51% assault on Monero prompts proposal to overtake consensus mechanism

Uncover insights within the Altcoin house. This article dives into: “51% attack on Monero prompts proposal to overhaul consensus mechanism”.

The Monero neighborhood is exploring a possible overhaul of its proof-of-work (PoW) consensus mechanism to make the community immune to 51% assaults.

Community members advised a number of proposals, together with localizing mining {hardware}, switching to a merge mining algorithm,  permitting XMR to be mined alongside Bitcoin (BTC) or different main cryptocurrencies, and adopting Dash’s ChainLocks resolution.

Dash’s ChainLocks makes use of “randomly selected masternodes” to achieve a quorum on the primary legitimate block broadcast by the community, locking the blockchain ledger into place and appending the chain solely with blocks verified by the ChainLock system. This would perform on prime of the present PoW Consensus.

A proposal to overtake Monero’s consensus mechanism to incorporate a masternode system on prime of the present proof-of-work system. Source: Monero

ChainLocks prevents 51% community assaults and block reorganizations, even when proposed blocks come from egocentric or malicious miners with a better accrued proof-of-work than the ChainLocks verified chain, Joel Valenzuela, Dash DAO core member, instructed Cointelegraph. He additionally 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. 

Even those with ASICs need to have their economic priorities in place, or suffer attacks,” Valenzuela continued. Qubic, an AI-focused blockchain and mining pool, introduced that it gained 51% management over Monero in August, prompting fears that the neighborhood could goal different proof-of-work blockchains.

Related: Qubic neighborhood, Monero’s 51% attacker, votes to focus on Dogecoin subsequent

Qubic turns into the most important Monero mining pool, neighborhood votes to focus on DOGE subsequent

The Qubic mining pool at present controls 2.18 gigahashes per second (GH/s), making it the miner with essentially the most hashing energy on the Monero community, in keeping with MiningPoolStats.

Supportxmr is the second-largest mining pool by hashing energy, commanding 1.18 GH/s of computing energy on the time of this writing.

Monero’s neighborhood stays divided on the assault, with a portion of Monero customers claiming that Qubic by no means achieved majority management over the community’s hashing energy and solely managed a restricted block reorganization, not a majority takeover of the community.

Source: Qubic founder Sergey Ivancheglo, aka Come-from-Beyond

Despite the denials, Kraken, a significant crypto trade, introduced it was quickly suspending Monero deposits, and, in a subsequent replace, Kraken re-enabled deposits, however stipulated that 720 confirmations are required earlier than crediting accounts with XMR.

“Given the current uncertainty around the security of the Monero network due to significant consolidation of hash rate under a single entity, Kraken may halt deposits at any time and delay crediting at its discretion,” the trade wrote in an replace on Monday.

On Sunday, the Qubic neighborhood voted to make Dogecoin (DOGE) its subsequent mining goal, incomes over 300 votes from neighborhood members — greater than all the opposite choices mixed.

Following the vote, Sergey Ivancheglo, the founding father of the Qubic community, clarified that DOGE mining “requires months of development,” and the mining pool is at present centered on mining XMR.

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