Turbo Charge Blockchain with QuickX

Turbo Charge Blockchain with QuickX

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One of the great limitations of cryptocurrencies is that blockchain protocols put an upper limit on transactions. This speed limitation creates a barrier to wider cryptocurrency adoption. People don’t like to wait around for their money, no matter the platform being used. Although the advantages of cryptocurrencies are numerous, transaction speed is not one of them. If you use Bitcoin you’ll already know that transaction times are typically around 10 minutes, but this can increase to an hour or more at busy times.
At present, there is a great deal of difficulty improving these networks as that would require everybody agreeing to a change in the way the system operates. This is commonly known as a hard fork. Getting all of the necessary movers and shakers in the cryptosphere to agree to the same change at the same time is like trying to herd cats.

Time is Money

We already know that transfers on the blockchain are too slow. Occasionally the network will grind to a complete halt. Bitcoin takes around 10 minutes to complete a transaction, settling 7 transactions a second. Ethereum is almost three times faster than Bitcoin executing 20 transactions a second. Compare that to Paypal which manages to process 193 payments a second.
Visa, the credit card company, is currently capable of completing 56,000 transactions per second. Those same 56,000 transactions on the blockchain would take Bitcoin over two hours to complete – two hours and thirteen minutes to be precise. On their own, Bitcoin, Ethereum and other cryptocurrencies offer no immediate solution to this problem, there is no in-house fix. The labored intransigence of the existing networks will severely limit the usefulness of cryptocurrency in the future.

Enter QuickX

It is clear then that a solution is needed to level the playing field between old and new money. QuickX is just such a system. QuickX will allow thousands of transactions a second by building a decentralized platform which improves the cost, scalability speed and best of all: inter-blockchain transactions with negligible fees!
By utilizing off-chain pooling facilitators, QuickX will overcome the current limitations faced by cryptocurrencies. The pooling facilitators act as payment hubs on individual transactions which makes instant payments possible. This won’t just lower the barriers to cryptocurrency adoption, but blast right through them.

The Future

The mainstream adoption of cryptocurrencies will never occur with current transaction speeds. The current rate of transactions will always be limited by the slowest node on the blockchain. The longer-term success of Bitcoin, Ethereum, and all other cryptocurrencies depends on widespread adoption. This will only be possible if transaction rates can be dramatically improved. QuickX is that very solution: a safe and secure platform which will speed up cryptocurrency payments and allow them to go toe-to-toe with old money. It’s time for the future of money to step up and be counted and with QuickX, it finally can be.