How Applicable is QuickX Protocol Decentralized Platform

How Applicable is QuickX Protocol Decentralized Platform

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Backed by research and innovation QuickX is a decentralized platform that offers effective solutions to the existing problems in the blockchain ecosystem. Currently, the all the blockchains are facing problems of scalability, high transaction cost, low speed, and complex cross-chain transfers. QuickX protocol Decentralized Platform targets these issues and provides effective solutions. Use of QuickX protocol makes the cryptocurrencies suitable for adoption by masses and solves some major issues being faced by the enterprises. It promises seamless and instant transfer of cryptocurrencies between two parties just like the popular electronic transfer mechanisms.

How QuickX tackles the problems in the blockchain?

QuickX Decentralized Platform relies on off-chain transactions to solve the problems of cost, time, and scalability. The backbone of the protocol is pooling facilitators. It proposes a backend exchange and aims to provide payment API’s that will convert the users’ cryptocurrencies in a very secure manner. This effectively changes the status of cryptocurrency to real spendable money that is usable by the people. In simple words, the QuickX Decentralized Platform protocol will help the people to use their assets in the form of cryptocurrency for their daily expenditures. Here’s how cryptocurrencies exchange occurs under QuickX:

  • An open channel or a ‘common fund’ is created between two users who wish to exchange cryptocurrencies.
  • This channel is maintained off the chain. Both the users insert their money into this channel.
  • Now, at both ends, the users send and receive money from this channel.
  • By the time the transaction is complete; both parties have the crypto assets in their desired cryptocurrency.
  • Only once the transaction is complete, it is registered on-chain.

Role of Off-chain transactions and Pool Facilitators

The transaction process outlined above takes place almost in an instant like it happens in the traditional systems. The process is off-chain and not every single step that takes place in the transaction is registered on the blockchain. Only once the final transaction has settled, it is registered. This effectively solves the problems of scalability, cost, and speed.

The record of the off-chain transaction is maintained by transaction facilitators at a negligible fee. Pooling facilitators are responsible for providing the much-needed liquidity to the system. Their function is to enable an instant interconnection among the different blockchain protocols. A pooling facilitator in the liquidity pool is able to make transactions for the users and if needed, can also ask for a loan from another polling facilitator within the pool.

Components and Applications of QuickX

Components and Applications of QuickX-12-01
Components and Applications of QuickX

 

  • Multicurrency Wallet

 

QuickX offers a multi-currency wallet that provides secure storage for cryptocurrencies. Interestingly, the QuickX wallet supports the fiat currencies as well as cryptocurrencies. Accessible from the mobile app and browser, the wallet can be used to make payments.

The Android version of the app has been developed and is in testing phase as of now. Users can use this wallet to send and receive money. It has a user-friendly interface and performs transactions in a very secure manner. It is linked to the debit card also. Any transaction that is performed using the debit card also reflects in the wallet in the real time. Moreover, the user is able to see the value of their crypto assets in fiat currencies like the dollar, euro, etc. It charges an almost negligible fee for the transactions.

 

  • Multicurrency Debit Card

 

The crypto-debit card offered by QuickX allows the user to spend their money invested in various cryptocurrencies on the go. The user is able to use this debit card without any problem just like the normal debit cards. The QuickX crypto-debit card is a physical entity that can be used online and offline globally to make the transactions using the cryptocurrencies.

The QuickX debit card has already been used to execute transaction worth more than USD 100,000. The debit card is being made ready to make transactions of all kinds in order to make it useful globally and is undergoing robust testing at present. It supports over 10 cryptocurrencies as of now and has 24/7 real-time processing. It can also be used to make ATM withdrawals and offers 2% cashback for loyal customers.

 

 

The QuickX protocol also offers a payment gateway that can be used by the merchants to accept the payments in the form of cryptocurrencies. This is similar to the traditional payment gateways. It will help the merchants to increase their reach to people who wish to make payments in the form of cryptocurrencies.

Tools and technical guidance is given by QuickX to help integrate the payment gateway with all popular e-commerce platforms. At launch, it is expected to support 10 cryptocurrencies and the number will rise with time. The money received is reflected in real time in merchant’s wallet. Also, it provides the option of withdrawing the money in the form of fiat currencies into bank accounts or converting it into some other cryptocurrency. The gateway is made secure by highly secure and anti-fraud mechanisms. It also boasts of zero chargeback and user-friendly checkout process.

 

  • Swapping of Cryptocurrencies

 

Cryptocurrency swapping has also been made easy by QuickX. A negligible fee is charged for the process and it takes places instantaneously. This allows users to their crypto assets from cryptocurrency A to B hassle-free. Due to high liquidity and presence of pooling facilitators, QuickX offers most competitive rates of conversion while swapping the cryptocurrencies. All the cryptocurrencies supported by the debit card are available for swapping.

Why is the application of QuickX a must for all cryptocurrency holders?

The QuickX protocol’s compatibility with different blockchains allows better cross-chain communication and greatly increases the interoperability of different wallets. With growth, it is natural that merchants will be more open to accepting payments in the form of cryptocurrencies and QuickX is an ideal solution for this. Also, it can be used to send and receive money from different users and this particular segment is expected to use it the most. It provides the users with an opportunity to make investments and become pooling facilitators. Also, people interested in providing transaction support can become transaction facilitators. An extensive analysis of the protocols that exist already was conducted before the inception of QuickX and it specifically targets the limitations of the existing protocols.

 

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