QUBIC, a project led by the former co-founder of Iota, Sergey Ivancheglo, says that he has obtained more than 51% of the Monero world hashrate, a milestone which, if it is true, gives him the opportunity to reorganize blocks, to censor transactions and to try to spend on the blockchain of private life.
Ivancheglo has designed this decision as a stress test to help the Monero community prepare for future network threats, but the announcement has sparked a net debate among developers and security experts.
A 51% attack occurs when a single entity or a coordinated group controls the majority of hashrate of a network of evidence. Ethereum Classic underwent several reorganizations in 2020, which resulted in millions of dollars in losses, while Bitcoin Gold faced similar assaults in 2018 and 2020.
Smaller and rod networks have also been targeted, demonstrating how concentrated chopping power can destabilize and the whole cryptocurrency network.
Monero, which uses the randomx algorithm adapted to the processor, has long been proud to resist the centralization of ASIC. The “proof of useful work of Qubic” by Qubic (Upow) The model reuses the monero extraction rewards by converting the XMR to USDT, then using the product to buy and burn Qubic tokens, a deflationary mechanism which doubles a liquidity well for its own ecosystem.
From mid-May to the end of July, the network’s share of the network has increased from less than 2% to more than 25%, sometimes amounting swimming pool rankings.
The CTO CTO Charles Guillemet warned X that Monero “seems to be in the midst of a 51%attack”, citing signs of a major chain reorganization, with several other industry experts such as the founder of Slowmist Yu Xian expressing their doubt about the economy of Qubic.
Whether events mark a hostile takeover or simply a stress test, XMR responded negatively, lowering 6.65% in the last 24 hours to make a drop of 16% in last week.
Read more: How the $ 330 million BTC pirate may have doubled the derivatives of Monero
