Qubic is coming. Announcement made by founder in IOTA Discord

The Founder of IOTA made an announcement in the IOTA discord today that the “time has come” for the long-awaited Qubic. They have provided just a sneak preview of the project and say that eventually, they will announce the full details on their website.

They have provided with a link to the Qubic website which has a short video giving a brief idea about Qubic.

So what is Qubic?

As mentioned in the announcement Qubic has its origins back to 2012 where Come From Beyond (The inventor of Proof of Stake as implemented in NXT and who coded the first version of IOTA) had started working on it. And later numerous people have started working on it in since 2014 in Jinn Labs.

Qubic as described by the video is a token that has a theoretically unlimited supply unlimited supply depending on how many people want to mint, spend and pay. (It could potentially solve the stable price problem). While Qubics are the tokens for Q which run on top of Tangle, This would mean that companies, scientists , gamers and everyone could lend or use computational power, that is available everywhere.

Qubic mainly enables:

Smart contracts

Oracles

Outsources Computing

Announcement made by David Sønstebø(Founder of IOTA) on Discord:

Image Source: IOTA Discord

This technology is capable of changing the global financial markets according to CFB.

David says:

Using IOTA as a backbone, will be the foundation of plenty more projects that we have in motion already, but more importantly, it will be a platform for the greater community and ecosystem to create things we can’t even imagine yet.

In the announcement David says that Qubic has been one of IOTA’s main focus for 2018-19. They will announcing the updates on their website regarding this project.

Here is video which might help in understanding Qubic:

IOTA News tweeted:

P.S – The information given above may not be completely accurate as information on Qubic is limited, please point out in the comments if any mistakes are made and we will update accordingly.

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