A recent event in the Monero network has led to Qubic gaining control of over 52% of its hashrate, sparking discussions around security and centralization.
Qubic's Hashrate Control
Reports indicate that Qubic managed to mine 80% of Monero blocks in just two hours. This event raises concerns over centralized control of the network and the risks associated with a potential '51% attack', where one party could confirm invalid transactions or pause others.
Block Reorganizations Disrupt Network
Following the hashrate spike, Monero's blockchain began experiencing block reorganizations—where previously confirmed blocks are replaced by competing versions. While no confirmed double spends or major exploits occurred, this incident highlights the vulnerability of even established blockchains to centralization risks.
Centralization Threatens Monero's Core Values
Monero has long positioned itself as a leading privacy coin with decentralization at its core. However, events like this call into question the sustainability of these principles, especially when one entity can dominate mining operations.
The situation with Qubic's hashrate raises alarms within the Monero community. Further discussions regarding potential protocol changes to mitigate centralization risks are anticipated.
