In a teaser video, IOTA has given a glimpse into its newest endeavor, Qubic. The video, which only uses graphical depictions and visual images, features oracles, smart contracts, and outsourced computations.
IOTA founder, Dave Sønstebø, noted the project has been in the works for some time. “Qubic is a project we have been working on for quite a while internally in the IOTA Foundation and is one of our main priorities for 2018 and 2019,” said Sønstebø via the company’s Discord group. “Details will remain scarce until the date revealed on the website, when a lot more material, specifications and further information surrounding the uniQueness of Qubic would be made available.”
For now, Sønstebø didn’t give much more details than what was outlined in the teaser video. “Qubic enables Smart Contracts, Oracles, Outsourced Computing and lots more. Qubic, using IOTA as a backbone, will be the foundation of plenty more projects that we have in motion already, but more importantly, it will be a platform for the greater community and ecosystem to create things we can’t even imagine yet.”
The foundation of IOTA is its Tangle distributed ledger that is based on a Directed Acyclic Graph (DAG) structure, which is also employed by companies like CyberVein and Byteball. The IOTA Foundation claims, because of its design, Tangle allows for a completely feeless, scalable, decentralized solution which outperforms traditional blockchains.
Qubic underscores a host of improvements and new feature releases for IOTA, which began with the release of a new website in April as well as the IOTA Ecosystem, a place where projects, events, and tutorials can be shared with the IOTA community.
Upon the news, the price of IOTA rose 15% against the US Dollar and over 8% against Bitcoin and is currently the 9th largest cryptocurrency by market capitalization, valued at just over $7 billion. Sønstebø mentioned in a Reddit thread in December that, “90% of IOTA that hasn’t even been unveiled yet planned for 2018,” and many are left to wonder how much more is to come from the project this year.
Dan is a freelance cryptocurrency and blockchain content writer. He has written content for startups, ICOs, financial planners, venture capital firms, and more. Previously he founded an e-commerce company that grew to $1 million in revenue and profitability in less than 3 years. Dan has a degree in Economics and Finance from Bentley University.