The blockchain ecosystem possesses some significant threats that might have the potential to completely overhaul the current banking system. But it has a lot of things to overcome before that becomes a reality.
A relative of mine who is an expert in the financial matter said that one of the biggest challenges to date is speed. The speed of transactions is quite slow compared to the traditional transaction speeds where transactions are processed in seconds.
Second, the cryptocurrencies are still an expensive way to transact as the cost of transactions are quite high. Compare this to credit or debit cards, where we have to pay a nominal annual fee and we can use them anywhere we want, as many times as we want, for free.
The biggest issue has to be the issue of cross blockchain transfer. Conversion of assets is mandatory if someone wants to transact from one blockchain to another. This slows down the process, and more often than not, transactions are stuck for days, making the system highly unreliable.
This needed to stop.
Introducing QuickX, a completely new transaction platform for cross blockchain transfers.
What is QuickX?
QuickX is a whole new platform that aims to solve the above problems of time, speed, transaction costs and reliability of cross blockchain transactions.
QuickX will have a backend exchange that will provide the payment APIs the necessary speed for cross blockchain transactions.
QuickX will change the nature of cryptocurrencies, from a share like an object to a real currency like cash. This will appeal more to normal people who still possess an abhorrent mentality towards it and facilitate its mass adoption.
QuickX, in the real world, can transact in real time, and thus throw a challenge to the traditional transaction methods.
How does it work?
Just like we have e-wallets in the real world, QuickX will have a multi-currency wallet that will hold all types of cryptocurrencies such as ETH, BTC etc. These can be used for paying anytime, anywhere in any type of blockchain.
Not only this. QuickX will also provide its users with a physical debit card that can be used for making payments in various places on the go, just like we do with our credit cards.
Since this is more like our conventional payments system, more and more users will be interested in adopting QuickX and this will help in quick adoption of cryptocurrencies, taking the world a step closer to the next generation of banking.
About ICO
The QuickX token or QCX token is the altcoin of the QuickX platform.
250,000,000 QCX tokens will be sold during the ICO sale.
The project is currently priced at 7500 QCX/ETH.
The project is hard capped at 29,123 ETH.
A maximum bonus of 25% can be availed by early contributors during the ICO sale.
Verdict
The traditional banking system has many flaws which are overcome by the decentralized system, or more commonly, the blockchain. However, the blockchain system still has a long way to go before it can actually replace the traditional banking system.
The main areas where it lacks are speed, time, costs and the reliability. The traditional payments method has all of this, but blockchain transactions, especially cross blockchain ones are highly unreliable.
QuickX understood this and this is why they have come up with a wonderful solution that is fast and is as reliable as the traditional payment system, even in real-world application.
They possess a backend system that will do the necessary asset conversion for cross blockchain payments. This will help QuickX to make payments in the snap of a second. Not only this, QuickX will treat cryptocurrencies more like cash and less as tradable objects so that it appeals more to the normal people. This will facilitate mass adoption of these currencies.
In short, the solution proposed by QuickX is really unique and solves all the problems of the decentralized system. Surely, the future of payments is here!
Website: www.quickx.io
Whitepaper: https://www.quickx.io/whitepaper/QuickXProtocolv1.7.pdf
Blog by ollivander7
Profile: https://bitcointalk.org/index.php?action=profile;u=1069616
