New Delhi [India], Feb 21 : 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.