Original Author: Amin Ayan

Original Translation: Saoirse, Foresight News

After successfully gaining control of the majority of the Monero (XMR) network's hash power, the Qubic community has voted to target Dogecoin (DOGE) for its next 51% attack.

Key Points:

• The Qubic community has voted to target Dogecoin after claiming control of the majority of the Monero network's hash power.
• The attack on Monero forced Kraken exchange to suspend its deposit services, raising concerns about the security of proof-of-work (PoW).
• Experts are divided on whether Qubic's attack indicates it has fully taken over the network, but the risks of transaction censorship and blockchain rewriting remain.

Qubic founder Sergey Ivancheglo (known in the crypto community as "Come-from-Beyond") posed a question to the project community: Which ASIC-supported proof-of-work (PoW) project should be targeted next?

Candidate options include Dogecoin (DOGE), Kaspa (KAS), and Zcash (ZEC). Ivancheglo confirmed the voting results in a post on the X platform on Sunday: "The Qubic community has chosen Dogecoin."

Dogecoin Wins Qubic Vote, Over 300 Community Members Support

With a market cap exceeding $35 billion, Dogecoin received over 300 votes, surpassing the total votes for all other candidate coins.

Last week, Qubic announced it had gained control of most of the Monero hash power, shocking the entire crypto industry.

After a month-long battle with Monero miners, Qubic's mining pool successfully reorganized 6 blocks. According to MiningPoolStats data, as of the time of writing, the pool's hash power is approximately 2.32 GH/s, making it the strongest mining pool in the Monero network.

Following this "takeover," Qubic emphasized that the core functionalities of Monero (including privacy and transaction speed) remain unaffected, but added that its "ultimate goal" is to ensure the security of Monero through Qubic miners.

This attack forced Kraken exchange to temporarily suspend Monero deposit services, citing "potential risks to network integrity."

Withdrawals and trading of Monero remain unaffected, and it is expected that deposit services will resume once the exchange determines the network has stabilized.

When asked about the reasons behind the attack, Ivancheglo wrote on the X platform: "A lot of electricity is wasted on meaningless proof-of-work (PoW), and we need to use this electricity for artificial intelligence (AI)."

He added: "These words may sound difficult to understand right now, and I cannot reveal more at this moment, but in the future, everyone will understand."

Although Qubic claims this event proves it has fully taken control of the Monero network, Monero developers refute this.

Luke Parker, chief developer of SeraiDEX, believes that the reorganization of 6 blocks does not conclusively prove a successful 51% attack, but only indicates that "an attacker with a lot of hash power got lucky."

However, many hold a different view. Zhong Chenming, co-founder of the cybersecurity company Slow Mist, stated that the attack "seems to have succeeded" and warned that theoretically, the Qubic mining pool can now rewrite the blockchain and censor any transactions.

This confrontation began in late June when Qubic announced it would repurpose its proof-of-work model originally intended for AI-related tasks for Monero mining.

The Monero (XMR) obtained through mining will be used for the buyback and destruction of Qubic tokens, creating a direct economic incentive for Qubic to take control of the Monero network.

Impact on Proof-of-Work (PoW)

Qubic's expansion plans have raised new concerns about proof-of-work cryptocurrencies. By targeting well-known networks like Dogecoin, the project is testing the risk resilience of some of the most mature blockchains in the crypto space.

A "51% attack" refers to a single entity controlling the majority of the network's mining power, enabling it to execute double-spending transactions and block reorganizations.

Although Dogecoin's scale is much larger than Monero's, making an attack more difficult, the Qubic community's vote clearly indicates their intent to attempt it.

As one of the most well-known meme coins and a top ten digital asset by market cap, any disruption to Dogecoin's network could trigger a chain reaction throughout the entire crypto market.

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