Competitive Analysis and Applications of QuickX

Competitive Analysis and Applications of QuickX

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The creators of QuickX designed it with an aim to make the cryptocurrency viable for the usage in day-to-day transactions by removing the major limitations of it. The current major problems faced by the blockchain ecosystem are the problems of scalability, cross-chain transfer complexity, time, and transaction cost. The QuickX protocol solves them all.

Competitive Analysis and Inception of QuickX

Before QuickX was designed, an extensive competitive analysis was carried out of all the existing protocols and propositions. Their characteristics were noted and then, the QuickX was developed to target the weak points in the protocols. The other competitors of QuickX proposed decentralized exchange and on-chain services along with facilities like reserve pool and reserve contributors and system components like wallet, smart contract, operator dashboard, and reserve manager portal.

QuickX goes a step further with the provision of system components like a debit card, pooling facilitators, multicurrency support and easy cryptocurrency swap. As compared to other competitors like Kyber Network, QuickX has advantages like provision for on-chain and off-chain transactions. Off-chain transactions solve the problem of scalability and transaction cost. Also, QuickX has a better speed and cross-chain interoperability in comparison to its competitors and is also highly secure.

Applications of QuickX

 

 

The payment gateway by QuickX is of great benefit to the merchants as it will allow them to expand their reach to people who want to make payments in cryptocurrency. This is just like the commonly used payment gateways. QuickX offers tools and guidance to integrate these gateways with the popular e-commerce platforms. Further, the money received by the merchant will reflect in their wallet in real time. They can also withdraw the money in the form of fiat currencies in their bank accounts. The gateway is highly secure and deploys anti-fraud mechanism.

 

  • Multicurrency Debit Card and Wallet

 

The QuickX debit card and wallet provide a secure way to store cryptocurrencies and use them like fiat currencies. The wallet supports cryptocurrencies and fiat currencies. Any transaction through the debit card is also reflected in the wallet in the real time. The wallet shows the value of your crypto assets in fiat currencies and lets you use it on the go. The debit card is a physical entity and can be used worldwide. It can also be used to make ATM withdrawals.

 

  • Cryptocurrency Swap

 

Swapping your cryptocurrency has never been easier. With negligible fee charged for the process, the swap takes place almost in an instant. Due to high liquidity reserve offered by the pooling facilitators, QuickX provides most competitive rates of conversion.

QuickX protocol is compatible with multiple blockchains and provides better interoperability. The concept is relatively new and is expected to grow over the time. It is expected to attract a large number of users and merchants. According to an analysis, the feature of sending and receiving money will attract the most users as this transfer is made possible between different blockchains by QuickX. Inter-blockchain communication was long awaited and will find a wide range of applications in the crypto world.

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Homepage: http://QuickX.io
Facebook: https://facebook.com/quickxprotocol
Twitter: https://twitter.com/quickxprotocol
Medium: https://medium.com/quickxprotocol
Reddit: https://www.reddit.com/r/QuickX/
Telegram: https://t.me/quickxprotocol
Whitepaper: https://quickx.io/whitepaper/QuickXProtocolv1.7.pdf