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  • QuickX Protocol (QCX) ICO Review

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    QuickX Protocol is a decentralized social networking platform that is putting users privacy and satisfaction as its first priority. It is an innovative approach towards transparent and independent means of user data ownership, reward on ads and free of speech. It is the first get paid to content creation and sharing ecosystem that leveraged OCR token payments for its reward system.

    Essential Information

    Ico Time
    Unknown – Unknown
    Token Name QuickX Protocol
    Token Symbol QCX
    Whitepaper View Whitepaper

    View Whitepaper

    Website Link Home
    Price
    1 QCX = 0.0001333333 ETH
    Platform Ethereum
    Soft Cap
    4,000 ETH
    Hard Cap
    30,000 ETH

    More about QuickX Protocol (QCX) ICO:

    QuickX is a novel protocol designed specifically to cure the many fatal flaws that plague Blockchain and Cryptocurrencies today. It performs transactions off the chain for same Blockchain assets and utilizes pooling facilitators who supply liquidity for cross chain transfers of crypto assets. Through this, it accelerates the transaction speed greatly, dissolves the interoperability problem between different Cryptocurrencies, relieves the transaction fees and also solves the issue of scalability. No more prolonged waiting times; with QuickX, it is now possible for you to make instant transactions for all your Blockchain assets.

    QuickXis an innovative decentralized platform that is intended to provide effective solutions to some of the critical problems with blockchain technology such as time, cost, scalability and cross transfer of blockchain assets while making cryptocurrencies suitable for mass adoption in day-to-day transactions and provide solutions to enterprises.

    QuickX provides transfer of different cryptocurrencies between two parties instantly just like any other traditional electronic transfer mechanism. Thus allowing transactions to happen seamlessly and instantly without user having to pay a high network fees as it is taken care by the pooling facilitators in the network who facilitate the cross-chain transactions to take place instantly!

    QuickX features a multicurrency wallet, a multicurrency debit card, a cryptocurrency swap option, and a payment gateway using Quickx Protocol, which make cryptocurrencies suitable for the masses for non-virtual world transactions.

    Although it is unlikely, that blockchain ecosystems will replace traditional banking system altogether in the near future, they represent a significant threat to the traditional banking system.

    Company Behind QuickX “Secugenius”

    Secugenius is an innovative information security services and solution provider organization. It is an organization that aims to leverage extensive knowledge and experience in security to help build advance security enterprises ensuring risk free IT growth. We develop information security solutions through advisory, engagement and remediation to secure and respond to cyber threats in infrastructure and technology stack. Our client list includes companies across verticals such as Government departments, banks, telecom, software companies, manufacturing and trading units, e-commerce etc. Our consultants possess the requisite industry certifications, but more importantly they are equipped with a wide range of skills covering different technologies and environments.

    QuickX SDK and tools available for different wallets to implement and use features of QuickX protocol
    Partnership with more card providers in different Countries to increase user base

    QuickX is a product of the parent company Secugenius, which is a renowned cyber-security company. that provides effective and reliable information security services. They have received numerous honourable mentions across various media channels and have been bestowed with many prestigious awards, which includes award for innovation by Vice President of India, also secugenious was listed in top five cyber security and top five cyber forensic companies, in 2015 and 2016 respectively.

    QuickX overcomes this problem by setting up a decentralized off-chain transaction network where cryptocurrencies can be instantly transmitted from one person to another. Transaction facilitators maintain the off chain order book and charge a next to zero fees for maintaining the records. Pooling facilitators infuse the necessary liquidity into the ecosystem while facilitating the crosschain instant fund transfers, which makes the backbone of the Quick X’s interoperability

    Demand for the blockchain technology has been tremendous ever since its introduction in 2009 with Bitcoin. This drive towards decentralized systems has resulted in many different public and private blockchain protocols developed for various purposes. However, these blockchains operate within themselves and currently, there is no effective way to communicate and interact with different blockchains. Quickx sees this situation as similar to how different intranets operated within themselves prior to the internet was created. Just as TCP/IP protocol enabled connecting different intranets to form the internet, which has made a huge positive impact on human lives, Quickx envisions that connecting different blockchains could bring similar benefits to the world.Quickx proposes a new protocol that overcomes the various critical problems with blockchain technology such as time, cost, scalability, and cross chain transfer of blockchain assets while making cryptocurrencies suitable for mass adoption in day to dayday-to-day transactions. Quickx solves these problems by building a decentralized platform that provides a solution to time, cost, and scalability by doing the transactions off the chain for same blockchain assets and having Pooling Facilitators who are providing a liquidity pool for cross chain transfer of Crypto Assets. connects different blockchains through an off-the-chain mechanism enabling instant transactions between different blockchains. Quickx makes use of Payment Channels and Hashed Timelock Contracts (HTLC) to solve the double spending problem with no requirement for a settlement to be added to the blockchain. Connectivity for Quickx is provided by Pooling Facilitators (PF) who function as payment hubs on individual blockchain transactions and liquidity providers for cross-chain transactions.In essence, Quickx not only connects different blockchain protocols but also overcomes the inherent weaknesses of the blockchain technology with its instant execution and next to zero transaction costs. This whitepaper details how Quickx works, its ecosystem components and the potential benefits to the users, which would make blockchain technology suitable for mass adoption in day-to-day transactions.Abstract

