A bit long, but I think it might help people understand Qubic a bit.
Two takeaways I took from reading Qubic: (Rev_02)
Take Away One:
1. If you host a “Q-Node”, a node that supports the Q protocol (layer) you can earn rewards in these manners: Offering PoW (mining rigs, computer, or your coffee pot), PoS (your IOTA’s that you hold), your bandwidth that you don’t use (probably something to do with LIFI in the future, so this could be your router and lightbulbs in your house), and simply, the previous history of running an honest node for the system.
All of the above can be used to pass the “resource test phase”. All of those resources: PoW, PoS, Po(Bandwidth), and Po(Honesty) are measured and quantified. Your resources than essentially set you in an equivalent resource pool ie: in a pool with other people of similar resource power.
You then earn IOTA’s from people using the Oracle system, smart contract, or simply who want computational power (which is absolutely needed to be able to outsource the IoT industry which is for sure the future.
So what does that mean.
Before do you remember all of the questions: IOTA won’t work because people won’t run nodes, because they don’t get incentives like traditional blockchains. Well now they can!!! And not only that, “Q” takes every aspect of each crypto and combines it all in one…
PoS, PoW, PoBandwidth, and PoHonesty.
More so, if you have Asic’s, you are in the Asic’s pool, GPU’s, you’re in the GPU pool, old crappy computer (you’re in the old crappy computer pool), you stake a lot of IOTA, you’re in the high-stake IOTA pool… etc. This is the process of “proving” your resources to the network.
People will purchase “resources” using the Qubic protocol. If they want quality, fast, or extreme computational power they have to pay.
Remember, you the user set what you want to receive in IOTA for your resources (economic principles). If you spend $1200 a month on electricity and equipment, you will only charge more than $1200 a month for your resources, no one would charge less. So, in your pool, everyone will eventually come to a quorum charging a set amount, and thus the economy (the users) will pay for it. So, in essence, the better the pool, the more the reward you get (based on economic principals in society (just like blockchain). I don’t fully understand the exact quantitative measure of what equates to the reward (such as with hash power in blockchain), though it seems that once you prove your resources your machine performs the calculations that are being bought on the Qubic network.
However, if your coffee pot has a jinn chip that is Ternary hardware, with Ternary programming (ABRA), then it can sell its resources when it’s not making coffee ie: proving its resources and then completing computations for buyers. This is just speculative and the ABRA ternary language will be able to interface with binary and lower the energy consumption but a significant amount. When combining ABRA with a ternary chip such as Jinn, the energy efficiency is even more! One of the major bottle necks or challenges that prevents advancement in technology is the amount of battery storage within machines. If we can’t redesign a battery to store more power, at least we can redesign the energy consumption within machine devices.
Also, your autonomous car not only can offer up its PoW, it can also stake the IOTA’s it is not using in its wallet the bandwidth when it isn’t working or driving, and the experience / honesty factor (by proving its resources and then selling its computational power) as it “may” be able to be a node in itself. In addition the left-over electricity it has from charging up through solar or wind power, it can sell through the smart-grid to neighbors or local businesses. Your car has “multiple” resources and the Qubic network allows machines to offer “all” of their resources to their owner, not just one or two as with blockchain.
Qubics revolutionizes machinery by allowing it; the machinery, to sell its resources. This is another building block to the ultimate vision of a machine acting in a “machine economy”.
Rather than us setting this up, and the fees we want to charge, eventually we can create smart contracts with Qubic functions which then allows machines to negotiate and earn “themselves”, the machines will sell and buy resources “THEMSELVES”, truly creating a machine economy, “AND” if you own the machine, you earn the rewards (ie: income, passive income).
Take Away Two:
2. From the above description these are only a few use cases that I take away from reading about Qubics. The reality is that the community will be coming up with new use cases every day for the following year probably. Use cases that we can’t even imagine at the present time, but here is my second takeaway:
The Qubic protocol, where all this is happening. Miners earning, people staking their IOTA and earning (ie: “interest” or “passive income”) because they are HODLER’s (and by proving their resources they sell their computational power), Forex financial companies using Qubics for quorum “ORACLE” data, smart-contracts being run on the protocol, scientist using computational power for medical research, VW, Fujitsu, and Bosch using computational power for their IoT devices, etc. on and on. All those use cases, to power…. TO POWER, to run the network, all those functions will be conducted with zero fee transactions that take place on the Tangle with real-time smart-contract micro-payments.
The whole system runs on data transactions (zero fee transactions) by sending MetaData within the transaction sent on the Tangle. MetaData essentially (I’m not a techie) is like the language that tells the Q-Nodes to wake up, to process data, pay, earn, and receive, and essentially run the whole Q network.
