Advantages of QuickX Protocol

Advantages of QuickX Protocol

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Advantages of QuickX Protocol

Blockchain has emerged as a highly viable alternative to the traditional banking system. Although it is unlikely that it may replace the existing banking system, it sure is a great threat to it. Cryptocurrency is in its initial stage as of now with future holding endless possibilities and potential for it. The blockchain ecosystem is in a phase where it is focusing on the challenges on the way and developers are keen on making it fit for adoption by masses. High transaction cost, scalability issue, and slow speed of the blockchain are keeping it from being extensively used by the people.

The creators of QuickX designed it with an aim to solve the challenges being faced by the blockchain. And, it can be rightly said that the proposed QuickX protocol successfully solves the problem of cost, time, and scalability. Before it was created, an extensive analysis of the existing protocols was done. The protocol was carefully designed to target the problems in the previous protocols and provide solutions. QuickX works using off-chain transaction through the decentralized platform. It can be used very easily for C2C, B2C, and B2B transactions.

The advantages of using QuickX Protocol are listed below.

 

  • Low transaction and operating costs

 

As mentioned above, QuickX works through a decentralized platform. The algorithm behind the protocol uses the least cost option by default. Existing protocols charge users for every step in the transaction since it is registered on the chain. The charges are lower as compared to the traditional banking systems but the amount can still be huge depending on the urgency of the transaction, and the blockchain type.

However, in QuickX, everything until the final settlement of the transaction is registered off the chain. Once the transaction has successfully taken place, only then it is registered on the network. Therefore, the transaction costs are low. The cost is, further, expected to reduce over the time when more pooling facilitators will join QuickX. The creators expect that the transaction costs may even become zero after a certain amount of time.

 

  • Seamless transactions instantaneously

 

Since the transactions here take place off-chain and are only registered on the chain once the final settlement has occurred, it largely reduces the time taken for a transaction. The transaction in QuickX occurs almost instantaneously. Bitcoin is known to take about 10 minutes to generate a block and therefore, can process only 07 transactions per second. Comparatively, the traditional electronic transfer systems like Paypal can manage 193 transactions every second. Visa, interestingly, manages nearly 56,000 transactions per second.

Also, because every step in the transaction is not written in the blocks on-chain, it also solves the problem of scalability. Otherwise, it is impractical to increase the capacity of the nodes by adding more physical servers beyond a point.

 

  • Offers multicurrency wallet and debit card

 

Secure storage of cryptocurrencies is provided by QuickX through a multicurrency wallet. The wallet supports fiat currencies and up to 10 cryptocurrencies. It is readily accessible through browsers and mobile apps. The users can use the wallet to send and receive funds in a fast and secure way. The wallet is also linked to QuickX crypto debit card and any transactions made through the debit card will reflect in real time in the wallet. It will also show you the value of your crypto assets in fiat currencies like USD, Euro, etc.

The QuickX debit card is a physical entity that can be used globally to make the transactions. It can be used to spend the cryptocurrencies like normal currencies on the go for daily expenditures. Further, it can also be used to make ATM withdrawals.

 

  • Payment gateway option to benefit merchants

 

The QuickX protocol offers a payment gateway that will help the merchants to receive money from the users in the form of cryptocurrencies. The provision of payment gateway will allow the merchants to expand their reach to the people who wish to pay using cryptocurrencies. The tools and technical guidance is offered by the QuickX to help integrate and customize the payment gateway with widely used e-commerce platforms. The gateway is expected to support nearly 10 cryptocurrencies. The merchants will have an option to withdraw the crypto assets directly into bank accounts in fiat currencies. It employs highly secure and anti-fraud mechanism, and the checkout process is quite user-friendly.

 

  • Opportunity for investment

 

The much-needed liquidity in the QuickX is provided by the pooling facilitators. Anyone with enough liquidity reserve can become a pooling facilitator. Therefore, pooling facilitation opportunity offered by QuickX is a good investment chance. Large-scale investors can benefit by lending money to the analyst team and earn profits. The operational costs for pooling facilitators are almost zero and they are paid for every transaction.

 

  • Potential to offer new services

 

Just like the internet is expanding its horizons and has come a long way since its inception, QuickX can also be the basis for a lot of innovation in the future. The protocol can be used to offer advantages that seem impossible at present.

 

  • Highly secure platform

 

The QuickX protocol is a highly secure platform. All the transactions are carried out with the help of pooling facilitators through a decentralized platform. The core technology is blockchain and the users are in control of their assets through private keys. The off-chain transaction record is also maintained by transaction facilitators in an order book.

 

  • Ability to expand globally

 

The protocol has the potential to expand globally without having to be present physically and therefore, opens doors to new possibilities.

With so many advantages to offer and ability to solve all the existing problems in the blockchain, QuickX becomes a must have for all blockchain protocols. Integration with QuickX is likely to widen the range of business opportunities. It is also a must-have for all crypto-assets holders and merchants who accept cryptocurrency payments. Its ability to connect the isolated blockchains is a solution that was awaited in the crypto world since a really long time. QuickX makes the cryptocurrencies suitable for use in day-to-day transactions.