The community behind Qubic, an AI-focused blockchain project, has voted to target Dogecoin with the next 51% attack, just days after gaining control of the majority of the Monero network.
The founder of Qubic, Sergey Ivancheglo, known in the cryptocurrency community as Come-from-Beyond, asked the project's community which ASIC-supported blockchain using a proof-of-work mechanism would be the next blockchain.
The options include Dogecoin, Kaspa, and Zcash. In a post on Sunday X, Ivancheglo confirmed the results: "The Qubic community has chosen Dogecoin"
Dogecoin Wins in Qubic Vote with Over 300 Supporters from the Community
Dogecoin, with a market capitalization of over 35 billion dollars, has received over 300 votes, surpassing the total votes of other competitors. Last week, Qubic shook the cryptocurrency industry by announcing that it had taken control of the majority of Monero's hashrate.
Their mining pool has successfully restructured into six blocks after a month of battling with Monero miners. At the time of writing, this pool has a performance of about 2.32 GH/s, becoming the strongest pool in the network, according to MiningPoolStats.
After taking over, Qubic emphasized that the core features of Monero, including privacy and transaction speed, remain intact, but added that their "ultimate goal" is to ensure that Monero's security is ultimately provided by Qubic miners.
The attack has forced Kraken to temporarily halt Monero deposits, citing "potential risks to the integrity of the network."
Withdrawals and transactions remain unaffected, while deposits are expected to resume when the exchange considers the network stable.
When asked about the reason behind the attack, Ivancheglo wrote on X that: "A lot of electricity has been burned for #PoW vô dụng, chúng ta cần điện đó cho #AI."
"These words may be difficult to understand and I cannot reveal more at this time, but in the future they will have an effect," he added.
While Qubic claims that this event proves they have gained full control of the network, Monero developers disagree.
Luke Parker, the lead developer at SeraiDEX, argued that reorganizing six blocks does not definitively prove a successful 51% attack, but only demonstrates that "an adversary with a large hash rate got lucky."
Others do not take it lightly. Zhong Chenming, co-founder of the cybersecurity company SlowMist, stated that the attack "seems to have been successful," while warning that theoretically, the Qubic group could now rewrite the blockchain and censor all transactions.
The confrontation began in late June when Qubic announced that they were shifting their proof-of-work model, commonly used for AI-related tasks, to mining Monero.
XMR mined will fund the buyback and burn of Qubic tokens, creating a direct economic incentive to control the network.
Meaning for Proof-of-Work
Qubic's expansion plans have raised new concerns about cryptocurrencies using the proof-of-work mechanism (proof-of-work). By targeting well-known networks like Dogecoin, the project is challenging the resilience of some of the oldest blockchains in the industry.
A 51% attack allows a single entity to control the majority of the network's mining power, enabling double spending and reorganizing blocks.
While the significantly larger scale of Dogecoin compared to Monero poses a greater challenge, the community vote for Qubic clearly shows the intention to experiment.
With the prominence of Dogecoin as the leading memecoin and one of the top 10 digital assets by market capitalization, any disruption could cause shockwaves across the cryptocurrency market.
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Bad News for DOGE? Qubic Community Votes Targeting Dogecoin After 51% Monero Attack
The community behind Qubic, an AI-focused blockchain project, has voted to target Dogecoin with the next 51% attack, just days after gaining control of the majority of the Monero network. The founder of Qubic, Sergey Ivancheglo, known in the cryptocurrency community as Come-from-Beyond, asked the project's community which ASIC-supported blockchain using a proof-of-work mechanism would be the next blockchain. The options include Dogecoin, Kaspa, and Zcash. In a post on Sunday X, Ivancheglo confirmed the results: "The Qubic community has chosen Dogecoin" Dogecoin Wins in Qubic Vote with Over 300 Supporters from the Community Dogecoin, with a market capitalization of over 35 billion dollars, has received over 300 votes, surpassing the total votes of other competitors. Last week, Qubic shook the cryptocurrency industry by announcing that it had taken control of the majority of Monero's hashrate.
Their mining pool has successfully restructured into six blocks after a month of battling with Monero miners. At the time of writing, this pool has a performance of about 2.32 GH/s, becoming the strongest pool in the network, according to MiningPoolStats. After taking over, Qubic emphasized that the core features of Monero, including privacy and transaction speed, remain intact, but added that their "ultimate goal" is to ensure that Monero's security is ultimately provided by Qubic miners. The attack has forced Kraken to temporarily halt Monero deposits, citing "potential risks to the integrity of the network." Withdrawals and transactions remain unaffected, while deposits are expected to resume when the exchange considers the network stable. When asked about the reason behind the attack, Ivancheglo wrote on X that: "A lot of electricity has been burned for #PoW vô dụng, chúng ta cần điện đó cho #AI." "These words may be difficult to understand and I cannot reveal more at this time, but in the future they will have an effect," he added.
While Qubic claims that this event proves they have gained full control of the network, Monero developers disagree. Luke Parker, the lead developer at SeraiDEX, argued that reorganizing six blocks does not definitively prove a successful 51% attack, but only demonstrates that "an adversary with a large hash rate got lucky." Others do not take it lightly. Zhong Chenming, co-founder of the cybersecurity company SlowMist, stated that the attack "seems to have been successful," while warning that theoretically, the Qubic group could now rewrite the blockchain and censor all transactions. The confrontation began in late June when Qubic announced that they were shifting their proof-of-work model, commonly used for AI-related tasks, to mining Monero. XMR mined will fund the buyback and burn of Qubic tokens, creating a direct economic incentive to control the network. Meaning for Proof-of-Work Qubic's expansion plans have raised new concerns about cryptocurrencies using the proof-of-work mechanism (proof-of-work). By targeting well-known networks like Dogecoin, the project is challenging the resilience of some of the oldest blockchains in the industry. A 51% attack allows a single entity to control the majority of the network's mining power, enabling double spending and reorganizing blocks. While the significantly larger scale of Dogecoin compared to Monero poses a greater challenge, the community vote for Qubic clearly shows the intention to experiment. With the prominence of Dogecoin as the leading memecoin and one of the top 10 digital assets by market capitalization, any disruption could cause shockwaves across the cryptocurrency market.