How QuickX is Revolutionizing the everyday Blockchain Transaction

Blockchain and the mainstream

We have all heard the new buzzwords in fintech, blockchain technology and cryptocurrency, bitcoin, in particular, have dominated news headlines and made everyone from small vendors selling their goods on the marketplace behemoths to the hallowed officials in the central reserve bank, join in on the discussion.

So have we found the true alternative to our current monetary system? Is this the heralding of a new era?

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We are not there yet..but things are changing

Blockchain technology cannot serve as the bedrock of mainstream mode of currency because of its inherent nature. What do we mean by that? Let’s pare it down:-

Blockchain is inherently Inefficient

If we were to literally dissect the term blockchain, it is indeed a chain of blocks or digital records. A common myth about this system is that these blocks are all part of a distributed network, with each machine or node performing individual tasks like verification, recording and storage of the transaction records, to help make your transactions seamless.

Blockchain technology is in fact, the opposite. Every machine on the network performs all these tasks to get your transaction through to the next stage in the process and each keeps a record of every transaction.

So without synergy, mutual cooperation and parallel processing, this is as efficient as every bank customer getting the transaction details of all the other customers of the bank in his/her monthly statement.

The model is not to scale

Since we have no control over the processing speed of any of these nodes, blockchain being the one true decentralized network, transactions are slowed down considerably, depending on the computing power of the slowest machine.

Let’s just say it’s like comparing your current laptop to the first desktop you ever bought and used both machines to edit a film, you can bet that rendering the final cut will take you a while.

The great paradox with blockchain is that growth can only happen with additional nodes in the system, which may, in turn, slow its growth. The quintessential catch-22!

Scalability, therefore, becomes an issue when you are dealing with millions of transactions, which centralized structures like Visa are able to handle with ease. Visa, in fact, processes thousands of transactions per second, while Bitcoin averages at around seven.

It takes money to make money…

As your transaction is processed through each node in the blockchain, each system will apply a processing fee to get it through to the next stage, making for highly prohibitive cumulative costs. Spending $5 for an ROI of $10 is not the most prudent of investments, and any seasoned investor will tell you this is a costly affair.

To add to this, the ecosystem is muddled with various public and private blockchains which are fenced-off entities unto themselves. There is no way for them to communicate and collaborate if needed.

There seemed no solution in sight.

Until now…

The only way to bring blockchain from the fringes into the mainstream financial sector is by doing away with these operational niggles and facilitating inter-blockchain transactions to get it into the running as a worthy alternative to traditional banking.

Enter QuickX

The QuickX platform helps do away with all the challenges posed by the blockchain’s inefficiencies. How you ask?

Inter-blockchain operability

QuickX provides support for multi-crypto assets, you can have assets in Bitcoin or its competitors like Ethereum under one roof and make payments to any QuickX supporting wallet using both, at a negligible cost. Via the use of pooling facilitators that supply liquidity for cross chain transfers of crypto assets, gone is the tedium of converting one currency.

into another and using dedicated wallets for each type of currency. This means faster and more convenient transactions.

The situation harks us back to the early days of the internet, which were made up of closed off intranets before the TCP/IP protocol came, connected and led to the all-conquering Internet as we know it now.

So QuickX effectively provides a workaround for the slow-moving blockchain infrastructure, by providing a shorter route to your destination. It is literally ‘off-the-chain’ as it operates in a decentralized marketplace in parallel to the blockchain. So it is now possible for two users to transact cryptocurrencies peer-to-peer, bypassing the blockchain and its inefficiencies.

It happens in an instant

Every time a user wants to make a transaction, it leads to the creation of a separate channel much like a traditional electronic card transaction. Being off-chain, this transaction is not beholden to vetting procedures except by the two parties involved, which means no prolonged wait times, no scalability issues and almost nil transaction fees.

Is it the future?

QuickX essentially cuts out the middleman. And with a dedicated product ecosystem in places, such as debit cards, payment gateways and exchange platforms in place, QuickX looks well on its way to prove a worthy solution for your personal finance requirements and shake up notions of what banking means in the digital age.

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