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 improvements and features to support community development and long-term growth. It will offset emissions, boost profits, and enable community-driven growth.
A growing ecosystem
Project X aims to create a growing, sustainable ecosystem for users, developers, community members, and partners. Its up-to-date protocol extension, the Major Update, allows computers (specialized nodes designed to perform tasks) to allocate a percentage of their weekly rewards (emissions) to initiatives they believe will benefit the ecosystem. In addition to the protocol extension, Project X includes a number of initiatives to leverage the power of this up-to-date extension:
- New emission model: Qubic has initiated a 15% emission reduction, followed by annual halvings, aiming for a maximum supply cap of 200 trillion QUBIC (80% supply cut). This model balances emissions and burn, which is key to sustainable growth. Furthermore, from the previous fully diluted valuation (FDV) of $1.7 billion, the 80% supply cut reduces the FDV to $340 million, which could make Qubic more accessible and attractive to up-to-date investors, potentially improving its market positioning and growth potential.
- Computer Controlled Fund (CCF): A treasury for imperative activities such as software development, marketing and community projects. An 8% reallocation of weekly emissions to the CCF is proposed to boost ecosystem growth.
- To earn:A community initiative offering attractive rewards for locking QUBIC, reducing the circulating supply and encouraging long-term commitment. Includes QUBIC reward redistribution and burn through early withdrawals.
Project X is an example of Qubic’s commitment to decentralization, innovation, sustainability, and community engagement. It will allow the community to actively contribute to the development of the ecosystem.
Revolutionizing Cryptocurrencies
“Project X is made possible by the decentralization of Qubic and is truly groundbreaking,” said Alber Fernandez, Qubic Ecosystem Representative in Europe. “For the first time, we see the collective intelligence of the cryptocurrency community coming together to perfectly balance emissions, mining growth, and long-term sustainability. By aligning burn with emissions and incentivizing people to own Qubic, we are creating a more sustainable and value-based ecosystem.”
Looking to the future
With the launch of Project X, Qubic aims to revolutionize its ecosystem. The project will include a series of phased rollouts 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-performance Layer 1 network powered by Useful Proof of Work (uPoW). Its platform supports fee-free transactions and offers the world’s fastest shrewd contracts, based on a quorum-based consensus mechanism that enables true finality.
Founded by Sergey Ivancheglo, aka Come-from-Beyond and co-founder of IOTA and NXT, Qubic leverages huge CPU and GPU resources via AI miners. Its goal is to democratize access to artificial general intelligence (AGI), redefining the role of AI in everyday technology.
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ContactEric Fungef@qubic.org
