As a seasoned analyst with over two decades of experience in the tech and blockchain industry, I find the Qubic (QUBIC) Project X update intriguing. The collective intelligence of the crypto community aligning for long-term sustainability is a refreshing sight, especially in an era where short-term gains often overshadow long-term vision.
The creators of the Qubic (QUBIC), which is a blockchain using Quorum-based proof-of-work, revealed significant changes to the way this specific blockchain operates.
As outlined in the August 27 announcement, I’m excited to be part of the rollout for Project X update. This update is designed to foster long-term growth and bolster community support by implementing a set of protocol changes. Notably, it entails an adjustment in emissions and earnings distribution across network participants within Qubic’s ecosystem. Alber Fernandez, Qubic’s Ecosystem Representative for Europe, shared this information.
For the very first time, the combined wisdom of the cryptocurrency community is being harnessed to achieve an ideal equilibrium between emissions, mining expansion, and long-term sustainability. By linking burns with emissions and incentivizing Qubic ownership, we’re fostering a more eco-friendly and value-oriented ecosystem.
In simple terms, Project X is introducing an extension to its protocol which enables computers to set aside some of their earnings towards proposed projects aimed at enhancing the ecosystem. Additionally, this update features a reduction in emissions by 15%, with subsequent annual reductions limiting the total QUBIC supply to 200 trillion – a decrease of 80%.
Due to this discontinuation of supply, Qubic’s total valuation (including all possible shares) decreased from a staggering $1.7 billion to a more approachable $340 million. The team behind Qubic is optimistic that this change will make their ecosystem easier and more attractive for new participants.
Project X additionally establishes the Computor Controlled Fund, which serves as a reserve for crucial operations like software development, advertising, and community initiatives. The team suggests redirecting 8% of the weekly QUBIC emission towards this fund to stimulate growth within the ecosystem.
As an analyst, I’d like to highlight that the network upgrade introduces a decentralized application (DApp) called QEarn, which is designed to generate yield within our ecosystem. This DApp aims to decrease the supply and motivate long-term participation by rewarding users with QUBIC tokens. However, it also imposes penalties in the form of token burns for early withdrawals, thereby encouraging patience and commitment to the system.
As a crypto investor, I’ve noticed before that Qubic has been making headlines. Just this past month, the industry press was abuzz with Qubic achieving a transaction speed of 40 million per second.
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2024-08-28 14:45