One of the great limits on blockchain technology is scalability; each node needs to process every new transaction on the system. It means the work is recorded onto each and every block for all payments, over and over again. This flaw is seemingly inherent in the distributed ledger system which governs the mechanics of the blockchain. At times this can be incredibly frustrating for users, making transactions slower and more costly than desirable. The intrinsic flaw in the system is that the blockchain will only ever be as fast as its weakest link. It’s like being caught in traffic behind a slow moving vehicle with no option to overtake, everybody gets caught up and the tailbacks get progressively longer. It’s frustrating for all concerned, so what’s the solution?
How Great Can We Be?
A conventional database, ran on a central system can be improved simply by purchasing greater computer power, much like upgrading your personal computer. In a decentralized structure this is impossible as a slow node will slow everyone down. Think of it like this: in a traffic jam it doesn’t matter whether you own a high performance vehicle or not, you’re still going nowhere fast.
At present the whole system would need to be improved significantly to make any noticeable difference. Change can only happen as fast as it occurs organically within the system. The bigger the ecosystem, the bigger the inherent flaw: increased adoption creates increased structural pressure. Imagine trying to pump more and more water through an aging pipe network, the pressure will eventually increase until breaking point and then, you’re in trouble. This undermines credibility in the entire blockchain system. The solution cannot come from within the existing cryptocurrency network.
QuickX Protocol Thinks Bigger
At present, Bitcoin is capable of carrying out just 7 transactions per second. Ethereum manages 20. Compare that to more established payment methods. Paypal manages a whopping 193 and Visa knocks them all out of sight with a possible 56,000 payments per second. Now consider those 7 transactions per second once more. That blockchain traffic jam is a serious growth killer.
QuickX Protocol navigates around this jam by creating an off-chain transactions network. A decentralized off-chain network allows some traffic to take another route: a short cut of sorts. This opens up new pathways to the desired destination and takes a huge amount of pressure off the existing blockchain network. With Quick X it is entirely possible to have instant transactions with near zero fees, and the slow moving blocks of data are no longer an obstacle in your way. Quite simply, Quick X creates a faster, leaner cryptocurrency experience. The upscaling of blockchain can now be virtually limitless.
For more information about QuickX, follow us at our Telegram Channel.
QuickX is excited to have its Founder and COO, Kshitij Adhlakha and CEO Vaibhav Adhlakha participate at the Dubai Blockchain Summit 2018 being organized by the Global Blockchain Foundation.
The introduction of Blockchain technologies has caused a paradigm shift in the tech universe and businesses. Conventional business models are under scrutiny and being renovated given the rise an ecosystem of distributed ledgers, immutability, real-time data sharing and transparency.
Dubai Blockchain Summit 2018 is a great opportunity for all blockchain enthusiasts. The forum will be a convergence of blockchain experts, global industry stalwarts, innovators, and entrepreneurs. From panel discussions, talks, Q & As to BCT workshops, the summit will witness technocrats and entrepreneurs fostering innovate and ingenious ideas.
You can learn more about our speakers here.
Kshitij Adhlakha is the Founder and COO of QuickX. He is an Entrepreneur, Investor, International Speaker, Author and a Cyber Security Expert. He has more than 7 years of work experience in different domains of Cyber Security. He was honored with the Cyber Crime Helpline Award -2017 and also nominated for Entrepreneur of the Year Award -2013 by E&Y.
Vaibhav Adhlaka is the CEO at QuickX. He is an expert financial and business strategist with proven entrepreneurial skills. He is working towards making Blockchain mainstream by developing a new age Blockchain protocol. He is a founder with a demonstrated history of working in the Investment Management industry.
This opportunity provides an excellent space for QuickX to talk about its underlying technology and potential for the blockchain universe.
For more information about QuickX, follow us at our Telegram Channel.
One of the great limitations of cryptocurrencies is that blockchain protocols impose an upper limit on the number of transactions per second. This unfortunate speed limitation is a major hindrance to the widespread adoption of cryptocurrency.
In a fast-moving world, people do not like to wait for their money, be it crypto or real currency.
Although the advantages of cryptocurrencies are numerous, transaction speed is not one of them. If you have used Bitcoin, you are probably already aware that the transaction time is typically around 10 minutes which can escalate to an hour or more during periods of high congestion.
This slow transaction speed is an undesirable outcome of an intrinsic functionality of Bitcoin. While much work is being done to rectify this, it is not easy to achieve. This would require everyone to agree to a change and pragmatically this can be rather slow and challenging. This is commonly referred to as a Hard Fork. Getting all of the necessary movers and shakers in the cryptosphere to agree to the same change at the same time is no different from trying to herd cats.
Time is Money
It is common knowledge that the transfers on the blockchain are abysmally slow. Occasionally the network will grind to a complete halt. Bitcoin takes around 10 minutes to complete a transaction, settling 7 transactions a second. Ethereum is almost three times faster than Bitcoin, executing 20 transactions a second. Compare that to Paypal which manages to process 193 payments a second and the gravity of the problem will strike you.
Visa, the credit card company, is currently capable of completing 56,000 transactions per second. Those same 56,000 transactions on the blockchain would take Bitcoin over two hours to completeâ€Š—â€Štwo hours and thirteen minutes to be precise. On their own, Bitcoin, Ethereum and other cryptocurrencies offer no immediate solution to this problem, there is no in-house fix. The labored intransigence of the existing networks will severely limit the usefulness of cryptocurrency in the future.
Enter Quick X
It is apparent that a solution is needed to level the playing field between the old and new money. Quick X is just such a system. Quick X will allow thousands of transactions a second by building a decentralized platform which improves the cost, scalability and most importantly, the speed of the blockchain. It enhances the cost, speed, scalability and also performs interblockchain transactions with an almost negligible fee.
Different blockchains operate on different protocols and there is no provision for intercommunication between these. For instance, if a sender owns crypto assets in Bitcoin blockchain and the receiver is on the Ethereum blockchain, the sender first needs to convert his Bitcoin crypto assets into Ethereum crypto assets through an exchange service. By performing the transactions off the chain for same blockchain assets and utilizing pooling facilitators who supply liquidity for cross chain transfers of crypto assets, Quick X dissolves this problem of inoperability between existing blockchains.
Another fatal flaw in Blockchain is the obstruction to successful scalability. Since every node in a decentralised structure is required to process each transaction, scalability implies that every single node must augment its computing power and storage capacity for the blockchain to expand.
By utilizing off-chain pooling facilitators, Quick X will overcome these current limitations that plague all cryptocurrencies. The pooling facilitators act as payment hubs on individual transactions which makes instant payments possible. This will not just lower the barriers to cryptocurrency adoption, but rather blast right through them.
The mainstream adoption of cryptocurrencies unlikely, given the current transaction speeds. The current rate of transactions will always be limited by the slowest node on the blockchain. The long-term success of Bitcoin, Ethereum, and all other cryptocurrencies largely dependent on their widespread adoption. However, to realize this it is of utmost significance that transaction rates be dramatically improved. Quick X is that very solution: a safe and secure platform which will accelerate cryptocurrency payments and allow them to walk toe-to-toe with the old money. It’s time for the future of money to step up and be counted and with Quick X, it finally can be.
Visit Quick X and see the turbo-charged future of cryptocurrency for yourself.
The Crypto Motor we have all been waiting for:
QuickX, Gather momentum
Now digital money can FLY too
Quick X, Transactions made faster
Put a pedal to Blockchain with Quick
Speed is time, Speed is money
For more information about QuickX, read the White Paper here.