A first in decentralized governance history

Article source: Qubic

Last month, Qubic, an extreme performance underlying project based on a new architecture, completed the transformation of the token economic model. Interestingly, this time it was not a transformation of the underlying code through forks or other means. Instead, it was achieved through its unique consensus mechanism and smart contracts. This shows the power and flexibility of its architectural design.

The original total amount was 1000T, with 1T produced per week. Due to the strong demands of the community and miners, they discussed and finally decided to adjust the total amount to 200T, and adopted the Bitcoin halving mechanism. All adjustments are based on smart contracts.

It is very exciting that according to the social media of its founder CFB, it will complete another interesting smart contract in the near future. This contract will allow the community to flexibly allocate the computing power of the entire network through voting and put it into the market for sale. The funds sold will be used to publicly repurchase Qubic tokens in the market. According to public data, Qubic has the sixth largest collective computing power in the world, with a total computing power of 7.6 million it/s. If half of the computing power is sold, it will receive a monthly income of 20 million US dollars.

Qubic is a decentralized open source POW project initiated by CFB, a creative genius with strong engineering implementation capabilities, in early 22. Its design takes into account the ecological development of the future AI world. Unlike other blockchain projects, it is a newly designed architecture, not a blockchain, nor a DAG. Let's call it Block-tick for now. It truly solves the blockchain impossible triangle problem and lays the foundation for the large-scale popularization of industry applications.

The following are some of the highlights of Qubic:

• The new consensus mechanism quorum, composed of 676 computors, is connected to hundreds of thousands of mining machines. All matters will be proposed and decided by the community through voting.

• Sub-second confirmation

• Offline payment

• 0 handling fees, whether it is qubic tokens or its ecological tokens, they can be freely transferred for free. Its decentralized exchange smart contract supports free orders and withdrawals. And it can airdrop millions of addresses for free in seconds

•Brand new smart contracts, running on bare metal, without OS. This design leads to the characteristics of extreme security and extreme performance. Recently, the test performance in the real environment of the main network has reached 55 million transfers per second, which can theoretically reach hundreds of millions (non-TPS, smart contract performance, refer to https://qubic.org/blog-detail/qubic-achieves-over-55-million-transfers-per-second-for-smart-contract-executions)

•TPS can theoretically reach millions, currently thousands

•Oracle

•Real decentralized random number

•Aigarth, an AI project built on the upper layer, aims to achieve AGI, not LLM direction.

Currently, except for Aigarth, which is still in smooth progress, the others have basically been realized. The infrastructure and developer environment are also gradually improving. The community has proposed to set up a fund to encourage and support the development of ecological projects. Currently, about 30 projects have signed up for the first batch of grants.

Qubic Project Official Website

This article is from a contribution and does not represent the views of BlockBeats.