QuickX

Cryptocurrencies have created a powerful payment processing alternative for enterprises. Companies like Shopify, Expedia and Paypal already accept Bitcoin as a mode of payment. There is somebody who even bought a car from Tesla using Bitcoins.

There have been several proposed benefits of cryptocurrencies, such as lower transaction fees, faster transactions and enhanced security, which emerge due to the decentralized nature of cryptocurrencies. The decentralized nature of value transfer also makes global transactions extremely easy.

Increased Transaction Volumes and Rising Fees

However, the cryptocurrency ecosystem has started to face a new set of challenges, with a sharp increase in transaction volumes. Transaction fees have increased dramatically in recent times and payments are now taking longer to process. The gaming platform Steam recently stopped accepting Bitcoin citing high transaction fees and volatility. The process of value exchange between different cryptocurrencies still remains tedious and expensive, with over 1500 cryptocurrencies in the marketplace.

A new technology, called Quick X brings an interesting proposition, offering the promise of unlocking the massive value of cryptocurrencies for the enterprise ecosystem, by solving some of its challenges.  

Quick X to Unlock Massive Value for Enterprises

Quick X circumvents the usual problems associated with cryptocurrencies by enabling easy inter-chain transactions through an off-the-chain mechanism. This becomes possible through the introduction of pooling facilitators, which create a decentralized liquidity pool, that can be used to facilitate instant off-the-chain transactions. Since transactions take place off-the-chain in usual circumstances, there is no fee to be paid to miners, thus leading to extremely low transaction costs. Transaction times also come down due to the same underlying mechanism.  

Enterprises can create a payment gateway using the Quick X protocol and take advantage of its several crucial features. The transaction fees will be kept incredibly low at 0.5%, which can lead to huge savings for enterprises. Transaction processing also turns out to be extremely fast and customers can pay enterprises through cryptocurrency, which gets converted to fiat currency.

Moreover, the system is extremely secure with no possibility of chargebacks or fraud. Quick X has the potential to provide merchants in developing countries, where global payment methods are limited, with a fresh lease of life. Enterprises, across the world, will be able to receive global payments with significantly greater ease, security and cost effectiveness, helping them expand their operations globally.

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Quick X provides customers with a debit card, an online wallet and easy option to exchange cryptocurrencies. Customers will be able to choose from a wide pool of cryptocurrencies, due to the ease of cryptocurrency exchange, enabled by Quick X. Enterprises will be able to provide customers with better customer service, by increasing choice of payment options. This may also open up businesses to a new customer base, who may prefer paying through cryptocurrencies.

The project is spearheaded by Secugenius, a leading cybersecurity company, that works with clients such Reliance Jio and Vodafone. Enterprises are likely to build a strong competitive edge and find new avenues of growth by embracing Quick X.  

Cryptocurrencies can be a disruptive force in the financial world. Unlike fiat currencies, cryptocurrencies are not managed by a central intermediary. They operate in a decentralized manner on the blockchain ledger. The decentralized nature of cryptocurrencies creates the possibility of reduced transaction fees, faster transaction processing, and greater ease in global payment transfers.

However, one could argue, that the most remarkable feature of cryptocurrencies is the element of greater security in their functioning. The enhanced security exists, due to the decentralized nature of crypto-assets, which has no ‘single point of failure’, unlike banks or digital payment systems such as Paypal which can be hacked.

However, transaction fees have significantly gone up in recent times, and transaction times have also increased, due to a surge in transaction volume. Scalability and interoperability are also major issues.

Quick X presents an innovative approach to solving these challenges, by introducing an off-the-chain mechanism for cross-chain transactions. However, the most interesting aspect of the solution proposed by Quick X is the extremely high degree of security that it offers.  

Here’s How Quick X Offers a High Degree of Security in Cryptocurrency Transactions

Quick X introduces the concept of pooling facilitators, which are investors that provide necessary liquidity in the Quick X ecosystem. Pooling facilitators, essentially, create a decentralized liquidity pool, which acts as a bridge between the sender and receiver of crypto-assets. The transactions are always carried out by trusted pooling facilitators, and trust is always established in a decentralized fashion.  

Quick X, with the introduction of pooling facilitators, takes several measures to ensure a high level of security in the ecosystem. A routing protocol and algorithm constantly updates and checks for the trustworthiness of every pooling facilitator, which ensures the quality of liquidity providers. The decentralized mechanism of establishing trust, providing liquidity, and subsequent performance of off-the-chain transactions is one of the core pillars of the Quick X technology, which ensures that there is no ‘single point of failure’.

Moreover, the core infrastructure of the solution continues to be blockchain and the private keys of the assets are always held by the users themselves. Users always retain full control over their blockchain assets.  

Quick X ingeniously takes advantage of the decentralized nature of blockchain, with its security features, along with the decentralized pool of algorithmically trusted liquidity providers, to create a payment infrastructure that is extremely secure.  

Quick X can be a Gamechanger for Cryptocurrency Adoption

Quick X can solve several major challenges, which come in the way of mass adoption of cryptocurrencies, while ensuring an extremely high level of security. Quick X is working towards creating a secure, interconnected network of private blockchains, which is similar to what TCP/IP protocol achieved by connecting different private intranets, leading to the eventual creation of the internet.  

Quick X offers a multi-currency crypto debit card and wallet to end users, along with an option to exchange cryptocurrencies. Merchants can set up a payment gateway, which comes with an incredibly low 0.5% transaction cost.

