Distributed ledger technology-based company IOTA is continuing to expand its business with the release of its highly-anticipated ‘Project Q’. The project has been the subject of a great deal of speculation and interest for the cryptocurrency community after the leaders of IOTA began to allude to it in a series of conversations.
David Sonstebo, the founder of IOTA, as well as other developers within the project such as Sergey Ivancheglo and Roman Semko, have taken to social media in the past to extol the virtues of the project. Sonstebo stated: “Q is one of the biggest, if not biggest things to occur to the IOTA project.” Ivancheglo and Semko both said that the release of project Q would lead to massive price changes. Semko said: “We are just getting started, $IOTA will take its rightful place among the 1st and 2nd-generation blockchains ( $BTC and $ETH).”
Perhaps due to the heightened anticipation that its mysterious marketing has produced, the IOTA token (IOT), which is primarily traded on Binance, has more than doubled in value since mid-April.
In addition to these pronouncements, the mystery behind the project was further compounded by the fact that details about the supposedly wildly innovative project were scant. From the name to what it would entail, IOTA kept this information close to its chest for a significant amount of time.
This spawned a high level of speculation with people guessing project Q would have to do with the automotive industry, the Internet of Things (IoT) or programming languages. However, on May 3, IOTA finally unveiled on its website the project named Qubic.
Qubic was first mentioned by Ivancheglo on a 2014 BitcoinTalk forum thread where he was describing a next-generation innovation, which involved the use of decentralized ledger technology as well as Jinn-based devices. This second generation ledger tech grew to be the Tangle technology, which is the main innovation behind IOTA.
“Qubic, with origins stretching all the way back to CFB's early musings of it on BTT in 2012 and numerous people's intensive R&D in Jinn Labs since 2014, the elusive Q has officially begun its unveiling and is hereby verified,” explained Sonstebo.
According to the website, Qubic will enable smart contracts, oracles as well as outsourced computing. The platform will be based on IOTA’s proprietary technology. However, this is as much information as is currently available as the IOTA developers are not revealing any further knowledge or specifications for the technology until the release date.
Explaining this move, Sonstebo said: “Qubic is a project we have been working on for quite a while internally in the IOTA Foundation and is one of our main priorities for 2018 and 2019. Details will remain scarce until the date revealed on the website, when a lot more material, specifications and further information surrounding the uniqueness of Qubic will be made available.”
Lastly, the team reiterated their belief that Qubic would propel IOTA to greater heights while simultaneously growing the DLT space. “Qubic, using IOTA as a backbone, will be the foundation of plenty more projects that we have in motion already, but more importantly, it will be a platform for the greater community and ecosystem to create things we can't even imagine yet.”
Qubic is set to be released on June 3, 2018.