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The Qubic community has voted to target Dogecoin for its next 51% attack, surpassing Zcash and Kaspa. This decision follows Qubic’s recent successful takeover of the Monero network, raising concerns about the security of proof-of-work cryptocurrencies.
Qubic’s vote for Dogecoin received over 300 votes, indicating strong community support.
The Qubic mining pool now controls approximately 2.32 GH/s of the Monero network’s hashrate.
Dogecoin’s market cap exceeds $35 billion, making it a significant target for potential attacks.
Discover how Qubic’s decision to target Dogecoin impacts the crypto landscape. Stay informed with the latest updates on cryptocurrency security.
What is Qubic’s Target for Its Next Attack?
The Qubic community has chosen to focus on Dogecoin (DOGE) for its next 51% attack, following its recent successful takeover of the Monero network. This decision raises significant concerns regarding the security of proof-of-work cryptocurrencies.
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How Did Qubic Gain Control Over Monero?
Qubic successfully executed a 51% attack on Monero, gaining majority control over its computing power. This takeover involved reorganizing six blocks after a month-long struggle with other miners. The Qubic mining pool now commands a hashrate of about 2.32 GH/s, as reported by MiningPoolStats.
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Frequently Asked Questions
What is a 51% attack in cryptocurrency?
A 51% attack occurs when a single entity gains control of more than 50% of a blockchain’s hashrate, allowing them to manipulate transactions and potentially double-spend coins.
Why is Dogecoin a target for Qubic?
Dogecoin is targeted due to its significant market cap and the potential for Qubic to exploit its proof-of-work structure, posing risks to its network integrity.
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Key Takeaways
Qubic’s Strategy: The community’s choice to target Dogecoin highlights the vulnerabilities in proof-of-work cryptocurrencies.
Market Impact: Dogecoin’s substantial market cap makes it a prime candidate for attacks, raising concerns among investors.
Security Risks: The recent events underscore the need for enhanced security measures in cryptocurrency networks.
Conclusion
Qubic’s decision to target Dogecoin following its successful attack on Monero raises critical questions about the security of proof-of-work cryptocurrencies. As the crypto landscape evolves, it is essential for investors and stakeholders to remain vigilant and informed about potential risks and vulnerabilities.
Source: Come-from-BeyondThe Qubic mining pool controls the most hashrate on the Monero network. Source: MiningPoolStats
