You are here: Home » News-ANI » Business
Business Standard

Quick X Protocol to help resolve blockchain-related woes

Topics
Business Finance

ANI 

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 per second at next to zero cost.

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.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Wed, February 21 2018. 16:25 IST
RECOMMENDED FOR YOU
RECOMMENDED FOR YOU