IOTA Price Prediction And Analysis: Qubic protocol finally announced! More details and more expectations. Price falls. Monday, June 4
Important IOTA News
Qubic protocol finally announced
In last IOTA Price Analysis and Predictions we were reporting and anticipating the Qubic protocol announcement and releases, as this feature may significantly impact the project as a whole. Finally, the details have come: "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."
The official project's site has been launched. The developers want to clarify that Qubic is not a new token or coin nor it will have its own ICO or airdrop. The protocol uses oracles to provide input data relevant for quorum-based computational tasks. Therefore, collecting information like for example temperature data from worldwide sensors, current or historical stock value, election results or even personal data like current age, marital status and so on.
DNB ASA is Norway's largest financial services group. They have recently got interested in exploring blockchain and distributed ledger technologies and decided to collaborate with IOTA Foundation on developing and researching IOTA Tangle, which is specifically built to power the Internet of Things. Lasse Meholm, Head of DLT at DNB said: "As Internet of Things (IoT) and Machine to Machine (M2M) communication and payment for microservices seem to escalate in the future, we think engaging in a Distributed Ledger based technology like IOTA gives us valuable experience and know-how on future revenue streams and business models. We are looking forward to dive into the IOTA space"
MIOTA Price Analysis
Prior to the announcement, the coin was trading relatively stable close to the $2 mark, fluctuating around $1.89-$1.95. On June 3rd, MIOTA went from $2 to $1.79 in a matter of hours and then headed even further downwards to the lows of $1.71. It is currently trading at $1.75.
MIOTA/USD Price Chart, Monday June 4th:
Despite the huge announcement MIOTA price seems to be dropping exactly after the release of Qubic details. It shouldn't be considered that Qubic failed, as the sole features and possibilities may actually significantly increase the value. However, the drop may be connected with the simple news pump and anticipation before the announcement. Moreover, there are also many people which seem not to understand what exactly is Qubic, one of the reddit user even wrote: "It's like reading a foreign language". With IOTA Foundation putting more focus on delivering the feature in an easier to understand way and with more marketing strategies, people will start believing in this technology.
Another user wrote: "But everything in this thread only matters, if they can actually pull it off. At the moment it is only theory and promises, and you can only praise qubic if you think that the devs can accomplish their claims." And this may also be a great concern for the holders counting on future profits, as the technology promised can be revolutionary if they manage to deliver it. "It's exciting and ambitious, but they are also announcing they are in Valve time (it's ready when it's ready). Don't expect this anytime soon."
The hyped announcement can temporarily affect the price in a negative way, as it's simply not known when we can expect the actual and usable feature. However, once it's working MIOTA could for real go to the moon out of a sudden.
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