Cryptocurrencies are undoubtedly becoming a widely used source of payments across many nations. We have all heard that it could one day take over the traditional payment channels such as banks and the cards network. However today, card providers like mastercard and Visa are processing over 150 million transactions an hour, which is far more than any blockchain can process today. The reason – Crypto needs Confirmations.
Major cryptocurrency transactions like Bitcoin, Ethereum, Litecoin depend on confirmations on the blockchain for validation. As a result, the process of sending and accepting payment is takes a lot of time. Yet, they are becoming a newly accepted source of payments across multiple stores. But the story doesn’t end here.
You might just find a store close to your house that accepts Cryptocurrency as payments. You get there, you shop and are ready to check out when you notice the store only accepts Litecoin for payment while you are loaded with Bitcoin. Now, you first have to convert your coins with the help of an exchange and then make the payment.
These are the issues hindering the growth of a payment system based entirely on Cryptocurrency. This is also the problem that QuickX is trying to solve.
QuickX is the new payment protocol that plans to tackle cross chain transfers of crypto assets that are both quick and secure. It takes care of both the above problems by performing transactions off-chain and utilizing liquidity for cross chain transactions supplied by Pooling facilitators.
The patent pending technology of QuickX will allow users to pay in crypto assets instantly as there will not be any dependency on miners. The Off Chain order book to complete thousands of transactions within seconds will be facilitated by transaction facilitators and pooling facilitators.
Transaction facilitators keep the record of the off-chain order book. They will approve transactions such as a conversion from ETH to EOS or TRX to ETH. The facilitators will negotiate a small fee for approving the off chain transaction which will later be settled on-chain.
Pooling facilitators on the other hand are rewarded with fees for providing the liquidity for transactions. They will provide the liquidity for settlement of transactions in a particular currency. Pooling facilitators will be incentivised by fees on transactions as well as with interest on loans they offer to other facilitators.
Although you might think this could involve a lot of fees, it doesn’t. QuickX claims to provide the cheapest, near Zero fee transactions that are instant and secure. A truly decentralized solution for cross-chain settlements.
QuickX is planning to launch a Multi Currency Debit card, Multi Currency wallet, a payment gateway and an exchange to swap cryptocurrencies for next to zero fees. QuickX is a project of Secugenius, a cyber security firm based out of India. The company was named in the top five cyber security and cyber forensics companies by Silicon India.
QuickX will issue an Ethereum ERC-20 token (Symbol: QCX) in order to raise funds for the development of QuickX platform.
250 Million (50%) QCX tokens will be sold in the upcoming token sale and the price is set to 1 ETH = 7500 QCX tokens. The ICO details and road map of QuickX platform can be found on the whitepaper on their website, or join their telegram group.
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