Qubic unfolds a big stress test on Monero, Dogecoin is now awaiting the challenge: will this make or break PoW chains?
Qubic’s liquidity pool on the popular privacy blockchain Monero (XMR) has grabbed the majority stake on the network, a thing very uncanny in the world of blockchain. Qubic mining pool on XMR took over Monero’s chain to reorder 6 blocks.
Crypto Renegades Tackle XMR, Dogecoin On Radar
This disruption caused Kraken, one of the largest crypto exchanges around the globe, to pause all deposits on the private Layer-1 chain. Amidst these technical setbacks, Qubic’s founder Sergey Ivancheglo encouraged his followers to vote on what other Proof of Work (PoW) chain to target next in a crusade to prove that some types of blockchain are rewritable.
Further on, Mr. Ivancheglo, popularly known by the crypto alias Come-from-Beyond (CFB), has insisted that “a lot of electricity is burned for useless PoW”, adding that “we need that electricity for AI”. However, the fact remains that Dogecoin (DOGE) is the most-used Proof Of Work (PoW) network aside from BTC despite its meme coin title.
Will Qubic’s Double-Giga Hashrate Petrify Dogecoin?
During the initial 51% attack on Monero 6 days ago, XMR slipped from $276 to $246 in minutes, instilling mild panic among crypto investors on X. Conversely, today’s Qubic takeover didn’t really reflect on the price, as popular dark-web altcoin successfully restored the $270 support levels.
For Dogecoin (DOGE), Qubic’s attempt at taking over the 4-million strong community’s PoW network could be a lot more dramatic. Notably, the largest meme coin network is backed by Dogecoin Foundation’s developers that encourage holders to keep DOGE in self-custodial crypto wallets.
For any price impact on Dogecoin to happen, Qubic’s 51% takeover would have to be malicious, but the mining pool’s founder claims no bad intentions. Instead, the takeovers are said to be mind-provoking, encouraging developers to respond. Qubic runs a mining pool with over 2.3 GH/s of XMR’s hashrate.
On The Flipside
* Overtaking Dogecoin’s PoW chain would require a higher power than that, as DOGE dwells at a way bigger market cap than Monero (XMR).
* To compare, XMR just reclaimed a $5 billion market capitalization, while Dogecoin stands at $33 billion with a comfy spot in crypto’s TOP 10.
Why This Matters
Going for a big fish like Dogecoin in a white-hat stress test could expose the centralization issues when one mining pool takes over 50% of concentration. While it’s a very risky practice, the findings could strengthen the PoW types of blockchain security in the future.
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