Following the exaggerated claims that it controls 51% of the Monero network, the Mining Qubic, emerging mining community, continues to throw its weight.
A short period of hashrate dominance allowed Qubic to separate multiple nine blocks of “Reorg” on the privacy-focused blockchain.
However, Qubic claims to self-limit its actions, ensuring that such events do not pass a critical 10-block threshold, allowing for twice the cost of the coin.
Read more: “Please, don’t resist”: Qubic Hash Grab’s worry Monero Maxis
What is “Reorg”?
A recurrence, or reorganization of a block, occurs when two temporarily conflicting states (forks) exist without the consent of the legitimate standard chain, miners. Once the consensus is finally reached, one of the forks is abandoned.
A “lost” fork transaction can be lost if it is not included in the “winning” chain.
Once the mining pool has achieved a sufficient share of the overall hashrate, it can resume for its own profit.
An example is to inflate perceived control over a network through “selfish mining.” This is a technology that Qubic adopted to claim earlier this month that it retracted its 51% attack on Monero.
Read more: Was there a Monero 51% attack today?
However, increasing the percentage of hashrate in a network allows for longer and more dangerous lowering.
The number of blocks involved in a particular Reorg is known as its “depth.” Incidents deeper than the standard 10 blocks required for Monero’s finality could lead to the possibility of “double spending” as a token.
The outlook of all parties The ability to double the token completely undermine the economic security guarantees of the blockchain. Qubic knows this and as a Monero Miner, he has financial incentives to maintain his faith in the network.
Founder Sergey Ivancheglo (aka CFB) effectively confirmed that Qubic self-limits the depth of Reorgs to avoid double spending attacks in centralized exchanges (particularly GATE).
How powerful is Qubic really?
Some Monero’s loyalists are fighting the show of Qubic’s worrying powers, but the short period of domination means that the deep Reorg is still finding his way.
At the time of writing, according to data from MiningPoolstats, Qubic controls about 1.8 GH/s of the network’s total hashrate of 5.7 GH/s, just over 30% of the last 1000 blocks.
However, the pool appears to be strategically changing its output in order to take advantage of the lull to periodically control the hashrate periodically.
Qubic’s advantage reportedly reached 57 out of 100 blocks, as shown in the screenshot below.
Read more: MasterCard builds trust in crypto by purchasing Monero-Traceing Analytics units
Regardless of the degree to which Qubic’s Shenanigans relies on tricky timing and “selfish mining,” the dangers of posing for Monero are clear, and community members have been providing solutions for the past few days.
Bawdyanarchist, a member of the Pseudonym Monero community, proposed a “timed block class.” This proposes that in order to make Reorg more expensive, not only time, but also the difficulty of mining blocks in competing chains increases dramatically.
Another solution by developer Riccardo Spagni (aka Fluffypony) called “detective mining” uses its own tuning message from a “selfish” mining pool to identify and block Reorgs.
For now, however, it appears that Monero will have to resort to keeping the word and its resumption below nine blocks.
But while not one who is steering away from the controversy, Ivancegro has continued to inspire flames under the Monero community, and recently “Is it possible to deny Monero transactions for those who define the transactions to include in the block?”
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