Bitcoin and almost every cryptocurrency to follow ever since, was anti establishment, and most governments took a cautious stance against them. Every crowdsale ever since has been under the scrutiny of a regulatory body. And yet, here’s a Token Sale, that is backed by a recently former cabinet minister of Malta.
The project is QuickX and the politician is the former finance minister of Malta, John Dalli.
The Idea – Crypto for All
QuickX is aimed at solving 4 key problems to bring cryptocurrencies in real life usage:
- Time and Speed – Today, a blockchain purchase needs 3-6 confirmations for a transaction to go through. This ensures high transparency and higher security, but it comes at the cost of time and speed of transactions. This is solved by the QuickX protocol. Akin to the lightning network, the QuickX protocol uses pooling facilitators, who provide liquidity into blockchain and take the bulk of the transactions off chain. This greatly decreases time and increases speed of transactions.
- Transaction costs – One of the biggest advantages of cryptocurrencies was that it would be a singular global currency, without the hassle of exchange rates. However, at its peak, the transacting on the bitcoin blockchain became very expensive, especially for small amounts. Using the QuickX protocol, the company aims to bring near 0 transaction costs at scale, across blockchains.
- Scalability – The protocol make transactions tremendously frictionless, thereby allowing for higher transactions per second.
- Cross Chain Transactions – Today, converting one currency to another is a multiple step process. However, unlike traditional crypto exchanges, QuickX makes the swap at the click of a button on the app. With a higher level of liquidity through the decentralized pooling facilitators, QuickX aims to offer the most competitive rates in the market for swapping cryptocurrencies.
Despite this being an off chain solution, all transactions are still recorded on the blockchain and there is fair incentive for liquidity providers to enable high speed transactions. Besides, this method is solving blockchain’s biggest problems and it isn’t a compromise on transparency and decentralisation.
The Team – Execution Machines
There are a few companies that are going after creating a fast and scalable payments ecosystem for cryptocurrencies. However, it will take a strong team and a sound advisory board to actually go and achieve this. QuickX is one of the more better equipped teams to be able to do execute this grand vision.
They are a 20+ member team, lead by the Adhlakha brothers, who have a track record of running a cyber security company that has served some of the biggest companies in the world, including Vodafone and Comviva. The team is well balanced between blockchain and technology talent, as well as business leaders. Every team member is publicly verifiable as well.
As mentioned earlier, the advisory board has John Dalli, the former finance minister of an EU country ( Malta), and several high profile industrialists. Few other high profile names include were George Kimionis CEO of Coinomi, Jorge Sebastiao CTO Ecosystem at Huawei Technologies and Sang Jae Seo CEO of PayX, Steve Tsao President if GigaMedia(Listed in NASDAQ) . This is certainly an advisory board that can open doors and provide much needed counsel to the team.
So, Why did John Dalli Back This project?
Token sales in the past have promised a lot but QuickX seems most likely to be able to achieve it. They are employing a proven model for scaling blockchain transactions and they have the team to go ahead and execute it. The advisors will ensure that the access to regulators and industry they will require in the coming months will be provided.
Nine years since the inception of Bitcoin, many governments are coming around to the reality of a world where crypto payments are a norm. Cryptocurrencies, in general, are just a better form of money.
There are some limitations before they become mainstream, and QuickX will be the forerunners overcoming these issues. Couple that with the team’s credentials, backing this project becomes a no-brainer.