When something new appears to revolutionize the existing system, it always takes a long way to global adoption. Bitcoin was not an exception. It is hardly surprising that governments around the world were suspicious of the new decentralized blockchain technology.
It’s capacity for disrupting existing structures, whether financial, governmental or societal, was seen as a threat by some establishment figures. However, Bitcoin survived, and despite some hiccups, is still going strong in 2018, with countless cryptocurrency projects and their token sales following in its wake.
The blockchain world was, by definition, anti-establishment in outlook, and at least some of this attitude remains, despite shifting perceptions and increasing acceptance of the technology. That is why the fact that blockchain project QuickX is backed by a former cabinet minister of Malta, John Dalli, still sounds surprising.
QuickX represents itself an Ethereum-based cryptocurrency platform that makes use of off-chain transactions to increase speed and efficiency. QuickX’s feature set boasts a multicurrency wallet, a multicurrency debit card, a cryptocurrency exchange option, and a payment gateway based on the QuickX Protocol.
QuickX aims to solve 4 key problems that are hampering the process of bringing blockchain technology into the mainstream – time and speed, transaction costs, scalability and cross-chain transactions. In doing this, the developers hope to offer users secure and instant cryptocurrency transfers without high network fees.
Blockchain transactions take a long time and are slow to record, due to transparency and security issues. The QuickX protocol solves this by making use of pooling liquidators. These provide liquidity and process most of the transactions off the chain, saving time and accelerating transaction speeds.
Prohibitively high transaction costs are a problem with the Bitcoin blockchain, in particular for small amounts. The QuickX protocol is geared towards reducing transaction costs at scale to almost zero.
According to the developers, the QuickX protocol solves the scalability issue common to most blockchains and makes transactions highly frictionless, with the result that a greater number of transactions can be processed per second.
QuickX aims to simplify the process of converting one cryptocurrency into another by making it an instant one-click affair via its app, as well as offering users highly competitive exchange rates.
The company behind QuickX is Secugenius, which describes itself as “an innovative information security services and solution provider organization”. The QuickX team is headed by the Adhlakha brothers, who have a background in cybersecurity and have assisted companies, such as Vodafone and Comviva, with their data security needs. According to the developers, the team is a mix of blockchain technology experts and prominent individuals from the business world.
QuickX seeks to improve and streamline the process of conducting transactions on a decentralized platform in a number of ways, from its use of off-chain transactions to speed things along, to effortless conversion of cryptocurrencies, with the longer-term goal of raising the profile of its platform and making further inroads into the area of traditional banking systems.