Monero community has put forward new ideas to combat 51% attacks

Key points:

• The Monero community is exploring the possibility of upgrading the Proof-of-Work algorithm to make the network resistant to 51% attacks.
• Against this backdrop, the major crypto exchange Kraken announced a temporary suspension of XMR deposits.
• The Qubic community voted to make Dogecoin its next mining target.

The Monero community is exploring the possibility of upgrading the Proof-of-Work (PoW) algorithm to make the network resistant to 51% attacks. This was prompted by the Qubic project’s announcement that it had gained control over a significant portion of the hashrate. Among the proposals are the localization of mining equipment, combined mining with other cryptocurrencies, and the introduction of the ChainLocks mechanism, first used in Dash.

The Qubic mining pool currently controls 2,18 gigahashes per second (GH/s), making it the miner with the most computing power on the Monero network, according to MiningPoolStats.

More about ChainLocks

Joël Valenzuela, one of the main contributors to Dash DAO, noted that ChainLocks prevents 51% attacks and block reorganization, even if the proposed blocks originate from malicious miners with higher PoW. He also warned:

“The Qubic attack is a fascinating experiment that essentially exploits weaknesses in mined security models, particularly in their economics, and particularly for chains that don't have application-specific integrated circuits (ASICs). Any ASIC-resistant chain should be worried.”

Most Monero participants are confident that this is not a complete takeover of the hashrate, but only a partial reorganization of the chain. Against this backdrop, the major crypto exchange Kraken announced a temporary suspension of XMR deposits. However, in a subsequent upgrade, Kraken reapproved token deposits, but with the condition that 720 confirmations would be required before XMR could be credited to accounts. RIAT researchers considered the incident a PR stunt to promote Qubic.

The Qubic community voted to make Dogecoin its next mining target. More than 300 votes were received from community members — more than all other options combined.

Source: x.com

After the vote, Qubic founder Sergey Ivancheglo explained that mining DOGE “requires months of development” and that the mining pool is currently focused on mining XMR.