Qubic Hash Grab is worried about Monero Maxis

The self-proclaimed “Distributed Computation and AI Layer 1 Protocol” Qubic is worried about the Monero community.

In what is called “economic attacks,” Qubic offers XMR miners willing to participate in the pool with a higher fee paid with their own tokens.

As the overall hashrate rises, privacy-focused communities feel threatened by this seemingly parasitic relationship and the possibility of causing a breakdown of network security models.

Read more: No, Monero’s privacy didn’t break suddenly in this viral video

In a post on most of X’s shared, researchers in an unstoppable wallet that goes through the handle “@dadybayo” detailed the “attack,” qubic states that “creates conditions for miners to voluntarily surrender the network.”

The incentive mechanism that Qubic uses to accumulate hashrates rely on miners’ payments for Qubic tokens, then repurchases and burns the mined XMR to burn Qubic, raising prices.

More miners will get an increase in value. Rinse and repeat.

According to data from MiningPoolstats, Qubic’s share of Monero Network’s total hashrate is currently at 25%. Up from 21% two weeks ago.

At 51% of hash power, the pool can theoretically allow isolated blocks (to punish non-ingesting miners), manipulate transactions, or even modify force protocols.

Previously, miners self-limited their overall hash power to maintain trust in their networks.

Of course, these actions disrupt trust in the XMR protocol, and miners have avoided accumulation of stocks in hash power in the past. But this time, we’re scared that Qubic “has no interest in the vesting (sic) of Monero itself. Kbic is like a predator. When you kill its prey, you simply switch to something else.”

Some people are worried about a “vampire attack” on the network, but others may simply be worried about the bag. Continuous sales of XMR Qubic could lead to the collapse of Monero’s tokens.

Despite the rapid accumulation of XMR hash power, Qubic token price remains above 80% From the best set ever from March last year.

Qubic founder Sergey Ivancheglo (aka CFB), claims that he is “attempting to counter Qubic’s 51% control.”

Ivancheglo feels this is for greater profits in the case of “non-negative attacks”, despite suggesting that Qubic will soon stop reporting hashrate network monitoring dashboards.

He also appears to be open about plans for “51% control” and calls people worried about XMRs “terrifying people who want to buy cheap XMRs.” He also denounces “Monero Botnet Masters” that makes the Qubic pool DDOS.

“Please, don’t resist,” he adds.

However, Qubic’s documentation paints the effort from a different perspective. They describe mining pools as improvements to the wasteful nature of traditional blockchain mechanisms rather than invasion.

Their useful work proof (UPOW) system is designed to “process large data sets or training machine learning models” rather than solving any mathematical puzzle.

“The work done by computers is not only contributing to maintain network security, but also to real applications and services.”

Read more: Has Finnish law enforcement cracked Monero’s privacy technology?

Are other networks at risk?

Some have shown that Monero’s current predicament could be a hype for a potential “purely economic attack.” You could face Bitcoin over the next few yearsencouraging the community to learn from these “important insights into economic incentive troubles.”

Under the proof of the stake model, members of the Ethereum Community point out that “social consensus can reduce stocks and cannot reduce mining rigs.”

Validators trying to take over the network are safeguards that do not exist in the POW system and are financially defeated. As Eth Maxi Anthony Sassano puts it, “Economic security is realistic and that’s why Ethereum optimized it.”