IOTA has finally revealed the insights of the most advancements inside the IOTA network: the QUBIC project.
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
The project has been referred to as the most eagerly awaited development in the cryptocurrency community, especially in the history of IOTA, promising to create a new protocol that, according to the IOTA Foundation;
specifies IOTA’s solution for Oracle machines, smart contracts, outsourced computation, and more.
Despite the early speculation had the Qubic project as an independent cryptocurrency to the already established IOTA token. However, the press release by the IOTA foundation put this line of thinking to an end. The statement started by explicitly stating that Qubic was merely an application that is designed to improve on the already existing IOTA model;
Qubic is not a new token or coin; there will be no Qubic ICO or airdrop.
In principle, the smart contracts initiated on Qubic, as opposed to the Ethereum blockchain, will be furnished by the IOTA token. For this reason, Qubic has been designed to rely on the free, highly scalable network of Tangle, the data structure at the heart of the IOTA network. This way, the system can provide everything including seamless micropayments for streaming services alongside other innovative solutions, in a reward system that incentivizes its users to participate on the Tangle network.
However, Qubic is still in development as the press release emphasized. This development and work put in the Qubic project by IOTA Foundation have been going on for a very long time, and the project is said to include, besides smart contracts, oracles, and outsourced computing. Oracle’s data can be accessed outside the blockchain and integrated on the Tangle network. Through Oracle, smart contracts can access external data, and when a specific value is meet, the smart contract initiates an action. More insights on Qubic will be revealed on June 3rd.
The emphasis on smart contracts by IOTA is a clear indication that IOTA is looking to transform their network beyond transactional use. Despite the networks currency being targeted at Internet of Things (IoT) devices, it is widely recognized as a transacting currency.
The Tangle network offers many advantages over a majority of the cryptocurrency market. The key building block of Tangle is its ability to scale to handle increased network loads. While Bitcoin relies on Bitcoin miner to regulate transactions on the Bitcoin network, IOTA uses Tangle alongside user support, to institute free transactions on the network at will, thereby ensuring shorter transaction time than the Bitcoin network.
With Qubic, IOTA will be able to offer the same network features as Ethereum. In particular, IOTA will be able to construct smart contracts which can be paid in MIOTA. While Ethereum and Bitcoin are limited to rising transaction fees and slow transaction speed, IOTA will have a zero charge for transactions and an infinitely scalable network, by combining Tangle and Qubic.