Qubic, a project led by former Iota Sergey Vivancheglo co -founder, says he has secured more than 51% of Monero’s global hashrate, a milestone that, if true, gives him the ability to reorganize blocks, censorship transactions and try double expenses in the private block chain.
Vivancheglo framed the measure as a stress test to help Monero’s community to prepare for future network threats, but the announcement has triggered a strong debate between developers and security experts.
A 51% attack occurs when a single entity or coordinated group controls the majority of a hashrate of a work test network. Ethereum Classic suffered multiple reorganizations in 2020, which resulted in millions of dollars in losses, while Bitcoin Gold faced similar assaults in 2018 and 2020.
The smallest networks such as Verge have also directed, demonstrating how the power of concentrated hashing can destabilize and the entire cryptocurrency network.
Monero, which uses the friendly Randomx algorithm with the CPU, has proud to resist Asic centralization. The “Useful QUBIC TEST” (UPOW) The model reuses Monero’s mining rewards by converting XMR into USDT, then using income to buy and burn Qubic tokens, a deflationary mechanism that functions as a liquidity sink for its own ecosystem.
From mid -May until the end of July, Qubic’s participation in the network increased from less than 2% to more than 25%, sometimes they exceeded pool classifications.
Ledger Cto Charles Guillemet warned in X that Monero “seems to be in the middle of a successful 51%attack”, citing signs of an important reorganization of the chain, with several other experts in the industry such as the founder of Slowmist, Yu Xian, expressing his doubt about the economy of Qubic.
Whether the events mark a hostile acquisition or simply a stress test, XMR has responded negatively, falling into 6.65% in the last 24 hours to aggravate a 16% decrease during the past week.
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