About Qubic
Written by
Qubic Team
Jan 18, 2024
What is Qubic?
Get ready to dive into Qubic, an innovative useful-Proof-of-Work crypto platform that's changing the game. The name "Qubic" comes from the acronym "QBC" which stands for "Quorum-Based Computation"
Community & Founder
Qubic is a completely open source and community driven project founded by Sergey Ivancheglo AKA Come-From-Beyond, the creator and co-creator of the very first full PoS & DAG protocol (NXT & IOTA)
The Quorum Protocol
The Quorum protocol is powered by 676 Computors (Validators), responsible for transactions, executing smart contracts, secure the blockchain and communicate with Oracle Machines. The platform ensures reliability by requiring a Quorum of ⅔+
(= 451+) Computors to reach the same result before considering it final – thats what makes every result in Qubic real final! Thanks to Qubic's direct "bare metal" code execution this happens with an average tick-time (block-time) of 7 seconds.
(Qubic had in the past a tick-time of 0,2 sec. and will be able to have a sub-second ticks-time again, after some Computor-Node upgrades that will happen in Q2, Q3 & Q4 2024)
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 nearly hundred thousand (number is rapidly increasing) 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.
Smart Contracts
Qubic´s Smart Contracts are completely different then others. Every Smart Contracts must undergo a proposal voting by the Quorum, this prevents that the protocol is flooded with useless or shady Smart Contracts.
Accepted Smart Contracts are launched via an IPO with 676 shares. The $QUBIC costs for the shares are burned (locked into the SC to pay for SC-execution) and reduce the circulation $QUBIC supply. Shareholders can gain passive income through Smart Contract fees. The Smart Contract pays for itself and once the locked $QUBIC are used up some of the shareholder fees must be used for further Smart Contract execution. The first 3 Smart Contracts alone burned over 10,5 Trillion $QUBIC
Oracle Machines
Oracle Machines will be used to make Qubic Smart Contracts even Smarter by resolving events through trustworthy data such as stock prices, sports scores, or sensor readings and much more. Also Oracles will give Aigarth ability to observe the outer world and Outsourced Computations.
Feeless Transactions
Qubic sets itself apart with feeless transactions and asset transfers, a rarity among crypto platforms.