Qubic is The Future of Crypto | What is Qubic?

IOTA is an ambitious project aiming to connect the world of electronic devices knows as the internet of things (IoT).“The backbone of IOT is here” boasts their official website, “Scalable, Decentralized, Modular, No Fees”. IOTA is most known for their impressive list of notable partnerships, and the infamous IOTA Tangle. However, there is another IOTA project which is gaining attention known as Qubic, but what is Qubic?

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What is Qubic?

Qubic is one of the most highly anticipated projects from the IOTA foundation, the project initially came from the “initialism-turned-acronym, QBC, which stands for quorum-based computation.”

Qubic has evolved over time into something markedly different from the original Quorum-Based Coin idea coined on bitcointalk September 2012. The most apparent change is that there now exists a working protocol to serve as the messaging and payment system: IOTA.

Qubic is a protocol within IOTA which specifies their solution for quorum-based computations. Through the use of Qubic three main features will be enable within the IOTA tangle, these are; oracle machines, outsourced computations and smart contracts.

Oracle Machines

Qubics access data through an oracle machine, which will act as the middle man between a cubic and the outside world. “The protocol allows for reading and transmission of data to occur while maintaining a high degree of certainty about the consistency of the data in question.”

This is a solution to one of the main challenges involving decentralised systems such as the Tangle. it is difficult generally to obtain data from the real-world, however, with the use of oracle machine this allows data to be provided in a decentralised and secure manner with a high-degree of accuracy.

Some examples of such input data are:

  • Temperature data from real-world sensors
  • Current or historical stock value data from the stock market
  • Personal attributes, like current age, marital status, deceased status
  • Election results

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Outsourced Computations

One of the major issues which arises with devices which make up the Internet of Things (IoT) is that these devices are usually “limited by lack of memory, processing power, energy availability, or all of the above.” Therefore, certain computational tasks will be unachievable for many of these IoT enabled devices. Qubic will enable such devices to outsource computational tasks to an external device which is capable of completing the task.

Qubic enables exactly such outsourced computations, and allows secure, permissionless participation for consumers and producers alike. The protocol allows anyone to create or request to run a computational task on one or more external devices, which in turn transmit the results back to the requester. Similarly, anyone can find tasks and participate in processing them.

Once again this operation is performed in a decentralised and secure way and the Qubic protocol will ensure that the results are trustworthy.

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Smart Contracts

Smart contracts have been one of the most revolutionary technologies brought about by blockchain technology. Simultaneously eliminating the need for a trusted third party and creating a decentralised economy for new projects to run within a particular ecosystem.

Smart contracts are most commonly known on platform such as Ethereum, NEO, EOS and other platform based projects. Qubic will support the standard type of smart contracts, which many believe will replace standard real-world contracts in the future. Additionally, Qubic will also enable fee-free transactions which can open the door for an entirely new range of smart contracts.

While Qubic is of course capable of supporting these kinds of traditional smart contracts, the combination of fee-free transactions together with general-purpose quorum-based computation opens the door to entirely new possibilities. For example, a smart contract could be used to aggregate temperature data from different oracles into an average temperature, which gets published to the Tangle periodically. The smart contract has now become an oracle in and of itself – that is, the contract itself has become a source of external data, available for an oracle machine to pick up and send back to some other qubic.

These will be a specific variant of smart contracts which are effectively just be “iterations on the more general capacity for quorum-based computations.” The Qubic protocol will enable a way in which data and results of these smart contracts can be interpreted to a high-degree of certainty.

Qubics

It is important to remember, Qubic is the name of the overall projects, Qubics will be the name of the computational tasks.

A simple version is that Qubic will enable new transactions/computational tasks on the IOTA tangle. The name given to these computational tasks is Qubics. in essence they are packets of quorum-based data which will travel within messages via the tangle from owners to oracles where they will be processed.

Individual qubics are, in essence, prepackaged quorum-based computational tasks. Qubic leverages the IOTA Tangle to package and distribute qubics from their owners to the oracles that will be processing them.

Qubics are published as messages in normal IOTA transactions, and contain special instructions, called metadata, on how and when to process them. Oracles can read qubic metadata to decide whether or not to perform the required processing for the associated rewards. Qubic-enabled IOTA nodes (Q-nodes for short) can handle much of this decision making automatically based on parameters set by their operators.

Qubic will enables a number of new features within the IOTA ecosystem, this will act as both an incentive to run nodes and rent out spare computational power. Because IOTA has its own built in payment system, Qubic will utilise that, this means the rewards for running a Q-node will be IOTA.

The Qubic protocol specifies the construction, execution, and evolutionary life-cycle of qubics. It leverages the IOTA protocol for secure, decentralized communication between the various participants. Additionally, since IOTA has its own built-in payment system, IOTA tokens are used to provide an incentive system for qubic operators. Anyone can decide for themselves at what threshold a reward becomes interesting enough to participate.

Qubic offers a great incentive for people to run nodes: let others use spare computational power or storage capacity, thus providing a useful service, and get paid to do so. Q-nodes can give new life to old, abandoned PCs, and they can provide traditional cryptocurrency miners with a way of monetizing equipment by doing useful computations instead of solving meaningless (and wasteful) cryptographic puzzles.

Qubic is still in development but there is no surprise as to why this is the most highly anticipated IOTA project. you can see a brief teaser video here, there is no official release date on Qubic as of yet but we will be sure to keep you up to date. Let us know your thoughts on Qubic via Twitter using #Qubic

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By | 2018-07-23T13:27:28+00:00 July 23rd, 2018|IOTA News|0 Comments

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