costs for users, instant transactions, multi-cryptocurrencies usage, investment opportunities, almost zero operating costs, a global market, trust, security and total control.

With all these challenges solved, the crypto-market will continue to grow and the best thing is that it would be all-inclusive.

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