Monero increases more than 7% despite suffering a reorg of 18 blocks

Monero increases more than 7% despite suffering a reorg of 18 blocks

Monero’s privacy token increased more than 7% despite the fact that his blockchain suffered a 18 block reorg that reversed around 117 transactions and caused community concerns about the future of the Monero ecosystem.

The safety violation was committed by the team behind Qubic, a block chain and a mining group focused on layer 1 that accumulated 51% hashrat in Monero and committed a six -block reorg last month.

The Reorg began in block 3499659 on Sunday at 5:12 AM UTC and ended in block 3499676 approximately 43 minutes later, according to sources that run monero nodes and shared their command line consoles in X.

Monero’s last security violation was also confirmed by Rucknium cryptocurrency protocol researcher.

Surprisingly, the Monero Token (XMR) was negotiated relatively flat while the reorg was happening, and just over eight hours later, a rally of 7.4% of $ 287.54 to $ 308.55 was performed, as shown in Coingcko’s data. XMR managed to increase despite the fact that the largest market fell around 1% on Sunday.

Crypto Podcast Xenu, one of the first to inform the reorg of Monero, suggested that Qubic could have been trying to implement mechanisms to “stop bleeding” of the price of XMR.

XMR’s price change in the last 24 hours. Fountain: Coingcko

The Reorg, claimed by Xenu as the greatest in the history of the network, has caused a discussion on how to handle the privacy chain in the future.

Repeated attacks highlight how work test blockchains can be manipulated when they are not sufficiently decentralized, which hinders their use as a monetary network.

“Personally, I do not consider that the Monero network is reliable at this time. I will stop accepting XMR for payments until this situation is resolved,” said a Crypto expert, Vini Barbosa, on Sunday in X.

It is possible that Monero should centralize to stop the influence of Qubic

Rucknium said it is “very likely” that Monero nodes will temporarily adopt the control points of the domain name system (DNS), where the nodes obtain confidence block data from the DNS servers of the community, as a solution to prevent repeated reorgs.

However, that has a cost for centralization, which some would argue has already been tarnished by the participation of hash rates of more than 51% of Qubic.

“If nobody in the Monero community takes the issue of block reorganization seriously, then this Damocles sword will always hang on Monero’s head”, founder of Blockchain Security Compay, Slowmist, published in X.

Monero has considered solutions to prevent 51% of attacks

Previously, the Monero community explored a possible review of its mechanism for proof of work to make the network resistant to 51%attacks.

Among these proposals they included the location of mining hardware, changing to a merger mining algorithm, allowing XMR to be extracted with bitcoin (BTC) and other cryptocurrencies, and adopt the Dash chain block solution.

To date, no solution has been effectively implemented, and Qubic still has a significant influence on the privacy -centered network.

Related: Kraken stops monero deposits after 51% attack

Monero had a 10 block blocking mechanism to protect reorg transactions up to 10 blocks, but the recent 18 block reorg exceeded that safeguard, Rucknium said.

Despite the violations of the network, XMR has remained relatively strong since the reports of Qubic’s acquisition around July 28 were made, falling only 5.85%.

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