Doctoroid ($doctoroid)

{Web3 | Crypto | NFT} x {Coding | Math | Physics} :: (Education+Research+Development) ::
Project founder (cryptology) - DM for early access

[Doctoroid ($doctoroid) @Doctoroid1]

Found these saved links in a folder on an old hard disk. Bitcoin's closing price on that day (31 Oct 2013) was $204. I was researching it, but "too busy" to do anything about it (was writing a book, and that was "important") ☹️

[Doctoroid ($doctoroid) @Doctoroid1]

@arnaultwhale Done

[Doctoroid ($doctoroid) @Doctoroid1]

@TapTools $doctoroid

[Zi @Cryptic_Zi]

Qubic - Useful Proof of Work (uPoW): A Deep Dive.

Undeniably, $QUBIC has been a hot topic on X recently, seemingly popping up from nowhere, yet created by a developer with a long list of impressive achievements. In this post we will attempt to break down what $Qubic really is...

1. Introduction: What Qubic isn't & What Qubic is
2. The Founder & Tokenomics
3. The Quorum Protocol
3. Aigarth
5. Smart Contracts

1. Introduction: What Qubic isn't & What Qubic is
-------------------------------------
The lack of whitepaper for Qubic often makes understanding the concept somewhat difficult, but how does one develop an accurate whitepaper for a protocol continuously improving? It would quickly become redundant. For this reason, the whitepaper will be released on completion of the core development.

So let's interpretate what we know, and speculate on what we don't.

The concept of Qubic is very different to other "blockchains", and for that reason we must first understand what Qubic isn't, and that is a blockchain.

"To understand Qubic you need to basically forget about all the other crypto implementations as it is unique in almost all aspects."

Qubic isn't a blockchain, so therefore it can't have blocks. Instead it has ticks, more on these later...

Qubic takes an innovative approach to distributed ledger technology by offering a unique and highly efficient consensus mechanism that differs from the typical PoW & PoS consensus models we see in popular blockchains. It operates on a decentralized quorum consensus, a concept predating Bitcoin, inspired by Nick Szabo's work on quorum systems from 1998 and Lamport's Byzantine Generals Problem from 1982, some 40 years ago!

A decentralized quorum consensus is a system used in blockchain and cryptocurrency where a specific number (quorum) of independent nodes must agree on a transaction or block (tick) for it to be valid. This method ensures security and fairness without relying on a central authority, promoting a distributed and democratic decision-making process.

To summarise, or get to the point, unlike traditional Proof-of-Work platforms that consume massive amounts of energy for mining, Qubic boasts a useful-Proof-of-Work system that leverages mining capacities for AI training.

2. The Founder & Tokenomics
-------------------------------------
The concept of Qubic originates back in 2012, when founder Sergey Ivancheglo, better known as Come-From-Beyond or C_F_B, posted about his concept on a forum called Bitcointalk. Having read many of the replies, people doubted his approach would work.

Since then @c___f___b went on to create the first PoS coin, NXT, followed by the first DAG protocol with IOTA.

This does leave us wondering why did Qubic pause?

Well I did say I would speculate on what we don't know, but I assume the concept of Qubic was far too advanced for it's time, and the space simply lacked the ability to produce something meaningful or useful with the computation power, until the demand for AI data increased significantly. Enter the Useful-Proof-of-Work system powered by $QUBIC.

$QUBIC is the utility coin that powers the ecosystem, and should be considered a unit of energy, rather than a currency. The Qubic Units (QUs) are burned when executing smart contracts and other services provided by the network, instead of recycled like typical crypto currencies, making Qubics tokenomics unique and contributing to the deflationary aspect.

So the supply is continuously deflating? Not exactly. Each epoch (7 days) produces 1 trillion QUs which are allocated to the Computors (see section below), with the remaining balance assigned to the Arbitrator, an entity within the Qubic ecosystem responsible for resolving disputes and protecting user interests.

Now, we are left with inflation vs deflation. What the emissions of QUs is greater than those being burnt? The circulating coins are capped at 1000 trillion. Therefore in the future a point will come in which the burn rate matches or surpasses the emission rate, entering a state of deflation.

It is worth noting that transactions on the network are feeless, and only executing smart contracts incur a fee, of which the QUs are burned. Every new smart contract on Qubic requires an Initial Public Offering (IPO). All QUs spent during the IPO's Dutch auction will be permanently burned.

QUs power the network, driving operations, incentivizing and maintaining balance to provide an adaptive, efficient and democratic platform.

Who holds $QUBIC though? It was fair launched! there was no pre-mine or VC money involved, so only those who bought it OTC or on the open market.

3. The Quorum Protocol
-------------------------------------
The Quorum Protocol has 676 validators, called Computors, which are responsible for handling transactions, executing SCs & securing the network. Of those 676, over two thirds, or 451, need to be in agreement to complete a transaction. Currently the network achieves an average tick-time (block) of 7 seconds, however this can be and is planned to be reduced to sub 1 second after upgrades later this year.

The protocol is capable of facilitating upwards of 40 million transactions per second because it achieves instant finality as there is no blockchain reorg, because its not a blockchain as I mentioned earlier. Qubic also runs entirely on RAM, which enables exceptional performance.

4. Aigarth
-------------------------------------
Aigarth is an AI-software that runs on Qubic, adding the "useful" to the Proof of Work concept. It gathers information from thousands of Qubic Miners which create billions of Artificial Neural Networks (ANNs) using the otherwise unused computational power.

An artificial neural network (ANN) is a computational model inspired by the human brain's network of neurons, designed to recognize patterns and solve complex problems through learning from data.

