IOTA Reveals New information About Secret Project Qubic

  • IOTA has recently revealed some new information about its secret project “Q”.
  • The project - Qubic - is supposed to capture the idea of a digital currency offering all of the benefits of Bitcoin, but none of its disadvantages.

 

IOTA – one of the largest cryptocurrencies by market cap - has recently revealed some new information regarding its secret project “Q”.

The project - Qubic - which was initially conceived in a post on BitcoinTalk in September 2012, is touted as a digital currency offering all of the benefits of Bitcoin, but none of its disadvantages. The Qubic protocol is aimed at facilitating smart contracts, oracles, and outsourced computation.

Project Q is reportedly the IOTA Foundation's biggest secret.

After months of speculation about what is actually behind the project - the IOTA team had announced only a few details, with an official presentation scheduled to take place on June 3rd:

However, after enthusiasts patiently waited for a month since IOTA in April launched a countdown and a website - https://qubic.iota.org - the company revealed some new information on its mysterious Qubic project — or Quorum Based Coin:

“To be very clear, Qubic is still a work in progress.”

IOTA Foundation

On it’s website, the team stated that the time has come to shed light on the project, to give the IOTA community and the general public a broad overview of the project, and “to help convey the enormous scope of the Qubic project.”

In order to clear up a few common misconceptions, the website added that:

“Qubic is not a new token or coin; there will be no Qubic ICO or airdrop.”

IOTA Foundation

With this announcement generating a lot of negative tweets, some critics were quick to suggest that IOTA was falling short of expectations: 

Featured Image Credit: "IOTA" by "Tiagodimas2" via Wikimedia Commons; licensed under "CC BY 4.0"

Data Shows Hodlers Outperform Traders, Binance CEO Says

  • Binance CEO Changpeng "CZ" Zhao claims long-term cryptocurrency holders outperform traders.
  • Zhao said the crypto markets are still in their "early game" and that traders in 2025 will wish they had invested earlier. 

Binance chief executive officer Changpeng “CZ” Zhao has said that data shows long-term crypto holders outperform short-term traders.

In a series of tweets published May 24, CZ pointed out the irony of investors believing they got into cryptocurrency “too late” relative to the market, including himself. According to the exchange CEO, traders five years from now will likely be expressing a similar sentiment. 

CZ continued, explaining that he was initially envious of crypto investors who had been in the market since 2010 or 2011, despite being an early adopter himself. 

In response to a tweet asking whether “holding” is good financial advice, Binance’s chief executive revealed that data shows long-term crypto investors outperform traders. CZ commented on the difficulty of holding assets for a long period of time, which he called “passive” relative to the more active position of trading. 

Featured Image Credit: Photo via Pixabay.com