Secugenius, an information security company is creating a decentralised platform known as "Quick X Protocol" to solve the problems of blockchain, and claims to make possible thousands of transactions.
According to research, the blockchain technology has limitations such as
transaction time, cost, scalability, and inter blockchain transaction
capability. Quick X Protocol aims to simplify blockchain technology, bringing
crypto currency in day-to-day transactions. It aims to change the status of
virtual currencies from a share-like object to real spendable currency that
would be appealing to the masses.
Bitcoin manages seven transactions per second and Ethereum can stretch up to 20.
The proceeding fee of Bitcoin costs USD 20 to 30, taking minimum time of 10
minutes to few hours to get transferred from one person to another. Quick X
Protocol as a solution can process 1000s of transactions per second by doing the
transaction off-chain in a cryptographically secure manner, reducing its
transaction cost next to zero and transfer time to milliseconds.
Almost all of the blockchains, be it Bitcoin, Ethereum, or Ripple, have one
common limitation in scalability: each node on the blockchain needs to process
every transaction. However, this platform is said to be the most significant
technology to fix this issue.
At present, different blockchains have different protocols and there is hardly
any way to communicate with each other. 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. This process is often tedious, time-consuming and costly.
As a solution, Quick X Protocol has an ability to connect all the blockchains
and bring it to a single platform. It will eliminate reliance on intermediaries
such as crypto exchanges, improve performance and scalability, bridge public and
private blockchains, Improve liquidity for handling transfers and faster
processing of transactions.
According to the information, this technology is based on Lightning and Raiden
network and consists of pooling facilitators that provide liquidity to the
Platform in a completely decentralised manner where all the blockchains are
connected. A team of 57 global contributors are working with Secugenius on this
Protocol.
The company has raised funding worth USD 1.2 million from private investors for this.