On Sunday, creators of the cryptocurrency IOTA presented their new project: Qubic. IOTA will be supplemented with Smart Contracts, Oracle and Outsourced Computing. So, among other things, exactly those functions that actually claims Ethereum for itself. So there is new competition in the crypto scene. WIRED talked to IOTA founder David Sønstebø about his plans.
On Sunday, the IOTA Foundation finally unveiled the project Qubic, a project long awaited by its fans – a network for smart contracts. So far, however, the foundation is best known for its cryptocurrency IOTA, which intends to provide an innovative alternative to blockchain with its tangle technology. The tangle should scale better and has no transaction fees. With Qubic, she now gets more features, as the foundation announced Monday on its official website : Smart Contracts, Oracle and Outsourced Computing. These three additions are intended to build a network around IOTA that Ethereum can compete with.
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Qubic wants to use oracles to transfer data from the real world to the decentralized database. Add to this Outsourced Computing, the ability to outsource computing capacity to the network. If certain tasks can not be processed locally due to a lack of computing capacity, these tasks can be outsourced to other machines that currently have nothing to do.
In the interview, Norwegian IOTA founder David Sønstebø talks about Project Qubic and why it will be superior to Ethereum.
WIRED: Will Qubic be the better Ethereum?
David Sønstebø:There are fundamental differences between Qubic and Ethereum. With IOTA, it was very important to us from the beginning that we create a foundation that allows for maximum scaling. IOTA wants to be the backbone of the Internet of Things, the machine icon of the future. It can only do that if we use our protocol to account for the inadequacy of some machine resources – these are limited resources such as bandwidth, storage, electricity, and so on. That’s the tangle, not the blockchain. Another point is the fee-free, which is given by the tangle of IOTA, but not by the blockchain of Ethereum. Qubic was created for the Internet of Things. Ethereum is currently completely unsuitable for this. We take the vision a step closer with Qubic every day.
WIRED: Vitalik Buterin, founder of Ethereum, has recently said that he expects his system to be able to handle one million transactions per second in the long term. Do you think this assessment is realistic?
David Sønstebø: That’s a very ambitious goal. With plasma and sharding a higher scaling will definitely be possible, how high is currently still difficult to estimate. But one problem will remain, and that’s the transaction costs. In a machine economy, even low transaction costs are simply not feasible given the mass of transactions. The tangle helps here.
Qubic was created for the Internet of Things. Ethereum is currently completely unsuitable for this.
David Sønstebø, IOTA
WIRED: Is Qubic just a platform for dApps providing solutions to the Internet of Things?
Sønstebø: Qubic is of course geared primarily to the Internet of Things. We optimize Qubic for the Internet of Things. However, we do not draw any barriers to this vision. Other dApps that might otherwise have been built on ethereum basis can also be developed on our platform. I want to make it clear that I’m not an IOTA Maximalist. If Ethereum offers better solutions, I allow the project to prevail over Qubic.
WIRED: Why was the release date for Qubic repeatedly postponed?
David Sønstebø:The reason for the delay is that, firstly, we had a lot of administrative tasks that we needed to investigate. Secondly, we have been working hard to develop our current core product, IOTA, and third, our workforce has increased by 40 people over the past 12 months. So we had to juggle hundreds of tasks throughout and could not focus on Qubic as hoped. Since we did not want to rush things, we agreed that we would not introduce Qubic until we were 100% satisfied with the result. This also corresponds to our modus operandi. We do not want to introduce anything that we are not completely satisfied with.
WIRED: The concept behind the oracles seems unrealistic. How is it to be prevented that the majority of the participants in a survey do not save false data on the basis of misinformation in Tangle?
Sønstebø:Of course, such a scenario can not be completely excluded. What guarantees Qubic, however, is that there is no financial incentive for a participant to say the untruth. If a misinformation is actually saved in Tangle, it can be corrected and updated by other oracles at any time. The ability to verify or falsify information is one of the many features that makes distributed ledger technology so essential to the future. Once truths are stored on the tangle, lies and thus fake news can quickly be exposed.
WIRED: Which yardsticks can be used to judge if something is true or untrue?
Sønstebø: It never can. Therefore, the consensus model has been introduced, according to which those data are accepted as true, which are judged to be true by a minimum number – two-thirds of the participants.
WIRED: You announced on Sunday to use the Abra programming language. What advantages do you see in the language compared to others such as Ethereum Solidity?
Sønstebø: Abra is a fully functional programming language. Abra brings the good of both worlds together. It’s as user-friendly and secure as Java Script – and as flexible as C ++. Solidity has brought enormous problems to light over the last few years. For example, bugs keep making sure that smart contracts do not execute their orders. This problem should be addressed with Abra.
WIRED: When do you expect Qubic to go live with all its features?
Sønstebø: We have been working for Qubic for a long time. Hopefully, by the end of the year we will have a working alpha version up and running. What is more important to me than this is that we develop a well-functioning product. If that takes a little more time then it should be like this.
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