Altcoinist Review: $QUBIC
The Visionary Behind $QUBIC
Sergey Ivancheglo, also known as Come-from-Beyond (CFB), is a Co-founder of $IOTA and $NXT, a pivotal person in distributed ledger technology.
- Early interest in computer games evolved into blockchain and DLT expertise.
- Instrumental in NXT, one of the first proof-of-stake blockchains.
- Developed $IOTA's "Tangle" system, a new approach to transaction processing.
- Departed from IOTA Foundation in 2019 to pursue independent projects.
- Involved in Jinn, a ternary processor project, and Paracosm, a VR/AR gaming platform.
What is @Qubic_Network?
$Qubic, in the context of IOTA, refers to a protocol that outlines IOTA's vision for quorum-based computations, which include concepts like oracle machines, outsourced computations, and smart contracts.
The Qubic protocol allows for creating a new type of quorum consensus by introducing the concept of quorum-based computations. The protocol is meant to leverage the IOTA Tangle to ensure data integrity and the efficient processing of operations. Sergey Ivancheglo did not originally create Qubic.
The original Qubic project was announced on a BitcoinTalk forum thread in 2012 but was eventually abandoned.
Later on, under Ivancheglo's leadership, the concept of Qubic was integrated into the IOTA ecosystem to describe a protocol for quorum-based computations, encompassing functionalities like oracle machines, outsourced computations, and advanced smart contracts.
$QUBIC Project Overview
- Founded by Sergey Ivancheglo, bringing expertise from IOTA and NXT.
- Fair-launched project
- Utilizes a quorum-based computer (QBC) system with 676 active Computors.
- Rankings of Computors change weekly, ensuring efficiency and reliability.
- Boasts a high transaction capacity with sub-second finality. (aims for 50M TP/S!)
- Managed to achieve a 50M+ market cap through OTC trading pre-CEX listing.
Technical Innovations and Consensus Mechanism
- Uses Unique Proof-of-Work (UPoW), diverting mining power for AI training.
- Employs a quorum-based computation system for smart contracts.
- Free smart contract development and internal transfers.
- Transactions executed on Spectrum ledger, optimizing for speed and compatibility.
Governance and Tokenomics
Dual governance through the Quorum and the Arbitrator for user protection and dispute resolution.
- $QUBIC Units (QUs) act as an "energy" unit necessary for smart contract execution.
- 1 trillion QUs emitted weekly, incentivizing Computor efficiency.
- Feeless transfers, with Computor quorum voting on smart contract commissions.
- Market cap of $60M+ with a circulating supply of 60 trillion (out of a capped 1000 trillion).
Future Projects and Economic Outlook
- Upcoming Aigarth L2 project, focusing on AI applications and neural network optimization.
- Long-term vision of no inflation and potential deflation post-2041.
- Tokens from smart contract auctions and fees are burned to regulate supply.
Team and Legacy
- Fair-launched project
- Doxxed team
- Led by Sergey Ivancheglo
$QUBIC's Unique Position
- Merges best features of existing platforms, eliminating their limitations.
- Aims to revolutionize cryptocurrency with efficiency, reliability, and AI integration.
Conclusion
$QUBIC, guided by Sergey Ivancheglo's expertise, stands out in the decentralized AI space, akin to $TAO. Its quorum-based consensus and pioneering Usefulness Proof of Work (UPoW) framework position it as an innovative force in blockchain tech.
Important to mention
UPoW, while energy-efficient and conducive to advanced smart contract applications, also brings unique security challenges:
- In UPoW, miners might earn more than the cost of mining, necessitating robust security measures to maintain network integrity.
Overall, we think $QUBIC has great potential, and if it can successfully progress and deliver, we're expecting it to gain more eyeballs from the industry og-s.
More Links to #DYOR process:
Sergey Ivancheglo: https://iq.wiki/wiki/sergey-ivancheglo
Docs: https://docs.qubic.world
Explorer: https://qubic.li/main/overview
Wallet: https://wallet.qubic.li
Github: https://github.com/a-qubic-world
Twitter: https://twitter.com/qubic_world
Discord: https://discord.gg/qubic
Blog: https://docs.qubic.world/blog/