In a groundbreaking showcase of blockchain power dynamics, the L1 protocol Qubic has made waves by overtaking Monero’s hash rate in a live “51% Takeover Demo,” highlighting the real-world impact of economic incentives in Proof of Work systems. Led by Qubic founder Come-from-Beyond (CFB), this demonstration utilized Qubic’s Useful Proof of Work (uPoW) framework to surpass Monero’s global hash rate, marking a significant milestone in decentralized compute technology. The demo, conducted in real-time and undergoing independent verification, revealed that Qubic’s compute capabilities outpaced Monero’s average network hash rate consistently. This feat was achieved through a strategy known as “Selfish Mining,” where Qubic strategically withheld newly found blocks to disrupt the normal mining process. By unveiling their chain of withheld blocks strategically, Qubic rendered the work of other miners useless, leading to the appearance of orphaned blocks on the Monero network. This event serves as a wake-up call for the crypto industry, challenging existing beliefs about blockchain security. The successful demonstration by a comparatively smaller $300 million market cap protocol against the $6 billion giant Monero underscores the importance of economic incentives in determining power dynamics within Proof of Work systems. This experiment not only redefines how protocols can interact but also emphasizes the repurposing of compute power for practical tasks. It prompts a reevaluation of the factors that truly secure a decentralized network in an environment driven by profitability and competition. Qubic, a high-performance Layer 1 blockchain recognized as the Fastest Blockchain in the World by CertiK, is designed for real-time decentralized compute. Powered by Useful Proof of Work and a tick-based consensus mechanism, Qubic offers zero-fee transactions, instant finality, and unparalleled throughput, unlocking scalable infrastructure for innovative applications across various sectors. The demonstration by Qubic exemplifies the evolving landscape of blockchain technology, where economic incentives play a pivotal role in reshaping security paradigms. This event not only showcases the potential of innovative Proof of Work frameworks but also underscores the importance of reimagining traditional security models in a rapidly evolving industry. For more information on Qubic and its cutting-edge technology, visit their website to explore the future of decentralized compute.
Revolutionizing Blockchain Security: Qubic Demonstrates Power of Economic Incentives in Proof of Work Systems
