How blockchain is changing the status quo

How blockchain is changing the status quo

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Banks act as intermediaries between depositors and lenders, enable payments, and provide safety for depositor funds. There are several elements (such as scalability & easy access) which make banks the trusted backbone of the economy. At the same time, the emergence of the cryptocurrency ecosystem has brought a credible alternative that can supplement, if not threaten, the traditional banking industry.

The Strengths of Traditional Banking
The ubiquitous nature of the banking infrastructure along with its capacity to handle scale is its defining strengths. The ease of sending and receiving payments through various banking instruments (e.g. debit cards, cheques, wire transfers etc.) is another noteworthy characteristic.
The system itself acts as an interconnected network of different banks, making it possible to send and receive payments locally or globally. This is arguably its greatest asset and strength.

Where Cryptocurrencies Have the Edge

The removal of a centralized intermediary has been expected to bring the benefits of lower transaction fees and faster processing. Moreover, decentralized architecture is considered more secure with no single point of failure.
Cryptocurrencies allow for easier global payment transfers in several noted countries with extremely restrictive international banking access. The various risks associated with the banking system, such as credit risk, liquidity risk, interest rate risk etc., are not present in the cryptocurrency ecosystem.

Where Crypto Falls Short

The rise in transaction volumes has led to a dramatic increase in transaction fees and transfer times. Scalability is a major hurdle as Ethereum creator Vitalik Buterin mentions: “scalability progress has become an urgent need.” Lack of easy interoperability between different cryptocurrencies is a major obstacle to ease of usage and subsequent mass adoption.
Scalability and interoperability are areas where traditional banking infrastructure has a definite advantage over cryptocurrencies. A new technology, named QuickX, has the potential to address these gaps and thereby adding significant momentum to the crypto-asset juggernaut.

QuickX Transforms the Cryptocurrency Ecosystem

QuickX allows different blockchains to connect with each other using an off-the-chain mechanism through use of the concept of pooling facilitators. Pooling facilitators are investors who provide liquidity to the system and thereby facilitate off-the-chain transactions between sender and receiver.
QuickX essentially creates a larger, interconnected network of blockchains by creating payment hubs in the form of these pooling facilitators. Since most of the transactions happen off-the-chain within this system, it leads to significant reduction in transaction fees and time taken. Off-the-chain transactions lead to enhanced scalability and easy interoperability between different blockchains as well.
The QuickX solution entails a multi-currency crypto debit card, wallet, an option to easily exchange cryptocurrencies, and a payment gateway feature for businesses.
Finally, QuickX combines the best of the decentralized crypto-asset world with the strengths of the banking system (secure, global, interconnected), while introducing unparalleled levels of rock-bottom transaction fees and swift transaction times.