On retro-scope, scalability is the issue which has had Cryptocurrency experts vexed for over ten years. Bitcoin can only handle seven transactions per second (tps) with a considerable amount of fee as compared to Visa, which handles 24000 tps, and it handles traditional currency. If cryptocurrency usage has to reach its potential, then Bitcoin must process and approve millions of transactions every day. The challenge to crack this concerning issue has been a priority for this long. The answer to this issue is Lightning Network.
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On the lines of Lightning Network, QuickX has designed, QuickX Wallet – The 1st ever wallet to do Bitcoin (BTC) Lightning transactions with zero fees in BTC.
QuickX has designed QuickX protocol, which is a novel way to beat the scalability concern and high transaction cost in cryptocurrency transactions. This protocol offers a decentralized platform that operates off-chain, away from the central blockchain assets. The decentralization is achieved by having a pool of facilitators to provide a liquidity pool for cross-chain transfers of crypto funds. This makes payments and transfers faster, secure at low fees. QuickX has launched many products like Multi-Currency Wallet, Hardware Wallet, Prepaid Card, Mining Watch etc.
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Adaptation of Lightning Network Technology in QuickX Wallet
Combined with their QuickX Protocol, QuickX adapted the Lightning Network technology and developed Lightning Transactions for BitCoin in their wallet, and they charge zero fees in BTC.
Lightning Network is a ground-breaking 2nd layer technology that creates another layer on the blockchain. It gives a chance to open a channel on the extra layer for transactions between any two-parties for payments. The channel can exist for as long as needed by the parties since the transactions happen between two users; it will be speedy with next to zero fees. This way, the transaction is taken off-chain, which decongests the main blockchain hence fewer fees and speedy transactions. The transaction is registered on the blockchain once the channel is closed by the two parties. This technology radically increases the speed of transactions since the approval of each transaction by each node on the chain is not required. The fewer validations and verifications in the blockchain ledger will lead to greater accuracy. These transactions are very real and can be trusted to transfer significant funds securely and confidently. If all the transactions involving cryptocurrencies like Bitcoin can make use of a network of micropayment channels, then the scalability can be dramatically improved. To make the Lightning network theory a reality, a multi-signature wallet should be created, and parties interested in exchanging the cryptocurrency should have the same wallet which can be accessed by the respective private key.
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