IOTA’s much anticipated Qubic finally made its appearance as the team revealed a few of its details for the IOTA community and its investors. However, unlike last time, IOTA coin bulls didn’t make an appearance, rather MIOTA declined by 11 percent amidst the red market.
Qubic: Messaging and payment system
Finally, IOTA revealed its much anticipated Qubic protocol. After weeks of speculation, what was touted as the most important development in the history of the IOTA made its way to the public.
According to the official website, Qubic is described as
“a protocol that specifies IOTA’s solution for oracle machines, smart contracts, outsourced computations, and more.”
The team didn’t go all out with the details, but the IOTA community and investors did get to know more about the project. However, the developments for the same are still being worked on.
The official tweet from IOTA read:
“The Qubic platform will be the most significant contribution to the IOTA stack, it will enable unlimited new use cases and turn the IOTA Project into a full solution. Information and details are beginning to be unveiled right now at http://qubic.iota.org #IOTA #Qubic.”
Further clearing the air around it being an individual currency on its own, IOTA states:
“Qubic is not a new token or coin; there will be no Qubic ICO or airdrop.”
Qubic is basically an application that is to improve the existing IOTA model. To be exact, “the most apparent change is that there now exists a working protocol to serve as the messaging and payment system: IOTA.”
Talking about the original Qubic idea which had several severe issues, now Qubic is following the IOTA standards for “IoT messaging and payments”. Through “fee-free IOTA transactions”, this has been made possible.
IOTA coin bears take over bulls
The much awaited and anticipated announcement of Qubic was expected to pump IOTA price, however, what happened was actually the opposite.
Last time, the IOTA coin Foundation gave a sneak peak of Qubic, MIOTA price took a huge jump, unlike, this time.
However, the fact is crypto market doesn’t work according to the usual and expected sentiments. Moreover, the majority of the market is currently experiencing the red.
IOTA is at $1.74 with a drop down of about 11 percent in the past 24-hours. At the 9th position, IOTA’s market cap is about $4.8 billion. Moreover, the scope of the Qubic has been extended with its development underway. It can be expected that once the greens enter the market, IOTA coin will see a nice rise in the wake of its latest developments and announcements.
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