Monero Community Considers Revamping Proof-of-Work to Mitigate 51% Attack Risks
The Monero community is actively exploring a comprehensive overhaul of its proof-of-work (PoW) consensus mechanism. The primary aim is to bolster the network’s resilience against potential 51% attacks, an increasingly pressing concern for decentralized cryptocurrency networks.
Within the community, several innovative proposals have been put forward. These include the localization of mining hardware, transitioning to a merge mining algorithm to allow XMR to be mined alongside Bitcoin (BTC) or other major cryptocurrencies, and adopting Dash’s ChainLocks solution.
Exploring Dash’s ChainLocks for Enhanced Security
Dash’s ChainLocks technology, which utilizes “randomly selected masternodes” to reach a consensus on the first valid block broadcast by the network, offers a promising layer of security. This system effectively locks the blockchain ledger in place, appending only blocks verified through the ChainLock system, thereby functioning on top of the existing PoW consensus.
A proposal to overhaul Monero’s consensus mechanism to include a masternode system on top of the existing proof-of-work system. Source: Monero
According to Joel Valenzuela, a core member of Dash DAO, ChainLocks can effectively prevent 51% network attacks and block reorganizations, even if malicious miners have a higher accumulated proof-of-work than the ChainLocks verified chain. He highlighted the potential vulnerabilities, especially for chains that resist Application-Specific Integrated Circuits (ASICs).
“The Qubic attack is a fascinating experiment that essentially exploits weaknesses in mined security models, particularly in their economics, and particularly for chains that don’t have application-specific integrated circuits (ASICs). Any ASIC-resistant chain should be worried. Even those with ASICs need to have their economic priorities in place, or suffer attacks,” Valenzuela explained.
Qubic’s Dominance Sparks Debate Within Monero Community
Qubic, an AI-focused blockchain and mining pool, recently announced that it gained 51% control over Monero in August. This announcement has intensified discussions within the Monero community about their network’s security. The fear now is that Qubic might target other PoW blockchains.
Currently, the Qubic mining pool commands 2.18 gigahashes per second (GH/s), making it the most powerful miner on the Monero network, as per MiningPoolStats. The second largest, Supportxmr, holds 1.18 GH/s of the network’s computing power.
Source: Qubic founder Sergey Ivancheglo, aka Come-from-Beyond
Despite assertions from some community members that Qubic never fully controlled the network’s hashing power, major crypto exchange Kraken responded by temporarily suspending Monero deposits. Although Kraken has since reinstated deposits, they now require 720 confirmations before crediting XMR accounts, citing ongoing uncertainties regarding Monero’s security.
“Given the current uncertainty around the security of the Monero network due to significant consolidation of hash rate under a single entity, Kraken may halt deposits at any time and delay crediting at its discretion,” the exchange stated in a recent update.
Qubic Community Eyes Dogecoin as Next Target
In a recent community vote, Qubic decided to make Dogecoin (DOGE) its next mining target, garnering over 300 votes, surpassing all other options. Sergey Ivancheglo, the founder of the Qubic network, clarified that DOGE mining “requires months of development,” with the current focus remaining on mining XMR.
As the Monero community continues to debate and explore potential changes, the evolving landscape of blockchain security remains a critical area of focus for stakeholders and enthusiasts alike.
For more detailed insights, refer to the original source: Cointelegraph.
