What is Qubic (QUBIC)? How does it work?

Qubic is a Layer 1 network powered by a Useful Proof-of-Work (uPoW) mechanism that is much more efficient than the old mechanism. Accordingly, this platform aims to revolutionize blockchain technology by integrating AI into the platform’s operating process.

If you want more interesting information about the Qubic platform, please stay tuned for upcoming content from AZcoin!

What is Qubic?

Qubic is a Layer 1 network developed by Sergey Ivancheglo, who also created NXT, the first coin to use the Proof-of-Stake consensus mechanism. Sergey Ivancheglo is also the co-founder of IOTA, a token based on Directed Acyclic Graph (DAG) technology.

Sergey’s vision is to build a decentralized platform controlled by the community, leveraging computational power to advance artificial intelligence (AI). As a result, the Qubic platform is designed to redirect computational power towards training artificial neural networks (ANN), making the coin mining process more secure while promoting the growth of AI.

Additionally, the platform has developed a new, more efficient, and cost-effective consensus mechanism called Useful Proof-of-Work (uPoW). This allows Qubic to ensure that all transactions on the platform are processed quickly, reliably, and without fees.

These innovations mark Qubic’s emergence as a groundbreaking development, setting new standards for blockchain technology by integrating AI into the mining process.

What’s special about Qubic?

The most notable points of the Qubic platform come from the unique features that the platform has been developing, including:

Useful Proof-of-Work (uPoW)

Useful Proof-of-Work (uPoW) is a new mechanism developed by Qubic that combines blockchain security with advances in artificial intelligence. This is achieved by redirecting mining energy entirely towards training artificial neural networks (ANN).

Instead of solving arbitrary puzzles like in traditional mechanisms, miners under the new uPoW system focus on tasks assigned by computers. This not only enhances the security of the network but also provides tangible value by leveraging AI capabilities, making the mining process more meaningful and valuable.

Decentralized ecosystem

The platform is built and operated through a global network of 676 computers, acting as validators for the network. These individuals are responsible for managing transactions, executing smart contracts, and securing the network.

This structure ensures that no single entity can dominate the decision-making process, creating a truly decentralized environment. This setup not only boosts performance but also enhances the network’s resilience, as each validator plays a crucial role in maintaining the integrity of the system.

Take community as the focus

Qubic places the community at its core, ensuring peace among participants through the use of a military-avoidance license. The platform encourages continuous innovation and improvement within the community through its open-source design and regular events.

The primary goal of the platform is to attract more developers and cryptocurrency enthusiasts to contribute to the growth of the ecosystem.

Real-time data integration

Qubic integrates Oracle Machine technology, which supports smart contracts by providing reliable real-time data from various sources. This integration ensures that smart contracts can respond promptly and accurately to real-world events.

Additionally, the platform’s smart contracts are combined with off-chain data, increasing flexibility and enabling application in a wide range of scenarios.

How does Qubic work?

As mentioned earlier, Qubic uses the uPoW mechanism, which is similar to the original Proof-of-Work (PoW) consensus mechanism. However, there are certain key differences:

• Qubic operates with the support of 676 computers, known as AI miners, which are responsible for executing smart contracts on the platform’s blockchain network.
• Unlike traditional Proof-of-Work, where miners receive fixed rewards for validating transactions, AI miners in Qubic do not receive such rewards. Their primary role is to assist in transaction validation.

To maintain network performance, the platform publishes a weekly ranking of the 451 most efficient computers. Those ranked within the top 451 hold the role of Validator-Computers, while the remaining 225 computers rotate among candidates from the lower-performing group.

With this operational model, Qubic emphasizes the role of AI miners and the importance of maintaining network efficiency.

What is QUBIC Token?

QUBIC Token is the official base currency of the Qubic platform, responsible for operating and powering activities within the platform.

Specifications

• Token Name: Qubic
• Ticker: QUBIC
• Total Supply: 1.000.000.000.000.000 QUBIC
• Circulating Supply: 89.403.076.230.161 QUBIC

QUBIC Token Use Cases

At present, QUBIC Token is being used as an important component in providing energy to operate the entire ecosystem.

Where to trade QUBIC Token?

If you want to do QUBIC Token trading, the best crypto exchanges we recommend you are Onus, Bitget, CoinGecko,…

Also, if you want to find a place to store QUBIC Tokens, the best place we recommend for you is using an exchange wallet.

Conclusion

Finally, we have concluded all the content we can compile and share about the Qubic platform. Hope you enjoy this content and see you again in new, more interesting content from AZcoin.