QuickX Protocol — one stop solution for the Scalability problem in Blockchain Technology
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.
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A new technology, named QuickX, 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 QuickX Solves the Scalability Problem
QuickX 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.
QuickX 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 QuickX 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.
QuickX has the potential to achieve a secure, scalable, interconnected network of blockchains. QuickX protocol can effectively solve the scalability challenges associated with cryptocurrencies, thereby providing a significant momentum to cryptocurrency growth and usage. The QuickX protocol is being developed by Secugenius, a cybersecurity company, with global operations.
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