I have been an advocate for IOTA for a long while now and I have constantly been telling people they need to get into it before it Moons. Wait, Am I just Shilling? Honestly, who knows… I’m excited and invested in the project and I want to share why. You can make up your own mind. (You are an adult after all).

If you have not already, follow this simple HOW TO BUY IOTA guide to get involved.

So, Q. What is Q exactly?

Q = Qubic. Well, those of who were scouring the internet before Q was officially announced knew this already. The clues were everywhere. So, Qubic. This means what? Straight from their new site:

Qubic is a protocol that specifies IOTA’s solution for oracle machines, smart contracts, outsourced computations, and more. Qubics revolutionizes machinery allowing it, the machinery, to sell it’s resources. This is another building block to the ultimate vision of a machines acting in a “machine economy”.

What about this hosting a Q node malarky?

A Q node is is a node that supports the Q protocol and you can earn rewards for various things. These are:

Offering PoW (Proof of Work) (This could be mining rigs, computers, or your smart kettle),

(This could be mining rigs, computers, or your smart kettle), PoS (Proof of Stake). This uses your IOTA’s and unused bandwidth. In the future this is probably going to be something to do with Li-Fi (Watch this Ted Talk on Li-Fi) — You will also need proof of an honest node.

On a side note: Proof of stake is the future: Better decentralization (ownership of coin aligns incentive with the currency itself, whereas ownership of mining hardware creates split incentives — we are seeing the fruits of that now in the Bitcoin community). Environmentally friendly. Much more scalable.

If you host a “Q-Node”, a node that supports the Q protocol (layer) you can earn rewards in these manners:

Both of these above can be used to pass the “resource test phase” which includes the other resources to: PoW, PoS, Po(Bandwidth), and Po(Honesty).

This then allows you to earn IOTA from other people using the Oracle System, Those who want to use your computational power and those who want to use Smart Contracts.

I thought this was for Laymen? What does this mean?

Q basically takes every aspect of every crypto (PoS, PoW, PoBandwidth, and PoHonesty.) and puts it all one. And also allows people to make gains from IOTA similar to the miners of other coins.

People will purchase “resources” using the Qubic protocol. If they want quality, fast, or extreme computational power they have to pay. Remember, you the user set what you want to receive in IOTA for your resources (economic principles). If you spend $1200 a month on electricity and equipment, you will only charge more than $1200 a month. No one would charge less. So in your pool, everyone will eventually come to a quorum charging a set amount, and thus the economy (the users) will pay for it. So in essence, the better the pool, the more the reward you get (based on economic principals in society (just like blockchain). [reddit]

After a month’s long wait, the IOTA (MIOTA) team finally released details of project Qubic. In a tweet to the community, the IOTA team announced that project Qubic will enable IOTA gain unlimited use cases, and turn IOTA into one stop solution. The tweet read as follows,

So why is this a big deal for IOTA (MIOTA) investors? Well, IOTA (MIOTA) is one of the strongest crypto projects in the market, because it is everything that most blockchains can only wish for. For instance, while bitcoin and most other cryptos struggle with issues like transaction costs and scalability, IOTA (MIOTA) offers feeless transactions at unrivalled speeds. That’s why it has constantly been labelled as the blockchain killer. This also explains why it is getting adopted in futuristic projects that will define the 21st century. For instance, it was adopted by Taipei city in the development of a futuristic smart city. It has seen adoption in the smart car industry in the recharging of electric cars. That’s huge and points to the potential of IOTA (MIOTA) to become an integral part of the 21st digital economy.

Now with Qubic, IOTA is taking the game a notch higher, by acquiring smart contracts capabilities. That’s because it will have the same capabilities as Ethereum and all other smart contract blockchains in the market. However, it has one edge over them all, and that’s the fact that it is faster, cheaper and more scalable than them all. At the moment, Ethereum is struggling with scalability and transaction speeds, which is a major hindrance for its mass adoption. With Qubic, IOTA (MIOTA) now has the capacity to offer the same smart contracts capabilities, but in an infinitely scalable environment that is also superfast and feeless. There is absolutely no reason why Dapps developers would choose Ethereum, NEO or any of the other platform blockchains in the market, when they can get a way better deal with IOTA (MIOTA).

In essence, it’s only a matter of time before IOTA (MIOTA) takes over, not just the digital payments economy and dethrone the likes of bitcoin and Litecoin, but the Dapps smart economy as well.

With such huge and endless possibilities, why isn’t IOTA (MIOTA) shooting up? If anything, it has dropped in value since the announcement was made! Well first, there is an element of profit-taking to it. While project Qubic has been in the works for years, the IOTA (MIOTA) team first revealed it about a month ago. Since then, the community has been eagerly waiting for it, and this led to a surge in price all through the month. That’s why when the news finally came out, there was a sell off. It’s a classic case of buying the rumor and selling the news. Second, the entire crypto market has started the week low, after the ZenCash 51% attack. This has affected the short-term value of IOTA (MIOTA).

The good thing is that these are short-term issues that have no bearing on the future of IOTA (MIOTA). Once developers start creating smart contracts on IOTA, it will be huge! It could even go higher than $10 this year. Invest in IOTA (MIOTA) with a long-term view.

Now that is neat, right?

Please feel free to comment below with your thoughts and/or corrections.

DONATIONS

I would not say no to any amount of IOTA. Here is my receive address:

AKNHPCPAJSZNFLXCK9DBWGBBQ9VTJGWEVGFIC9AVQBGGGFTP9NV9OBZEQBXGYTZWFQAHSZEXEHZJHVBJBQAXQCWXIC

Disclaimer — not legal advice, take as is. All actions based on anything supplied here are your own and you alone are liable for any fault/error or loss.