Project X: Xccelerating Equilibrium

Welcome to ‘4 Days of X’!

We are excited to officially announce ‘Project X’, a major enhancement for Qubic and a game-changing initiative to elevate our ecosystem to new heights. Starting today, we will unveil and highlight a new element of Project X each day for the next four days. The goal is to raise awareness and deepen understanding of what is a giant leap forward for Qubic. 

With Project X, we envision an incentivised, harmonious collaboration among miners, computors, shareholders, developers and an innovative emissions model, all working together to create a balanced and thriving ecosystem.

Unfolding over the next four days, we’ll reveal each element of Project X in detail, sharing their current statuses, and showcasing our comprehensive strategy.

Essentially Project X is made up of four elements: a core protocol extension and three initiatives that leverage this protocol (A New Emission Model, CCF and QEarn).

The Four Elements of Project X

• A New Emission Model

  • Lead: Crypdro

  • Team: Steco members & ecosystem team, TheLabsWolf, PeterD

• CCF (Computor Controlled Fund)

  • Leads: Phil (Tech) and TalentNodes (Operations)

• QEARN (Community Initiative for Yield)

  • Lead: MrUnhappyX

• Protocol Extension (The Tech Backbone)

  • Lead: Joetom

  • Team: Core development team

Today, on day one of ‘4 Days of X’, let’s take a look at the emissions element of Project X in more detail…

A New Emission Model

In recent weeks, we have received extensive feedback on Qubic's emission and supply model. As a community-driven project, it is essential to consider these insights and identify potential areas for improvement.

Understanding The Emission Model and Supply Cap Adjustments

To understand the objectives of the emission model, it is crucial to grasp Qubic's current tokenomics:

• Qubic emits 1trn QUBIC per week.

• The hard supply cap is set at 1,000trn QUBIC, projected to be reached around 2041.

Burns: A Core Concept of Qubic

Due to token burning mechanisms, Qubic is unlikely to ever reach the 1,000trn QUBIC max cap. Burning coins is a core concept within Qubic, applicable in various scenarios. While transferring QUBIC coins is feeless, the execution of smart contracts burns QUBIC. Additionally, smart contract developers have the freedom to design the economics of their contracts, allowing them to incorporate mechanisms such as token burns in various ways.

Therefore, the usage of smart contracts increases the burn rate, potentially necessitating adjustments to maintain balance against emissions. Qubic enables and encourages both computors and smart contract shareholders to vote on any changes to the burn parameters.

Balancing Emissions and Burns

Burns are well defined and implement a powerful concept. We spent the past weeks reviewing the emissions component: 

Based on our findings in Qubic token economics, we conclude that the emission schedule of Qubic can be adapted to allow for a max supply of 200trn QUBIC, without endangering Qubic’s vision and mission, by implementing an emission reduction method similar to traditional halvings, customised specifically for Qubic. Since the Qubic ecosystem burns coins in regular operation, the emission smart contract will take these burns  into account in order to guarantee a max supply as described by the model.

We are very excited about this concept and will provide more information in a separate, more detailed blog post on August 8th.

(Small teaser) we are aiming to introduce a refined emission model designed to cap the max supply at 200 trillion QUBIC, starting with a 15% emission reduction as early as mid-September, ensuring sustainable growth while maintaining our mission. This will also form part of a discussion with our miners and computors. Join us as we take Qubic to the next level!

What Is The Timeline For A New Emissions Model?

• August 8th: Blog new concept of emissions and max cap

• September 4th: Smart contract proposal

• September 11th: Smart contract IPO

• September 25th: First emission reduction

4 Days of X: What’s Next?

Don't miss day two of 4 Days of X, when tomorrow we'll unveil the next big thing: the CCF (Computor Controlled Fund). Discover how this pivotal element of Project X will fuel the growth of the Qubic ecosystem. Stay tuned for all the exciting details.

Important Dates for Project X

Project X isn’t just a technical update; it’s a new era for Qubic, aimed at making our ecosystem more flexible, sustainable, and community-driven. We’re excited to embark on this journey with all of you and can't wait to see the great things we’ll accomplish together. Stay tuned for more updates and let’s continue building the future of Qubic!

Please keep the following key dates in mind to stay updated on the progress of Project X:

• August 1st: Introduce Project X and showcase how a new emissions model will leverage the protocol extension

• August 2nd: Showcasing how CCF will leverage the protocol extension

• August 3rd:  Showcasing how Qearn will leverage the protocol extension

• August 4th: Introducing the protocol extension

• August 8th: Blog post detailing the technical concepts of emissions and max cap

• September 25th: First emissions reduction

We have even more exciting dates to share, including other launch dates, but we'll be revealing them throughout the 4 Days of X. Stay tuned for further details!

We're extremely excited about the future of Qubic’s Project X and look forward to your participation! 

Don’t forget to join the discussion in our Discord.