The IOTA Qubic community has been waiting for this launch for over two years and there is no other IOTA project that is so eagerly awaited along with its protocol known as ‘’Q.’’ The protocol will be used to facilitate smart contracts and oracles based on the Tangle and will increase the potential use cases of the cryptocurrency as we are reading more in the IOTA news.
The IOTA Foundation is working on a combination of Chainlink and Ethereum with IOTA Qubic taking a few other approaches that make it different from the two projects. Eric Hop that is primarily responsible for Qubic at the IOTA foundation explained today that the foundation will move towards the release of Qubic in the upcoming week. Hop explained that a proof of concept of Qubic will be published next week and he wrote:
‘’Until it’s done. You just saw what happens when we pander to the wen-crowd. We try to give a reasonable time line but it will take as long as it takes. Next week will finally be when the PoC will be delivered. You have the thief to thank for the delay.’’
With the proof of concept, the IOTA foundation will show how feasible Qubic is whereas the Proof of Concept shows the basic functionalities. Qubic is a decentralized protocol that stands for quorum based computation. Qubic provides a platform for the creation of the Internet of Things applications that connects the smart contracts and oracles with the IOTA tangle. Qubic will serve to make the smart contracts better and will allow the oracles to feed external data, sports results and stock prices.
The QBC code is created as a second layer on the Tangle protocol using the IOTA token to pay for the services. The special feature of Qubic is that the oracles based on the Tangle which allows free micropayments while the smart contracts collect data in real-time. Unlike Chainlink and ETH, there are no gas fees which means that there’s unlimited data that can be retrieved by the smart contracts without any costly problems. Qubic is a supercomputer that is based on the IOTA platform since IOTA has the standard for machine-to-machine payments and the Internet of Things. This way Qubic will provide the basis for automating simple processes.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]
Discussion about this post