Qubic’s Claim of a 51% Attack on Monero Ignites Security Concerns
The recent assertion by the mining pool Qubic regarding a 51% attack on Monero has left advocates for privacy and blockchain technology feeling uneasy, prompting discussions about the security measures that safeguard blockchain systems. Although the community has largely dismissed the notion of a sustained attack, this event has brought to light a persistent vulnerability in Monero that could be exploited by a determined adversary using standard hardware.
Joel Valenzuela, a key member of the Dash decentralized autonomous organization (DAO), states that an attacker can easily disrupt the network with conventional mining equipment. While the uproar has calmed down, Valenzuela cautions that the Monero network is still at risk.
"To be frank, the issue remains unresolved and unaddressed at this moment," Valenzuela warned. "The blockchain reorganizations have either slowed or become sporadic, but the potential for these reorganizations to restart or escalate is still very much present."
Valenzuela concurs with other analysts that Qubic might have successfully mined a majority of blocks during specific intervals. However, he informs Bitcoin.com News that he is uncertain whether Qubic could maintain this for an extended duration, which has led some to question the mining pool’s decision to publicly announce an unverified claim.
Motives Behind the Attack and the Dash Alternative
In his written responses, Valenzuela theorizes that Qubic went public to attract attention to their relatively new cryptocurrency initiative. He believes that if this was indeed Qubic’s intention, it has been remarkably successful. He also suspects that financial motivations were involved, pointing out that Qubic seems to utilize excess computing power to mine other cryptocurrencies such as Monero, which provides a financial incentive for the attack.
In response to reports that Dash had intervened to assist Monero, Valenzuela clarified that although both chains were developed to rectify shortcomings in the Bitcoin network, they took different paths in 2019. That year, Dash introduced Chainlocks to utilize staked masternodes, effectively preventing 51% attacks. Conversely, Monero adopted Randomx, which not only eliminated ASICs but also made mining more accessible. Valenzuela argues that this change rendered Monero less secure and more vulnerable to attacks like the one launched by Qubic.
"For Monero to integrate a technical solution akin to Dash’s ChainLocks, it would necessitate a substantial technical overhaul, but it would prevent an external entity from attacking the network without also possessing a considerable portion of Monero’s coin supply," Valenzuela asserts.
Regulatory Challenges and the Need for Transparency
Valenzuela also spoke about the regulatory environment, emphasizing that it is the user's duty to ensure compliance when utilizing privacy networks. Nonetheless, he expressed frustration over the sluggishness of regulators in creating necessary frameworks, which he feels is obstructing wider adoption.
"To be frank, I find the reasons given by regulators for their slow approach to cryptocurrencies, particularly regarding consumer protection, to be unconvincing," he stated.
Valenzuela contends that rather than adding more obstacles, lawmakers should work towards decriminalizing cryptocurrency use by offering clear legal guidelines. He pointed to the recently enacted Clarity Act in the U.S. as a model for how other regions should establish a definitive legal structure.
