QUBIC is an innovative project from the creator of NXT and IOTA — Sergey Ivancheglo.
What is QUBIC in simple words?
Qubic (QUBIC) is a universal distributed system of smart contracts based on Blockchain technology. Its peculiarity is that — it’s a platform that makes possible not only to conduct transactions and store assets but also to build and develop other projects based on it, using the system as a basis without changing it.
What currency is used in the QUBIC system?
Cryptocurrency in QUBIC and are qus. They used in all projects and applications created on the basis of QUBIC. In addition to the function of a financial instrument, qus is a unit of energy like J, which is spent on maintaining the operation of the system (for example, to launch smart contracts, access oracles, etc.) as well as projects created on its basis.
What does the QUBIC system include and how is it different from Bitcoin and Ethereum
Technically QUBIC consists of four main elements:
1. transfers
2. smart contracts
3. oracles (oracle machine)
4. outsourced computations
Let’s take a look at each of them separately.
TRANSFERS.
QUBIC has no transaction fee!
The problem with Bitcoin and Ethereum is that you have to pay a commission for each transfer. This is inconvenient and can be very expensive. In QUBIC you send 1 USD and the other side receives 1 USD (not 0.90 USD). As a result transfers in QUBIC are much more profitable.
SMART CONTRACTS
QUBIC has the ability to make changes to smart contracts (unlike Bitcoin and Ethereum)
This ability to make changes to a smart contract makes QUBIC more secure. Millions of dollars are lost each year because of bugs in smart contracts… while QUBIC allows you to correct code errors made while writing it!
Thus, QUBIC brings the ability to reduce the number of attacks for those who work on smart contracts.
ORACLE (ORACLE MACHINE).
An oracle is something similar to an ancient oracle. This concept has been around for a long time in computer science and QUBIC is the first attempt to add these oracles as a main component of the system. Oracles are first class citizens.
Reliable oracle machines are the technical innovation of QUBIC. It allows to embed data from external systems into your system and conduct analysis, thereby significantly expanding the possibilities of operations under smart contracts.
OUTSOURCED COMPUTATIONS
This is a technology when third parties perform calculations for the user. This function in QUBIC is now performed by miners. In the process of computation neural networks are trained and the artificial intelligence paradigm is developed.
Access to computing is what makes QUBIC attractive for all AI projects. Today, based on QUBIC, the AIGARTH project is working.
The idea is to make artificial intelligence accessible for everyone. AIGARTH finds the most effective methods for training neural networks through meta-learning and in the future (with the help of AIGARTH) anyone can do this.
Additional QUBIC Innovations
QUBIC works without an operating system, therefore QUBIC cannot fall victim to operating system vulnerabilities and is more secure.
Proof of work is useful and not just burned.
Under the “hood” there is also a Blockchain and proof of work. The innovation is that proof of work is useful and not just burned. Calculations can be used in the further development of projects.
Mining and its participants
Epoch began on April 13th, 2022 at number zero. Each Epoch lasts 1 week and every week we have 1 trillion qus issued.
There are three main figures in QUBIC: miner, Computors and administrator.
Unlike Bitcoin and Ethereum where miners are validators (so they decide for themselves what information is valid and what is not) in QUBIC these two roles are separated.
A miner in QUBIC allows you to nominate someone as a miner (usually themselves). Computors carry out transfers, conclude and “scroll through” smart contracts and oracle machines. Computors are the only ones who make money at this stage. It’s expected that in the future (when there is a larger market for computing power) the Computors will hire miners to mine for them. At the moment the miner and the Computors are the same people.
How does the system work?
It is necessary to mine for one week to get the status of a Computors. There are 676 Computors in total. While mining you need to reach the top 676 -only then you’ll earn money. In any situation one Epoch of mining is free of charge and outcome is possible when mining can be done without earnings.
The number of Computors 676 will not increase in order to reduce the amount of data transmitted over the network.
QUBIC has fewer requirements for the operational conditions and this leads us to the fact that for the security of the QUBIC more than 67% of “good” capacities are needed! (not the usual 51%).
Today each person may have several Computors. In the future it will be necessary for each Computors to have several computers for it to maintain its status. The more computers — the more secure QUBIC. If the Computors works well — he gets 100%. If he works poorly — he earns less. Performance is measured in how many ticks were skipped 1 tick = 8 sec. The task is to vote on the results of how money was transferred and how smart contracts are executed + the oracle of the machine, if the Computors does not have time to do it on time, then others receive execution results from him later, if he did not enter the first 451, he is not paid a salary for this tick, then the more ticks lost, the less earned. It is difficult to earn 0. 0 may be for Computors that did not appear on the network at all. The system is anonymous, the number of Computors cannot be known, and you can be a Computors without having a public note.
The system has an administrator.
