Zurich, Switzerland, August 27th, 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
community and long term growth. It will balance emissions, enhance
earnings, and empower community driven growth.
A Thriving Ecosystem
Project X aims to create a thriving, sustainable ecosystem for
users, developers, community members, and partners. Its new
protocol extension, a
major upgrade, enables computors (specialised nodes designed to
execute tasks) to allocate a percentage of their weekly rewards
(emissions) to initiatives they believe will benefit the ecosystem.
Along with the protocol extension, Project X includes a host of
initiatives aiming to leverage the power of this new extension:
- New Emission
Model: Qubic has initiated a 15% reduction in
emissions, followed by yearly halvings, targeting a max supply cap
of 200 trillion QUBIC (an 80% supply cut). This model balances
emissions and burns, crucial for sustainable growth. Additionally,
with the previous Fully Diluted Valuation (FDV) at $1.7 billion,
the 80% supply cut has reduced the FDV to $340 million, which could
make Qubic more accessible and appealing to new investors by
potentially improving its market positioning and growth
potential.
- Computor Controlled
Fund (CCF): The treasury for essential activities such
as software development, marketing, and community projects. An 8%
reallocation of weekly emissions to the CCF is proposed to boost
ecosystem growth.
- QEarn:
A community initiative which offers attractive yields for locking
QUBIC, reducing circulating supply and encouraging long-term
engagement. It Includes QUBIC reward redistributions and burns as a
result of early withdrawals.
Project X exemplifies Qubic's commitment to decentralisation,
innovation, sustainability and community involvement. It will allow
its community to actively contribute to the growth of the
ecosystem.
Revolutionising Crypto
“Project X is made possible by the decentralisation of
Qubic, and is truly groundbreaking,” said Alber Fernandez, Qubic’s
Ecosystem Representative for Europe. “It’s the first time we’re
seeing the crypto community’s collective intelligence come together
to perfectly balance emissions, mining growth, and long-term
sustainability. By aligning burns with emissions and encouraging
people to hold Qubic, we’re creating a more sustainable and
value-driven ecosystem.”
Looking Ahead
With the introduction of Project X, Qubic is set to
revolutionise its ecosystem. The project will include a series of
phased rollouts scheduled between now and late September. To learn
more about Project X, visit Qubic’s website, and for
information on how to build on Qubic, visit the Qubic Grants Page.
About Qubic
Qubic is a Layer 1 ultra-high performance network supported by
Useful Proof of Work (uPoW). Its platform supports feeless
transactions and features the fastest smart contracts in the world,
underpinned by a quorum-based consensus mechanism which allows true
finality.
Founded by Sergey Ivancheglo, also known as Come-from-Beyond and a cofounder of IOTA and
NXT, Qubic leverages extensive CPU and GPU resources through AI
miners. Its goal is to democratise access to Artificial General
Intelligence (AGI), redefining the role of AI in everyday
technology.
Website | Discord | X | Telegram | GitHub | YouTube
Contact
Eric
Fung
ef@qubic.org