Former Finance Minister Backs QuickX Project, but Why?

[Goodcat49]

Cryptocurrencies have become a huge part of the financial market and the internet itself, having created a citizen's answer to the establishment’s shortcoming. In 2008, the recession caused chaos worldwide - destabilizing economies, costing jobs and destroying lives. The answer became a decentralized currency, which could not be monitored or controlled by any government or central agency. And so, Bitcoin was born.

Since then numerous other cryptocurrencies arose, looking to attain the success at the same level as Bitcoin. They were an anti-establishment, that were taken to a cautious stance by most governments, standing against them. And now, we have a token sale on the QuickX project, which is backed by the  recently former cabinet minister of Malta. The politician is the former finance minister, John Dalli.

QuickX - Crypto For All
The project is aimed to solve the four key problems, to bring cryptocurrencies in real life usage:
Time and Speed – Today, a blockchain purchase needs 3-6 confirmations for a transaction work. This ensures high transparency and higher security, however it comes at the cost of time and speed of transactions. This is solved by the QuickX protocol. Akin to the lightning network, the QuickX protocol uses pooling facilitators. These facilitators provide liquidity into blockchain and take the bulk of the transactions off chain. This greatly decreases the time and increases the speed of transactions.

Transaction costs – One of the biggest advantages of cryptocurrencies was that it would be a singular global currency, without the hassle of exchange rates. However, at its peak, the transacting on the bitcoin blockchain became very expensive, especially for small amounts. Using the QuickX protocol, the company aims to bring near 0 transaction costs at scale, across blockchains.

Scalability – The protocol makes transactions tremendously frictionless, thereby allowing for higher transactions per second.

Cross Chain Transactions – Today, converting one currency to another is a multiple step process. However, unlike traditional crypto exchanges, QuickX makes the swap at the click of a button on the app. With a higher level of liquidity through the decentralized pooling facilitators, QuickX aims to offer the most competitive rates in the market for swapping cryptocurrencies.
All transactions are recorded on the blockchain, despite this being an off-chain solution. There is a fair incentive for liquidity providers to enable the fastest transactions. This method is saving blockchain's biggest issues, whilst avoiding compromise on transparency and decentralization.

QuickX is a novel protocol designed to specifically cure the many fatal flaws behind cryptocurrencies today. With QuickX, users are able to make instant transactions for all blockchain assets. Performing transactions off chain, and utilizing pooling facilitators who supply liquidity for cross chain transfers of crypto assets, QuickX will be the quickest way to exchange cryptocurrency.

Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/former-finance-minister-backs-quickx-project/