Have been examining the concept and implementations of Smart Contracts. Qubic is the version of such a protocol for the IOTA 'Blockchain' (Actually not a chain but a DAG: Directed-Acyclic-Graph architecture)
" ... Qubic is a protocol that specifies IOTA's solution for oracle machines, smart contracts, outsourced computations, and more.
The Qubic project (A payment and messaging system)
After much speculation, the time has come to shed light on one of the most eagerly awaited developments within the IOTA community: Qubic. To be very clear, Qubic is still a work in progress. This website is meant to give the IOTA community and the wider public a comprehensive overview, to better understand what we are working on, and to help convey the enormous scope of the Qubic project.
Qubic has evolved over time into something markedly different from the original Quorum-Based Coin idea coined on bitcointalk September 2012. The most apparent change is that there now exists a working protocol to serve as the messaging and payment system: IOTA.
To dismiss a few common misconceptions about Qubic right off the bat:
Qubic is not a new token or coin;
There will be no Qubic ICO or airdrop
The original Qubic idea had some hard to overcome problems. The IOTA protocol was, in fact, created to help solve those problems. Indeed, IOTA was designed to become the global standard for IoT messaging and payments. Qubic follows that standard, and is made possible by fee-free IOTA transactions, which enable:
A way to safely communicate with the outside world in a trusted environment;
A powerful, distributed fog computing platform for building complex IoT applications;
A new type of smart contract, which collects micro-payments in real time as it runs;
A reward system for incentivizing honest participation in the Tangle
What is Qubic?
In short: Qubic began life as as an initialism-turned-acronym, QBC, which stands for quorum-based computation.
Quorum (distributed_computing) on wikipedia
Specifically, Qubic is a protocol that specifies IOTA's solution for quorum-based computations, including such constructs as oracle machines, outsourced computations, and smart contracts. Qubic provides general-purpose, cloud- or fog-based, permissionless, multiprocessing capabilities on the Tangle. In the long term, Qubic will allow people to leverage world-wide unused computing capacity for a myriad of computational needs, all while helping to secure the IOTA Tangle: an IOTA-based world supercomputer.
More generally, a qubic is a what we call a packaged quorum-based computation that occurs according to the Qubic protocol. Below are some examples of different types of qubics - while they are distinguished here for clarity, they are all nevertheless variations on a single, general-purpose concept: the quorum-based computation, or qubic. .... "
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