The Monero Blockchain Wants to Be Resistant to a Dangerous 51% Attack
Blockchain consensus algorithm Monero (XMR) proposed to change to protect against 51% attacks, perfect Qubic pool.
The XMR network currently operates on the classic proof-of-work (PoW) algorithm, so Qubic was able to gain control over it by owning more than half of the hashrate. This problem can be solved in one of two ways that are most popular among developers:
- Activate the «merge» mining algorithm;
- Use ChainLocks technology, which is used in the cryptocurrency blockchain Dash (DASH).
The first option will allow mining Monero along with other digital assets, such as Bitcoin. This will significantly increase the computing power of the XMR network and make it much more difficult to attack.
ChainLocks prevents blockchain control by randomly selecting masternodes to reach consensus on adding blocks verified through the ChainLock system. This prevents malicious nodes from manipulating data on the network and reorganizing blocks.
The Qubic attack is a fascinating experiment that exploits the vulnerability of the cryptocurrency mining security model, especially its economic component on networks that do not support ASIC mining, a member of the decentralized organization said. Dash Yoel Valenzuela.
If the developers manage to secure the blockchain Monero from a 51% attack, then the exchange Kraken will resume accepting deposits in XMR, suspended last week. The trading platform took this step to reduce the risks for clients associated with financial losses.
