Secugenius has Designed the QuickX, a Blockchain Protocol to Enable Instant and Secure Off-chain Transactions
The rise of the digital economy has a significant impact on the architecture of transactions made using the Internet. Since E-Commerce is experiencing a dynamic growth around the globe, the blockchain sphere responds to the market changes in expanding opportunities to support massive number of transactions. The advent of blockchain-based protocols enables managing transactions in an immutable manner, that is, all committed transactions are securely stored in a list of blocks.
Digital payment system is known to vary across transactions models. In this regard, a universal design, which maintains different types of commerce transactions, is a challenging task. QuickX Protocol (QX), powered by a cybersecurity services provider Secugenius, can help achieve transaction resilience in a high frequency trading. The mission of the project is to support mass adoption of blockchain assets as a medium of exchange. With regard to the way forward, QuickX addresses the current problems associated with blockchain transactions, such as limitations for scalability, slower propagation of the blocks in the network, etc.
The need for off-chain transactions
Apart from well-established cryptocurrencies, a number of altcoins has been launched for purchase, any one of which can be exchanged for another or any fiat currency. The diversity of the cryptocurrencies represents a particular difficulty for the exchange process, directly affecting the transaction speed.
Cross-chain transactions
QuickX supports cross-chain transactions in which digital assets are exchanges across distinct blockchains. That is, QX Protocol will operate with different blockchains at the same time. In this design, each user can establish a payment channel to transfer their digital assets in exchange for another one.
Off-chain transactions
QuickX introduces a set of off-chain channels to conduct transactions between two users. As an alternative to initial verification of a transaction from a miner, QuickX will allow for processing thousands of transactions in a second while applying off-chaining strategies with very low fees and no need for a confirmation. Using off-chain transactions should result in significant cost reduction and enhanced confidentiality as all initial transactions will be hidden from the network.
Pooling facilitators
QuickX relies heavily on its facilitating capacity. Pooling facilitators play a key role in transactions approval. Facilitation mechanisms, such as loans and fund transfers, will be implemented to maintain instant off-chain transactions.
Key features and implementation
The QuickX wallet is a multi-currency wallet which additionally allows for fiat assets storage. The wallet will be accessible on mobile devices as well. With the QuickX debit card, users will be able to load up to 10 cryptocurrencies, conduct both online and offline payments in different cryptocurrencies alongside fiat, as well as benefit from the cash-back program. Cryptocurrency exchange can be realized for transactions in the form of cross-chain swaps. Similarly, all transactions due to exchange can be conducted through the QuickX App.
Token Sale Plan
QCX Token will be used as a means of all transactions, including the off-chain ones, which are conducted on the platform. Public ICO will start on August 20, 2018 and last till September 20, 2018.
QuickX has been implementing activities in three steps: While the initial step laid the groundwork for technical implementation as it involved the design of the QX Protocol, the next two steps will focus on launching the platform's key elements, such as a multi-currency debit card and wallet.
Large-scale development plans include establishing partnerships with card providers around the globe, attracting a great number of merchants and investors alongside individuals who can take advantage of the cross-chain transactions.
QuickX achieves its compatibility with different blockchain protocols by relying on a patent-pending technology. Best selection algorithm enables transaction execution from the most relevant facilitator, an essential feature for any blockchain protocol. Furthermore, the project team promises to set the amount of transaction fees at close to a zero rate.
Links:
Website: https://www.quickx.io
WhitePaper: https://www.quickx.io/whitepaper/QuickXProtocolv1.7.pdf
Telegram: https://t.me/quickxprotocol
Facebook: https://facebook.com/quickxprotocol
Twitter: https://twitter.com/quickxprotocol
Medium: https://medium.com/quickxprotocol
ANN: https://bitcointalk.org/index.php?topic=3656624.
Author: https://bitcointalk.org/index.php?action=profile;u=980049
Disclaimer
This review by Bonanza Kreep is all opinion and analysis, not investment advice.
the number of projects around in these sorts of things absolutely insane. It's overwhelming, actually. How do you separate the good ones from the ones that will just as soon fizzle out?
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It is impossible to tell for sure, of course. But we try to go by the track records of the people involved, the project's partners and their reputations, the quality of the project's documentation, the level of their social media activity and so on. It helps narrow them down.
Generally, the more real details they are willing to provide about themselves and the more this information checks out, the better. That way, at least you will know that it is a real project that has some chance of success rather than a dud.
Haven't run into too many Duds lately, I don't think. I think people are learning from other people's past mistakes. At least I hope that is what's happening.
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Nevertheless there is a difference, whether one would launch a fraudulent project (that is, with the intention to collect funds for nothing) or has considerable gaps (let's say, from the technical standpoint) but still would make improvements to the project.
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