🚀 Bitcoin Transaction Finality Concerns Raised Amid Mining Centralization
#Bitcoin #TransactionFinality #MiningCentralization #CensorshipResistance #HashRate #Security #51PercentAttack #Blockchain #Crypto #BTC
According to PANews, Bitcoin Core developer Luke Dashjr has expressed concerns over the finality of Bitcoin transactions, stating that the widely accepted six-block confirmation rule is no longer applicable. He claims that transaction finalization now requires over a week, raising questions about Bitcoin's censorship resistance. Dashjr attributes this change to the increasing centralization of Bitcoin mining pools, suggesting that traditional standards are outdated. He attempted to update the six-block confirmation target in Bitcoin Knots, an alternative to Bitcoin Core, but his calculations indicated that achieving 95% security now requires over 800 blocks, equivalent to approximately 5.5 days, due to Antpool's significant share of the network's hash rate.
Data from HashRate Index shows that Antpool controls about 16.67% of Bitcoin's total hash rate, second to Foundry USA's 33.12%. Other major pools include F2Pool (8.87%), MARA Pool (6.06%), and SecPool (5.19%). However, Dashjr disputes these figures, claiming that several pools, such as Braiins and ViaBTC, act as proxies for Antpool, amplifying its influence. He also notes that many miners operate under centralized pools, unknowingly contributing to potential network reorganization. Industry experts share similar concerns, warning that the growing dominance of a few mining pools poses risks of potential censorship or even a 51% attack on Bitcoin. Bob Burnett, CEO of Barefoot Mining, stated that if a single entity controls a large portion of the network's hash rate, it could manipulate the blockchain by reorganizing transactions.
Meanwhile, not everyone agrees with the severity of the issue as described by Dashjr. Daniel Roberts, co-founder of Iris Energy Ltd, downplayed these concerns, arguing that Bitcoin's design allows it to self-regulate over time. Roberts added, "Bitcoin may not be perfect, and we should continue to try to improve it, but these kinds of issues are typically self-correcting or intentionally designed."#Bitcoin #TransactionFinality #MiningCentralization #CensorshipResistance #HashRate #Security #51PercentAttack #Blockchain #Crypto #BTC
🚀 Monero Faces Potential 51% Attack Threat
#Monero #51PercentAttack #Blockchain #DoubleSpending #TransactionCensorship #CyberSecurity #Cryptocurrency
According to Foresight News, SlowMist founder Yu Jian has indicated that a 51% attack on Monero appears to have been successful. The Qubic mining pool now theoretically has the capability to rewrite the blockchain, enabling double spending and transaction censorship. The attack is reportedly costly, and the economic benefits for the attackers remain uncertain. Relevant platforms are advised to be aware of potential threats and remain vigilant.#Monero #51PercentAttack #Blockchain #DoubleSpending #TransactionCensorship #CyberSecurity #Cryptocurrency
🚀 Qubic Team Conducts Experiment on PoW Protocol Without Impacting Monero Network
#Qubic #Monero #ProofOfWork #cryptocurrency #networksecurity #51percentattack #blockchain #experiments
According to PANews, the Qubic team recently conducted an experiment to test the Proof of Work (PoW) protocol. The team, led by founder Come-from-Beyond, is among the few capable of performing such experiments due to their unique architecture and expertise. Qubic emphasized that the experiment did not harm the Monero network, reverse transactions, or affect prices. The team believes this experience will enhance the resilience of the Monero network and increase awareness of potential risks in the cryptocurrency sector. The impact is considered temporary and aims to contribute to the overall development of the industry.
Previously, Monero faced a network takeover attempt by the Qubic mining pool, which sparked strong opposition from the community. There were also claims that the Qubic mining pool might have successfully launched a 51% attack on Monero, theoretically allowing them to rewrite transactions.#Qubic #Monero #ProofOfWork #cryptocurrency #networksecurity #51percentattack #blockchain #experiments
🚀 Dogecoin Targeted for Potential 51% Attack Following Monero Incident
#Dogecoin #Monero #51percentattack #Qubic #uPoW #UsefulProofOfWork #BlockReorganization #OrphanBlocks #DOGE
According to BlockBeats, Qubic, the entity behind the recent 51% attack on Monero, has announced that the story is far from over. Following a community vote this week, Dogecoin, with a market capitalization exceeding $35 billion, has been identified as the next potential target for an attack.
On August 12, Qubic executed a 51% attack on Monero, leveraging economic incentives to achieve this feat. The attack involved utilizing the "Useful Proof of Work (uPoW)" mechanism to rapidly accumulate significant Monero (XMR) computing power. This allowed Qubic to temporarily control 52.72% of the Monero network's hash rate, resulting in the reorganization of six blocks and the creation of 60 orphan blocks. Preliminary reports indicate that within two hours, Qubic mined 80% of Monero's total blocks.
The incident has raised concerns within the cryptocurrency community, as it demonstrates the vulnerabilities of blockchain networks to such attacks. The detailed report of the Monero attack can be found in the article titled "$75 Million Attack on a $5 Billion Giant: What Are They Really After?"#Dogecoin #Monero #51percentattack #Qubic #uPoW #UsefulProofOfWork #BlockReorganization #OrphanBlocks #DOGE