Qubic's 'Project X' Aims to Revolutionise Blockchain with 80% Supply Cut

Zurich, Switzerland, 27 August 2024 – Qubic, a cutting-edge distributed ledger technology platform with a focus on artificial intelligence development, has announced the launch of "Project X". This initiative introduces significant upgrades and features designed to foster community growth and long-term sustainability.

Project X aims to create a thriving ecosystem for users, developers, and partners by introducing a major upgrade to the platform's protocol. This new extension empowers "computors" – specialised nodes tasked with executing specific tasks – to allocate a proportion of their weekly rewards (emissions) to projects that they believe will benefit the ecosystem.

The initiative encompasses several key features:

New Emission Model: Qubic has implemented a 15% reduction in emissions, followed by annual halvings, aiming for a maximum supply cap of 200 trillion QUBIC – an 80% reduction in total supply. This model balances emissions and burns, crucial for long-term sustainable growth. The significant reduction in supply also reduces the Fully Diluted Valuation (FDV) from $1.7 billion to $340 million, potentially enhancing accessibility and appeal to new investors.

Computor Controlled Fund (CCF): The project proposes an 8% reallocation of weekly emissions to the CCF, a treasury dedicated to supporting essential activities such as software development, marketing, and community projects.

QEarn: This community initiative offers attractive returns for locking QUBIC, effectively reducing circulating supply and encouraging long-term engagement. The initiative includes QUBIC reward redistributions and burns as a consequence of early withdrawals.

Project X exemplifies Qubic's commitment to decentralisation, innovation, sustainability, and community involvement. It empowers the community to actively contribute to the growth and direction of the ecosystem.

Alber Fernandez, Qubic's Ecosystem Representative for Europe, highlighted the significance of Project X: "This project is made possible by the decentralisation of Qubic and is truly groundbreaking. It is the first time we're seeing the collective intelligence of the crypto community coming together to perfectly balance emissions, mining growth, and long-term sustainability. By aligning burns with emissions and encouraging people to hold Qubic, we're creating a more sustainable and value-driven ecosystem."

Project X will be rolled out in a series of phases between now and late September. For further information on the initiative, visit Qubic's website or the Qubic Grants Page, which provides information on building on the platform.

About Qubic

Qubic is a Layer 1 ultra-high performance network powered by Useful Proof of Work (uPoW). The platform supports feeless transactions and features the fastest smart contracts in the world. Qubic’s consensus mechanism is based on a quorum-based approach, providing true finality.

Founded by Sergey Ivancheglo, known as "Come-from-Beyond" and a co-founder of IOTA and NXT, Qubic leverages extensive CPU and GPU resources through AI miners. Its goal is to democratise access to Artificial General Intelligence (AGI), redefining the role of AI in everyday technology.

Website: [http://www.qubic.org](http://www.qubic.org)
Discord: [https://discord.com/invite/qubic](https://discord.com/invite/qubic)
X: [https://twitter.com/_qubic_](https://twitter.com/_qubic_)
Telegram: [https://t.me/qubic_network](https://t.me/qubic_network)
GitHub: [https://github.com/qubic](https://github.com/qubic)
YouTube: [https://www.youtube.com/@_qubic_/videos](https://www.youtube.com/@_qubic_/videos)

Contact:

Eric Fung
ef@qubic.org