    The banking system is the typical example for centralized systems, which forms a major part of financial systems. Banks can be seen as financial intermediaries between the depositors and borrowers. Since the wealth of the people is closely connected with the banking system, it is one of the most tightly regulated industries in the world1.In its most simple forms, banks accept deposits from the depositors and then utilize those funds to issue loans to borrowers. These borrowers can be individuals or firms who are in need of funds to purchase goods or expand business operations, which in turn results in more deposits back into the banking system and this process continues. Although a bank can have many sources of income such as fees, charges, and commissions, banks basically make profits when it lends money to borrowers at a higher interest rate than the interest rate they pay to depositors.Other than this basic function of being an intermediary between the depositors and lenders, there are many other financial services provided by the banks:Agents for payments: Banks can carry out the role of a payment agent both locally and internationally between countries with mechanisms like wire transfers. Banks make personal and business payments more convenient with products like checking accounts, debit card, and credit cards.Payments settlement: Banks play an important role in settling payments in large volumes on a routine basis in the form of check payments, wire transfers, etc.Creation of money: Money creation is one of the most important roles of the banking system. Banks can create money through what is known as “fractional reserve banking” which enables banks to lend more than the deposits they receive from depositors.
    Provide safety and security: Banks provide safety and security for depositor funds. People are not required to keep large sums of money at home; they can simply deposit the funds at the banks while earning an interest on them.As in the case of any other industry, the banking system is faced with many risks such as credit risk, liquidity risk, interest rate risk, legal risk, etc.Credit risk: The borrowers may not repay the loans as agreed with the bank. This is the most obvious risk for a bank. Liquidity risk: Depositors can demand the withdrawal of their funds at any time. On the other hand, the bank makes a profit from lending those funds to borrowers. This can lead to a situation where the bank has not enough funds to repay the depositors if they demand.Interest rate risk: Since the profit of a bank fundamentally determined by the difference between the interest rate charged to borrowers and the interest rate paid to the depositors, changes in the market interest rates can pose a huge risk for a bank since an individual bank has to be in line with the market rates to be attractive.Legal risk: In addition to the laws concerning fair and honest lending, banks are also compelled to play a role in monitoring potential illegal activities on the part of customers. The banking industry is heavily regulated to prevent illegal activities such as terrorism financing and money laundering and this can pose a significant risk to the banking system with today’s complex transactions.
    Decentralized systems
    Blockchains represent a major part of decentralized systems today. A blockchain could be defined as a continuously growing digital ledger of records that is independent, decentralized, verifiable, and permanent coexisting in multiple computers and locations. Once a transaction is recorded in a blockchain, it cannot be altered retroactively without the alteration of all subsequent blocks and the collusion of the network.The records in a blockchain are arranged in data batches referred to as blocks that follow a cryptographic validation method. Each block of data is designed to refer and identify the previous block by a hashing function, leading to an unbroken chain of blocks.The first distributed blockchain was conceptualized by an individual who is pseudonymously identified as Satoshi Nakamoto in 2008. He published a whitepaper in 2008 called Bitcoin: A Peer to Peer Electronic Cash System2. In this paper, Satoshi argued that he had successfully solved the issue of double-spend for digital currency through a distributed digital database design consisting of cryptography and game theory. This was a quite significant innovation as it enabled one person to transact value directly with another person without the need of an 6intermediary to coordinate and connect the two parties.Nakamoto went on to implement this concept in 2009 giving birth to the world’s first digital currency, Bitcoin, in which a dedicated blockchain serves as a public ledger of transactions operating without a central administrator or intermediary such as a bank. Since then, numerous cryptocurrencies have emerged based on many different blockchain protocols. These cryptocurrencies are commonly called altcoins. At present, there are around 1400 cryptocurrencies in the market with a market capitalization over US$ 735 billion and these numbers continue to grow at a rapid pace. Cryptocurrencies are said to be the fastest growing asset class in the world3.Cryptocurrencies have paved the way to new methods of storing and transferring value and making transactions with no involvement of the traditional banking systems acting as intermediaries or facilitators. People no longer need to rely on the fiat currency or the banking system to execute transactions. For instance, one can directly send cryptocurrency to another without any central authority or obtain a loan in cryptocurrency on a P2P network.Although it is unlikely, that blockchain ecosystems will replace traditional banking system altogether in the near future, they represent a significant threat to the traditional banking system. On the other hand, cryptocurrency space has its own problems to overcome before it can perfectly substitute if not complement, the banking system as discussed in the following chapter.
    Inter blockchain transaction capability
    There are many public and private blockchains at present and new ones continue to emerge on a regular basis. Different blockchains have different protocols and there is hardly any way to communicate with each other at present. For instance, if someone (sender) owns crypto assets in Bitcoin blockchain and he wants to send it to someone else (receiver) on the Ethereum blockchain, the sender first needs to convert his Bitcoin crypto assets into Ethereum crypto assets through an exchange. Then the sender may need to transfer the Ethereum crypto assets to a wallet supporting it. Then only the sender could send the asset to the receiver. This process is often tedious, time-consuming and costly.This inability of different blockchain protocols to communicate with each other has become a recurring problem as such interoperability could bring many benefits such as:
    • Eliminating reliance on intermediaries to such as crypto exchanges
    • Improving performance and scalability
    • Bridging public and private blockchains
    • Improved liquidity for handling transfers
    • Faster processing of transactions
    It is often said that connecting different blockchains would be key to mass adoption of blockchain ecosystems that is comparable to forming internet in the 1990s by connecting different intranets through TCP/IP protocol. Although there are several projects aimed at developing means of connecting different blockchains, still a reliable solution is not in sight and this remains one of the biggest problems.

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