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IOTAs market cap has surged past US$7 billion following the long-anticipated release of details regarding Project Qubic, the IOTA Foundation’s mysterious and elusive major update to the IOTA protocol.

Project Qubic will officially bring outsourced computing, smart contracts and “oracles” to the IOTA network. While specifics are scarce, oracles are understood to be points in the Tangle that are capable of bringing in outside data and initiating smart contracts automatically when that data meets certain criteria.

A completely futuristic hype video was released, but no more details are set to be revealed until well into June.

David Sønstebø, Founder of The IOTA Foundation shed some light on the official Discord server:

Qubic is a project we have been working on for quite a while internally in the IOTA Foundation and is one of our main priorities for 2018 and 2019. Details will remain scarce until the date revealed on the website, when a lot more material, specifications and further information surrounding the uniQueness of Qubic will be made available. Qubic, using IOTA as a backbone, will be the foundation of plenty more projects that we have in motion already, but more importantly, it will be a platform for the greater community and ecosystem to create things we can’t even imagine yet.”

The release of these details combined with the previously reported listing on decentralized cryptocurrency exchange COBINHOOD has made for an increase in market cap of around 20% in the past seven days.

This makes it of the biggest gainers in the cryptocurrency top 20 in the past week by recording an increase in price of just over 17%.

Additionally, a member of the IOTA Foundation also confirmed in an interview earlier this week that prominent hardware wallet Ledger is to support the token in the very near future.

IOTA hit it’s all-time-high earlier this year when its price reached US$5.69 before a 70% retracement, albeit in sync with the entire cryptocurrency market.

Image From Shutterstock

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