A recent demonstration of the Qubic protocol showcased its ability to exceed Monero's hashrate, marking a significant step in blockchain security. The experiment has sparked discussions within the crypto industry about mechanisms of protection and protocol interactions.
Qubic's Demonstration Against Monero
The Qubic protocol successfully demonstrated its capability to achieve over 51% hashrate in a controlled environment, surpassing Monero, which is known for its privacy-focused features and RandomX algorithm. The demonstration was led by Qubic founder Come-from-Beyond (CFB) and has undergone independent verification.
Selfish Mining Technique
During the demonstration, Qubic implemented the 'Selfish Mining' method, allowing a mining pool with hashrate as low as 33-40% to gain a disproportionate share of rewards. Qubic was able to withhold new blocks while simultaneously working on the blockchain that was still under query by other miners.
Significance of the Experiment
This experiment marks a pivotal event, highlighting that market size does not guarantee security. It was not a malicious attack but a strategic validation of the theory that economic incentives are crucial for determining power in Proof of Work systems.
The Qubic demonstration raises new questions for the crypto industry about security and protocol interactions, emphasizing the importance of computing power for useful tasks and the need to reconsider approaches to protecting decentralized networks.
