Qubic: Groundbreaking Blockchain Update in Project X

Qubic Announces Major Overhaul of Proof-of-Work Quorum-Based Blockchain

The team behind the Qubic blockchain (QUBIC), which is based on the Proof-of-Work Quorum consensus, recently announced a significant revamp of its blockchain operations. The update, named Project X, introduces a series of protocol changes aimed at stimulating long-term growth and providing support for the community using this blockchain.

Project X — New Protocol Version

One of the key changes introduced as part of the Project X update is the re-alignment of emission and rewards for network participants. The new protocol version allows computers to allocate a portion of their rewards to proposed ecosystem initiatives. Additionally, a 15% emission reduction has been implemented, with annual halvings planned in the following years to limit the supply to 200 trillion QUBIC, equating to an impressive 80% reduction in supply.

Initiatives to Attract New Users

It is expected that reducing the Qubic supply from 1.7 billion dollars to 340 million dollars will make the ecosystem more accessible to new users. Project X also establishes the Computer-Controlled Fund, aimed at financing activities such as software development, marketing, and community projects. The proposal to redirect 8% of the weekly QUBIC emissions to this fund aims to support ecosystem development.

New Decentralized Application — QEarn

The new network update also introduces QEarn, a decentralized application (DApp) enabling profit generation. QEarn’s main objective is to reduce supply and incentivize long-term engagement with the ecosystem. This application rewards users with QUBIC distribution but also imposes penalties for early withdrawals, using burns as a regulatory measure.

Scalability Development and Milestones

It is worth noting that the development of Qubic has previously been the subject of media reports, citing the achievement of throughput reaching up to 40 million transactions per second.