Qubic – Redefining Crypto with Unparalleled Innovation
Qubic is a groundbreaking crypto platform, driven by community collaboration and spearheaded by Sergey Ivancheglo, also known as Come-From-Beyond. Its name, derived from “Quorum-Based Computation,” signifies its innovative approach to smart contracts and blockchain technology.
Who is Sergey Ivancheglo?
Sergey has quite an impressive history in the world of blockchain:
- Assembler, BASIC, C, C#, HTML, Java, JavaScript, Pascal, Python, SQL
- Created first DAG protocol
- Founded very first ICO project
- Founder of NXT & Co-Founded IOTA
- Creator of the very first 100% PoS protocol
- Created the very first non BTC clone
- Founded Top #1 & #3 best ROI coins
NXT
NXT emerged onto the blockchain scene in November 2013, heralding a new era of decentralized platforms. Regarded as a trailblazer in proof-of-stake blockchain initiatives, NXT brought forth pioneering concepts. Its inception brought forth novel functionalities, notably a native asset exchange, marking a significant leap in blockchain technology. Spearheaded by Ivancheglo, NXT thrived under his guidance during its early stages. His pivotal role encompassed significant contributions to NXT’s evolution.
Nxt was the first to implement a pure proof-of-stake consensus protocol. Reliable and energy efficient, with minimal hardware requirements, the ingenious Nxt proof-of-stake algorithm has passed the test of time, with no successful attacks in practice since its launch in 2013.
https://www.jelurida.com/nxt
IOTA
In 2015, Ivancheglo collaborated with David Sønstebø, Dominik Schiener, and Dr. Serguei Popov to establish IOTA (Internet of Things Alliance). This initiative aimed to create a scalable and feeless transaction framework tailored specifically for the Internet of Things.
No blocks. No Miners. When you send an IOTA transaction you validate two other transactions. This allows IOTA to overcome the cost and scalability limitations of blockchain.
IOTA uses a DAG data structure allowing transactions to be added in parallel, unlike blockchain alternatives.
https://www.iota.org/get-started/what-is-iota
QUBIC – The next leap forward
Having outlined Ivancheglo’s notable technical proficiency and track record, let us now examine the latest advancement: QUBIC.
The Quorum Protocol
The Quorum protocol operates with 676 Computors (Validators) handling transactions, executing smart contracts, securing the blockchain, and liaising with Oracle Machines. It ensures finality and reliability by requiring over two-thirds (451+) of Computors to agree on a result. Qubic achieves this with an average block-time of 7 seconds, thanks to its efficient “bare metal” code execution.
Smart Contracts
Qubic’s Smart Contracts differ significantly from others. Each contract must pass a Quorum proposal vote, ensuring only useful and legitimate contracts are added. When a Smart Contract is accepted, it’s launched via an IPO with 676 shares. The $QUBIC spent on these shares is locked into the Smart Contract, reducing $QUBIC’s circulating supply and paying for contract execution. Shareholders earn passive income from contract fees. The contract is self-sustaining until the locked $QUBIC is depleted, after which a portion of shareholder fees funds further execution. The first three Smart Contracts alone burned over 10.5 trillion $QUBIC.
Useful-Proof-of-Work
Unlike traditional Proof-of-Work platforms that consume massive amounts of energy for mining, Qubic boasts a useful-Proof-of-Work system that leverages mining capacities for AI training.
AI Aigarth
Aigarth is an AI-software running on top of Qubic that get it´s information from many hundreds of thousands of Qubic-AI-miners which are creating billions artificial neural networks (ANNs) with their computational power.
The goal is to create an open source true AI public available for everyone.
What makes QUBIC unique compared to other chains?
Offline Payment Verification
This was a problem first discussed 14 years ago in the scenario of the Bitcoin Snack Machine.
1) You want to walk up to the machine. Send it a bitcoin.
2) ?
3) Walk away eating your nice sugary snack. (Profit!)You don’t want to have to wait an hour for you transaction to be confirmed.
The vending machine company doesn’t want to give away lots of free candy.How does step 2 work?
https://satoshi.nakamotoinstitute.org/posts/bitcointalk/threads/114
There are recent cryptocurrencies which have solved the “vending machine” problem with Finality:
Qubic offers real sub-second finality, meaning the confirmation of transactions and the execution of smart contracts is practically instantaneous. Unlike many other platforms that can take several seconds or even minutes to achieve finality, Qubic’s efficiency and speed are unparalleled.
But the particular feature which makes Qubic stand out is that the transaction can also be confirmed offline without any internet connection. This is a truly remarkable feature which will help in a variety of use cases.
Finality ensures that votes from two-thirds (451+) of Computors (The Quorum) are reliable for offline payment verification.
Smart Contracts
Execution of smart contracts on Qubic typically requires a commission, unlike many other crypto platforms. However, this commission does not go into the pockets of the Computors, but rather it is burned. The size of the commission is determined through a quorum vote by the Computors, effectively creating a mechanism for automatic adjustment of inflation or deflation.
40 Million Transactions-per-Second
Qubic is capable of 40 million transactions-per-second, this is far beyond any blockchain which currently exists. It does this through the use of “Ticks” instead of Blocks. The technicalities of this is explained on the Qubic blog here. We have not seen anything like this before and it is one of the most interesting developments in crypto we have seen.
Where can QUBIC be purchased?
Although the QUBIC community is growing, it can only be purchased on a few lesser-known exchanges. We can confirm successful purchase and withdrawal on SafeTrade and TradeOgre, but please DYOR with these. Due to the incredible features of QUBIC, we expect that it will not be long before it is implemented on more exchanges.
- SafeTrade
- TradeOgre
- Seven Seas
- Bitkonan
Where can QUBIC be stored?
In general we recommend self-custody of crypto for greater control and less risk from an Exchange failing or limiting withdrawals. Unfortunately there are not currently any hardware wallets for QUBIC, but we expect this to be developed in the near future. For now, if you don’t want to leave the QUBIC on one of the above exchanges, you can use the Web / Desktop / Mobile wallet, as detailed here.
Yield Reviews Opinion
We are intrigued by pioneering advancements within the cryptocurrency sphere, and QUBIC is one which has particularly captivated our attention. The distinctiveness of its design, rapid transaction processing, and offline payment verification feature lead us to anticipate its potential as a significant game-changer. Due to these features, QUBIC is one of our top picks.
