John Dalli to join Ad­vi­sory Board of QuickX Pro­to­col

The Malta Business Weekly - - FRONT PAGE -

Af­ter a ground-break­ing per­for­mance at the Dubai Blockchain Sum­mit 2018, In­dia born blockchain startup, QuickX, joined hands with the for­mer Fi­nance Min­is­ter of Malta, John Dalli to pro­mote the tech­nol­ogy in­ter­na­tion­ally.

The Blockchain startup wel­comed Mr Dalli, for­mer Fi­nance Min­is­ter of Malta on the ad­vi­sory board of the com­pany at Con­sti­tu­tion Club of In­dia, New Delhi, yes­ter­day.

Kshi­tij Adhlakha, founder and COO of QuickX Pro­to­col, said: “We started work­ing on blockchain in 2016 and saw that the promis­ing world of blockchain has a few fa­tal flaws. We fig­ured out that lim­i­ta­tions such as trans­ac­tion speed, cost, scaleabil­ity and cross blockchain trans­fers are hin­der­ing its mass adop­tion. So we came up with the idea of QuickX.

“It is a novel pro­to­col de­signed specif­i­cally to cure the many fa­tal flaws that plague blockchain, to­day. It per­forms trans­ac­tions off the chain for same Blockchain as­sets and uti­lizes pool­ing fa­cil­i­ta­tors who sup­ply liq­uid­ity for cross chain trans­fers. Through this, it ac­cel­er­ates the trans­ac­tion speed greatly, dis­solves the in­ter­op­er­abil­ity prob­lem be­tween dif­fer­ent blockchains, re­lieves the trans­ac­tion fees and also solves the is­sue of scaleabil­ity. All this hap­pens in­stantly and with next to zero fees.

“With QuickX, it is now pos­si­ble to use dig­i­tal to­kens in real life, swiftly, at any time, from any­where,” he added.

QuickX is said to solve the ma­jor speed breaker hin­der­ing the mass adop­tion of blockchain as­sets. It claims to al­low thou­sands of trans­ac­tions a sec­ond by build­ing a de­cen­tral­ized plat­form which im­proves the cost, scaleabil­ity and speed of the blockchain as well as per­form­ing in­terblockchain trans­ac­tions with an al­most neg­li­gi­ble fee.

Vaib­hav Adhlakha, founder and CEO, QuickX Pro­to­col, said: “We are ex­tremely de­lighted to have the for­mer Fi­nance Min­is­ter of Malta, John Dalli with us, to­day. At QuickX we strive to add util­ity to the ex­ist­ing blockchain tech­nol­ogy and be­lieve that Malta shares this vi­sion with us.”

Malta is known as an is­land of blockchain. The coun­try is try­ing to ad­dress the abil­ity to re-con­ceive how busi­nesses can be op­er­ated through smart con­tracts, the use, and devel­op­ment of ad­vanced plat­forms and pro­to­cols, the new di­men­sion of eco­nomic en­ter­pris- es, which sup­port cryp­to­graphic tech­nolo­gies. It is de­ter­mined to achieve its goal by try­ing its hand to put public trans­port ser­vice, fi­nan­cial ser­vices etc., on blockchain.

The coun­try is join­ing hands with the best tech­nolo­gies avail­able all across the globe- to bring back the coun­tries best cream to re­al­ize the goal. Malta is de­vel­op­ing a reg­u­la­tory en­vi­ron­ment that has been cre­ated so as to at­tract these tech firms, build­ing the proven en­vi­ron­ment which was set up by Mr Dalli in 1994 (he in­tro­duced VAT in Malta).

Mr Dalli, said: “I wanted to come to In­dia for a long time and savour the vast cul­ture that makes up this great coun­try. I am glad to be here to­day and to ex­pe­ri­ence some very prom­i­nent cul­ture achieve­ments of the past and the in­no­va­tive tech­nolo­gies of the fu­ture that will change the world.

“Blockchain is a tech­nol­ogy that tran­scends the tech­ni­cal is­sues. Its core ra­tio­nal is the de­liv­ery of in­for­ma­tion di­rectly be­tween the peo­ple in­volved by­pass­ing any cen­tral­ized data cap­tur­ing and stor­ing servers that are con­trolled by govern­ments and big busi­nesses. The out­come is restora­tion of users.

“Every sin­gle per­son in to­day’s world is spied upon, mon­i­tored and con­trolled. All our move­ments, all our trans­ac­tions, all our ut­ter­ances are reg­is­tered and logged. A well-struc­tured, func­tional and pro­tected blockchain en­vi­ron­ment should put a stop to this. I said “pro­tected”, be­cause it has hap­pened with gov­ern­ment reg­u­la­tions, bank­ing sys­tems, etc., there will be those who will seek ways to abuse it. There must be some mech­a­nisms to min­imise this pos­si­bil­ity of abuse.

“If we come to­gether with more such tech­nolo­gies like the In­dia-born QuickX pro­to­col we will be one step ahead in mak­ing this world a bet­ter place. QuickX, is the next big thing. I am glad to join their Ad­vi­sory Board and to be a part of this break­through tech­nol­ogy in the blockchain space. I will take this op­por­tu­nity to pro­mote and sup­port this tech­nol­ogy in Malta and at in­ter­na­tional level.”

The com­pany is look­ing for­ward to see the shapeshift and value ad­di­tion the tech­nol­ogy is yet to pro­vide. It is said that QuickX Pro­to­col will em­power each and ev­ery­one to buy a brick to a cas­tle, with its in­no­va­tive tech­nol­ogy, and rev­o­lu­tion­ize the world of trans­ac­tions by us­ing blockchain as­sets.

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