IOTA Greets Launch of Qubic Project, Aims to Become Complete Ecosystem
The IOTA project has adopted an approach to distributed computing akin to Ethereum and Golem.
The IOTA project may be getting a boost from the launch of Qubic, a complete ecosystem of distributed computing that may add value and real-world applications to the asset. The Qubic system finally launched after being in development for years.
The Qubic project in fact completes the vague, rather secretive promise of IOTA to include smart contracts. The project wraps up smart contracts, oracles, and distributed computation, bringing them to the IOTA platform. While other platforms offer distributed computation for a tokenized fee, the IOTA tangle should, in theory, use users’ resources to be scalable and perform the computations, or complete the smart contracts, for free.
IOTA oracles will supply information about the outside world, and tie them to the functioning of smart contracts. While creating a smart contract on many platforms is trivial, creating the right oracles for the contract has been limited in the world of crypto coins. There are expectations that future projects may add tokenization to the IOTA tangle, turning the project into one of the cheapest platforms to serve smart contracts and aid in fast token creation.
But the expectations that the Qubic launch would be immediate bullish news for IOTA did not materialize, at least in the short term. The market price of MIOTA sank by more than 13% overnight, to $1.71. The big run up for IOTA happened in the days before, still showing a weekly gain of over 19%.
It seems like a surprise that IOTA has set out to become one of the “Ethereum killer” projects, with an entirely new product and ecosystem. IOTA has aimed to become the digital asset system for the Internet of Things. However, the real-life applications of IoT have been slow to arrive, and IOTA has lagged behind.
At the same time, 2018 looks like the year where platforms are reaping the gains and attention.
Trinity: Almost Here, Beta Version Released
One of the long-awaited updates for IOTA is the release of the Trinity wallet, a proprietary wallet for MIOTA tokens. At the moment, MIOTA owners have to rely on exchanges, and simpler wallets that sometimes have trouble finding the balances.
The IOTA Trinity wallet is currently in beta release, and is seen as one of the indicators of success for the project. Without an intuitive and easy wallet, many crypto coins have lagged in adoption. The Trinity Beta announcement was the reason for the recent spike in IOTA. But now, prices are back with a renewed downward trend.