The administrator decides what tasks the miners will perform. At the end of the Epoch he determines which of the Computors remained, who was thrown out, and who to add. Each Computors throughout the epoch reports how much money he gave to everyone else and himself (usually 100% to himself and depending on performance for everyone else). If there is a contradiction in this data the administrator chooses how much each Computors will receive. The amount that the Computors did not receive and if it did not burn out, the administrator receives — his earnings for the work. Administrator special software. Average earnings are 23% of the money produced by the system. The administrator chooses as follows: he must bet that amount on each Computors to satisfy at least 451 Computors who said how much this Computors will receive. The task is to give money no less than the Computors said, the one who said three out of three gets nothing. The administrator cannot take more money than the quorum wants to receive. The administrator also works as an arbiter. When the system cannot come to a consensus, the arbitrator makes a final decision that satisfies the quorum of the community (676 Computors).
There are three main groups of influence in the QUBIC project:
- the widest community (it is less organized, but has more power);
- there are 676 Computors (they are more organized, more cooperative, but less powerful than the community);
- administrator (Computors, but a large organization).
If something does not suit the work of the administrator, he can be displaced by Computors. There is an admin ID address in the source code, right now there is no public software that allows others to run an admin, but in the future the Computors can change him, another admin will start receiving money. You can change the administrator at any time. The procedure for selecting a new administrator has not yet been established. It will be enough for 451 Computors to change the administrator. The administrator has control over the money, but he cannot spend it, where the Computors decide where to spend it.
The Computors can make decisions about changing the administrator, since they do not give their money, but the administrator’s money!!!
In theory the money that did not go to the Computors, why give it to the administrator, can be burned, there will be fewer emissions, and your own computing money will cost more. In this case, all Computors will try to make everyone else burn much more, as a consequence, there will be a collapse and all Computors will receive 0, as a result, there should be an administrator who will receive this money if others work poorly.
What is the QX exchange and how does it work?
The exchange is designated QX. This exchange is decentralized, it does not allow the state to influence it to stop trading.
QX works by analogy with the commodity exchange.
The main components of the system are:
1. Smart contract (executed by Computors) in which trading and emission of asset resources.
2. Gateways. Since the QX exchange can only work with what is inside the QUBIC system, resources from the outside world must be represented by a digital copy (Digital Twin). Transformation happens through gateways.
For example, Bitcoins are external concerning QUBIC, therefore, in order to bring Bitcoins to QX exchange there must be a get way, the task of which is that when 100 Bitcoins are brought to him, he issues digital copy of 100 Bitcoins, which are suitable for trading on the exchange, then trading takes place and when someone buys virtual bitcoins, knowing that they are backed by real bitcoins held by the gateway, he turns to gateway to get them into real Bitcoins. Thus, gateway guarantor of real money holder.
There may be several gateways, and as a result, there may be different auctions, and depending on the trust in the gateway, prices may vary.
There are many decentralized exchanges. If the price of the token goes up, it means that Bitcoin goes up relative to the dollar and more dollars are given for one bitcoin, on the QX exchange, trades are made relative to the qunit. Those. there will be no opportunity to trade virtual bitcoins for virtual USDT, it will be necessary to buy qus and then exchange them for another virtual coin. Exchanges that did an instant exchange without this mediation resulted in their token value being negligible, they didn’t take off, so we’ll try not to make that mistake. It is important to maintain the value of the token.
When everything is traded against qus, when you give more qus for something, it means that the value of qus goes down, so for example we will have USDT against qus, and the USDT goes down, this is good for us. The other currency will depreciate against the qunit. The currency is pegged to the qunit. The more dollars they give for a qunit, the more expensive it will be.
Trend means trading for qus, everything else is assets.
In the future, qus may be listed for sale on other exchanges, but trading will always take place within QX. There are large volumes, it is less subject to manipulation by those who have thick wallets. When the trading volume is larger, much larger amounts are needed to significantly influence the price and then it is more difficult to manipulate it.
QX commission: commission-free transfers.
There are paid smart contracts that allow you to burn because they work and waste energy. They allow you to attach some amount to our launch of a smart contract, which will be spent on calculations passing on, the source of what gives value to qus. The amount of the one who executes the smart contract is spent and the same amount is burned/destroyed. Qus are also burned when accessing the oracle.
A feature of the smart contract system in QUBIC is the ability to earn on a smart contract. If a smart contract adds a service that is useful to the community, it can make money from it. In addition, by writing a useful smart contract that generates money and not forgetting to mention that he must pay back what he earns every month, the owner of the smart contract can have a regular income. In addition you can issue shares with monthly payments of what is earned on the smart contract. Shares are issued on the QX exchange and a smart contract when paying dividends is tied to the one who owns these shares, if he earns some money, these shares themselves receive some kind of attractiveness, since they generate money, stock trading begins. !!! Those smart contracts allow you to earn and pay out profits to your shareholders.
Gateway earns on commission. The Gateway must have a supply of qus to work with the QX exchange, some amounts will be burned and some will go to another smart contract for doing the work.
As a result a system with formed economic ties is created.
