IOTA’s Qubic On Track for 2018 Proof-of-Concept

Those thirsting for the first glimpse of IOTA’s Qubic may have their fill by the end of the year, with the project’s latest “promised” monthly status update reiterating that a proof-of-concept should be unveiled “around the end” of 2018.

Qubic appears to have become a figurative present waiting wrapped under the IOTA community’s Christmas tree, having been heralded as the key to unlocking an “IOTA-based world supercomputer” when it emerged from the shadows in early June.

Now, having reportedly spent August tidying up the protocol’s programming language, Abra, the project’s development team appear to have further whet the appetites of IOTA proponents — the latest update claiming “promising” results, and maintaining that a prototype will hit shelves by the end of the year.

Intended to augment the Tangle with smart contracts, oracles, outsourced computation, and other undisclosed capabilities, Qubic’s implementation would see IOTA rub elbows with a growing list of multi-purpose blockchains — yet its developers seem to have abstained from the type of saber-rattling rhetoric typical of pre-launch projects.

The Truth Hurts

Related Story: EOS Up 79% In Past Week In Lead Up to Mainnet Launch

Horn-trumpeting may have become an accepted norm in an increasingly marketing-driven industry, yet when it comes to picking winners, few projects may have been more successful than EOS — which in April toted a near-$18 billion valuation, months prior to mainnet launch.

A stream of initiatives appeared to push the token into the top by market capitalization, however, the claims of its founder Dan Larimer may have equally stoked the flames of anticipation:

IOTA’s September update appears to fall more into the ‘underpromise and overdeliver’ camp in contrast; revealing some of the hurdles that await Qubic. The team noted that work on Qubic’s payments feature—which would see IOTA edge into the competitive domain of payment protocols—has been shelved for now. The update stated:

“Because of this focus, we have decided to postpone further work on the gateway concept (for moving funds with Qubic) until we have reached the point where we can actually run qubics in their entirety. Such gateways will need a full running system first, to be able to implement and test them.”

Leaked Transcript Uncovers Fallout Between IOTA Leaders
Related: Leaked Transcript Uncovers Fallout Between IOTA Leaders

Running an open book would not come without its challenges, however. As previously reported by CryptoSlate, a transcript purportedly leaked by one of IOTA’s founding members caused turmoil in early August when it uncovered a severe fallout between core members of the project administration.

Bitter or sweet, some would appear to prefer their truth unembellished — which one IOTA bull seemed to suggest is a rarity in an increasingly marketing-driven industry:


Updated: Nov 25 at 4:25 am PDT

IOTA, currently ranked #11 by market cap, is up 5.18% over the past 24 hours. IOT has a market cap of $2.03B with a 24 hour volume of $40.42M.

Chart by CryptoCompare

IOTA is up 5.18% over the past 24 hours.

Cover Photo by Jeremy Bishop on Unsplash

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Jonnie Emsley

Jonnie Emsley

Fintech Journalist @ CryptoSlate

Jonnie is a writer and blockchain enthusiast based in Ho Chi Minh City, Vietnam. Discovering new corners of the world and emerging tech trends makes him tick.

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