The team behind Quorum-based proof-of-work blockchain Qubic (QUBIC) announced a major rework of how the blockchain in question works.
According to an Aug. 27 announcement, the Project X update introduces a series of protocol changes meant to spur long-term growth and community support. The update involves a rebalance of emissions and earnings for network participants. Qubic’s Ecosystem Representative for Europe Alber Fernandez said:
“It’s the first time we’re seeing the crypto community’s collective intelligence come together to perfectly balance emissions, mining growth, and long-term sustainability. By aligning burns with emissions and encouraging people to hold Qubic, we’re creating a more sustainable and value-driven ecosystem.”
Project X introduces a new protocol extension that allows computers to allocate a portion of their earnings to proposed initiatives for the benefit of the ecosystem. Furthermore, the upgrade also includes a 15% emission decrease that will be followed by yearly halvings capping the supply at 200 trillion QUBIC — a supply cut of 80%.
This supply cut means that Qubic’s fully diluted valuation went from $1.7 billion down to $340 million — which the team hopes will make the ecosystem more accessible and appealing to newcomers.
Project X also creates the Computor Controlled Fund, a treasury for essential activities such as software development, marketing and community projects. The team proposed a reallocated of 8% of the weekly QUBIC emissions to the fund to bootstrap ecosystem development.
Lastly, the network upgrade also introduces QEarn, a yield-earning decentralized application (DApp) aiming to reduce supply and incentivize long-term engagement with the ecosystem. The DAApp rewards users with QUBIC distribution, but also punishes early withdrawals with burns.
This is not the first time that Qubic development makes the news. Earlier this month, industry media reported about Qubic hitting a capacity of 40 million transactions per second.
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Source: https://cryptodaily.co.uk/2024/08/qubic-launches-project-x-cryptoeconomics-update