The Blockchain project focused on artificial intelligence Qubic drew the attention of crypto industry after announcing, earlier this month, having led a 51 % attack on Monero. Only a few days later, the project community chose to turn its attention to Dogecoin, reviving the debates on the safety of proof-of-work blockchains and the risks linked to the concentration of the mining power.
In short
- The Qubic community directs its attention to Dogecoin after a vote favored the mining of the same rather than other POW blockchains.
- The founder Sergey Ivancheglo confirms that the vote was about the mining of Dogecoin, not on the launch of attack.
- Meanwhile, the Dogecoin price fell by more than 5 %, its market capitalization remaining above $ 33 billion.
From Monero to Dogecoin
On August 11, Qubic said that he had taken majority control of the Monero mining network. This announcement surprised, Monero being one of the most famous digital assets focused. However, Qubic said that the functionality and confidentiality characteristics of the protocol had not been affected. The stated objective was that its own minors could ultimately secure the network.
The maneuver was deemed serious enough to push Kraken to react. The Exchange temporarily suspended the monero deposits, invoking concerns about the integrity of the network. Withdrawals and trading continued normally, but the deposits remained blocked until further notice.
Dogecoin, new community priority
A few days later, on August 17, Qubic announced on X that Dogecoin became the next priority of his community. The group said that discussions around Dogecoin were already underway and that Any preparation would require time. According to the project, this phase of activity is in the examination of the resilience of proof-of-work systems and in the exploration of new approaches intended to strengthen them.
This announcement followed a vote initiated by Sergey Ivancheglo, the founder of Qubic. He asked the members of the community to choose which Blockchain Proof-of-Work compatible asic should be prioritized. The list included Kaspa, Zcash and Dogecoin. Finally, Dogecoin won overwhelming support, placing the samely recognized in the center of Qubic's plans.
The result of the vote quickly aroused speculation about the possibility of a scenario similar to that of Monero with Dogecoin. However, Ivancheglo and Qubic wanted to clarify the situation. The founder stressed that the vote specifically concerned the mining of Dogecoin and not an attack. Qubic also answered questions directly, insisting that the fact that The project did not intend to harm other protocols.
On the contrary, the group explained that the initiative was aimed at testing theoretical concepts and creating opportunities allowing minors to increase their profits.
Market repercussions and relaunched debates
Even with these insurances, the market reacted. The Dogecoin price fell by more than 5 % within 24 hours of the announcement, while its overall market capitalization remained above 33 billion dollars.
Although the Crypto market has already experienced general declines, the announcement of Qubic targeting Dogecoin seems to have accentuated the pressure, encouraging certain traders to sell in reaction.
This situation rekindled the debate on the robustness of the proof-of-work networks. The Monero episode has shown that even established projects could remain vulnerable when a single entity concentrates sufficient calculation power to dominate the chain. With Dogecoin now designated as a new area of interest, attention is focused on the possibility that other blockchains can one day be faced with similar scenarios.
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