It appears the IOTA Foundation is short of fund, as the not-for-profit organization announced it has decided to dump its mystifying Qubic project over high consumption of funds and time.
The foundation, in a surprising announcement, made known it is now focusing on the future of Smart Contracts on IOTA to quickly make the project go into the market in a twinkle of an eye.
After close to two years of sleepless nights, the IOTA Foundation decided to move in a new direction, for smart contracts on IOTA
The foundation says several findings prove the vision behind Qubic and its possible functions, however, it said there are some questions begging for answers to achieve a great innovation with Qubic Protocol.
The statement reflects that there are many significant developments to be invested in Qubic to make it production-ready.
The foundation says it has invested a great deal of time and effort on the project, saying its extensive work on Qubic Protocol has birthed many valuable pieces of research and developments, which form the foundation future actions on the project.
“The IOTA Foundation has made the decision to stop the development of Qubic and pivot our focus specifically to the Smart Contract layer,” a release contained.
The decision ensures that IOTA goes to the market faster than expected.
“The main reason for this decision is to allow IOTA to go to market faster, with a novel smart contract solution that works in conjunction with the Coordicide node software.”
Now, the foundation is going to be focusing its attention on IOTA Smart Contracts, what the foundation refers to its Layer-2 Smart Contract solution.
With the IOTA Smart Contracts, the foundation hopes to pursue a vision for smart contracts that are scalable and have low transaction costs.
For now, the foundation says it is working towards achieving an alpha version of IOTA Smart Contracts via the GoShimmer implementation. Once the alpha is made available, it is to be accompanied by a set of simple smart contract PoCs.
In a sobering message to the IOTA community, the foundation says it went through a long trajectory coupled with countless unforeseen hurdles to confirm that Abra data-flow programming model works end-to-end.
The foundation seeks the effort of interested individuals who will work with the Qupla repository to deeply understand what Qupla can do and how it runs in the emulator.
The IOTA foundation, however, asks hardware-centric individuals to check out the Qubic HDL repository and maybe, run some codes on a DE10-Nano or possibly adapt the code to their own preferred FPGA system.
Further work on Qubic will require a new approach, significant resources and time.
The IOTA Foundation unveiled Qubic Protocol in June 2018. At that time, the innovation was seen as an idea centered on facilitating oracles, outsourced computation, and smart contracts. It was seen as a turnaround for the cryptocurrency platform.