Introducing the Protocol Extension: The Tech Backbone of Project X

Written by

The Qubic Team

Aug 4, 2024

Welcome to the Final Day of 4 Days of X!

This has been a monumental week for Qubic. Project X, a significant upgrade to the Qubic ecosystem and a groundbreaking initiative designed to elevate the platform to new heights, was unveiled.

We also introduced three of the four elements that form Project X, the new emission model, the CCF (Computor Controlled Fund) and QEarn. These initiatives aim to leverage the power of Project X’s ‘tech backbone’, the protocol extension.

What is the Protocol Extension?

The protocol extension is a major upgrade that empowers computors to play a more active role in the Qubic ecosystem.

It will allow computors, who currently receive a total of 1 trillion QUBIC in weekly emissions, to allocate a percentage of their earnings to proposed initiatives they believe will benefit the Qubic ecosystem (for example, the new emission model, the CCF, QEarn).

This direct involvement enables them to support projects and developments they find beneficial for the ecosystem, creating a more engaged community.

By decentralising decision-making, it gives computors the autonomy to make their own choices on which projects to fund based on what they perceive as best for the ecosystem. It also enhances system flexibility, allowing for the seamless shifting and balancing of spendings between various initiatives.

This ability to shift and balance spending between various initiatives provides the ecosystem with the flexibility to address emerging opportunities or challenges. This adaptability can help optimise resource use and ensure that promising projects receive funding, enhancing the overall efficiency and effectiveness of the ecosystem.

How the Protocol Extension Works

The core developer team is seamlessly integrating this new feature into the core of Qubic. With it, computors will have the power to send their weekly emissions directly to a Qubic ID (much like a public key in Bitcoin), which is typically the ID of a smart contract.

During each epoch, computors may vote on proposals from the community. (Note: as of today, this feature will be available in the user interface of wallets.)

As discussed in recent posts, two smart contract proposals will soon be put forward for computor approval, involving the reallocation of 8% of weekly emissions to the Computor Controlled Fund (CCF) and the implementation of a 15% reduction in overall emissions as part of the new emission model.

This gives us an example of how the emissions might be allocated after computors have voted:

These allocations are distributed if at least 451 of the 676 computors agree (a quorum consensus) on the same proposal(s) and percentage(s). This consensus results in the selected proposal(s) receiving the designated percentage(s) of funds from computors on a weekly basis.

Changes or additions can be introduced at any epoch change, again requiring a quorum consensus of 451 computors.

A New Era for Qubic

The protocol extension marks a new era for Qubic, defined by greater participation, adaptability, and a stronger collective vision for the future.

Deadlines for the Protocol Extension

Our core development team is extremely excited about the Protocol Extension and is working hard to establish the technical foundation.

August 8th: Testing of core extension
August 16th: Blog post outlining technical concepts of the protocol extension
Mid to late August: Go live

Deadlines for Project X

August 8th: Testing of protocol extension
August 8th: Blog post detailing the technical concepts of emissions and max cap
August 12th: Blog post on CCF outlining how we support ecosystem growth
August 16th: Blog post detailing the technical concepts of the protocol extension
Mid to late August: : Launch of Protocol Extension
September 25th: First emissions to be received by CCF
September 25th: First emissions reduction