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The AI-powered Qubic network has voted to make Dogecoin (DOGE) its next target, following a successful 51% attack on privacy-focused cryptocurrency Monero earlier this week. The decision has sparked concerns about the security of major proof-of-work blockchains as Qubic expands its influence.
Qubic Vote Puts Dogecoin in the Crosshairs
Sergey Ivancheglo, founder of Qubic and known online as Come-from-Beyond, asked the community to vote on which proof-of-work network should be targeted next. The options included Dogecoin, Kaspa (KAS), and Zcash (ZEC).
With more than 300 votes, Dogecoin overwhelmingly won the poll, surpassing the combined support for other networks. Dogecoin currently holds a market cap of over $35 billion, making it one of the largest proof-of-work chains outside Bitcoin and Ethereum.
“The Qubic community has chosen Dogecoin,” Ivancheglo wrote in an announcement on X, signaling the next stage of the network’s controversial initiative.
Monero Reorganization Raises Alarm
Earlier this week, Qubic confirmed it had achieved majority control of Monero’s hashrate, enabling it to reorganize six blocks after a month-long struggle against other miners. According to MiningPoolStats, the Qubic mining pool commands around 2.32 gigahashes per second (GH/s), the largest share of Monero’s computing power.
While Qubic emphasized that Monero’s privacy and usability remain intact, the attack has already had ripple effects. Kraken exchange temporarily suspended Monero deposits, citing concerns over network integrity. Withdrawals and trading, however, remain unaffected.
Security Concerns for Proof-of-Work Chains
The attacks have highlighted potential vulnerabilities in ASIC-enabled proof-of-work blockchains. By achieving hashrate dominance, Qubic demonstrated that even long-established networks are not immune to 51% attacks, where a single entity can reorganize transactions and control block production.
Qubic’s long-term goal, according to its team, is to have its miners provide the primary security layer for targeted protocols. This approach, however, raises questions about decentralization and the future of blockchain consensus mechanisms.
What’s Next for Dogecoin?
Dogecoin’s vast hashrate and high market value may make it more resilient than Monero, but the Qubic vote underscores the growing risks for proof-of-work ecosystems. If Qubic succeeds, it could test the stability of one of the most popular meme-inspired cryptocurrencies and spark broader debate about security in the digital asset space.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses
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