Conceived in 1996 and headquartered in Bellevue, Washington, the Valve Corporation, developers of the Steam software and operating system, is noted for its vast lineup of hit gaming titles such as Team Fortress, Dota 2 and Left 4 Dead. Launched by Valve in 2003, Steam is the digital distribution arm of the company, which specializes in digital rights management, social networking services, video streaming and multiplayer gaming.

This platform is regarded as the largest digital distribution platform for PC gaming, and had roughly a whopping 150 million registered accounts, and a peak of 18.5 million concurrent users online by early 2018. In terms of revenue, Steam raked in 3.5 billion U.S. dollars in sales revenue in 2016, owing mostly to the Sid Meier's Civilization VI game that generated $78.9 million in revenue from sales on the platform.

Steam last year started accepting Bitcoin as a payment method helped somewhat by the BitPay payment service in lieu of gamers in certain countries such as Brazil, China and India who often lacked traditional payment methods such as credit cards. However, in a twist of events mostly due to Bitcoin’s recent rollercoaster ride, Steam scrapped Bitcoin from its extensive list of payment options, which still includes PayPal, Moneybookers and WebMoney.

Reason for Steam’s Bitcoin Cutoff

According to Steam, the biggest reason to cancel Bitcoin was the crypto’s soaring transaction fees, which was just .20 cents when the company first starting accepting Bitcoin, but in recent months surged to a ridiculous 9,900% to $20. These high fees are shouldered by customers, making it more expensive when purchasing games online using Bitcoin. And if the value of Bitcoin drops, the total cost to Steam’s customers could be even higher.

Even if this volatility results in an increase in the value Bitcoin while the user completes a transaction on the platform, and Steam has to refund the difference to the customer, the transaction fees associated with the refund must be paid by the customer. On a brighter note, Steam did say that it would give some thought to adding Bitcoin to its list of payment options again once the cryptocurrency gains more stability.

QuickX to the Rescue

QuickX may be an ideal solution for the issues faced by Bitcoin such as transaction costs and scalability. This decentralized platform provides a solution to time, cost and scalability by completing transactions off the chain for the same blockchain assets. Transactions with QuickX are not only instant, compared to minutes if not hours with on-chain transactions, but are cheaper since the least cost option is selected automatically.

Moving forward, these transactions are set to drop further as more pooling facilitators join QuickX, and could even be almost zero. The QuickX protocol has got the attention of several leading names including Quick Heal and Vodafone, with more companies expected to join this list soon.

Bitcoin, Ethereum, etc are plagued with several issues, most if not all of them can be easily resolved with QuickX such as scalability issues and high transaction costs.

Originally, one of the biggest proposed benefits of decentralized cryptocurrencies was lower transaction fees, which was expected to encourage micropayments in the economy. Satoshi Nakamoto, the anonymous inventor of Bitcoin, himself suggested, in his famous white paper on Bitcoin, that the cost of mediation increases transaction costs, thereby discouraging micropayments.

As a matter of fact, transaction fees remained low for a while, as the average transfer fee for bitcoin transactions was $0.392, as recently as the start of 2017. However, the numbers have gone up dramatically since then, with Bitcoin transaction fees ranging from $20 to $30 and Ethereum transaction fees ranging from $2 to $3, in recent times.  

Cryptocurrency transactions require paying a fee to miners, who are individuals or companies, that contribute processing power to the blockchain ecosystem, in order to service the blockchain network. Mining fees have surged in recent times because of a sharp increase in the number of transactions, as a much larger number of transactions need to be recorded in the network.

The dramatic increase in cryptocurrency transfer fees has posed a major question mark on the viability of cryptocurrencies as payment mechanisms, especially for smaller transactions.

An Innovative Solution that Aims to Solve the Problem

There seems to be a clear and immediate need for innovation that can tackle the problem of high cryptocurrency fees, in order to realize the original vision of using cryptocurrencies for micropayments.

Quick X is a project that aims to solve this issue by proposing a new protocol that connects different blockchains, enabling instant inter-chain transactions using an off-the-chain mechanism. Quick X proposes a decentralized platform, which incorporates the concept of pooling facilitators, that act as liquidity providers to the ecosystem, and facilitate instant cross-chain fund transfer.

Since, transactions are happening off-the-chain in usual circumstances, miners don’t have to be rewarded, which leads to significant savings on the transaction fees. Even if the number of transactions scales up disproportionately, transaction fees for individual transactions don’t go up, as there is no mining involved for individual transactions.

Quick X has the Potential to Help Realize the Micropayment Vision  

The technology underlying Quick X has the potential of enabling the original vision behind cryptocurrencies. Apart from addressing the issue of high transaction costs and lack of interoperability, the Quick X protocol also plans to tackle other major issues with cryptocurrencies including speed of transactions and scalability challenges, by enabling secure off-the-chain transactions, which don’t have the same limitations of transactions on blockchain.  

The solution can provide a major impetus to the micropayment economy, speed up the democratization of value exchange and immensely benefit the global economy as a whole.

The Quick X solution features a multi-currency crypto debit card and wallet, an option to exchange cryptocurrencies, and a payment gateway for merchants. The Quick X project is initiated by Secugenius, which is a cybersecurity company with global operations. In September 2017, Secugenius received an award for Innovation in Technology from the Vice President of India.

Saxo Bank and Bitcoin

In December 2016 the Denmark-based saxo bank made the prediction that bitcoin would rise by 165% from $700 to more than $2100 in early 2018. This prediction was made due to the economic stimulus from the then incoming president Trump.

