Qubic Launches ‘Project X’ With 80% Supply Cut to Revolutionise Blockchain

Zurich, Switzerland, August 27th, 2024, Chainwire

Qubic, a cutting-edge quorum-based distributed ledger technology with an AI platform in development, is proud to announce the launch of "Project X”. This initiative introduces key upgrades and features to support community and long term growth. It will balance emissions, enhance earnings, and empower community driven growth.

A Thriving Ecosystem

Project X aims to create a thriving, sustainable ecosystem for users, developers, community members, and partners. Its new protocol extension, a major upgrade, enables computors (specialised nodes designed to execute tasks) to allocate a percentage of their weekly rewards (emissions) to initiatives they believe will benefit the ecosystem. Along with the protocol extension, Project X includes a host of initiatives aiming to leverage the power of this new extension:

New Emission Model: Qubic has initiated a 15% reduction in emissions, followed by yearly halvings, targeting a max supply cap of 200 trillion QUBIC (an 80% supply cut). This model balances emissions and burns, crucial for sustainable growth. Additionally, with the previous Fully Diluted Valuation (FDV) at $1.7 billion, the 80% supply cut has reduced the FDV to $340 million, which could make Qubic more accessible and appealing to new investors by potentially improving its market positioning and growth potential.
Computor Controlled Fund (CCF): The treasury for essential activities such as software development, marketing, and community projects. An 8% reallocation of weekly emissions to the CCF is proposed to boost ecosystem growth.
QEarn: A community initiative which offers attractive yields for locking QUBIC, reducing circulating supply and encouraging long-term engagement. It Includes QUBIC reward redistributions and burns as a result of early withdrawals.

Project X exemplifies Qubic's commitment to decentralisation, innovation, sustainability and community involvement. It will allow its community to actively contribute to the growth of the ecosystem.

Revolutionising Crypto

“Project X is made possible by the decentralisation of Qubic, and is truly groundbreaking,” said Alber Fernandez, Qubic’s Ecosystem Representative for Europe. “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.”

Looking Ahead

With the introduction of Project X, Qubic is set to revolutionise its ecosystem. The project will include a series of phased rollouts scheduled between now and late September. To learn more about Project X, visit Qubic’s website, and for information on how to build on Qubic, visit the Qubic Grants Page.

About Qubic

Qubic is a Layer 1 ultra-high performance network supported by Useful Proof of Work (uPoW). Its platform supports feeless transactions and features the fastest smart contracts in the world, underpinned by a quorum-based consensus mechanism which allows true finality.

Founded by Sergey Ivancheglo, also known as Come-from-Beyond and a cofounder of IOTA and NXT, Qubic leverages extensive CPU and GPU resources through AI miners. Its goal is to democratise access to Artificial General Intelligence (AGI), redefining the role of AI in everyday technology.