qubic

ChainCatcher news, according to the official announcement, Qubic has achieved over 51% hash rate control on the Monero network, resulting in the reorganization of 6 blocks and 60 blocks becoming orphaned. Preliminary reports indicate that within two hours, Qubic mined 80% of the total Monero blocks.During this period, approximately 750 XMR and 7 million XTM were mined. The unsold Tari from the previous round, combined with 7 million XTM, resulted in the destruction of a total of 17.2 billion QUBIC, with an average price of about 3,200 QUBIC per billion, equivalent to approximately $55,000. Computors and miners collectively received 62.2 billion QUBIC in rewards, valued at around $200,000.The network's peak hash rate reached 2.71 GH/s, accounting for 52% of the global Monero hash rate. A total of 5,506 Monero blocks were mined. Data shows that Qubic's current earnings for miners are nearly four times that of Monero. The 51% Monero experiment is still ongoing.

ChainCatcher news, according to the evaluation by Slow Mist founder Yu Xian, the Monero 51% attack incident has raised many doubts in the community about whether it is truly a 51% attack in the real sense, but there is no doubt about the reorganization of blocks (such as 6 blocks). Qubic mining pool claims to control 51% of the hash power, but many community members believe it controls about 33% of the hash power. This debate is not easy to verify, and to truly prove a 51% attack, a double-spend attack test must be initiated.Previous reports indicated that IOTA co-founder Sergey Ivancheglo's project Qubic quickly accumulated a large amount of Monero hash power through the "useful proof of work (uPoW)" mechanism. On August 12, Qubic briefly controlled 52.72% of the Monero network's hash rate (approximately 3.01 GH/s). Once it exceeds 51%, Qubic can reject blocks from other mining pools, leading to chain reorganization, double spending, or transaction censorship. The Monero community has launched resistance and defense actions, while Qubic claims this move is a technical demonstration, not a malicious attack.

ChainCatcher news, Slow Mist Yu Xian posted on social media, "The Qubic mining pool completed this 51% attack verification on Monero using economic incentive game theory (I believe the starting point was not malicious), leveraging $300 million (market cap of $QUBIC) to move $5 billion (market cap of Monero)."

ChainCatcher message, Qubic responded on social media regarding the Monero (XMR) 51% attack incident, stating, "The Monero (XMR) experiment is proceeding smoothly as planned, and everything will be revealed in due time."

ChainCatcher news, Slow Mist founder Yu Xian tweeted that the 51% attack on Monero seems to have been successful. The Qubic mining pool can now theoretically rewrite the blockchain, enabling double spending and reviewing any transactions. The cost of the attack is high, and it is still uncertain what the economic gain for the attacker is. Relevant platforms are advised to be aware of potential threats and stay vigilant.Ledger CTO Charles Guillemet tweeted that Monero appears to be experiencing a successful 51% attack. The Qubic mining pool has been accumulating hash power for months and now controls most of the network's hash power. A significant chain reorganization was detected this morning. With its current hash power, Qubic can rewrite the blockchain, implement double spending, and review any transactions. The estimated cost to maintain this attack could be as high as $75 million per day.

ChainCatcher message, the AI public chain Qubic has announced recent technical updates on social platforms, specifically including:Wallet DevelopmentiOS: The application has successfully passed user testing and functionality checks. It will be submitted to the App Store in the coming days.Android: The application is currently in a 14-day testing period. It will be submitted for public release after this phase ends.Quottery DevelopmentSmart Contracts: The smart contracts are ready and have successfully passed all tests.Frontend Testing: User interface testing for the Quottery frontend began today. The first batch of bets is planned to be enabled within this week.Core DevelopmentCore Updates: The latest Qubic core update significantly improves the network's stability and performance. This update also lays the groundwork for integrating new features.New Reward Mechanism: Testing for the new reward mechanism will begin in the upcoming epoch. This move aims to enhance user engagement and the robustness of the network.

According to ChainCatcher news, Gate will launch the PoW AI platform Qubic token QUBIC at 17:00 Beijing time on May 9. Token deposits will open at 17:00 Beijing time on May 8.In addition, Qubic is launching a marketing campaign on the Gate Startup platform, where users can lock USDT to obtain Qubic tokens. The campaign runs from 13:00 Beijing time on May 7, 2024, to 13:00 Beijing time on May 9, 2024.Furthermore, the Web3 asset data platform RootData shows that Qubic is a Layer 1 network based on the useful proof of work (uPoW) mechanism. Qubic utilizes the Quorum protocol to achieve true finality and the fastest smart contracts. Additionally, Qubic is capable of combining the power of oracles and smart contracts, enabling free transactions and asset transfers. It leverages computational power for AI training, making proof of work useful.