How does Qubic x AIgarth go together? They don't, not directly at least.

Aigarth needs distributed ledger technology to be efficient & effective, and PoW models like BTC suffer from a significant amount of wasted computational power. Qubic uses this computational power to achieve tasks, in this case training AI, but it could be used for a number of tasks.

5. Smart Contracts
-------------------------------------
The driving force behind the network, the smart contracts. Without these, the need for the network is questionable, and without the network Aigarth won't yield good results.

Before a smart contact is integrated into the network is must undergo a proposal voting by the Quorum, the 676 Computors I touched on earlier. If a third of these agree, then the SC is accepted.

In addition it must undergo an Initial Public Offering (IPO), or at least Qubic's version of an IPO.

The IPO process in the Qubic network involves a series of steps starting with the creation of digital shares via smart contract technology, representing a stake in a project built on the Qubic network. These shares are then offered to the public, allowing network participants to purchase them with Qubic Units (QUs). Once acquired, shares can be traded within the Qubic network.

A distinctive feature of Qubic's IPO approach is the use of Dutch auctions, ensuring a fair, transparent bidding process that aims for more accurate valuations by allowing participants to bid based on their perceived value of the offering. This method underscores Qubic's commitment to democracy, inclusivity, and market-driven pricing, fostering a fair and efficient ecosystem.

A very different approach to contract integration, which only time will tell if it is successfully adopted.
-------------------------------------

It would be impossible to summarise the network and AI protocol in detail in a single post, there is simply to much information behind the concept. For further reading, I suggest the below links:

The Unofficial Whitepaper:
https://t.co/KFWL7n6Yym

The Qubic Docs:
https://t.co/1DD7okMaEr

The Qubic Website:
https://t.co/QUcAQve6hX

Qubic Video Series (1st video):
https://t.co/rHh0akez5k

Check out these accounts who support Qubic:
@c___f___b
@BraverCrypto
@phoenix_gems47
@fitforcrypto_
@AltcoinMiyagi
@altcoinist
@CryptoElPres
@ElonTrades
@ParabolicPump

[Doctoroid ($doctoroid) @Doctoroid1]

@10kHandleClub Please do follow back. New project launching in Jan 2024. Thanks, $doctoroid

[Doctoroid ($doctoroid) @Doctoroid1]

@tradingview More a set of tools {vwap, fixed range volume profile, rsi, volume} used in combination

[Doctoroid ($doctoroid) @Doctoroid1]

I just joined the @Reputano Waitlist for @Cardano. Use my referral link to sign up!: https://t.co/F8oRm7A6dU https://t.co/eqP3ItJb1X

[EMURGO @emurgo_io]

.@reputano just launched their project at EMURGO booth with a remark from @Emurgo_Ken ✅

Discover how their solutions are bringing On-Chain Reputation to Cardano for DeFi and dApps at https://t.co/ZInIggyhjl

#Cardano #EMURGO #CardanoSummit2023

[Doctoroid ($doctoroid) @Doctoroid1]

@McYoloCrypto @The_Block_Group Yes it is. Welcome

[Doctoroid ($doctoroid) @Doctoroid1]

https://t.co/sMNnlat6jD

[Josh @CryptoWorldJosh]

15 years ago today, Satoshi Nakamoto published the #Bitcoin whitepaper.

Satoshi's identity remains unknown to this day.

[Doctoroid ($doctoroid) @Doctoroid1]

@WhaleWire Show me the math

[Doctoroid ($doctoroid) @Doctoroid1]

@seanworkingdead @worked_dev @workingdeadnft The sad reality is that many, perhaps most, people don't care about the product or service and are only after quick profits.

[Doctoroid ($doctoroid) @Doctoroid1]

@The_Block_Group $doctoroid

[Jellycubes @Jellycubes_nft]

Our new Fractionalized Utility Token $JELLY will be at the CENTER of the BIG Ecosystem 🚨

Over the next weeks we will break these Utilities down 👀

✅ You are going to want to have some $JELLY

Engage and Drop your Cardano ADDY for a chance at a #cryptoairdrop ⬇️

[Jellycubes @Jellycubes_nft]

Welcome to the new BigFi APP - BIG's central hub of innovative Products & Services catered to the Web 3.0 Ecosystem 🔥

The first product will be our new Fractionalized Utility Tokens which is NOW on Testnet:
https://t.co/Ocu8EHUbuG

Learn how to participate ⬇️

[DexHunter 🏹 @DexHunterIO]

Global Trends are live on DexHunter🔥👀

Learn how global trends can help you catch every early market movement and trade better👇🧵

[Doctoroid ($doctoroid) @Doctoroid1]

Interesting that the authors conclude "Despite being at odds with orthodox neoclassical economics... these models can very accurately explain empirical wealth distributions". Despite?

[Doctoroid ($doctoroid) @Doctoroid1]

Fascinating article and series of papers on a math model of poverty, inequality, and oligarchy. https://t.co/nciaLrdfwL

[DexHunter 🏹 @DexHunterIO]

According to @TapTools on September 30th we had almost 8K trades across all dexes on Cardano👀

DexHunter was responsible for about a third of that🏹

[Doctoroid ($doctoroid) @Doctoroid1]

@The_Block_Group $doctoroid

[Jellycubes @Jellycubes_nft]

Introducing $JELLY Chunks - the first "Fractionalized Utility Token" in Web 3.0!

$JELLY Chunks will go down in the books for being one of the most innovative and critical developments in the NFT Space

Learn how it works tomorrow 🔔

Lastly - Drop your Cardano Addy ⬇️ #Airdrop