Quubic claim is the control of the majority of Monero Hashrate, which increases 51% fear of attacking
Quubic, a project led by former co-founder of IOTA Sergey Ivancheglo, it says is -secure More than 51% of Monero’s global hashrate, a milestone that, if in fact, provides the ability to rearrange blocks, censor transactions, and attempt to double-spending the Blockchain-focused Blockchain.
Ivancheglo has confirmed the transition as a stress test to help the Monero community prepare for future network threats, but the announcement has sparked a sharp debate with developers and security experts.
A 51% attack occurs when a single creature or coordinated group controls most of the hashrate of a proof-of-work network. The Ethereum Classic suffered many repairs in 2020, resulting in millions of dollars in losses, while Bitcoin’s gold faced similar attacks in 2018 and 2020.
Smaller networks such as VERGE are also targeted, which show how concentrated hashing power can strengthen and entire cryptocurrency network.
Monero, who uses the CPU-friendly randomx algorithm, has long been proud of itself in the fight against ASIC centralization. Qubic’s “useful proof-of-work” (upow) The model reduces Monero’s mining rewards by converting XMR to the USDT, then the proceeds are used to buy and burn quubic tokens, a deflection mechanism that doubles as a sink of liquidity for its own ecosystem.
From mid -May to late July, the network’s quubic part jumped from less than 2% to more than 25%, at times leading to the pool rank.
Ledger cto charles guillemet warned In X that Monero “appears to be in the middle of a successful 51% attack,” citing the signs of a major chain arrangement, including many other industry experts such as Slowmist founder Yu Xian expression Their doubt in the quubic economy.
If events marked a hostile acquisition or simple stress test, the XMR responded negatively, decreasing by 6.65% in the past 24 hours to tackle a 16% decline over the past week.
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