About Quickx

Quickx is an innovative, decentralized platform that is intended to provide effective solutions to some critical problems with blockchain technology. These include time, cost, scalability, and cross-transfer of blockchain assets while making cryptocurrencies suitable for mass adoption in day-to-day transactions, at the same time providing solutions to enterprises. Similar to traditional electronic transfer mechanisms, Quickx provides instant, seamless transfer of different cryptocurrencies between two parties. This transfer occurs without users having to pay a high network fee; the utilization of pooling facilitators who facilitate cross-chain transactions instantaneously, drastically reduces the costs.

Quickx features a multicurrency wallet, a multicurrency debit card, a cryptocurrency swap option, and a payment gateway using the Quickx Protocol. These features make cryptocurrencies viable in non-virtual global transactions suitable for the masses. Through this, it accelerates the transaction speed greatly, dissolves the interoperability problem between different Cryptocurrencies, relieves the transaction fees and also solves the issue of scalability. No more prolonged waiting times; with Quickx, it is now possible for you to make instant transactions for all your Blockchain assets.

Basic Information

Token Distribution

50% Public 25% Reserve 18% Team & Advisor 5% Investor 2% Bounty

How Does It Work?

QuickX is a project of Secugenius, a leading cybersecurity company established in 2010. Its global operations are part of a mission to help businesses fight cybercrime, protect data, and reduce security risk. It provides information risk assessment and digital security services. Within its first two years of operation, Secugenius was

able to attract a clientele of over 200 companies from around the world. Silicon India named Secugenius one of the top five cybersecurity companies in 2015 and one of the top five cyber forensics companies in 2016. Secugenius started its research into blockchain technology in 2016 and later came up with the concept behind the QuickX platform. This was followed by a patent application for the QuickX protocol. In Q3 2017, it successfully raised USD 1.2 million from a group of angel investors to develop the QuickX platform.

Secugenius

Secugenius is an innovative information security services and solution provider organization. It is an organization that aims to leverage extensive knowledge and experience in security to help build advanced security enterprises ensuring risk-free IT growth. We develop information security solutions through advisory, engagement, and remediation to secure and respond to cyber threats in infrastructure and technology stack. The client list includes companies across verticals such as Government departments, banks, telecom, software companies, manufacturing and trading units, e-commerce etc. The consultants possess the requisite industry certifications, but more importantly, they are equipped with a wide range of skills covering different technologies and environments.

Problem

QuickX identifies the following problems, within existing blockchain ecosystems that can hinder the mass adoption of blockchain assets as a medium of exchange for day-to-day transactions:

Time & Speed

Blockchain transactions are recorded in the blockchain as blocks. Most blockchain protocols have a limited block size and take a certain amount of time to generate a block. For instance, Bitcoin blockchain takes an average of 10 minutes before a transaction receives a network confirmation. Ethereum takes 10 to 19 seconds. This places technical limits on the number of transactions that the blockchain can process per second. For instance, Ethereum can process 20 transactions per second while Bitcoin manages just 07 transactions per second.

Transaction Cost

The nodes in a blockchain ecosystem offer computer processing power to service the network, and need to be compensated in exchange for their service – typically in cryptocurrency. This gives rise to transaction fees. Although blockchain transaction costs are lower than those of the banking system in most cases, they can still be a significant amount depending on the blockchain type, and the urgency of the transaction. For instance, current Bitcoin fees per transaction range from USD 20 to USD 30 while Ethereum fees per transaction range from USD 2 to USD 3. One way to reduce these transaction fees is to remove the intermediaries. This doesn’t eliminate transaction fees altogether; even if intermediaries are removed from a blockchain transaction, there will still be a transaction cost involved in the process.

Scalability

Scalability in traditional database systems can be easily solved with more computing power by adding more physical server computers. In the case of a decentralized system, each of the multiple processing nodes would, in theory, require more physical components to increase computing power. Scalability on this level is impractical; expanding the blockchain would increase the need for processing power, storage, and bandwidth at each node, and not all fully participating nodes may be able to cope with the increased requirements.

Cross Chain Transfers

Due to different blockchains having different protocols, there are limited ways in which communication between two can take place. For instance, should a sender who owns crypto assets in the Bitcoin blockchain want to transfer assets to a receiver on the Ethereum blockchain, the sender would first need to convert the Bitcoin crypto assets into Ethereum crypto assets? At that point, the sender may be required to transfer the Ethereum crypto assets to a wallet that supports it. Only then will the sender be able to transfer the assets to the receiver. This process is often tedious, time-consuming, and costly

Tackling The Hurdles In Blockchain

Blockchain can be defined as a public ledger of all cryptocurrencies and is a digitized and decentralized system. It was originally developed by Bitcoin as its accounting method. Blockchain uses the distributed ledger technology (DLT) and is finding a large number of commercial applications today. A block is said to be the current part of a blockchain that records some or all of the recent transactions. A blockchain consists of a large number of such blocks. A new block is generated as soon as a block is completed. These blocks are linked in chronological order and are added through cryptography. The blockchain transactions are, hence, unchangeable.

Solution

QuickX Protocol

QuickX aims to solve the problems outlined above by building a decentralized platform. The off-chain nature of the transactions within the QuickX platform provides a solution to time, cost, and scalability. This is done by the use of pooling facilitators. Thus, the same crypto assets handled by other protocols are processed in a means much more efficient and effective.

Transaction Facilitators

Transaction facilitators maintain the off-chain order book and charge negligible fees for maintaining these records. They approve transactions such as conversion from ETH to EOS, or TRX to ETH. The transactions are negotiated off the chain. Only once the trade is complete does the on-chain settlement take place. Anyone without the liquidity can become a transaction facilitator and can earn transaction fees by maintaining the off-chain order books.

Cross-chain Transfer Mechanism

The uniqueness of QuickX lies in its ability to make cross-chain transactions instantaneously with the use of pooling facilitators. This fulfills a long-felt need for the crypto world: connecting different blockchain protocols so that they may communicate with each other. QuickX offers the following advantages over Comit4, a network that attempts to achieve a similar mission with the use of liquidity providers forming an off-chain transaction network:

• A larger liquidity pool, as anyone with a suitable liquidity reserve, is qualified to be a pooling, while retaining the decentralized nature of the platform

• Pooling facilitators can lend to other pooling facilitators, resulting in greater efficiency

• Faster execution of transactions through a more intuitive and user-friendly interface

Multicurrency Debit Card

The QuickX crypto-debit card allows the user to not just increase the value of the money invested in the various cryptocurrencies, but also spend it, while on the go. With this card, the user spends cryptocurrency just like fiat

currency, hassle-free. The QuickX crypto-debit card is a physical, international debit card, that can be used online or offline to make transactions instantly with cryptocurrency. The card is already in the testing phase.

Quickx Video

Team

Member KSHITIJ ADHLAKHA VAIBHAV ADHLAKHA Founder and CEO NIKITA RUZHEVSKYBlockchain Developer VIV THAPAR Growth Hacker SACHIN RANA Digital Marketing Head TOM CHEUNG ILLIA HORODETSKYI Community Manager SUNNY UKEACHU SUKI CHENDRAWAN Business Head South East Asia ANDRII SYLIUKBounty Manager

[su_quote]Quote This article is writing on 09 June 2018 based on information available online & news portal. If you feel it’s outdated or incorrect, please write here to update it. Mail us: support@coinworldstory.com Or Whatsapp Us- +13098896258[su_quote]

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