So…. that is a SHITLOAD of transactions occurring!!!!!! At the present day, the amount of transactions right now occurring from Trinity, speculation, and trading, is like a drop in the ocean compared to how many transactions the Qubic network will produce. It’s not hard to understand, the Qubic network will run millions if not billions of transactions per day over the Tangle, and remember, “each transaction confirms two transactions”.
So…. what does that mean. More transactions mean a faster Tangle, a more secure Tangle, an infinitely scalable Tangle…. and most importantly…. WE CAN TAKE THE COO (Coordinator) OFFLINE!!!
Note: there may be use cases for multiple COO’s (coordinators) or private COO’s but that is a whole other arena and I simply state this because I read someone writing such an example that went right over my head.
The point is: Q is needed to remove the COO!
So, as everyone says, “Why don’t the dev’s focus working on removing the COO, (“wen remove COO”), you can see that THEY ARE working on it!”. The Qubic network will support the network because it incentives people to host nodes and earn IOTA!
Also, if no one uses the Qubic network then it doesn’t work right?!? So, making “Corporate Partners”, and United Nations (NGO) affiliates, partnership with banks, all of this is needed to support the Qubic Network.
So here are the building blocks to the dev’s vision:
- You need a Tangle (Zero fee transactions that can that can send meta data)
- You need IOTA (A transfer means of metadata and a form of payment that can buy and sell resources (ie: PoW, PoS, PoBandwidth, and PoHonesty)
- You need the Qubic Network (creates Oracles, allows for Quorum Based Computations that powers Oracles.)
- You need Oracles (Oracles power smart-contracts which is the whole shabang! It will change society and change global finance).
- You need the Qubic Network (Connects users of the network with resource providers of the network, enables a machine economy, and provides computational power and the most advanced smart-contracts to society).
- Users of the network (We need a community (that the IOTA Foundation builds from hosting AMA’s, takes the time to talk to the community on Discord, and provides transparency so we all can go along on their journey of completing their vision), we need global partners such as Bosch, VW, Fujitsu, etc., We need governments and societies such as Taiwan, Denmark, and maybe Sweden; and we need banking like DnB, and electrical companies like Elaad. We need the global integration to actually “use” the Qubic network for it to work (demand drives economic principals, which ultimately will pay the Q-Node providers, which will drive transactions thus scaling the network).
- Lastly, you need to remove the COO and let the network grow organically. (This can only be done when the previous steps have been completed).
Tangle ->IOTA ->Qubic Network ->Oracles ->Partners -> COO
So removing the COO is one of the last steps. After removing COO the network can just grow organically on its own without much support or help from the dev’s. They can then work on building applications that work on top of the Qubic network.
This is a large challenging undertaking that is being built step-by-step, each piece is part of a large puzzle that all comes together. As for the Qubic vision, which is what was just released, is a really large damn piece of that puzzle!!!
It just goes to show, that all of this adds up to removing the COO. Everything the dev’s, and the IF, have been doing are working towards simply that! It’s all one big construct, not different pieces, everything ties together and the Qubic network is a large friggin piece of it all. Their sole mission is to complete the puzzle, the vision, so the COO can be removed, and the Tangle can literally change society through the machine economy.
This is just my non-techie understanding at the moment. I have a lot more research and studying to do, but damn I love it! So glad to be allowed within this community and enjoy the journey with the IOTA Foundation.
Please clarify if I totally misunderstood anything and looking forward to hear other people’s understanding.
Lastly, after writing this I re-read the Qubic website. Difficult to understand, but my rough understanding is that Q-Nodes and Qubics can lie dormant listening to the Tangle. Qubics are event driven so that when one Qubic initiates, another Qubic may need that quorum information to activate, and when the one Qubic gets the result it intended to compute, then the that Qubic itself can activate. So, one Qubic can initiate another Qubic and so on so on like neurons firing, lighting up a portion of the brain, which then fires more neurons. This is all done through secured data streams, the Tangle, and the Q-Nodes, and the Qubic network. In a way, it’s a global living system with the data stream as its life-blood, the Tangle as it’s bone structure, and the Qubics and Q-Nodes as its neurons. For all we know, in the future, this global mass network can be, and power AI, or maybe it will grow to become one massive AI source that can help society in so many ways.
As I stated, I’m a non-techie. I probably haven’t put out a bit of misinformation as I don’t fully understand it all. Really, I just hope to ignite curiosity, so people may be inspired to put a two into the new world of the Machine Economy. As well sometimes it is hard to see the big picture. The IOTA Foundation has been working on “A” vision, a machine-to-machine economy that will change society with the Tangle as a standard protocol, the bone structure of it all. The fact is each new development is another puzzle piece, or a foundation block, that stacks on top of the others. In the end we have the puzzle as a whole, or a great structure built upon a solid foundation.