QuickX Protocol

QUICKX PROTOCOL is an innovative and decentralized platform that provides effective solutions to blockchain technology critical problems leading to scalability and faster cross-border transfer of blockchain assets  while making cryptocurrency suitable for mass adoption in day-to-day transactions.

PROS:

• Faster transactions: The platform enables instant  and seamless transfer of different cryptocurrency  between  two parties  regardless of the amount without the users  paying  a higher network fee
• Lower cost: The platform eliminates the  users  from paying higher network fee with the transaction cost reducing time over time as more  and more pooling facilitators join the platform
• Multi-cryptocurrency: The platform allows the users to hold any QRP-compatible blockchain assets  which they can convert into another cryptocurrency  at any time
• Trust and security: The pooling facilitators performs all the transactions in a decentralized  manner  and the users hold private keys for their cryptocurrencies ensuring a secure storage of the cryptocurrencies
• The platform has an elaborate white paper giving proper details to the users on the platform implications in the improvement of the cryptocurrency use as a means of payment
• The platform has a credible team with the required skills and experience  led by the CEO and the Founder Vaibhav Adhlakha

CONS:

• The platform mobile application is not highlighted with procedural illustrations on its use
• The platform doesn’t give the  crytocurrency trends and their values  to give the users easy choice
• The platform white paper doesn’t give the value of the QuickX token  at the pre-sale stage

SUGGESTIONS:

• The platform technical team should develop a mobile application to enable the users to easily access the platform services
• The platform  should  involve QuickX token in the pre-sale to raise adequate funds for the project implementation
• The platform white paper should give a proper  trend for the commonly used crytocurrencies to enable the users choose their  favourite  cryptocurrency based on their suitability

NOTE:

The platform use streamlines the need of cryptocurrencies in the crypto market and blockchain in ensuring faster and secure transactions. This makes the project viable and I would invest in it.

Strength and Opportunities:
QuickX believes that connecting different blockchains is the key to mass adoption of blockchain technology in a comparable way as it was achieved by the TCP/IP protocol for connecting different intranets in the early days of the internet. There is a vesting scheme in place for founders and advisors. This means that the team can not immediately sell the tokens after the ICO. This provides an incentive for the team to deliver the promises as specified in the roadmap.
Weaknesses and Threats:
There are other cryptocurrencies that follow a similar approach as QuickX such as TenX or Comit. However, what makes QuickX different is the objective to implement instant cross-chain transactions through pooling facilitators. QuickX claims that it will be able to exchange crypto tokens faster, more secure and with lower transaction fees compared to Kyber Network and 0x. It remains to be seen if the technology developed by QuickX indeed will be able to deliver these superior characteristics compared to already established protocols like 0x and Kyber Network with multi million USD market capitalizations. One of the main problems that prevents cryptocurrencies from adoption as a mainstream payment method is the volatility of cryptocurrencies. Even if QuickX presents technical solutions that solve current problems with blockchain technology such as transaction fees and interoperability, it remains unclear how mainstream adoption will occur as long as the price volatility of cryptocurrencies is high. As research has shown users are reluctant to pay with an asset that fluctuates in value by 10% per day or even more.
Verdict:
The biggest challenge that is preventing cryptocurrency from mainstream adoption as a payment method is price volatility. This challenge is not solved by QuickX. In terms of interoperability of cryptocurrencies there are serious competitors for QuickX such as 0X and Kyber Network. It remains to be seen if QuickX can outperform these already established platforms as planned in the white paper once the QuickX network is launched in 2019.