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Breaking News / Cryptocoins / IOTA

Qubic Announced, IOTA Down 10%

Last week, we saw IOTA make incredible progression in the run up to the announcement of Qubic, or Q, which was made by IOTA just yesterday (3rd of June 2018).

A month ago, we saw a quick teaser for Qubic, which has thus generated much speculation and anticipation in time for yesterdays announcement. Through the week, IOTA responded very well, seeing gains from $1.36 up to $1.96 in just a couple of days. This is most impressive when you realise how poorly the markets surrounding IOTA actually performed. In essence, IOTA managed to break away from the overarching negative trend and pave its own way.

Now, at the time of writing, IOTA is valued at $1.76, down 10.38%. Overall, IOTA is nicely ahead of its value seen towards the end of May, however, this current decline is somewhat surprising given that the Qubic announcement only came out yesterday. Whether this is just down to correction, or something more sinister, we can’t know for sure just yet. Either way, for now, we must keep our eyes on the progression of IOTA to assess the full scale of this.

One possible reason for the drop in IOTA’s value outside of correction is that there’s a chance investors are a little disappointed by Qubic. Come to think of it, actually, perhaps investors aren’t disappointed, it’s more likely that they are suffering confusion more than anything.

What is Qubic? Well, according to IOTA:

“Qubic is still a work in progress. This website is meant to give the IOTA community and the wider public a comprehensive overview, to better understand what we are working on, and to help convey the enormous scope of the Qubic project.”

Moreover:

“Quorum-Based Computation. Qubic is a protocol that specifies IOTA’s solution for Quorum-Based Computations, including such constructs as oracle machines, outsourced computations and smart contracts. In the long term, Qubic will allow people to leverage world-wide unused computing capacity for a myriad of computational needs, all while helping to secure the IOTA Tangle: an IOTA-based world supercomputer”.

See why people may be confused?

For all the details, check out the Qubic website, here- https://qubic.iota.org/

So, in short, IOTA seems to be responding negatively to the launch of Qubic, that is because at the moment, Qubic isn’t ready. Instead, this announcement pins down a new direction for IOTA, the production of a globally accessible supercomputer. It sounds fantastic, but trawl through the website and you’ll come out feeling a little baffled by the language and the scale of this.

What now?

Well, IOTA will recover from its trajectory, and soon enough, we might see a more concise description of Qubic surface. It looks to be a very exciting time for the IOTA team and thus, IOTA investors too. Let’s give it a bit of time to allow this to settle before we come back. One thing is for sure, this is the start of something very unique indeed.


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Robert is a keen investor with a particular interest in cryptocurrencies. He has been involved in the industry for many years, and because of this, has gathered a lot of knowledge surrounding this area. He studied English at university level and has a passion for writing. He loves being able to combine his two mains interests on a daily basis.