This prediction came true because of the inability to dilute the finite supply of bitcoins and the low transactions costs made it more globally acceptable. In less than 6 months bitcoin had passed the $2000 mark predicted and on December 7th 2017 it hit $16615.

2017 was a great year for bitcoin however, 2018 started on rocky ground as it plunged to a two month low of $7695.

Predictions are however that it will pick up pretty soon and recently it has risen to $9562. Experts believe the bitcoin situation will have stabilized by the month of July and there will be a complete recovery.

The Wider Political Field

Now Saxo Bank is back with their predictions again and this time they have both a positive and a negative prediction for bitcoin. They claim that bitcoin will go to an all time high of $100000 due to increased interest from institutional investors. First, it will reach an all time high of $100000 due to increased interest from institutional investors, but after that there will be a steep drop due to two main reasons: Russia's stand to criminalize cryptocurrencies by calling them surrogate money and China's plan to ban bitcoin exchanges in a bid to stem online trading.

According to Saxo, China is going to unleash a multipronged assault on the decentralized cryptocurrency ecosystem so that they shift focus away from bitcoin while developing a state-backed cryptocurrency. The two economic giants also intend to put a stop to mining over ‘environmental concerns’ but Forbes reports that it is also over the perceived risks of the cryptocurrency. Experts, however, still believe bitcoin is poised for growth despite the hot ground it is currently treading on.

And then there was Tom Lee…..

Fundstrat’s Tom Lee has given a bigger prediction by saying that bitcoin will reach $25000 in 2018 and reach $125000 in 2022. He suggested that the recent plunge was an opportunity for investors to buy. At the same time, he adds that tactical rotations into other cryptocurrencies in 2018 will likely be an opportunity for investors to outperform bitcoin gains.

Other experts concur with Tom Lee, explaining that the up and down movement in bitcoin value is caused by growth pains like: cost and time spent per transaction, technology and scalability. The fact that common people cannot relate to cryptocurrency compounds these issues.

QuickX Swoops In

Limitations on Bitcoin, Ethereum and other altcoins are the concerns QuickX technology intends to rectify. Scalability, cross-chain transactions, cost and time issues are all addressed through QuickX’s trading platform. It is only when these problems are finally solved that cryptocurrency will grow to its full potential and meet the expectations it was initially conceived for.

Cryptocurrency growth has exploded in recent times. Ethereum Blockchain has already reached 1 million transactions per day. The rapid surge in transaction volume has often led to instances of network congestion and slow transaction times. The rise of ICOs and games such as Cryptokitties have added to the network congestion issues.

Scalability is an intrinsic challenge with blockchain networks. All nodes on a blockchain network are required to process every transaction. Though it makes a blockchain network extremely secure, the same feature also slows down transaction processing and impacts scalability.

Ethereum creator Vitalik Buterin himself mentions that progress on achieving scalability is becoming an urgent need. Vitalik Buterin suggests two possible approaches. The first approach is ‘sharding’, wherein only a small percentage of nodes process every transaction. The second proposed approach is creating layer 2 protocols that send most transactions off-chain.

A new technology, named Quick X, is an interesting development that offers an off-the-chain solution by making use of a decentralized liquidity pool created by pooling facilitators.  

Here’s How Quick X Solves the Scalability Problem

Quick X is building a decentralized solution that enables instant interchain transactions through an off-the-chain mechanism. This is achieved by leveraging the concept of pooling facilitators, which act as payment hubs in the system. Pooling facilitators, which can be individual or large-scale investors, provide liquidity to the system, thereby enabling off-the-chain transactions.

Since, most of the transactions happen off-the-chain, the scalability issues associated with cryptocurrencies are easily addressed. Unlike, transactions on the network, every node doesn’t have to process every transaction, while the system continues to operate in a decentralized fashion.

Every payment request made by a user is sent to a protocol that works in-between the API and pooling facilitators, acting as bridges between the sender and receiver. Pooling facilitators are constantly assessed on their trustworthiness through an algorithm, while private keys of the assets are held by the users themselves. These elements make the entire system extremely robust and secure.

Quick X makes the best of both worlds by combining the concept of decentralized liquidity pools with the decentralized blockchain ledger to enable off-the-chain transactions. The subsequent result is scalability and security being achieved at the same time.

Quick X to Bring Momentum to Cryptocurrency Usage

The off-the-chain mechanism proposed by Quick X has several other benefits, apart from ensuring scalability. Transaction times go down due to the same underlying mechanism.

Transaction fees are reduced significantly, as miners don’t have to be rewarded, and pooling facilitators operate at nearly zero transaction cost. Easy transfer of assets between different blockchains is another major advantage, in a world of over 1500 cryptocurrencies.

Quick X has the potential to achieve a secure, scalable, interconnected network of blockchains. Quick X protocol can effectively solve the scalability challenge associated with cryptocurrencies, thereby providing a significant momentum to cryptocurrency growth and usage. The Quick X protocol is being developed by Secugenius, a cybersecurity company, with global operations.

While blockchain transactions like Bitcoin exchanges continue to gain traction and popularity, there are still some complaints with the system. One of them is high transaction fees. Yet for every problem that blockchain technology has encountered, this one has a potential solution in the name of off-chain transactions.

Off-chain transactions generally means the transfer of value outside of the blockchain ecosystem. Although most transactions are mainly on-chain, off-chain transactions are becoming popular for various reasons.

