The Qubic project could be the best news for the IOTA (MIOTA) community in recent time but translating it noble idea to reality appears to be taking sometime. With finer details of the project still scanty, the hype is ripe among those who are tech savvy. However, if things work out as planned, this will be a game changer not only for IOTA but the entire crypto verse.
The Qubic project is not a stand-alone entity in to the IOTA ecosystem; it has the support of a mobile permisionless interface that is set to entice mass adoption of the network that will transform the entire IoT and the blockchain fraternity. After being announced in May, many IOTA lovers cannot wait to see its official launch and implementation.
IOTA (MIOTA) Price Surge
The cryptocurrency market according to CoinMarketCap charts seems to be awakening and MIOTS price surge could spell a breakout. The coin has managed to push past the $1 mark and this is not an isolated case; it reflects across the entire market. With the Qubic project announcement being anticipated, the coin appears ready to hold above the $1 zone till the end of July.
The last 24 hour trading session has seen MIOTA recover 7.85% to the dollar to trade at $1.07. MIOTA is ranked 9 by market capitalization and the last 24 hours has seen $52.7million worth of MIOTA change hands with the most popular pairs being MIOT/USD and IOTA/USDT with 48.52% of the total volume passing through BitFinex and Binance.
Qubic and the Permissionless Mobility
With the speed at which the IOTA project is growing, the Qubic and permission less mobility concept appears to have come at the right time. This will see a major boost to the entire IOTA stack. It will enhance seamless oracles, third party computation and smart contract execution. As the excitement continues to rise, the team behind the implementations is yet to release the full details and the May third announcement read in part:
“We are moving rapidly towards the next epoch of IOTA; today the IOTA Foundation is excited and proud to start the official unveiling of Qubic.”
The project still remains mysterious and this means the community has to wait a little longer before celebrating. According to IOTA foundation the project will make it easier for users to “move currencies across networks seamlessly”.
Eric Hop of the Foundation seems not be clear on how asset transfer and oracles will be used for historical verification through the chains. In his reply he says “no chains will be barred from moving funds since they will move on their own chains.”
Increased IOTA (MIOTA) Use Cases
IOTA (MIOTA) use case popularity has seen its interest on permissionless mobility increase as it plans to take the transport sector by storm. The goal is to take advantages of electric cars as it plans to transform the AI industry in the coming months. To achieve this, the ecosystem appears to be deploying large scale Distributed Ledger Technology for large organizations and governments as well.
With the planned Hackathon in Munich, Germany later this month, IOTA appears set to introduce the Qubic project and finer details are expected to emerge on its capabilities and how it is going to benefit the various sectors it is targeting. The event is poised to draw more interest on the IOTA ecosystem and this will impact positively on the MIOTA price and value.
The Munich hackathon will bring together industry leaders, known hackers, programmers and commentators and it will be the best forum for IOTA to articulate their vision and goals. The aim of the meet up is to come up with best practice hacks that will move the technology and by extension, that of IOTA to the next level.
According to Asia IOTA Foundation:
“IOTA aims to become the underlying transaction protocol to a permissionless mobility ecosystem and we truly believe that standardization and open innovation will be key for seamless customer experience. We envision mobility and transportation in the future to be: on demand, clean, affordable, safe and seamless. Therefore we boost the idea of thought leadership collaboration and we’re absolutely excited being part of this adventure.”