What is Qubic (QUBIC)?

Qubic is a groundbreaking project that integrates distributed ledger technology with smart contracts, offering innovative features like frictionless microtransactions, energy-based transactions (Qubic Units or QUs), decentralized quorum-based decision-making, and scalable AI solutions. With its epoch-based processing and decentralized exchange, Qubic ushers in a new era of distributed computing and finance. Let’s dive into what Qubic is, how it operates, and the opportunities it presents.

Table of Contents

Qubic is a platform that merges distributed ledger technology with smart contracts. Qubic Units (QUs) form the core of network transactions and services, functioning as an energy unit that is burned during operations. Unlike traditional Proof of Work (PoW), Qubic employs Useful Proof of Work (UPoW), directing computational power toward real-world tasks like AI model training. Its quorum-based governance involves 676 Computors, with decisions requiring a ⅔ majority (451 votes) for consensus. Computors execute transactions and smart contracts, while miners assist with tasks. Aigarth, a project in development, leverages unused computational power to solve AI problems.

Purpose of Qubic

Project aims to revolutionize decentralized finance and computing. QUs serve as an energy unit for running smart contracts and accessing services, with transfers being fee-free and QUs burned to balance inflation and deflation. UPoW channels energy into AI training, enhancing network utility. Quorum-based governance ensures collective decision-making, while the Arbitrator resolves disputes and publishes Computor lists. Qubic delivers efficiency and transparency in finance and AI solutions while upholding decentralization.

How Does Qubic Work?

Project’s core components include the Spectrum (ledger), Computors, miners, and quorum. Here’s how they function:

Spectrum

The Spectrum is a decentralized ledger recording transactions per epoch. It logs sender-receiver addresses and amounts immutably, distributed across Computors. Access it via the qubic.li Spectrum Info Tool.

Computors and Miners

Computors: Network validators that execute smart contracts, validate transactions, and participate in quorum decisions. Limited to 676, the top 451 retain their status each epoch, with others selected from candidates. Computors share 1 trillion QUs per epoch.
Miners: Support Computors by solving AI tasks and relaying solutions, boosting Computors’ scores. Unlimited miners can participate.

Quorum and Arbitrator

The quorum, requiring 451 Computors, ensures consensus for transactions and smart contracts. The Arbitrator resolves disputes, sets mining algorithm parameters, publishes Computor lists, and earns ~1% of epoch revenue.

Transaction Process

Transactions: Recorded on the Spectrum, fee-free, and approved by the quorum within ticks (under 1 second).
Smart Contracts: C++-based, powered by burned QUs. The first was an IPO for 676 shares of the Qx decentralized exchange.
UPoW: Miners solve AI tasks, making it more efficient than traditional PoW.

Qubic Use Cases

Microtransactions: Fee-free transfers.
Smart Contracts: Decentralized apps like Qx.
AI: Aigarth for solving AI problems.
Oracles: External data integration (in development).

Usage Steps:

Join the project’s network as a Computor or miner.
Computors select an Arbitrator via qubic.cpp; miners join pools.
Track transactions on the Spectrum or access smart contracts with QUs.

Advantages of Qubic

Decentralization: Quorum-Arbitrator separation distributes power.
Efficiency: Fee-free transfers and energy-saving UPoW.
Transparency: Spectrum maintains an open transaction record.
Innovation: AI integration and smart contracts.

Risks of Qubic

Development Stage: System incomplete, subject to changes.
Technical Challenges: Computors require UEFI and constant updates.
Competition: Computors need mining power for high scores.
Legal Risk: Regulatory uncertainties.
Network Risk: Oracle or smart contract vulnerabilities.

Qubic Tokenomics

$QUBIC: Network energy unit, burned in smart contracts.
Epoch: 7 days, generating 1 trillion QUs, distributed to Computors, with the remainder to the Arbitrator.
Total Supply: 200 trillion (reduced from 1000 trillion).
Burn Mechanism: 15% in year one, halving annually.
Transfers: Fee-free, with QUs burned.

Qubic Team

The project’s team consists of blockchain innovators:

Sergey Invancheglo (Founder): Strategic vision.
J0ET0M (CTO): Technical leadership.
Talentnodes (COO): Operational management.
Alber (Ecosystem & Partnership Lead): Community and collaborations.

Official Links

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What is Qubic (QUBIC)?