Dogecoin is once again in the spotlight as the Qubic community, known for orchestrating a significant 51% attack on Monero, has now voted to target Dogecoin next. This decision comes after Qubic managed to gain control over Monero’s network, showcasing their capability to dominate computing power in blockchain networks.
Qubic Community’s Intriguing Decision
The Qubic community recently conducted a vote to decide their next target. Among the options were Dogecoin (DOGE), Kaspa (KAS), and Zcash (ZEC). Sergey Ivancheglo, the founder of Qubic, announced the results, revealing that Dogecoin emerged as the top choice with over 300 votes, surpassing all other contenders combined.
Implications for Dogecoin
Dogecoin, which boasts a market capitalization exceeding $35 billion, now faces potential vulnerabilities. The Qubic community’s ability to execute a 51% attack could disrupt the network’s stability. This move by the Qubic community signals potential alarm for digital assets reliant on mining, particularly proof-of-work cryptocurrencies like Dogecoin.
The Qubic team’s previous success with Monero has already raised eyebrows within the crypto sphere. They achieved majority control over Monero’s network hashrate, successfully reorganizing six blocks after a prolonged struggle against other Monero miners. This accomplishment demonstrates the Qubic community’s capability and determination in exerting influence over blockchain networks.
Monero’s Experience
Following the attack on Monero, Qubic’s mining pool controlled a hashrate of approximately 2.32 gigahashes per second (GH/s). Despite this, the core functionalities of Monero, such as privacy and speed, remained intact. However, the security of the Monero protocol is now provided under the oversight of Qubic’s miners, as stated by the Qubic team.
In response to the attack, the prominent crypto exchange Kraken temporarily halted Monero deposits, citing potential risks to network integrity. The exchange assured users that Monero withdrawals and trading would remain open, and deposits would resume once deemed secure.
Dogecoin’s Next Steps
As the Qubic community sets its sights on Dogecoin, the crypto world watches closely. The potential for a 51% attack on Dogecoin raises critical questions about the resilience and security of proof-of-work blockchains. For now, Dogecoin enthusiasts and investors are left to ponder the implications of Qubic’s next move.
The developments underscore the dynamic and sometimes unpredictable nature of the crypto landscape, where innovation and strategic maneuvers can significantly impact market stability and investor confidence.
