What does the company/project do?
QuickX wants to empower customers to use any cryptocurrency for making purchases. Cryptocurrencies should become an alternative mainstream payment method compared to existing online and offline payment methods.
QuickX wants to achieve this goal through enabling instant transfers of cryptocurrencies of different blockchain protocols between two parties. Instant transfers should become possible through a decentralized off-chain transaction network. QuickX believes that its approach will decrease transaction fees for cryptocurrency transfers significantly.
Secugenius is the company behind QuickX. It is a cybersecurity company that was established in 2010.
How advanced is the project?
Secugenius started blockchain research in Q3 2016. In Q3 2017 Secugenius raised USD 1.2 million from a group of angel investors for QuickX. An Android version of the QuickX wallet is already launched and has 500 downloads as of July 2018. Testing for the QuickX debit card has started in January 2018 and transactions worth more than 100,000 USD were completed. The public token sale will take place in Q3 2018. The mainnet launch is planned for Q2 2019.
What are the tokens used for and how can the token value appreciate?
The QuickX token is called QCX and serves as an utility token. Initially it will be an ERC-20 token to complete the token sale. The QCX token will be used for transactions on the QuickX platform. All transactions on the QuickX platform are paid with QCX. Some of the collected fees will go into a liquidity pool. The tokens in the liquidity pool will be burned which will reduce the token supply and increase the token price.
Team & Advisors
Vaibhav Adhlaka is the founder and CEO of QuickX. He counts with previous experience in entrepreneurship and early stage venture investing.
Kshitij Adhlaka is a co-founder and COO of QuickX. He has previous experience in executive functions of software companies.
Nageela R is the CTO of QuickX. He has previous experience as a software engineer and a blockchain architect at companies such as IBM.
In addition to the executive team, QuickX counts with six core developers and seven marketing team members.
QuickX is advised by John Dalli, the former minister of finance of Malta, and a team of nine further advisors with backgrounds in blockchain technology, research, venture capital and marketing.
QuickX will provide a multicurrency wallet that supports both, crypto and fiat currencies. The wallet can be accessed from web browsers and mobile devices. The wallet will be linked to a multi currency debit card. The debit card will be a physical, international debit card that can be used just as any other debit card. It will support more than ten cryptocurrencies and should be launched on a global scale. On top it should come with a loyalty program and 2% cash back. Besides payments users will have the possibility to swap cryptocurrencies with low fees.
QuickX will offer a payment gateway for merchants using the QuickX Protocol. This way merchants can accept payments in cryptocurrencies and receive them instantly. This gateway should be made available for integration into popular e-commerce solutions such as Woocommerce.
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.
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.
Our Rating: B+
* The information contained in this article is for education purpose only and not financial advice. Do your own research before making any investment decisions.