📝◀️51% Attack on Monero Leads to Proposal for Consensus Mechanism Reform📈✴️
🟢The Monero community is exploring the possibility of reforming the Proof of Work (PoW) consensus mechanism to make the network resistant to 51% attacks.💸
🟢Community members have proposed several suggestions,🔺 including localizing mining hardware🔺, transitioning to a merged mining algorithm🔺, allowing XMR mining alongside Bitcoin (BTC) or other major cryptocurrencies🔺, and adopting Dash's ChainLocks solution.🔻🪙
🟢Dash's ChainLocks system uses "randomly selected key nodes" to reach quorum upon the first valid block broadcast by the network🔺, thereby cementing the blockchain record in place🔺, and only adding blocks to the chain that have been verified through the ChainLock system.🔻 This will work in conjunction with the current Proof of Work (PoW) consensus.🎯💸
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