A 51 % attack occurs when a group controls more than half of a blockchain's mining power, which allows it to deceive the system, for example by spending the same parts twice or blocking transactions. It is a major threat, because it completely destroys confidence in the network.
In short
- Qubic, a competing blockchain project, plans a 51 % attack on Monero from August 2 to promote its “Useful Proof of Work” mechanism.
- The Monero community is on alert, fearing double expenditure, transactions censorship and loss of confidence in the network.
- Although Qubic claims that this is a technical demonstration, many players in the sector see a major resistance test for Monero and the proof of work systems in general.
Qubic wants to get a message across
The attack does not come from a malicious pirate or a state actor, but from the Qubic platform, a more recent Layer-One project led by Sergey Ivancheglo, also known as CFB, co-founder of Iota. Qubic has never hidden his intentions: from August 2, he will try to take control of more than half of Monero's mining power In order to “demonstrate” its new consensus mechanism, USEFUL PROOF OF WORK (UPOW).
The architecture of Qubic Allows its miners based on the AI to secure its own blockchain while simultaneously mining Monero. The profits generated by the mining of Monero are then reinjected in the combustion of Qubic tokens, a mechanism supposed to create a self-reinforced deflationary loop.
Supporters of Qubic consider the operation to come not as an attack, but as a technological demonstration. CFB said ::
The Monero community is divided
Qubic now approaches 45 % of monero hashratea level dangerously close to the 51 %threshold, which would allow it to censor transactions, make double expenses or disrupt the consensus of the blocks.
Some users on R/Monero qualify this initiative of “rigged takeover”, accusing Qubic of artificially inflating his Hashrate figures to exert psychological pressure. Others fear more concrete consequences, calling for urgent measures, ranging from migration to other pools to protocol adjustments.
Resistance test or sabotage?
The last time Monero was confronted with a crisis in centralizing mining in 2022, when Minexmr controlled more than 40 % of the hashrate, community mobilization had dismantled the situation. There is no guarantee that the same strategy is effective this time.
Some believe that Qubic highlights structural flaws in the Proof of Work networks. Others consider that the real test will be the way Monero will react. For the time being, Qubic has not yet crossed the critical threshold of the 51 %. But with the self-imposed deadline of August 2 which approaches quickly, the countdown is launched.
Maximize your Cointribne experience with our 'Read to Earn' program! For each article you read, earn points and access exclusive rewards. Sign up now and start accumulating advantages.
