A bit long, but I think it might help people understand Qubic a bit.
Two takeaways I took from reading Qubic:
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1. If you host a “Q-Node”, a node that supports the Q protocol (layer) you can earn rewards in these manners: Offering PoW (mining rigs, computer, or your coffee pot), PoS (your IOTA’s that you hold), your bandwidth that you don’t use (probably something to do with LIFI in the future, so this could be your router and lightbulbs in your house), and simply, the previous history of running an honest node for the system.
All of the above can be used to pass the “resource test phase”. All of those resources: PoW, PoS, Po(Bandwidth), and Po(Honesty) are measured and quantified. Your resources than essentially set you in an equivalent resource pool ie: in a pool with other people of similar resource power.
You then earn IOTA’s from people using the Oracle system, smart contract, or simply who want computational power (which is absolutely needed to be able to outsource the IoT industry which is for sure the future.
So what does that mean.
Before do you remember all of the questions: IOTA won’t work because people won’t run nodes, because they don’t get incentives like traditional blockchains. Well now they can!!! And not only that, “Q” takes every aspect of each crypto and combines it all in one…
PoS, PoW, PoBandwidth, and PoHonesty.
More so, if you have Asic’s, you are in the Asic’s pool, GPU’s, your in the GPU pool, old crappy computer (your in the old crappy computer pool), you stake a lot of IOTA, your in the high stake IOTA pool… etc.
People will purchase “resources” using the Qubic protocol. If they want quality, fast, or extreme computational power they have to pay.
Remember, you the user set what you want to receive in IOTA for your resources (economic principles). If you spend $1200 a month on electricity and equipment, you will only charge more than $1200 a month. No one would charge less. So in your pool, everyone will eventually come to a quorum charging a set amount, and thus the economy (the users) will pay for it. So in essence, the better the pool, the more the reward you get (based on economic principals in society (just like blockchain).
However, if your coffee pot has a jinn chip that is Ternary hardware, with Ternary programming (ABRA), than it can sell it’s resources when it’s not making coffee ie: PoW.
Also, your autonomous car not only can offer up its PoW, it can also stake the IOTA’s it is not using in it’s wallet, the bandwidth when it isn’t working or driving, and the experience / honesty factor it has as a node, and even the electricity it made from it’s solar power roof and sell it to the grid. Your car has “multiple” resources. The Qubic network allows machines to offer “all” of their resources, not just one or two like blockchain.
Qubics revolutionizes machinery allowing it, the machinery, to sell it’s resources. This is another building block to the ultimate vision of a machines acting in a “machine economy”.
Rather than us setting this up, and the fees we want to charge, eventually we can create smart contracts with Qubic functions, so the machines can negotiate and earn “themselves”, the machines will sell and buy resources THEMSELVES, truly creating a machine economy, “AND” if you own the machine, you earn the rewards (ie: income, passive income).
Take Away Two:
2. From the above description these are only a few use cases that I take away from reading about Qubics. The reality is that the community will be coming up with new use cases every day for the following year probably. Use cases that we can’t even imagine, but here is my second takeaway:
The Qubic protocol, where all this is happening. Miners earning, people staking their IOTA and earning (ie: “interest” or “passive income”) because they are HODLER’s, Forex financial companies using Qubics for quorum “ORACLE” data, smart-contracts being run on the protocol, scientist using computational power for medical research, VW and Bosch using computational power for their IoT devices, etc. on and on. All those use cases, to power…. TO POWER, to run the network, all of those functions will be conducted with zero fee transactions that take place on the Tangle.
The whole system runs on data transactions (zero fee transactions) by sending MetaData on the transaction which is sent on the Tangle. Meta Data essentially (I’m not a techie) is like the language that tells the Q-Nodes to wake up, to process data, pay, earn, and receive, and essentially run the whole Q network.
So…. that is a SHITLOAD OF FUCKING transactions occurring!!!!!! So the present day amount of transactions right now occuring from Trinity, speculation, and trading, is like a pissing in the ocean compared to how many transactions the Qubic network will produce. Its not hard to understand, the Qubic network will run millions if not billions of transactions per day over the Tangle, and remember, “each transaction confirms two transactions
So…. what does that mean. More transactions means a faster Tangle, a more secure Tangle…. and most importantly…. WE CAN TAKE THE COO (Coordinator) OFFLINE!!!
note: there may be use cases for multiple COO’s (coordinators) or private COO’s but that is a whole other arena and I simply state that from something I read from someone on Discord.
The point is: Q is needed to remove the COO!
So everyone saying, “Why don’t the dev’s fucking working on removing the COO, “wen remove COO”, you can see that THEY ARE working on it!”. The Qubic network will support the network because it incentives people to host nodes and earn IOTA!.
Also, if no one uses the Qubic network then it doesn’t work right?!? So making “Corporate Partners”, and United Nations (NGO) affiliates, is needed to support the Qubic Network.
So here are the building blocks to the dev’s vision:
– You need a Tangle (Zero fee transactions that can that can send meta data)
– You need IOTA (A form of payment that can buy and sell resources (ie: PoW, PoS, PoBandwidth, and PoHonesty)
– You need the Qubic Network (creates Oracles, allows for Quorum Based Computations that powers Oracles.)
– You need Oracles (Oracles power smart-contracts which is the whole shabang! It will change society and change global finance).
– You need the Qubic Network (creates Oracles, this allows for Quorum Based Computations that powers Oracles.)et to enjoy because the IF includes us (with AMA’s, takes time in discord, and offers transparency), and global partners such as Bosch, VW, Fujitsu, etc., We need governments and societies such as Taiwan, Denmark, and maybe Sweden; and we need banking like DnB, and electrical companies like Elaad (I think I stated ELaad incorrectly). We need the global integration to actually “use” the Qubic system for it to work (demand drives economic principals, which ultimately will pay the Q-Node providers)
– Lastly, you need to remove the COO and let the network grow organically. (This can only be done when all of the previous steps have been completed).
Tangle ->IOTA ->Qubic Network ->Oracles ->Partners -> COO
So removing the COO is one of the last steps. After removing COO the network can just grow organically on it’s own without much support or help from the dev’s. They can then work on building applications that work on top of the Qubic network.
This is a large challenging undertaking that is being built step-by-step, each piece is part of a large puzzle that all comes together. As for Qubic’s, what was just released, it is a really large damn piece of that puzzle!!!
It just goes to show, that all of this adds up to removing the COO. Everything the dev’s, and the IF, have been doing are working towards simply that! It’s all one big construct, not different pieces, everything ties together and the Qubic network is a large friggin piece of it all. Their sole mission is to complete the puzzle, the vision, so the COO can be removed, and the Tangle can literally change society through the machine economy.
This is just my non-techie understanding at the moment. I have a lot more research and studying to do, but damn I love it! So glad to be apart of this journey
Please clarify if I totally misunderstood anything, and looking forward to hear other peoples understanding.