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QuickX is proud to announce their upcoming token sale, backed by the former finance minister of Malta, John Dalli.
QuickX To Solve 4 Main Problems With QuickX Protocol
QuickX looks to solve 4 main problems that will help cryptocurrency become a viable payment method for the everyday consumer on a large scale. The four problems are speed, transaction costs, scalability, and cross chain transactions.
The first three are problems that many cryptocurrencies already face, as digital currencies are experiencing rapid growth. As more users begin to use cryptocurrency, the first three problems will only worsen.
For example, Bitcoin has an average transaction confirmation time of around 10 minutes, with 3-6 confirmations needed for a transaction to be considered unchangeable. In a fast-paced online world, waiting 30-60 minutes (optimistically, in times of high traffic load transactions take considerably longer) will quickly make users look for alternative payment methods.
QuickX looks to solve this first issue with their QuickX protocol like the Lightning Network Bitcoin developers have been working on for years.
QuickX’s protocol works by using pooling facilitators, who provide liquidity to the network and move the majority of transactions off-chain. Less traffic means the big, on-chain, transactions will be processed in less time and confirmed faster.
The protocol helps address the second issue as well, transaction costs. The majority of mining revenue is beginning to be made from transaction fees, and in periods of traffic congestion, fees can quickly skyrocket.
An Off-chain Solution is Key
When Bitcoin last experienced significant traffic, fees quickly rose above $10, and even close to $30. This is because people can pay more than the average fee in order for their transaction to be prioritized, so this quickly leads to astronomical fees when many people are trying to include their transaction within the next block.
Since the majority of transactions will be moved off the chain, this means less competition for on-chain transactions. Scalability will also be improved as well.
For cross chain transactions, QuickX utilizes the pooling facilitators once more, allowing for currency swap at the click of a button at the most competitive rates in the market.
Token Sale Details
The token sale will occur sometime this quarter, with 250,000,000 of the 500,000,000 QCX tokens available for purchase. 50,000,000 will also be available for private sale. The base token price will be at 1 ETH = 7500 QCX, but there is a bonus depending on how early users purchase tokens.
For the first 25% of tokens sold, there is a 25% bonus. The next 25% will be sold at a 20% bonus, then a 10%, and finally a 5% bonus for the last quarter.
To learn more about QuickX and the token sale, visit their website. From there, users can read the whitepaper for in-depth information about the company. Blog posts are also posted from time to time on the website and can be seen here. Articles regarding QuickX will also be posted on Medium. To chat with the team and community members, make sure to check out their Telegram channel. For more information about the team and business details, visit their LinkedIn. Social media updates will be made through their Facebook and Twitter accounts, with Reddit also available for discussion.