IOTA has finally launched Qubic which is a new protocol layer that will assist users in special computational powers such as oracle machines, quorum-based computations, outsourced computations and the smart contracts that are on the network. This long-awaited news comes after a lot of weeks filled with all kinds of speculations, so now, IOTA is finally shedding some light on the project.
IOTA unveils the Qubic project
It was about time that IOTA offered crypto enthusiasts some more details on the Qubic project because the team has been keeping it under wraps for a few weeks now.
Judging by all the available information, this is apparently the most significant contribution to the IOTA stack that has ever been released.
Qubic is a new layer for the existing Tangle protocol
This new procedure is designed to be a whole new layer to IOTA’s existing protocol called Tangle. It will target administering smart contracts, oracles and also external computational power.
It will do all these things in the most scalable way and with minimum fees involved in the process.
Qubic is still a work in progress, says IOTA
IOTA team made it very clear from the beginning that the project is still in its development process, but they also explained that the website is built to provide enhanced clarity on the project and help support the enormous goal of the project.
The team also made sure to clarify on the official website that Qubic is not a new token or coin and there won’t be any Qubic ICO or airdrop. Instead, the team notes that “Qubic follows that standard, and is made possible by fee-free IOTA transactions, which enable:
A way to safely communicate with the outside world in a trusted environment;
A powerful, distributed fog computing platform for building complex IoT applications;
A new type of smart contract, which collects micro-payments in real time as it runs;
A reward system for incentivizing honest participation in the Tangle.
Qubic managed to evolve into something that’s completely different from the initial Quorum-based coin idea, and the most significant change is that now there’s a working protocol that will serve as the messaging and payment system IOTA.