QuibicSurpasses Monero's Hash Rate in Live Demonstration, Highlighting the Real-World Might of Useful Proof-of-Work Algorithm, Outpacing Monero
In a groundbreaking demonstration, Qubic, a high-performance Layer 1 blockchain, has successfully taken over Monero, a leading privacy-focused cryptocurrency with a market cap of around $6 billion. This historic event, verified as the Fastest Blockchain in the World by CertiK, has raised significant questions about the security assumptions in Proof of Work (PoW) systems.
The experiment, which repurposes compute power for useful tasks, has offered a new blueprint for how protocols can interact. Qubic, with its zero-fee transactions, instant finality, and unmatched throughput, unlocks scalable infrastructure for AI, DeFi, DePIN, and AGI-level applications.
However, the takeover has unsettled the industry, as it highlights that economic incentives can override decentralization and network security assumptions in PoW blockchains. Qubic's demonstration of achieving hashrate dominance, or a 51% takeover, underscores that external entities can effectively control or disrupt a network by attracting miners with superior profitability.
This challenges the longstanding belief that decentralization and pure hashpower distribution alone secure PoW networks. The event has shown that a coordinated mining pool with sufficient economic power can manipulate a PoW blockchain by controlling the majority of its hashpower, allowing for chain reorganization, transaction censorship, and double-spend attacks.
The implications are far-reaching. The threat to decentralization and security is palpable, as smaller or niche PoW networks could be more vulnerable to economically skilled adversaries with larger backing. This may force such protocols to reconsider mining incentives, consensus mechanisms, or diversification strategies.
Moreover, the "useful proof-of-work" (uPoW) model advanced by Qubic demonstrates that if miners are offered better rewards, they can be incentivized to switch allegiance, even at the expense of network decentralization. This suggests that economic competition between mining pools or protocols can directly influence blockchain consensus stability and integrity.
The Monero community's responsive counterattacks and attempts to defend against Qubic's takeover indicate that PoW networks must be prepared to defend against economically motivated majority attacks beyond technical defenses. This might encourage more active governance and adaptability in PoW security models.
The event has also set a precedent for hashrate competition potentially extending across multiple PoW networks, raising questions about the sustainability of widely used PoW security assumptions industry-wide. As Qubic considers targeting Dogecoin next, which is larger and has merged mining protections, the future may see increased economic competition influencing network control.
In conclusion, Qubic’s selfish mining and hashrate takeover demonstration reveal critical vulnerabilities in traditional PoW that rely heavily on decentralized miner distribution. It suggests the future may see increased economic competition influencing network control, forcing PoW systems to evolve new forms of incentives, defenses, or hybrid consensus models to maintain security and decentralization.
[1] Qubic Whitepaper, https://qubic.network/whitepaper.pdf [2] Monero's response to Qubic's attack, https://github.com/monero-project/meta/issues/678 [3] Qubic's uPoW model, https://qubic.network/useful-proof-of-work [4] Qubic's potential targeting of Dogecoin, https://twitter.com/qubicnetwork/status/1453467570576928771 [5] Analysis of Qubic's takeover, https://medium.com/coinmonks/qubic-takes-over-monero-a-deep-dive-into-the-attack-and-its-implications-for-proof-of-work-6c9d9464648c
- The Qubic network's successful takeover of Monero, a leading cryptocurrency, raises questions about the long-term security of Proof of Work (PoW) systems, particularly those relying on decentralized miner distribution, in the cryptocurrency market listed on the NSE (National Stock Exchange).
- It is speculated that Qubic, with its innovative economic incentives and technological advancements, may consider targeting other PoW networks, such as Dogecoin, potentially disrupting the stability and competition among these networks in the technology sector.
