IOTA Set to Release Qubic: Data-Driven Smart Contracts on the Tangle

[mattipikos]

IOTA is a unique project in the crypto industry that has set out to lay the foundations for new emerging markets in not just reinventing the distributed ledger, but building the infrastructure for the future landscape of the Internet of Things. The tangle, IOTA’s data coordination model, is a directed acyclic graph adapted to function as a real-time data transport layer and decentralized information storage. Neural networks as such approximate functions on the weight matrices of directed acyclic graphs and IOTA’s tangle, likewise, deals with probabilities in gradually aligning itself with factual reality in a training-based model.

In tackling the technical challenges of IoT, IOTA transcends the limitations of the common blockchain paradigm, substituting with a lightweight and flexible architecture where activity on the network itself is what secures the network, while participants are essentially being rewarded with zero fees (whether issuing transactions, transmitting data, or running applications). The IOTA network is essentially collaborative in a way that anybody who wants to use the system empowers the network in the process (rather than any given group of actors on the network), and is incentivized more by cost-saving efficiency and access to validated, high-quality data than immediate profits.

IOTA’s recently announced and eagerly anticipated Qubic (with details expected to be released on the 3rd of June) is an extension of the core protocol (similar to what TCP/IP is to the internet protocol suite) that enables smart contract functionality and outsourcing of computations. It appears to fuse with the data marketplace, which provides fine-granular data streams from devices and sensor nodes from around the globe, such as environmental, agricultural, and anonymous healthcare data, thereby facilitating the shaping of an open, permissionless market for data-driven insights.

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