The Benefits of Off-Chain Transactions

Bitcoin users currently pay up to 10% of the total value of their transaction as fees. If these high fees are not addressed, Bitcoin and other blockchain solutions could face a major hurdle in the near future. Off-chain transactions could significantly reduce these transactions fees. Reduced fees will in turn mean that more people and businesses can justify the cost of blockchain technology and blockchain will be ready for widespread adoption.

Another one of the more prominent problems with on-chain transactions is that they are significantly slower. This is because every transaction on the block must be confirmed by each node before the transaction is complete. Off-chain transactions eliminate the need to wait for these confirmations thereby increasing the number of transactions that can be carried out at a given time. The result is a wider adoption of blockchain solutions that could enable blockchain to become more widespread and easily acceptable.

The blockchain system as currently designed makes it very difficult to accomplish cross-chain transactions. If you wanted to transfer Bitcoin to Ethereum, you’d first have to convert the Bitcoin to Ethereum, a time consuming and costly process. An off-chain solution will eliminate the need to do that, enabling users to transact regardless of the blockchain system they use. This easy access to cross-chain transfers will open up blockchain transactions to more people, increasing the technology’s influence and reach.

Because an on-chain transaction has to be confirmed before it is complete, the result has often been delayed payments. Off-chain transactions therefore can facilitate instant payouts, a direct consequence of faster transactions. Instant payouts will attract more players into the industry, further increasing Blockchain’s appeal.   

How to Complete Off-Chain Transactions

Since every transaction on a blockchain network has to be recorded on the block, it can be very hard to accomplish an off-chain transaction without the help of a third-party solution. It also takes quite a long time, up to a few hours for a user to transfer cryptocurrency to another user since they have to wait for blockchain to confirm the transaction.

This problem can be overcome by using a platform like Quick X that enables almost instantaneous off-chain transactions. Quick X eliminates the need for confirmation and thereby significantly reduces the time it takes for a transaction to be completed.

Banks act as intermediaries between depositors and lenders, enable payments, and provide safety for depositor funds. There are several elements (such as scalability & easy access) which make banks the trusted backbone of the economy. At the same time, the emergence of the cryptocurrency ecosystem has brought a credible alternative that can supplement, if not threaten, the traditional banking industry.

The Strengths of Traditional Banking

The ubiquitous nature of the banking infrastructure along with its capacity to handle scale is its defining strengths. The ease of sending and receiving payments through various banking instruments (e.g. debit cards, cheques, wire transfers etc.) is another noteworthy characteristic.  

The system itself acts as an interconnected network of different banks, making it possible to send and receive payments locally or globally. This is arguably its greatest asset and strength.

Where Cryptocurrencies Have the Edge

The removal of a centralized intermediary has been expected to bring the benefits of lower transaction fees and faster processing. Moreover, decentralized architecture is considered more secure with no single point of failure.

Cryptocurrencies allow for easier global payment transfers in several noted countries with extremely restrictive international banking access. The various risks associated with the banking system, such as credit risk, liquidity risk, interest rate risk etc., are not present in the cryptocurrency ecosystem.

Where Crypto Falls Short

The rise in transaction volumes has led to a dramatic increase in transaction fees and transfer times. Scalability is a major hurdle as Ethereum creator Vitalik Buterin mentions: “scalability progress has become an urgent need.” Lack of easy interoperability between different cryptocurrencies is a major obstacle to ease of usage and subsequent mass adoption.

Scalability and interoperability are areas where traditional banking infrastructure has a definite advantage over cryptocurrencies. A new technology, named QuickX, has the potential to address these gaps and thereby adding significant momentum to the crypto-asset juggernaut.

QuickX Transforms the Cryptocurrency Ecosystem  

QuickX allows different blockchains to connect with each other using an off-the-chain mechanism through use of the concept of pooling facilitators. Pooling facilitators are investors who provide liquidity to the system and thereby facilitate off-the-chain transactions between sender and receiver.

QuickX essentially creates a larger, interconnected network of blockchains by creating payment hubs in the form of these pooling facilitators. Since most of the transactions happen off-the-chain within this system, it leads to significant reduction in transaction fees and time taken. Off-the-chain transactions lead to enhanced scalability and easy interoperability between different blockchains as well.

The QuickX solution entails a multi-currency crypto debit card, wallet, an option to easily exchange cryptocurrencies, and a payment gateway feature for businesses.

Finally, QuickX combines the best of the decentralized crypto-asset world with the strengths of the banking system (secure, global, interconnected), while introducing unparalleled levels of rock-bottom transaction fees and swift transaction times.

Originally, Bitcoin promised low-cost, fast peer-to-peer transactions. While disrupting industries for better, blockchain has also stumbled upon inherent limitations, hindering its progress. Transaction speed and cost are the key hurdles. Following its foray into the mainstream, cryptocurrency has consistently struggled with slow transfers and excessive transaction costs. So the question everyone wants answering is: how much faster does a blockchain transaction need to be to satisfy modern business and everyday uses?

Why Blockchain Is A Slow Driver

So what exactly is the underlying mechanism causing performance when we start a transaction and wait up to a day to see it completed?

As of late 2016, Blockchain processed seven transactions per second, and each transaction cost $0.20 and could only store 80 bytes. Transaction speed has not changed and to compound this, fees have increased. To add to the slow transaction time, Bitcoin records transactions only once every 10 minutes to reduce the risk of payment rollback, increasing security. Clearly, this is not practicable for daily use in any form.

