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"

OKEx Was the Top Crypto Derivatives Exchange in September, Report Shows

Leading cryptocurrency exchange OKEx was the top crypto derivatives exchange in the month of September, trading a total of $90.3 billion in total. Huobi followed suit, trading $84 billion.

According to CryptoCompare’s September 2019 Exchange Review, the crypto trading platform represented 33.7% of the daily derivatives volumes, trading $3.08 billion per day. Behind OKEx was Huobi with $2.82 billion traded a day, followed by BitMEX’s $1.88 billion.

Cryptocurrency exchanges like Deribit and CryptoFacilities, which is FCA-regulated, represented only $334 million and $74 million a day, respectively.

Top derivatives exchangesSource: CryptoCompare Exchange Review

The report notes that the most traded derivatives product by trading volume was BitMEX’s perpetual BTC futures contract, as its total trading volume for the month was of $41.7 billion. Other top traded products were BTC futures contracts expiring on September 27, with Huobi’s contract seeing $23.3 billion traded, while OKEx saw $17.4 billion traded.

OKEx’s lead when it comes to cryptocurrency derivatives was likely derived by its offering. The cryptocurrency exchange has various futures contracts being offered on its website – not just for BTC but for other top cryptocurrencies like BCH, BSV, EOS, XRP, and TRX.

Similarly the cryptocurrency exchange, which earlier this year announced it’s working on developing global compliance standards for cryptocurrency exchanges through a Self-Regulated Organization (SRO), offers perpetual swaps for these cryptos.

As CryptoGlobe reported, CryptoCompare’s report for August found similar results when it came to OKEx. Despite a market-wide drop in terms of derivatives trading volumes, the cryptocurrency exchange managed to capture over one-third of the market in August.

CryptoCompare’s September 2019 Exchange Review also found that lower-rated cryptocurrency exchanges – according to its Exchange Benchmark Ratings – have been gaining market share in terms of spot volumes.

Per the report, exchanges with an “E” rating represented a total trading volume of $179 billion in September, after seeing an increase of over 30% from the prior month. Exchanges like OKEx, which is A-rated, represented a smaller piece of the pie, with only 14.3% of the market share.