The Qubic community voted to select DOGE ( as the next target, following concerns about blockchain security risks after the 51% Attack incident involving XMR ).

The Qubic community, focused on artificial intelligence blockchain projects, decided to target DOGE (Dogecoin), which has a market capitalization exceeding $35 billion, after successfully implementing a suspected 51% Computing Power attack on the leader of Privacy Coins, XMR (Monero). This move has sparked deep concerns within the Crypto Assets community regarding the security of the Proof of Work (PoW) mechanism, leading mainstream CEXs to suspend deposits for XMR as a result. Experts have differing opinions on whether Qubic fully controls the Monero network, but the risks of transaction censorship and chain reorganization due to the centralization of Computing Power are real.

Follow-up on Monero Network Control Controversy

After claiming control of the majority of the computing power of the Monero network, the Qubic community voted to select its next potential target. This event shook the crypto assets industry last week, sparking widespread discussions on the security of decentralized networks and defenses against computing power attacks.

DOGE becomes the next target, community voting results are out

The founder of Qubic, Sergey Ivancheglo, initiated a vote among his community to determine which ASIC miner-supported PoW blockchain should be targeted next. The options included DOGE, Kaspa (KAS), and Zcash (ZEC). Ivancheglo confirmed on social media platform X last Sunday (before the publication date): "The Qubic community has chosen DOGE." DOGE, with a market capitalization of over $35 billion, received more than 300 votes, surpassing the total of the other options, highlighting the community's interest in challenging high market capitalization crypto assets.

Qubic Claims Control Over Monero's Computing Power

Last week, Qubic announced that it had seized the majority Computing Power of the Monero network, shocking the crypto industry. After a month-long battle for Computing Power with Monero miners, its mining pool successfully reorganized six Blocks. According to MiningPoolStats data, as of the time of writing, the mining pool controls about 2.32 GH/s of Computing Power, making it the most powerful mining pool on the Monero network. The Computing Power distribution of Monero has therefore undergone a dramatic change.

Exchange Response and Security Concerns

The recent incident involving the suspected control of the Monero network has forced major cryptocurrency exchanges to temporarily suspend Monero deposit services, citing "potential risks to network integrity." Although withdrawal and trading functions remain unaffected, deposit services will only be restored after exchanges evaluate network stability. This reflects the sensitive response of centralized exchanges to chain security events.

Qubic Motivation and Objectives Statement

When asked about the motive behind the attack, Ivancheglo stated on X: "A large amount of electricity is being wasted on useless #PoW（工作量证明）消耗了，我们需要这些电力用于# AI (artificial intelligence)." He added, "These words may be difficult to understand right now, and I cannot reveal more at this moment, but in the future, they will become self-evident." Qubic emphasized that its "ultimate goal" is to provide security for Monero by Qubic miners and claimed that Monero's core privacy features and transaction speed have not been affected.

Expert Opinions Divided: Was the Attack Successful?

Although Qubic claims that this incident proves its complete control over the network, Monero developers dispute this. SeraiDEX chief developer Luke Parker believes that the reorganization of six blocks does not definitively prove a successful 51% attack; it merely indicates that "an opponent with high computing power happened to succeed." However, Zhong Chenming, co-founder of the cybersecurity company SlowMist, believes that this attack "appears to have been successful" and warns that Qubic's mining pool can theoretically now review any transaction and even rewrite blockchain history. This highlights the potential risks of vulnerabilities in the proof-of-work mechanism.

Economic Drivers and Origins of Conflict

The conflict began in late June when Qubic announced that it would shift its proof-of-work model, usually used for artificial intelligence-related tasks, to Monero mining. The mined Monero will be used to repurchase and destroy Qubic tokens, providing a direct economic incentive to suppress the Monero network and forming a unique computing power economic attack model.

The Profound Impact of the Proof of Work Mechanism

Qubic's expansion plan has raised new concerns about the security of PoW. By targeting well-known networks like DOGE, the project is testing the pressure resistance of some of the most mature Blockchains in the field. A 51% attack allows a single entity to control the majority of the network's mining Computing Power, enabling double-spending attacks and chain reorganization. Despite DOGE's scale far exceeding that of XMR, the challenges are greater, but the Qubic community's voting clearly indicates its intent to try. As a leading meme coin and a top ten digital asset by market capitalization, any significant disruption to DOGE could trigger a chain reaction and market volatility across the entire Crypto Assets market.

Conclusion

The Qubic community's decision to shift its focus to DOGE undoubtedly rings alarm bells for security in the Blockchain space, especially for projects adopting the Proof of Work consensus mechanism. Following the threat of computing power centralization faced by Monero, the large market capitalization of DOGE has made it the next target, highlighting that even leading projects are at risk of potential computing power attacks. The core controversy of this incident lies in the extent of Qubic's control over the Monero network and its long-term intentions, while also forcing the entire industry to reassess the resilience of the Proof of Work mechanism in resisting large-scale computing power intrusions. The market will closely monitor the developments, particularly the potential impact on the security of the DOGE network and confidence in the Crypto Assets market.