And this isn’t the end of the slow transfer-time woes. Upon its inception, blockchain was not intended to be used as currency, but as a secure and traceable store of immutable information. It is actually used as a store of information today, but this is looked down on by cryptocurrency-users since miners (transaction processing computers) perpetually reprocess and re-record information, queueing and slowing transactions (coined “bloating”).

So where do all these roadblocks, humps and bumps in the road leave us? Well, at the close of 2017, it took on average 78 minutes to confirm bitcoin transactions - rendering blockchain completely unusable for daily purposes and making it inaccessible (and unattractive) to the everyday person, business, entrepreneur or other.

What Blockchain Needs For Widespread Adoption

Returning to the promise of low-cost, quick peer-to-peer transactions - the potential of this original well-intended promise has not been lost forever, and when it comes it will open the sluice gates to widespread adoption of cryptocurrency in daily life business and personal. That’s not to mention unprecedented security benefits; without intermediaries (banks) in the process, hacking attacks would be virtually impossible to pull off as they’d need to hack every ledger simultaneously - not an easy feat by far!

A Provider Of Solutions

Enter QuickX. An innovative startup designed around the purpose of offering users instant blockchain transactions, across blockchains, and for a minimal fee. What benefits does QuickX offer up?

A quick cross-chain App the addresses the blockchain issues of speed & functionality: QuickX uses an off-chain protocol for transactions which sidesteps the need for waiting on miners to complete their tedious work.

Cross-chain acceleration: off-chain transactions, made possible through the use of “pooling facilitators” (liquidity facilitators), can make inter-chain transfers quickly and seamlessly.

Rapid & Economical: the QuickX eWallet stores all of your cryptocurrencies securely in one place for immediate use. PC hacks and lost USBs are no longer problematic since your wallet data is securely stored in their cloud.

Cross-chain transactions are basically transactions from a blockchain of one type of cryptocurrency to a blockchain of another type of cryptocurrency.

Different blockchains have different protocols. Traditionally when someone who has assets in a bitcoin blockchain wants to transfer to someone who has assets in a litecoin blockchain, he would first have to convert his assets to litecoin assets. Not only is this process tedious it is also time-consuming and costly

Cross-Chain Issues

The cost of transactions and the time it takes to finish a single transaction, which goes up to several seconds in some blockchains, are just but a few of the many problems facing blockchains.

This problem becomes even more complex when you are doing transactions from one blockchain to another.

The cost of transactions usually rises because of the miners who perform transactions on behalf of investors. The irony of this is that the reason why bitcoin was created in the first place was to create a new currency which did not involve any monetary institutions and to avoid unnecessary interchange fees.

For cryptocurrencies to survive they must solve the problem of cross-chain transactions. The aim is that cryptocurrencies will fulfill the reason why they were created.

The Benefits of Cross-Chain Transactions

Cross-chain transactions give the advantage of improved privacy. With cross-chain transactions, the trading fees will greatly come down. They also tackle the issue of time spent per transaction.

Blockchain developers have for some time now been thinking of ways to salvage the situation. Recently steps were made and the first ‘atomic swaps’ (exchanging one cryptocurrency for another without a third party) between bitcoin and litecoin were successfully completed.

This improvement shows that things have started moving in the right direction. Atomic swaps make it easy for transactions to be conducted in a trustless manner and they also ensure that the outcome of the transactions are either that they go through or they don’t (reducing the double-spend risk).

However hopeful we are, there are some hurdles on the individual blockchains. This might mean that we’ll have to stay for a little longer before atomic swaps become consistent.

Cross-Chain Transactions, QuickX and Pooling Facilitators

Technologies like bitcoin’s lightning network and ethereum’s raiden network are still under construction. Individual blockchains are also still solving problems like scalability. It might be a while before it's all systems go.

This is where QuickX technology saves the day. QuickX solves problems like those of scalability, time and cost by building a decentralized platform. This transactions are done off the chain for the same blockchain assets by having pooling facilitators.

Pooling facilitators input the necessary liquidity into the ecosystem while facilitating the cross-chain instant funds transfer. This is actually the framework of QuickX interoperability.

Pooling facilitators can make transactions for other users and can ask for a loan from any other pooling facilitator.

What QuickX aims to do is to solve issues and offer solutions like: low costs for users, instant transactions, multi-cryptocurrencies usage, investment opportunities, almost zero operating costs, a global market, trust, security and total control.

With all these challenges solved, the crypto-market will continue to grow and the best thing is that it would be all-inclusive.

One of the major benefits of blockchain is its decentralized nature. Yet, decentralization does create a problem in itself: it eliminates the standardized exchange systems that allow cross-chain transfers. The availability of standardized systems in the financial sector for example, has created a cross-bank transaction network that has significantly improved business and reduced costs.

Current Problems

In the current blockchain makeup, this cross-transaction network is non-existent. If for example, Person A wants to transfer Bitcoin assets to Person B on the Ethereum blockchain, they would first have to convert the Bitcoin assets to Ethereum. This slows down cross-chain transactions, further increasing the time it takes to complete a transaction. Currently, an average bitcoin transaction takes around 116 minutes. Transaction fees are another growing pain. In 2017 Bitcoin transaction fees stood at $26 at year-end. This, however, is only half of the issue: the other half being volatility with recent reports of fees dropping to $3. The fee variance, combined with the unpredictability of blockchain value (notably Bitcoin and Etherium), compounds the issue and makes investors and traders wary.

