IOTA (MIOTA) has provided clarity on their enigmatic ‘Qubic’ project after months of speculation on the subject. Qubic will be used to facilitate smart contracts, oracles, and outsourced computation. And though it’s still nascent, it will prove to be an asset for the virtual currency company in the future. The company behind the famous cryptocurrency describes it as “the most significant contribution to the IOTA stack” thus far. From this latest move, it seems like the company’s on a launching spree! IOTA announced the launch of IOTA Lab in collaboration with Akita just this week.
MIOTA is currently the 9th largest cryptocurrency in the market according to market capitalization. The community behind the cryptocurrency have awaited this news for over a month can now rejoice. The tea unveiled the Qubic project for the first time on May 3rd. And now on June 3rd they have finally announced the official launch of the project in a tweet.
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The Qubic platform will be the most significant contribution to the IOTA stack, it will enable unlimited new use cases and turn the IOTA Project into a full solution. Information and details are beginning to be unveiled right now at https://t.co/U87nKaZWnI#IOTA #Qubic
— IOTA (@iotatoken) June 3, 2018
What is the Qubic Project?
The Tangle’s new protocol layer, Qubic is a “work in progress” according to their website.
Using its DAG-based ledger technology (Tangle), the MIOTA platform may offer near-instant transactions. But its application in particular scenarios might be restricted because of its architecture, especially application in the Internet of Things.
But the introduction of Qubic solves this particular issue. Their website says that it supposedly enables the platform to perform as a full-fledged smart contract platform, like Ethereum. Additionally, it also offers scalability and utility with no fees because of the use of DAG technology.
IOTA talks about this on Qubic’s own sub-domain,
“The original Qubic idea had some hard to overcome problems. The IOTA protocol was, in fact, created to help solve those problems. Indeed, IOTA was designed to become the global standard for IoT messaging and payments. Qubic follows that standard, and is made possible by fee-free IOTA transactions.”
The idea for the Qubic project was initally conceived in a BitcoinTalk post, which was published in September 2012. The Quorum Based Coin or Qubic signifies the idea of a cryptocurrency which offers all the utility of Bitcoin. But it has an added advantage that it has none of Bitcoin’s shortcomings.
While they say that it’s like a cryptocurrency, the team announced that the Qubic will not employ a new token. And neither will it include any kind of airdrop.
So is Qubic IOTA’s Secret Weapon?
According to their website, the organization behind the cryptocurrency aim is “enabling the true Internet-of-Things.” But if you look at Qubic’s functionality, it suggests that they’re aiming for loftier heights.
According to the digital currency’s website, in the long run Qubic will “secure the IOTA Tangle: an IOTA-based world supercomputer.” It’s actually quite close to Ethereum’s mission statement, if you look at it.
Have a look at the company’s description of Qubic:
“Specifically, Qubic is a protocol that specifies IOTA’s solution for quorum-based computations, including such constructs as oracle machines, outsourced computations, and smart contracts. Qubic provides general-purpose, cloud- or fog-based, permissionless, multiprocessing capabilities on the Tangle.”
Basically, the company behind MIOTA will be transformed into a regular dynamo with Qubic. Like a jack-of-all- trades, it’ll have an arsenal a jack of all trades up against a plethora of blockchain-based rivals. Which includes smart contract platforms, distributed computing networks, oracle networks, messaging platforms, peer-to-peer cryptocurrencies, among others.
The digital currency’s enthusiasts can definitely place their faith in Qubic without any reason to doubt. The IOTA Foundation has a great track record for executing their projects and their recent momentum also certainly lends credibility.
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