The IOTA Qubic team recently released an update of the ongoing developments. The team is made up of Samuel Reid, Eric Hop, Paul Handy, and Donald Kelly. Together, they have been working on the concept of Quorum-Based Computations (QBCs), which they are building on the IOTA Tangle platform. The Qubic Protocol was designed to be used in the development of trustless applications that make it possible to create new economic models. In addition to that, it supports the broad landscape of the industry as well as Web 3.0.
What is IOTA’s Qubic Protocol?
The Qubic Protocol is described as “a method for running a computer program, by utilizing a set of distributed machines.” The team refers to every machine as an oracle while a complete set is called an assembly. The protocol boats of having smart-contracts-like features and capabilities on IOTA blockchain.
The protocol is, however, greatly advanced owing to the fact that consensus on computation can be arrived at without the need to have or rely on trust that is centralized. Running applications on Qubic Protocol require a couple of phases. The first being a resource test phase while the second is a Qubic processing phase. Consequently, the two combine to form what is known as an epoch.
“During the resource test phase, the assembly determines what weight to allocate to each participant (aka oracle) in the assembly. Each oracle should be compensated according to its weight (level of contribution).”
The Qubic Protocol has also been designed to utilized several techniques to perform resource testing, although, the most readily available technique is the Proof-of-Work (PoW). PoW is not unique to the Qubic Protocol, besides it is utilized considerably on IOTA. The system allocates the oracles in the assembly time e.g. a few minutes in order for them to carry out computations and find solutions to the PoW puzzles. Significantly, the computational power needed by an oracle is directly proportional to the number of puzzles solved.
The next course of action for the PoW paradigm
The Qubic team says that PoW presents a number of challenges; one of them being the high cost of execution especially if there is no significant product. Therefore, it is a complete waste of resources to have oracles running for useless work as opposed to executing actual user code.
“We are therefore looking at possible alternatives to PoW, or at the very least, aiming to minimize the required time window. This problem is closely linked to the challenge of timestamping. The more reliable time estimates on transactions are, the shorter the resource test can be.”
The future of PoW on the Qubic Protocol is Proof-of-Stake (PoS). Moreover, a more appropriate solution would be the combination of the PoW and the PoS. However, there are certain vital variables that come into play with PoW+PoS. For this reason, the team is still considering the use of other “proofs” such as Proof of Biometrics, Proof of Ownership, Proof of Identification and Proof of Sale among others.
At the time of writing, IOTA is trading at $0.52. It is a $1.4 billion token and currently ranked 12th according to the data on CoinMarketCap. IOTA has a trading volume of $26 million in the last 24 hours.