Digital Asset Daily: New Qubic Revelations from IOTA

Market Movers

The market has seen a sort of mini-recovery over the weekend as total market cap has increased to 353b. Unusually, this has not been precipitated by a particularly large spike in BTC (+1% last 24h). On the other hand, Ethereum has taken large strides over the weekend (+4.4% last 24h).
Altcoins have, for the most part, fared very well over the weekend – as is typically the case in a market upturn. Over the last 24h, they have been led by Bitcoin Cash (BCH +9.9%), VeChain (VEN +8.5%) and Ripple (XRP +7.8%). Over the course of the entire weekend, most altcoins were at least even.
The last 24h have seen a reversal in the fortunes of a few of the altcoins that were soaring earlier in the weekend. These include Veritaseum (VERI -9.3%), IOTA (IOTA -4.9%) and Bitcoin Private (BTCP -4.4%). The downswing in IOTA is remarkable as the price crashed immediately after the latest Qubic release – something that should have theoretically been seen as positive news and led to a spike.

Noteworthy News

In what could be a major milestone for mainstream crypto adoption, Brisbane Airport has announced that they will be accepting cryptocurrency as a payment option. This is par for the course for the Australian government who have been wanting to progress towards a cashless society so as to reduce tax evasion from unreported income.
ZenCash (ZEN) has been the latest victim of a 51% attack, on June 2nd at 02:43 UTC. The double spend attack took place in 2 waves for a total of 19,600 ZEN which had an estimated value of 666k USD at the time of the attack, although the coin price has dropped since. ZEN have been fully transparent about the attack and increased required confirmations to 100 to drastically reduce chances of future 51% attacks.
IOTA have released more information about their Qubic project, which outlines their vision for Qubic becoming a universal computation market. If everything pans out, it will effectively be Ethereum but with infinitely scalable, feeless transactions and the ability to have continuous money flows within smart contracts. The project will involve the usage of oracle machines, outsourced computations and smart contracts in tandem to create one ‘Qubic’, or use case e.g. a Qubic for obtaining FX rates from a fixed source to be put on IOTA’s Tangle. Qubic will also allow for Q-Node hosts to be rewarded for any of PoS, PoW, PoB (bandwidth) and PoH (honesty) based on what you are providing to the IOTA ecosystem. All rewards will be paid out in native IOTA token.

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