Recently, the IOTA Foundation shed some more light on the Mysterious Qubic project. Unfortunately, a lot of people had a tough time understanding many of the details involved.
In this video, I try to help people make sense of many of the details that were shared.
DISCLAIMER: This is NOT financial advice. I am just offering my opinions. I am not responsible for any investment decisions that you choose to make.
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Hi Louis, thank you for the nice and clear update. I'm also very exited about cryptocurrencies but don't think we can have money that isn't politicized... unless the coin is the basis for a full democratic society with a proper tax system. A society without tax can't exist, but cryptocurrencies can automate tax (VAT) and Universal Basic Income (UBI) plus a special voting system where you don't vote for politicians, but where a voter votes his part of the tax-money directly to "Projects and Institutes for Commen Benefit', like schools, hospitals, the police etc. (see my website www.ubi-wallet.com). I think Qubic would be perfect to build such a coin. It should however be fully cut loose from all exchanges. What do you think?
Great job of staying super objective on this. I know you're a long time ETH hodler and fan so seeing you discuss the potentials of smart contracts with Qubic in a way that wasn't subjective is real nice to see. Obviously you hodl IOTA too which makes that easier lol, but still... good job man.
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It means IOTA gave up the idea of being a coin to buy and sell things, will provide other services like compútation for a coin, smart contracts. I don´t think any crypto will be a currency at all, the governments will set their own cryptos with value equivalent to the country in question, and will vary according with the world market currencies.
As I wrote on the Mark Firn comment below: It is important to understand the difference between an IOTA protocol and an API to any blockchain.
Bitcoin simply dropped a few features in 2016-2017, and now Bitcoin Cash is re-implementing them one year later. What if your business model or your hardware was dependent on those features?
So a protocol can always be used as long as there is anyone to talk to. Even if it's IPv4 that should have been replaced by IPv6 a decade ago, because it will keep on working as long as devices use it. Norway might close down GSM G3 to move to G4 and G5, but they can't close down GPRS because of all the devices that use that.
So yes: IOTA is late to the game with smart contracts and a well working Tangle. But it doesn't matter. If it's a standard, people (and AIs...) will develop on it. There will be new and much better implementations of the standard, but if you develop it for the current really crappy Tangle, it will still work on the future Tangle.
Qubic is no longer a seperate coin, that is dismissed on the website. That is now the job of IOTA, IOTA was actually created as a necessity for Qubic, which was the original idea Sergey Ivancheglo had for IoT. IOTA is the currency layer.
Louis Thomas thanks for the info. I get the 'hair on fire' analogy but then alluding to your point in the video, you wouldn't have looked at the internet as a 'hair on fire' innovation in the late 80's or early 90's and yet now the use cases have literally changed the world and will continue to do so in ways we can only imagine now.
I think he's still formulating his own opinion about it. We spoke about it briefly when I met with him, but he couldn't see what "hair on fire" problem that IOTA was offering to solve, as that's one of the key things that he looks for in a project.
Mark Firn has a really valid point, but what the IOTA Foundation is trying to do is to create standards that others can both implement and build on. This is a well established and really successful way of doing things in the tech industry. The big difference here is that IF wants the IOTA token to be a part of the standards they are creating.
So what IF is trying to do is to first create a standard like IPv4 ("The Tangle"), then on top of that TCP/IP (Like MAM) and build more protocols on top of those like Q. The thing is that the miners, the community nor anyone else can change a protocol/standard. People can only choose to use it or not (and maybe misuse it). A general blockchain system can decide to do stuff in another way which is great in some cases, but totally not acceptable if you have built a factory for a hardware that now stops working, or if it's hard to update your software.
No other crypto project is trying to do this. I love the EOS project, but they are all about how to govern and they have a constitution that has written in it how to change the constitution. IOTA is about creating standards. You are free to use them, but no one can change them when adapted. So you can't "vote out" your competition with a sudden update in the protocol. Everyone knows that if you do an ASIC for Monero, it will stop working soon, and if you do software for MacOS, you will have to upgrade it to make it work in the next version.
Cardano is taking the opposite approach from EOS with "code is law", but it is still not the same as an industry standard. Everywhere IOTA manage to get a well defined well working standard, other more flexible DLTs have to adapt it.
The miners are interested in finding a nonce which will create a hash with certain characteristics. Lastly, they have to find a random value that they included in the header, which makes the computed hash over that header a value below a particular target. In other words, they do not have to agree to change the protocol. Though there are a few gold diggers attempting to fill their pockets and certain projects that aren`t viable and shouldn`t be encouraged in any way. For users running a complete node, it is a fairly painless procedure to upgrade the software to the newest version. The process of locating a new block to extend the blockchain is known as mining. Proof-of-Work systems utilize cryptographic hashing algorithms to create the action of mining a block a complicated computation. Our software is totally incompatible with altcoins. Changes and modifications to how that it works need to be approved by consensus and every CPU gets a vote. To start with, it`s essential to realize that hardware wallet users control entirely their private keys. Whether you`re bullish or bearish on Bitcoin Gold, you ought not lose your coins as a result of careless mistakes! On the 1 hand, it may result in making a coin that solves all the pending issues. There`s no currency or digital asset named Bitcoin Core. Bitcoin Cash increases the range of transactions that may be processed per block. You could send any quantity of money, any place in the Earth, almost at no cost. You`ve made some great money already on the market, but you want more. For a wealthy individual, BTC`s price premium may be viewed as a plus. For someone without lots of money, BCH`s low price may look like a great deal for Bitcoin. If you have some concerns about the worth of Bitcoin after all forks, you need to be ready for a drop. The distinction is that not all of these suffer the chain split. The primary problem is Bitcoin imposes a hard limit on the magnitude of a block, the location where transaction information becomes stored. The end result is many straightforward wallets, called SPV wallets and very commonly found on your phone, will be quite confused about which chain is Bitcoin. In Bitcoin, the most important reason is known as the network effect.