Monero Tackles Qubic Attacks With Decentralization Proposal

Monero developers are under fire following a devastating attack from the Qubic Pool that caused price volatility and raised crucial questions about the network’s security and decentralization. The group, led by Sergey Ivancheglo, employed a ‘selfish mining’ tactic to manipulate XMR’s blockchain, resulting in a 20% price drop and a surge of debate within the community. 20% price decline followed the attack, highlighting the vulnerability of the network while urging for immediate protocol changes to safeguard its integrity. The incident has prompted discussions among leading Monero developers and security experts. A prominent proposal – ‘Publish or Perish’ – aims to tackle this issue by addressing the core vulnerabilities that allowed the attack to occur. The potential outcome includes long-term decentralization strategies, perhaps through a hybrid consensus model. This challenge presents similar vulnerabilities observed in previous Proof of Work (PoW) privacy coins, raising concerns about the ongoing security landscape within the cryptocurrency ecosystem.