The Benefits of Blockchains that Talk to One Another

Enabling faster transactions is not the only benefit an envisioned cross-chain transaction can bring. When properly achieved, cross-chain transfers can completely revolutionize the future of Blockchain transactions, allowing blockchain to further expand its reach. Two such benefits are:

Easier Portfolio Management

When you can easily transfer assets from one blockchain to another, you can potentially manage all your digital assets in one wallet. For example, you can own Bitcoin and Ethereum assets, easily transfer them and exchange them to fiat currencies from the same wallet.

Increased Transaction Speed

This is set to completely revolutionize blockchain technology. Blockchain assets need converting before transferring and this added process takes time. When the time it takes to complete a cross-chain transaction is cut down to a few seconds, the number of transactions will significantly increase. This means more people will be open to participate in the blockchain marketplace: a factor that can only increase blockchain’s influence.

The Solution

Cross-chain transactions will no doubt greatly benefit the industry itself, raising it to new heights and improving its uptake in many more sectors. Yet the question remains: how can we make cross-chain transactions a reality? This solution is Quick X: a platform that creates a decentralized system, allowing off-chain transactions that can be completed instantly.

The secret to Quick X’s ability to easily facilitate cross-chain transactions lies in the platform’s proposed off-chain solution. With an off-chain solution, all transactions can be completed without the need for confirmations or transfers, regardless of the blockchain ecosystem.

This means you could essentially send Bitcoin assets to an Ethereum receiver faster than it would take to you to send Bitcoin assets to a Bitcoin receiver. This off-chain solution will also reduce fees typically associated with cross-chain transfers and facilitate instant payouts.

Faster cross-chain transactions made possible by the off-chain platforms like Quick X give blockchain the boost the technology will need to scale up to the next level. Check out how the Quick X solution is set to improve the world of blockchain on their website.

Traditionally, lack of reliable, faster and cheaper ways of making B2B payments, especially cross-border payments, has been a major impediment to the forces of trade and globalization. Wire transfers, one of the most common payment methods, can be extremely expensive, and can sometimes take days to process due to the presence of several intermediaries. Moreover, several countries have a very restrictive international banking access.

Decentralized cryptocurrencies have emerged as a promising alternative, offering the promise of reducing transaction costs and processing times, and providing an easier way to transfer payments globally. David Brin, the managing director of Tomcar, an Australian car manufacturer, mentions that using bitcoin for sending payments to suppliers has led to sizable savings for Tomcar.

However, cryptocurrency transaction fees have also increased due to higher transaction volumes with Bitcoin transaction fees varying from $20 to $30, from less than $1 in start of 2017. High transaction volumes has also led to slower transaction processing. These are serious challenges to the adoption of cryptocurrencies as a payment method, especially for B2B payments, while they also create opportunities for innovation-led enterprises to find new solutions.

Cryptocurrency payments entail a transaction fee because miners, who service the network, have to be rewarded. Mining fees have gone up, in recent times, because of a sharp rise in transaction volumes. Quick X protocol sidesteps this problem by executing the transactions off-the-chain through liquidity contributed by pooling facilitators. Since there are no fees to be paid to miners, transaction fees go down significantly. B2B payments are likely to benefit immensely from the reduction in transaction fees.

Quick X also enables enterprises to create a payment gateway to receive payments. The transaction fees with the payment gateway is set incredibly low at a flat 0.5%. Considering the fact that B2B transaction amounts are often quite large, the savings for businesses can be very significant, directly impacting their bottomline.  

Quick X has the potential to become a major player in the B2B payment ecosystem, by significantly improving the B2B payment offering for enterprises. Quick X provides easy conversion from cryptocurrencies to fiat currency for enterprises receiving payment. Transaction processing happens almost instantly. There is no possibility of chargebacks or customer fraud, unlike traditional payment channels like PayPal. The system is extremely secure due to its decentralized nature, wherein an algorithm constantly checks the trustworthiness of pooling facilitators.

Enterprises which make use of Quick X for global payments will have more options to find suppliers and contractors globally. The technology could turn out to be a major boost for global outsourcing, speeding up global exchange of value.

The Quick X project is the initiative of Secugenius, a cybersecurity company with global operations. In September 2017, Secugenius received an award for Innovation in Technology from the Vice President of India. Enterprises, which embrace Quick X for B2B payments, are certain to find a competitive edge in the global marketplace.

Introduction Here’s How Quick X Enables Inter-Chain Transactions by Introducing Pooling Facilitators Quick X Presents a New Investment Opportunity for Investors

Cryptocurrencies have emerged as a powerful alternative to fiat currencies, offering numerous benefits such as lower transaction fees, faster payments, better security, and significantly easier global payment transfers. As of early 2018, the combined market cap of cryptocurrencies is over $500 Bn with over 1500 different cryptocurrencies.

However, the cryptocurrency ecosystem is not without its fair share of problems. Transaction fees have increased because of the high transaction volume. Transaction times have also increased due to the same reason. Scalability is also an inherent challenge because each node on the blockchain needs to process every transaction. Moreover, inter-chain transactions are time consuming and expensive, which creates a major challenge for mass adoption.

A new technology, named Quick X protocol, can solve these problems by introducing the concept of pooling facilitators that inject the necessary liquidity in the ecosystem, enabling inter-chain transactions through an off-the-chain mechanism.  

Quick X makes use of pooling facilitators to connect different blockchains with each other. Pooling facilitators are individuals or businesses, which act as liquidity providers to enable cross-chain transactions in the ecosystem. Pooling facilitators, essentially, act as facilitators between senders and receivers in the decentralized ecosystem, while making profits on their liquidity infusion.

