There has been an awful lot of talk around the latest IOTA project. This won’t come as much of a surprise to those that are familiar with IOTA and its native Tangle technology, but this new bit of tech is set to seriously raise the bar. Qubic is already being billed as a world-changing bit of software, but what do we really know about it?
How does Qubic work?
The short answer to this is “no one really knows”. Thus far, the specifics surrounding the project have been shrouded in an air of mystery but more details are scheduled to be released in the coming days.
So far, we have gathered that Qubic will seek to change the way that businesses interact with and use smart contracts. Similar in some ways to other more mature ecosystems, IOTA will provide the smart contract functionality- a great thing in a world where there is no such thing as a one-size-fits-all blockchain solution.
Qubic is expected to place a big emphasis on smart contracts and will provide an oracle system which will be capable of connecting USD/EUR conversions to a smart contract. The exchange rates will be taken in real-time from Bloomberg.com and this means that new trading vehicles that are linked to IOTA can be introduced.
A possibility of facilitating trading options
One possible outcome is that Qubic will facilitate a way for trading options that are related to IOTA. Speculating on any asset can lead to increased volatility and even though those behind IOTA would like to see a bit more stability, a balance is expected to be found. Hedging bets on crypto are increasing in popularity, but until the market truly matures, its volatility means its pretty tough to do so effectively and profitably. Qubic may offer a suitable solution, in this case, assuming of course that this is how the technology is designed to be used.
It also seems that Qubic will also offer a way for existing IOTA trading platforms to tap into the world of decentralising margin trading. This particular accomplishment will be achieved through using IOTA Tangle to offer a low-cost and simple infrastructure. For those who want to convert to and from USD/EUR and IOTA, the future is looking pretty bright.
Let’s wait and see
Scheduled to be officially launched in the near future, everyone is poised to see how this technology will measure up. If IOTA can deliver on their promise and the expectations around Qubic, it will be a big step for them, but until then, let us wait and see.