Review of Secugenius’ QuickX Protocol ICO Project.
Imagine a world where blockchain-based money transfer systems are just as popular as traditional banking systems. This is the future that Secugenius envisions through its newest innovation, the QuickX Project.
QuickX is a project designed to make mass adoption of cryptocurrency a possibility in modern-day transactions. It is a wholesome product that powers fast, affordable and scalable solutions to provide instant transfer of blockchain assets.
Just like the traditional transfer methodologies, QuickX is instant and seamless. It, however, comes with the advantage of being affordable because it eliminates the high network fees paid to intermediaries in everyday transactions.
QuickX believes that blockchain can complement and even replace conventional banking systems. It has, therefore, come up with product features to make the use of cryptocurrencies possible in non-virtual everyday transactions. The features include a wallet and debit card that support multiple currencies as well as a QuickX protocol payment gateway and cryptocurrency swap options.
Who’s Behind the Project?
QuickX is the brainchild of Secugenius. Here are quick facts about this company.
- Secugenius was created in 2010 as a cybersecurity company committed to fighting cybercrime, protecting data and improving the cybersecurity of businesses across the globe.
- Silicon India listed Secugenius among 2015’stop five cybersecurity firms and 2016’s top five cyber forensics providers.
- Insight Success Magazine recognized Secugenius one of 2017’s fastest growing and most trusted technology firms
- In September 2017, Secugenius received an award for innovation from India’s Vice President
- The company has been into blockchain technology for two years now since 2016 which is when the concept of QuickX was born.
Blockchain Vs. Traditional Systems
In order to understand the motivation behind QuickX fully, one must first compare the current blockchain technology and the existing convention methods of transacting business.
- Conventional methods are significantly faster than blockchain. In a single second, Ethereum can process about 20 transactions; Bitcoin will do just about 7. PayPal, on the other hand, can process up to 193 transactions while Visa can manage a whopping 56,000 transactions every second.
- Blockchain transaction expenses are lower than those of conventional Blockchain removes most of the intermediaries involved in transactions. The only costs in blockchain transactions exist to pay for the nodes that provide the processing power servicing the transaction network.
- Conventional methods offer more in terms of Decentralization in blockchain comes at a price of limitations in scalability. Traditional databases systems, in contrast, can easily be scaled by increasing server computers and human resource.
- Cross chain transfers in blockchain are limited in various ways. Transacting between different protocols, for example between a sender with Bitcoin assets and a receiver with Ethereum assets, can be time-consuming, tedious and even costly at times.
With the above considerations in mind, it’s evident that mass adoption of cryptocurrency-based transactions might be a mirage in today’s economic setup. So, one can’t help wonder how QuickX hopes to compete with other conventional systems- most of which are already very well-established among consumers.
Features of the QuickX Protocol
Currently, cryptocurrency is mostly used as a share-like object that you barter within different transactions. QuickX, however, is trying to make blockchain more appealing to the masses by offering solutions that transform cryptocurrency into a spendable currency like your everyday dollars, euros, pounds, etc.
- QuickX Protocol allows for instant transfer of assets regardless of their blockchain protocols. This has been made possible by an off-chain network that facilitates decentralized transactions. Off-chain transactions eliminate the need for blockchain transaction confirmations thereby making transactions instant.
- QuickX Protocol provides for instant interconnectivity for different blockchain protocols including Bitcoin, ERC20, Ethereum, Dash, and This is through QuickX’s pooling facilitators who maintain a liquidity reserve that enables instant cross-chain transfer of funds.
- Transaction facilitators in QuickX Protocol maintain off-chain records and approve conversion transactions.
- The QuickX Multicurrency Wallet offers secure storage of fiat currencies as well as cryptocurrencies. The wallet has both mobile, and web access and the fees charged for transactions are negligible.
- The QuickX Multicurrency Debit Card allows users to spend their cryptocurrency on the go.
- The QuickX Cryptocurrency Swap enables instant, cheap and safe swapping of cryptocurrency
- The QuickX Payment Gateway is a product designed to allow merchants to accept cryptocurrency payments from their customers instantaneously. On top of the many impressive features of this Payment Gateway, merchants can use it to deposit fiat currencies directly to their bank accounts.
So, we can applaud QuickX protocol for effectively making cross-chain transactions instant and cheaper. Clearly, QuickX is a marvelous idea; but can the project stand against is competition?
QuickX Vs. Similar Projects
The QuickX Protocol isn’t alone in its quest to popularize blockchain transactions in the mainstream world. Several other projects exist with its most significant competitors being the 0x Protocol and Kyber Network.
QuickX stands out in the following ways from its competition:
- QuickX has more components including off-chain transaction facilitators, pooling facilitators who can work both on-chain and off-chain and crypto debit cards.
- QuickX offers better blockchain security solutions for its transactions
- QuickX has added value propositions of speed, cost, interoperability, scalability and better user control over operations.
Project Development and Growth
Since its inception in 2016, QuickX has made significant steps towards achieving its goals. Its MVP launch was early this year (2018) where its multicurrency wallet was also launched. A token sale is ongoing; it began on July 31, 2018, and expected to come to a close on August 1, 2018
Plans for the project include launching its multicurrency debit card in the last quarter of 2018. There are also several milestones schedule for 2019 including the launch of instant cryptocurrency swap and expansion to bring in more blockchains into the QuickX platform.
It is undeniable that blockchain technology is growing by leaps and bounds. This means that cryptocurrencies may soon become part of day-to-day transactions. QuickX Protocol has paved the way to make this possibility a reality by providing solutions to enhance and streamline cross-chain communications. The various features of this project have made blockchain transactions instant, safe and cheap. Therefore, it is safe to say that QuickX protocol might actually become a tool for business in coming years.
QuickX Protocol ICO details
ICO Dates: starts on July 31, 2018, ends on August 1, 2018
Token Symbol: QCX
Hard Cap: 29,123 ETH
Soft Cap: 4,000 ETH