Monero Proposes Changes Amid Qubic Attacks and Market Volatility

Monero developers are discussing the "Publish or Perish" proposal after Qubic selfish mining attacks impacted the network, causing a 20% price decline. The incident highlights concerns over network security and decentralization, with potential outcomes including pivotal changes to Monero's protocol and longer-term decentralization strategies.

Monero developers are grappling with the fallout from recent selfish mining attacks by Qubic, which have raised significant concerns about the network's security and decentralization. The incident has sparked a 20% price decline in Monero (XMR) and prompted discussions on potential protocol changes and long-term decentralization strategies.

The Qubic project, led by former IOTA co-founder Sergey Ivancheglo, executed a 51% hashrate attack on the Monero network in mid-August 2023. By controlling over 50% of the network's hashrate, Qubic gained the ability to reorganize blocks, censor transactions, and potentially execute double-spends [1]. This incident drew broad attention and debate across the crypto industry, particularly over whether Monero's security as a privacy coin is at risk.

In response to the attack, the exchange Kraken suspended Monero deposits and said it would resume the service once network security was confirmed [1]. The Qubic community later voted to target Dogecoin (DOGE) for the next attack, highlighting the potential for further disruption in the crypto ecosystem [1].

The Monero community has been vocal in its resistance to the Qubic attack. Core developers and rank-and-file miners have expressed anger and distrust toward Qubic's actions, labeling them an "economic attack" and calling for countermeasures [1]. The incident has also sparked discussions on the potential need for changes to Monero's protocol and longer-term decentralization strategies.

The "Publish or Perish" proposal, currently under discussion, aims to address these concerns. The proposal suggests that miners should be required to publish their hashrate data and transactions to maintain transparency and prevent future attacks. If miners fail to comply, they could face penalties or be excluded from the network. This approach is intended to bolster Monero's security and decentralization by increasing the visibility of the network's hashrate distribution and transaction flow.

The Monero community is divided on the merits of the "Publish or Perish" proposal. Some argue that it could help prevent future attacks by making it more difficult for any single entity to control a majority of the network's hashrate. Others, however, worry that the proposal could introduce new challenges and complexities to the network's operation and governance.

As the Monero community continues to grapple with the aftermath of the Qubic attack, the future of the network remains uncertain. The "Publish or Perish" proposal, if implemented, could have significant implications for Monero's security, decentralization, and long-term viability. Only time will tell how the community will adapt and evolve in response to these challenges.

References:
[1] Aki Wu Blockchain. (2023). Monero hit by a 51% hashrate attack. Retrieved from https://wublock.substack.com/p/monero-hit-by-a-51-hashrate-attack