Every time a payment request is made to the Quick X platform, the request is sent to a best selection algorithm, which finds the best pooling facilitator with the lowest transaction cost, from a decentralized liquidity pool of pooling facilitators. The algorithm maintains the record of every pooling facilitator in the decentralized liquidity pool along with its transaction costs.

If a pooling facilitator doesn’t have enough liquidity, it can even take a loan from another pooling facilitator at a predetermined cost, which makes the system even more efficient. Pooling facilitators are constantly checked by a routing protocol and algorithm for trustworthiness, which makes the entire system extremely secure and trustworthy.

The introduction of pooling facilitators has created a new investment opportunity for potential investors. Pooling facilitators make profits at nearly zero costs, as transactions are not added to the blockchain under normal circumstances. Anybody can become a pooling facilitator, and contribute to the overall health of the Quick X ecosystem, by providing a minimum amount of liquidity. Large-scale investors can also lend money to analyst teams, which can act as pooling facilitators on behalf of investors.

The Quick X technology is being built by by Secugenius, a leading cybersecurity company with a clientele of over 200 global companies. Quick X can overcome the limitations of cryptocurrencies such as slow transactions, high transaction fees and lack of interoperability by combining ‘trustless decentralized blockchain’ with ‘algorithmically trusted decentralized pooling facilitators’.

Quick X has the potential to create a larger interconnected network of blockchains, which can accelerate the adoption of cryptocurrencies by solving the various challenges associated with them.  

Blockchains have been touted as the biggest thing to have happened to the human race in the recent past. However great though the blockchains are, they came with some some limitations that are giving both the developers and the investors a hard time.

Current Blockchain Issues

Cross-chain transactions have been one of the greatest limitations of blockchains. Transactions costs are high and coupled with the time taken to conduct transactions, this has really put a strain on the large-scale adoption and harnessing of blockchain’s potential. This is arguably the factor that will determine the success of blockchain.

On top of this, lack of regulation make it a volatile market with many investors clutching their purse strings. Unfortunately scams and market manipulation do exist (as they do in the fiat currency world). The recent onecoin scam is one of the many scams that disrupted various blockchains.

Another burgeoning concern is the environmental and energy cost. Looking at the largest blockchain: bitcoin, experts estimate that it consumes more energy than 159 individual countries!

These growing pains negatively impact blockchain, making it unattractive to the common person for everyday business and personal use, further entrenching the issue of scalability.

Enter: Instant Transactions

It is hard to relate to cryptocurrency for everyday business. This is largely due to the technicalities involved with acquiring the currencies. However, this is soon to change and we may soon be seeing immediate payment goods and services with a multi-currency debit card.

Traditionally if a business wants to perform a cross-chain transaction, they have to first convert their crypto assets. Imagine a system offering solutions to the traditional blockchain problems (speed, transaction costs, scalability and problems to do with cross-chain transactions) where businesses are able to accept payment in different cryptocurrencies immediately.

Now picture a multicurrency wallet to go with this system, not only does this make transactions easier, but it allows business people to have assets in different cryptocurrencies in the same wallet.

Employing instant cross-chain transactions from your multi-currency wallet for day-to-day business transactions, the current blockchain limitations are quickly fading in your rear view mirror.

A Solution to Blockchain Limitations

QuickX is developing such a system where cross-chain transactions are carried out immediately through the use of ‘pooling facilitators’ (off-chain liquidity providers) and the user has a multicurrency wallet to conduct their everyday business. The fact that businesses can have instant conversions of their currencies will open more doors, widen the markets, and enable small businesses to grow tremendously.

Finally, in this dawning world where the benefits of crypto technology will soon be reconciled with present-day business needs, consider for a moment those who opt out of this revolution. A business operating without an e-wallet and instant transactions draws similarities to opting out of direct debit, debit and credit card transactions, instead preferring cheques and money orders. The essence of this is that blockchain is presently being used under limitations and the necessary framework for maximum usage and benefit has yet to be put in place.

It was back in 2009 when Bitcoin first appeared on the market and stirred things up. Ever since then, the community around it has grown, as well as the number of new blockchains that emerge every year. In 2017, and with their number still in the hundreds, CoinMarketCap figures show that “the estimated total worth of cryptocurrencies was almost 100 billion dollars”. As of this year, there are more than 1300 cryptocurrencies available and in another ten years, according to the World Economic Forum, as much as 10% of the world’s GDP will be stored in them.

Yet due to the different protocols most of the blockchains use, there is still a limitation on the communication between them. And if the public is to adopt digital currencies, this is the challenge the industry needs to face.

Bridging the gap

Until now, the best solution was automated trading bots and exchange websites. They made exchanges between different cryptocurrencies and fiat currencies a lot easier. Still, they are not as useful to the average consumer who would prefer to use, for example, Ethereum to buy a computer from a seller accepting Bitcoin. In such a case, the buyer would have to convert his Ethereum coins into Bitcoins through an exchange in advance. Which would take time, not to mention that the buyer would have to look up the seller and find which currencies they accept.

Now, imagine what could happen if you could use a platform which has a pool of digital currencies available. By having the platform make the exchange within itself, there is no longer a need for a large waiting period. In the above scenario, the consumer enters a shop with their wallet filled with Ethereum, makes the transaction, and the seller gets paid in Bitcoin in mere seconds and without any additional cost.

The same platform can also be used by traders making exchanges, businesses trading with each other and so on. Something which it can accomplish by not having to contact a miner for every single transaction that occurs within it.

