Qubic’s Plan to Control 51% of Monero’s Hashrate Triggers Strong Community Reaction
Main Idea
Qubic, led by IOTA co-founder Sergey Ivancheglo, plans to capture 51% of Monero's hashrate between August 2 and August 31, using a unique Proof-of-Work algorithm to convert mined Monero into USDT for buying back and burning QUBIC tokens, creating a deflationary model.
Key Points
1. Qubic aims to control 51% of Monero's hashrate from August 2 to August 31, using a unique Proof-of-Work (uPoW) algorithm.
2. The platform converts mined Monero (XMR) into USDT to buy back and burn QUBIC tokens, establishing a deflationary tokenomics model.
3. Qubic's hashrate grew from 2% to 27% in May but has since dropped to fourth place among Monero's top mining pools.
4. Analyst Dan Dadibayo warned that reaching 51% could allow Qubic to reject other blocks, posing a potential attack vector despite claims of no harmful intent.
5. Following the announcement, Monero's price dipped 1.1%, while QUBIC's price rose approximately 9.5%.
Description
Qubic, a platform led by IOTA co-founder Sergey Ivancheglo, recently announced plans to capture 51% of Monero’s hashrate between August 2 and August 31, drawing significant criticism from the cryptocurrency community. The platform operates using a unique Proof-of-Work (uPoW) algorithm, converting mined Monero (XMR) into USDT to buy back and burn its QUBIC tokens, thereby creating a deflationary tokenomics model. In May, Qubic grew rapidly to become the largest mining pool on the Monero network, ...
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