The Monero community is exploring potential reforms to its proof-of-work (PoW) consensus mechanism to enable the network to resist 51% attacks.
Community members have proposed several suggestions, including localized mining hardware, transitioning to merged mining algorithms, allowing XMR to be mined alongside Bitcoin (BTC) or other major cryptocurrencies, and adopting Dash's ChainLocks solution.
Dash's ChainLocks uses "randomly selected masternodes" to achieve a quorum on the first valid block broadcasted to the network, locking the blockchain ledger in place and extending the chain only with blocks verified by the ChainLock system. This would run on top of the existing PoW consensus.
Dash DAO core member Joel Valenzuela told Cointelegraph that ChainLocks can prevent 51% network attacks and block reorganizations, even if the proposed blocks come from selfish or malicious miners with higher cumulative proof-of-work than the ChainLocks-verified chain. He also warned:
"The Qubic attack is a fascinating experiment that essentially exploits the weaknesses in the mining security model, particularly in terms of economics, especially for chains without dedicated ASICs. Any anti-ASIC chain should be concerned.
Even those with ASICs need to have their economic priorities in place, or they will be vulnerable to attacks," Valenzuela continued. The AI-focused blockchain and mining pool Qubic announced in August that it had gained 51% control over Monero, raising concerns in the community about potential attacks on other proof-of-work blockchains.
According to MiningPoolStats, the Qubic pool currently controls 2.18 gigahashes per second (GH/s), making it the most powerful miner on the Monero network.
Supportxmr is the second-largest pool by hash rate, holding 1.18 GH/s of computational power at the time of writing.
The Monero community remains divided over this attack, with some Monero users claiming that Qubic never gained majority control over the network's hash rate, only performing limited block reorganizations rather than a majority takeover of the network.
Despite the denials, major cryptocurrency exchange Kraken announced a temporary suspension of Monero deposits. In a subsequent update, Kraken re-enabled deposits but stipulated that 720 confirmations are required for XMR to be credited to accounts.
"Given the current uncertainty regarding the security of the Monero network, due to the significant concentration of hash power under a single entity, Kraken may suspend deposits at any time and decide to delay crediting," the exchange wrote in an update on Monday.
On Sunday, the Qubic community voted to target Dogecoin (DOGE) as the next mining objective, receiving over 300 votes from community members—more than the total of all other options combined.
After the vote, Qubic network founder Sergey Ivancheglo clarified that DOGE mining "requires months of development time," and the pool is currently focused on mining XMR.
Related: Harvard economist admits to misjudging Bitcoin's (BTC) drop to $100
Original article: “51% Attack on Monero Prompts Community to Propose Consensus Mechanism Overhaul”
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