Qubic plans its next 51%attack: Dogecoin in the sights
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Qubic has not reached 51% of the hashrate from the network, despite ensuring that.
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However, the pool has managed to introduce two blocks of blocks in Monero.
Sergey Vivancheglo, the leader of the Qubic mining pool and co -founder of Iota, announced the project in which he wants to get involved after ending with his selfish mining attacks (egoist mining) to Monero: Dogecoin. This was announced on Network X, where he shared a screenshot of an ongoing vote within the Discord community of the project.
With a large majority (301 votes), Dogecoin (Doge) is the currency that most interests the participants of Qubic and their mining pool, whose payment model works dually: the miners Minan Monero (XMR) or Doge (in the future), and receive in return tokens qubic.
Other minable currencies contemplated in the vote They were Kaspa and Zash, with only 31 and 12 votes respectively.
Will Qubic attack Dogecoin?
Definitely, Qubic could try to apply the same strategy that currently applies with Monero, reported by cryptootics on the Dogecoin network.
This strategy, which consists of modeling short -term economic incentives for miners and attracting them to their pool, would be more or less as follows:
Qubic creates incentives for miners to accept payments in Qubic in exchange for giving property over their doge. Thus, the Doge tokens would be in the hands of the pool team, which would be liquidated to buy tokens Qubic and raise their price.
While the pool is recruiting more users thanks to the incentives, its hashrate in the network increases. In possession of a certain magnitude of computing power (around 33%), Qubic would try introduce increasingly large reorganizations in the dogcoin chainthis on the occasion of obtaining more and more rewards.
However, Sergey Vivancheglo will be much more difficult to achieve his mission in the Dogecoin Network. At the time of writing, Monero has 5.28 GH/s of hashrate. Meanwhile, Dogecoin houses 4.21 ph/s.
To give an idea of scale differences, 1 Gigahash equals one billion hashes. 1 Petahash, meanwhile, is equivalent to a Hashes four.
Dogecoin Mining Algorithm uses specialized Asic teams, which causes its network to be more robust and difficult to attack, While Monero is still in the mining time with CPU.
Therefore, the cost of attacking with a hashrate of 51% to Dogecoin is much higher than the 75 million dollars per day (estimated by Charles Guillemet) that costs Monero the same.
The need to attract miners possessing thousands of specialized ASICs to achieve it imposes a much higher difficulty barrier to Sergey Vivancheglo experiments.
The motivation of the Qubic team (beyond recognition) and money to carry out these aversive experiments is not entirely clear. When asked about it, Vivancheglo replied the following:
A lot of electricity is burned for useless Pow; We need that electricity for AI. These words can be difficult to understand and I can’t reveal anymore now; In the future, over time, they will fit.
The CEO thinks knowing better than anyone, then, how the energy available should be used. He believes that the safety of cryptocurrencies that work according to the work test has no value, and that the mining hashrate would be better employee deviating towards his AI project.