Why it is necessary for the growth of the industry

Digital currencies have come a long way, but they have not yet become mainstream. Most people still view them more like assets than anything else. And who can blame them, when it could cost them 20 dollars to simply buy their morning coffee. But if you were to eliminate the cost of the exchange, drastically reduce the amount of time needed for it to take place, and allow everyone to pay and receive payment in the cryptocurrency of their choice. Well then, that suddenly sounds more like a currency than an asset. And it just may be the final step before digital currencies finally become mainstream.

One of the great limits on blockchain technology is scalability; each node needs to process every new transaction on the system. It means the work is recorded onto each and every block for all payments, over and over again. This flaw is seemingly inherent in the distributed ledger system which governs the mechanics of the blockchain. At times this can be incredibly frustrating for users, making transactions slower and more costly than desirable. The intrinsic flaw in the system is that the blockchain will only ever be as fast as its weakest link. It’s like being caught in traffic behind a slow moving vehicle with no option to overtake, everybody gets caught up and the tailbacks get progressively longer. It’s frustrating for all concerned, so what’s the solution?

How Great Can We Be?

A conventional database, ran on a central system can be improved simply by purchasing greater computer power, much like upgrading your personal computer. In a decentralized structure this is impossible as a slow node will slow everyone down. Think of it like this: in a traffic jam it doesn’t matter whether you own a high performance vehicle or not, you’re still going nowhere fast.

At present the whole system would need to be improved significantly to make any noticeable difference. Change can only happen as fast as it occurs organically within the system. The bigger the ecosystem, the bigger the inherent flaw: increased adoption creates increased structural pressure. Imagine trying to pump more and more water through an aging pipe network, the pressure will eventually increase until breaking point and then, you’re in trouble. This undermines credibility in the entire blockchain system. The solution cannot come from within the existing cryptocurrency network.

Quick X Thinks Bigger

At present, Bitcoin is capable of carrying out just 7 transactions per second. Ethereum manages 20. Compare that to more established payment methods. Paypal manages a whopping 193 and Visa knocks them all out of sight with a possible 56,000 payments per second. Now consider those 7 transactions per second once more. That blockchain traffic jam is a serious growth killer.

Quick X navigates around this jam by creating an off-chain transactions network. A decentralized off-chain network allows some traffic to take another route: a short cut of sorts. This opens up new pathways to the desired destination and takes a huge amount of pressure off the existing blockchain network. With Quick X it is entirely possible to have instant transactions with near zero fees, and the slow moving blocks of data are no longer an obstacle in your way. Quite simply, Quick X creates a faster, leaner cryptocurrency experience. The upscaling of blockchain can now be virtually limitless.

Conclusion

Blockchain technology has many advantages over traditional payment methods but it is inherently hampered by scalability issues. By thinking bigger, we can solve this. Cryptocurrencies will only become adopted by the mainstream when the existing scalability issue is solved. Quick X opens the door to a faster blockchain solution, and a faster blockchain is one with room to grow.

Cryptocurrency comes with a wide variety of benefits, so it’s no surprise that many are turning to this decentralized platform instead of traditional centralized platforms, such as those used in banking. Blockchain is transparent, which reduces the risk of fraud. It keeps users accountable for their transactions. Finally, it’s easy to use, which makes it accessible to everyone.

Assessing fees is an essential part of choosing a financial platform. Overall, cryptocurrency fees are substantially lower than credit card fees, according to  Investopedia. While credit cards charge a base rate plus a percentage of each transaction, cryptocurrency transaction fees are based on the amount of data transferred.

However, fees are on the rise, a troubling trend for those who use cryptocurrency. Blockchain Luxembourg S.A. reports a sharp rise in fees between December 2017 and now. QuickX aims to solve this problem, while simultaneously tackling other important issues in the world of cryptocurrency.

Why Are Fees So High?

Since blockchain fees have historically been quite low, it’s important to look at trends to understand the increase in fees. A report from ARS Technica indicates that fees are based on system demand, so a growing amount of users drives up the burden placed on the system. Fees are also based on urgency. Those who are in a rush often have to pay even higher fees.

These trends are an issue for business owners and those who pay with cryptocurrency.  Delays and high fees can cut into profit margins and impact availability of services.

That’s where QuickX steps in. Since it’s a decentralized system, there’s no need to confirm transactions with an outside third party. Not only is this faster, it results in fewer fees. Additionally, miners do not have to confirm transactions, shortening the wait time considerably.

How Does QuickX Help?

The goal at QuickX is to drive down fees and make transactions happen instantly. QuickX reports that there is virtually no wait time for transactions. The electronic transfer mechanism works in basically the same way as traditional systems. Pooling facilitators provide liquidity to the network performing transactions instantaneously.

With the easy transaction tracking enabled by QuickX, the network maintains transparency and accountability on both sides of every transaction. There are no exchange fees on the QuickX debit card and no network fees when swapping cryptocurrency. Those who use it as a payment gateway can accept cryptocurrency for payment with a flat 0.5% settlement fee.

Due to its structure, QuickX benefits those who pay and are paid with cryptocurrency, as well as those who take part in both. It has the power to change how cryptocurrency transactions takes place by minimizing fees and wait times through the use of ‘pooling facilitators.’

New technology like cryptocurrency is bound to have growing pains--QuickX seamlessly handles these issues, creating an easier way to use cryptocurrency. By addressing these concerns, QuickX enables faster growth of this technology and brings more users into the fold.