The recent block reorganization in Monero's network has sparked discussions about the security and resilience of this cryptocurrency.
About the Block Reorganization Incident
On Sunday, at 5:12 AM UTC, the Monero network faced an 18-block reorganization starting from block 3499659, finishing at block 3499676 approximately 43 minutes later. This event reversed around 117 transactions and raised concerns about the future stability of the Monero ecosystem.
Community Reaction to the Reorganization
Despite the reorganization, Monero [XMR] traded relatively flat during the incident, and a little over eight hours later, it surged by 7.4% from $287.54 to $308.55. However, some experts like Vini Barbosa expressed doubts about the network's reliability, stating they would stop accepting XMR for payments until the situation is resolved.
Possible Solutions to Prevent Attacks
Cryptocurrency protocol researcher Rucknium noted that it is 'highly likely' that Monero node operators will start temporarily adopting DNS checkpoints to prevent repeated reorganizations. However, this could lead to centralization, which is already complicated by Qubic's control over more than 51% of the hash rate.
The situation surrounding Monero raises important questions about the security of proof-of-work blockchains. The community continues to discuss potential measures to protect the network from similar attacks in the future.
