Qubic Targets Dogecoin After Community Vote to Launch Next 51% Attack

Explore insights within the Web3 house. This article dives into: “Qubic Targets Dogecoin After Community Vote to Launch Next 51% Attack”.

• After a neighborhood vote, the Qubic venture has introduced plans to focus on Dogecoin with a coordinated mining effort, aiming to realize majority hashrate management.
• This transfer follows the same marketing campaign towards Monero, the place Qubic claimed a profitable 51% assault that precipitated a series reorganisation and led to a dip in Monero’s worth.
• The announcement has precipitated Dogecoin’s worth to drop and highlights the vulnerability of Proof-of-Work (PoW) chains to financial incentives that may centralise mining energy.

Qubic is once more inflicting controversy locally after saying plans of attacking Dogecoin (accordingly, they’re simply “mining”), as a result of doing it to Monero wasn’t sufficient.

Qubic founder, Sergey Ivancheglo, higher recognized on-line as Come-from-Beyond, requested the neighborhood which proof-of-work (PoW) chain needs to be focused subsequent, with the choices together with Dogecoin, Kaspa, Zcash, and some other ASIC-mined coin.

The consequence was fairly excessive, with over 300 votes on Dogecoin, greater than all different networks mixed. 

Related: Sequans Sets Bold Course: 100,000 Bitcoin by 2030

“The Qubic community has chosen Dogecoin,” Ivancheglo introduced Sunday on X.

And why are they doing this? According to Ivancheglo: “Questions around blockchain resilience are being raised and we may have tools to address them.”

Naturally, the DOGE worth took a dip, now buying and selling at US$0.22 (AU$0.34), a 5.1% lower within the final 24 hours, in response to CoinGecko knowledge. 

DOGE/USDT. Source: TradingView.

The announcement follows Qubic’s coordinated takeover of Monero earlier this month, as Crypto News Australia reported. 

Qubic’s Majority Hashrate Triggers Exchange Safeguards

The venture seized management of greater than half the community’s hashrate. That majority place allowed Qubic to reorganise the blockchain and expose the vulnerability of even long-established PoW methods.

The takeover rattled exchanges. For occasion, Kraken instantly froze Monero deposits, citing “potential risk to network integrity” from a single miner controlling the chain. Trading and withdrawals stay energetic, however deposits will solely reopen when the platform considers the community steady once more.

At the time of writing, Qubic’s pool controls between above 1.6 gigahashes per second (GH/s), in response to MiningPoolStats.

Related: Four Crypto Catalysts the Market Isn’t Pricing, According to Bitwise

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