Qubic, a cryptocurrency mining pool, has gathered enough computing power to perform a 51% attack on the Monero network.

This action raises concerns about the security and decentralization of Monero, as controlling the majority of computing power could allow manipulation of the Blockchain.

MAIN CONTENT

  • Qubic Mining Pool Deploys 51% Attack on Monero Network Through Economic Stimulus Mechanism.

  • Qubic founder admits to having control of the chain to edit, double spend, and censor transactions.

  • The Monero community responded strongly, calling for the decentralization of computing power to reduce the risk of centralization.

What measures did Qubic mining pool use to take control of the Monero blockchain?

According to Yu Xian, founder of SlowMist, Qubic took advantage of recent economic stimulus policies to gather a large amount of computing power, allowing them to successfully carry out a 51% attack on the Monero blockchain.

This method allows Qubic to bypass the decentralization barrier designed to protect cryptocurrency networks like Monero, creating the risk of unauthorized manipulation of transaction data and blockchains.

What are the implications and impacts of controlling the majority of computing power on the Monero network?

Sergey Ivancheglo, founder of Qubic, admitted that by controlling the majority of computing power, the group could rewrite the transaction history on the blockchain, launch double-spending attacks, as well as filter or block transactions at will.

Not only does this compromise security, it also poses a serious threat to the neutrality and decentralization of the Monero network, which is one of the cryptocurrency's main strengths.

A tool that controls a majority of computing power can severely weaken the network, rendering authentication and security processes unreliable.

Sergey Ivancheglo – Founder of Qubic, August 12, 2023

How did the Monero community react to this attack?

The Monero community has expressed strong opposition to this move, with many members calling for miners to distribute their computing power, avoiding concentration in a single pool or mining pool to protect the stability of the system.

This event highlights the importance of decentralization in cryptocurrency mining, and raises the urgent need to increase protection mechanisms against 51% attacks on Layer 1 networks like Monero.

What measures can mitigate the risk of a 51% attack in the Monero network?

Distributing computing power is an essential strategy to limit the ability of any one group to gain a majority of mining power. In addition, developing advanced consensus algorithms also helps to reduce the risk of attacks.

Developers and miners should work together to ensure the Monero network remains decentralized and secure, thereby increasing trust and safety for all users.

Frequently Asked Questions

What is a 51% attack?

A 51% attack occurs when one group controls the majority of computing power, can change transaction history and prevent other transactions.

Why is a 51% attack a concern for Monero?

Monero loses its decentralization and security when one party controls the majority of mining power, leading to the ability to manipulate transactions.

What should the Monero community do in response?

The community needs to decentralize mining power and develop advanced security solutions to maintain network security.

Who is Qubic Mining and what do they admit?

Qubic is a cryptocurrency mining pool that claims to control the majority of computing power and has the ability to modify the Monero blockchain.

How to prevent 51% attacks in the future?

Increased decentralization, adoption of advanced consensus mechanisms, and tight monitoring of mining power will help reduce risks.

Source: https://tintucbitcoin.com/monero-bi-nghi-51-tan-cong/

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