What is Qubic?
Qubic is a decentralized protocol and stands for quorum-based computation (QBC). The code provides universal, cloud or fog-based, permissionless, multiple processing functions on the Tangle. The QBC code puts a second layer on top of the Tangle protocol and uses the IOTA token to pay for services. The code is always executed by multiple IOTA nodes. This protocol is intended to enable a novel form of Smart Contracts and oracles based on the tangle where micropayments are captured in real time during execution. In addition, the protocol is intended to offload quorum-based computing power.
In summary, Qubic is a global supercomputer based on the IOTA platform with wide-ranging applications. Qubic provides a way to securely communicate with the outside world in a trusted environment. It offers a reward system (IOTA tokens) for incentives to honestly participate in the Tangle. In the IoT, there will be millions of participants. Each device will have its own wallet and use the cryptocurrency IOTA to pay each other. Qubic will be used by means of novel smart contracts to automate simple and complex processes.
In detail, the powerful Qubic protocol defines the structure, execution and evolutionary lifecycle of Qubics. It uses the IOTA protocol for secure, decentralized communication between different participants. Since IOTA has its own built-in payment system, IOTA tokens are used to create an incentive system for Qubic operators. Everyone can decide for themselves at what threshold a reward becomes interesting enough to participate.
Last Updated on 16. February 2021