IOTA – one of the largest cryptocurrencies by market cap – has recently revealed some new information regarding its secret project “Q”.

The project – Qubic – which was initially conceived in a post on BitcoinTalk in September 2012, is touted as a digital currency offering all of the benefits of Bitcoin, but none of its disadvantages. The Qubic protocol is aimed at facilitating smart contracts, oracles, and outsourced computation.

Project Q is reportedly the IOTA Foundation’s biggest secret.

After months of speculation about what is actually behind the project – the IOTA team had announced only a few details, with an official presentation scheduled to take place on June 3rd:

However, after enthusiasts patiently waited for a month since IOTA in April launched a countdown and a website – https://qubic.iota.org – the company revealed some new information on its mysterious Qubic project — or Quorum Based Coin:

“To be very clear, Qubic is still a work in progress.”

IOTA Foundation

On it’s website, the team stated that the time has come to shed light on the project, to give the IOTA community and the general public a broad overview of the project, and “to help convey the enormous scope of the Qubic project.”

In order to clear up a few common misconceptions, the website added that:

“Qubic is not a new token or coin; there will be no Qubic ICO or airdrop.”

IOTA Foundation

With this announcement generating a lot of negative tweets, some critics were quick to suggest that IOTA was falling short of expectations: 

Featured Image Credit: “IOTA” by “Tiagodimas2” via Wikimedia Commons; licensed under “CC BY 4.0”