The QuickX Protocol: Why choose it?

The QuickX Protocol: Why choose it?

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The blockchain ecosystem at present suffers from some critical problems like the cost of transactions, time and speed, cross-chain transfer complexity, and scalability. These problems limit the usability of cryptocurrencies and make it unfit for adoption by the masses. QuickX is one such innovate platform that provides effective solutions to these issues. The problems with the existing blockchain system are discussed below in brief.

Challenges in the Blockchain Ecosystem

Cost of Transactions

Each node in the blockchain system offers computer processing power to service the network, and the services provided by the nodes need to be compensated in cryptocurrency. This results in transaction fees. Although this cost is comparatively lower than the traditional banking systems, the amount can still be high given the urgency of a transaction or the type of blockchain.

Problem of Scalability

Second major and critical problem with the blockchain systems is the issue of scalability. Each node on the system is required to process every transaction and needs to possess and maintain a copy of the entire ledger. Therefore, each node on the blockchain needs to keep increasing its computing power. After a certain amount of time, adding more physical server computers at each node become impractical.

Time and Speed

Each transaction on the blockchain is recorded in the form of blocks. Now the problem with most of the blockchains is that they have a limited block size and a certain amount of time is required to generate a block. For example, Ethereum takes 10 to 19 seconds to generate a block while Bitcoin takes up to 10 minutes. Because of this, Ethereum can process 20 transactions per second while Bitcoin processes only 7 in a second. However, the traditional systems are faster. Paypal processes 193 transactions a second and Visa can manage up to 56,000 transactions every second.

Cross-Chain Transfers

Transferring the amount between two different chains is a complicated process. If a person with assets in Bitcoin wants to send them to a person who has assets in Ethereum, he first has to transfer the amount to a wallet that supports it and only then it could be transferred to the receiver. This process is time consuming, complex, costly.

The QuickX Protocol

The above problems give rise to the need for a protocol that will effectively solve them. This is where QuickX protocol comes into the picture. Developed with an aim to solve the problems outlined above, QuickX a decentralized platform that uses off-chain transactions and pooling facilitators to solve the issues. The protocol puts the cryptocurrency into practical usage, thereby making it appealing to the masses. QuickX is a cheaper alternative for people to use cryptocurrencies to buy goods and services.

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Working of QuickX

Presently, for a user to transfer cryptocurrency, they have to wait until the transaction is approved by the blockchain. QuickX solves this problem of time by introducing off-chain transaction network. Previously, each transaction in the process of transfer was registered on the blockchain. But in QuickX, there is a decentralized off-chain network that allows instant transfer between two people, and only once the complete transaction has taken place, it is registered on the blockchain. This also solves the issue of scalability to a large extent. Off-chain order books are maintained by the transaction facilitators which keep the record of every transaction that takes place off the chain.

Why choose QuickX?

All the necessary liquidity provided by the QuickX is due to its pooling facilitators, which are responsible for enabling instant interconnection among blockchain protocols. QuickX has the ability to make a cross-chain transaction using these pooling facilitators. A competitive analysis has suggested following advantages of QuickX:
QuickX will reduce the transaction costs to a large extent and it is possible that in the future this cost may become almost zero.
The transaction takes place in almost an instant regardless of the amount involved.
A single user can hold multiple cryptocurrencies and make swaps at any time.
It provides investment opportunity to pooling facilitators as they can invest in QuickX. The cost of operation is almost negligible. QuickX has the potential to expand globally with having to be present physically.

Applications of QuickX that make it stand out

Payment Gateway

Interestingly, QuickX offers payment gateway for merchants and it can be used to accept the payment from customers in the form of cryptocurrencies just akin to the traditional payment gateways. This allows the merchants to expand their reach. QuickX supports the payment gateway through proper tools and technical guidance. The key features of it are:

  • A secure and anti-fraud mechanism
  • Direct deposits using fiat currencies
  • Zero chargeback
  • User-friendly process
  • Cryptocurrency Swap

The QuickX protocol provides support for swapping of cryptocurrencies and charges negligible fees for it. That means that it allows the users to convert ETH to Bitcoins or vice-versa at market rates instantaneously. Also, it offers a higher level of liquidity and most competitive rates for swapping as compared to the market.

Multicurrency Wallet

The protocol offers a multicurrency wallet that supports both fiat currencies and cryptocurrencies. A user can access this wallet through a mobile app and web browsers. The Android version of this app is in the testing phase currently.
Moreover, it allows the user to exchange funds in extra-fast and secure manner. The wallet is securely linked to the debit card. Users will be able to use the value of their crypto assets in the fiat currencies through this wallet.

Multicurrency Debit Card

QuickX provides a crypto-debit card that allows the users to spend their money invested in the cryptocurrencies. This debit card can be used just like the traditional debit cards. The crypto-debit card is a physical entity and can be used internationally. It has a real-time instant processing and supports over 10 cryptocurrencies. It can also be used to make ATM withdrawals in the form if fiat currencies.

QuickX is an innovative solution to the existing problems in the blockchain and provides seamless services like the traditional electronic transfer systems. Since it solves all major issues in the blockchain, it becomes a must-have for any person who holds crypto assets.

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