If you do not have the patience or technical know-how to read and understand the Qubic Whitepaper, here are 25 key points that are simplified to help you understand.
- Qubic is a blockchain designed to power advanced Artificial General Intelligence (AGI) and solve common blockchain problems like high costs and slow speeds. It aims to be a foundational network for AI-driven applications.
- It uses a unique “quorum consensus” system that allows for extremely fast transaction confirmations, often in less than a second, and importantly, without any transaction fees.
- Instead of wasteful mining, Qubic uses “Useful Proof of Work” (UPoW). This means computers on the network do meaningful work like training AI models, making the network productive.
- Qubic runs directly on computer hardware (“bare-metal deployment”), making it incredibly fast and secure by removing unnecessary software layers. This also attracts highly dedicated participants.
- The network has its own digital currency, QUBIC coin, with a smart economic plan. This plan uses special features to control the total number of coins over time, aiming for stability and value.
- Qubic’s core consensus system involves 676 special computers called “Computors.” For any decision, at least 451 of these Computors must agree.
- This system is “Byzantine Fault Tolerant,” meaning it can still work correctly even if up to one-third (225) of the Computors are faulty or malicious, ensuring high security.
- “Computors” are responsible for validating transactions and running smart contracts, ensuring the network’s integrity. They are rewarded for their good performance.
- “Miners” provide computing power for the UPoW tasks, directly helping to train AI models for the Aigarth project. They are rewarded through agreements with Computors.
- An “Arbitrator” helps maintain network stability and can replace poorly performing Computors. However, the Computors can override the Arbitrator with a large majority vote, preventing too much central control.
- The total number of QUBIC coins is capped at 200 trillion, a significant reduction from the original plan, to make the coin scarcer and help prevent inflation.
- Qubic’s economic model includes a “Supply Watcher” that automatically adjusts how many coins are “burned” (removed from circulation) each week. This keeps the coin supply balanced and adapts to network conditions.
- Computors are rewarded based on how well they perform and how much they contribute. This encourages them to operate efficiently and reliably, ensuring high-quality network participation.
- The system ensures rewards are sustainable over time by gradually reducing new coin creation and using coin burns to balance the supply, supporting long-term network health.
- Qubic’s bare-metal setup allows for incredibly fast operations, capable of processing up to 55 million QUBIC coin transfers per second. This extreme speed is vital for complex AI applications.
- The network uses a specialized communication system that ensures messages travel quickly between nodes, helping Computors reach agreement in less than a second for immediate transaction finality.
- Smart contracts on Qubic run directly as native computer code, making them much faster and more efficient than those on traditional blockchains that use virtual machines.
- Security for smart contracts is built-in from the ground up, with strict rules about how they are programmed and verified, preventing common vulnerabilities.
- Qubic uses advanced cryptography to secure all network activities and is designed to resist common attacks like “51% attacks” and “Sybil attacks.”
- The project also plans for future threats, including those from quantum computing, by researching and developing quantum-resistant security methods, showing a long-term commitment to network safety.
- Every transaction on Qubic is feeless: you don’t pay to send coins or to use apps on the network.
- Qubic’s AI project is called Aigarth. It uses the network’s power to create and train billions of neural networks. The goal is to build truly decentralized artificial intelligence.
- Every week (an epoch), the network creates 1 trillion new QUBIC. This is shared among the 676 computors (plus a small amount to a special node called the Arbitrator)
- Smart contracts (decentralized apps) launch via an IPO (initial public offering): users spend QUBIC to buy shares of the contract. All QUBIC spent in that IPO is burned, which reduces the total supply.
- Overall, Qubic’s token model is deflationary: most QUBIC used for operations (transactions, contracts, etc.) gets burned over time. This can make remaining QUBIC more valuable as time goes on.