Zurich, Switzerland, August 27, 2024, Chainwire
Qubic, a cutting-edge quorum-based distributed ledger technology with an AI platform in development, is proud to announce the launch of “Project X.” This initiative introduces key upgrades and features to support long-term, community-driven growth. It will balance emissions, improve earnings, and empower community-driven growth.
A thriving ecosystem
Project X aims to create a thriving and sustainable ecosystem for users, developers, community members, and partners. Its new protocol extension, a major upgrade, allows computes (specialized nodes designed to execute tasks) to allocate a percentage of their weekly rewards (emissions) to initiatives they believe will benefit the ecosystem. Alongside the protocol extension, Project X includes a number of initiatives that aim to harness the power of this new extension:
- New emissions model:Qubic has initiated a 15% reduction in emissions, followed by annual halvings, with the goal of reaching a supply cap of 200 trillion QUBICs (an 80% cut in supply). This model balances emissions and flaring, which is crucial for sustainable growth. Furthermore, at the previous fully diluted valuation (FDV) of $1.7 billion, the 80% cut in supply has reduced the FDV to $340 million, potentially making Qubic more accessible and attractive to new investors by potentially improving its market positioning and growth potential.
- Computer controlled fund (CCF):Treasury for essential activities such as software development, marketing, and community projects. A reallocation of 8% of weekly emissions to the CCF is proposed to boost ecosystem growth.
- QGana:A community initiative offering attractive returns for staking QUBIC, reducing the circulating supply and encouraging long-term staking. Includes redistributions of QUBIC rewards and burns as a result of early withdrawals.
Project X exemplifies Qubic’s commitment to decentralization, innovation, sustainability, and community engagement. It will enable its community to actively contribute to the growth of the ecosystem.
Revolutionizing cryptocurrencies
“Project X is made possible by Qubic’s decentralization and is truly groundbreaking,” said Alber Fernandez, Qubic ecosystem representative for Europe. “This is the first time we’ve seen the collective intelligence of the crypto community come together to perfectly balance emissions, mining growth, and long-term sustainability. By aligning burns with emissions and encouraging people to own Qubic, we’re creating a more sustainable, value-based ecosystem.”
Looking to the future
With the introduction of Project X, Qubic is set to revolutionize its ecosystem. The project will include a series of phased launches scheduled between now and the end of September. To learn more about Project X, visit the Qubic website , and for information on how to build on Qubic, visit the Qubic grants page.
About Qubic
Qubic is an ultra-high-throughput Layer 1 network powered by Useful Proof of Work (uPoW). Its platform supports zero-fee transactions and features the world’s fastest smart contracts, backed by a quorum-based consensus mechanism that enables true finality.
Qubic, founded by Sergey Ivancheglo, aka Come-from-Beyond and co-founder of IOTA and NXT, leverages vast CPU and GPU resources through AI miners. It aims to democratize access to Artificial General Intelligence (AGI), redefining the role of AI in everyday technology.
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ContactEric Fung[email protected]
This article was originally published on Chainwire
