Monero Experiences Deepest Blockchain Reorganization, Invalidating 118 Transactions
The Monero blockchain has undergone its most significant reorganization to date, resulting in the invalidation of 118 confirmed transactions and a rollback of 36 minutes of transaction history. This unprecedented event was attributed to Qubic, a lesser-known AI-focused Layer-1 blockchain that has acquired over half of Monero's mining power.
The reorganization, which involved 18 blocks, began at block height 3,499,659 when Qubic published a longer chain that was accepted by Monero's network nodes, rendering previously confirmed blocks orphaned. This incident has raised concerns about the reliability of the Monero network, prompting some commentators to suggest that the community should consider solutions like DNS checkpointing to prevent future reorganizations.
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"Personally, I do not consider the Monero network reliable at this time," said Vini Barbosa, a crypto commentator on X, adding that he will no longer accept XMR payments until the issue is resolved.
Despite the setback, the price of XMR showed resilience, reaching a two-month high of $333 following the incident, before slightly declining to $307.5 at the time of this report. The cryptocurrency still experienced a more than 6.4% increase over the last 24 hours, with its daily trading volume rising by 78% to $136 million.
In the last 720 blocks (approximately 24 hours), 213 blocks were recorded as orphaned, with 114 generated by known pools and 99 from unknown pools or solo mining, accounting for 29.5% of all blocks. This situation may force the Monero community to make difficult decisions regarding the network's future.
Critics argue that implementing DNS checkpoints could undermine the decentralization of the network. However, crypto researcher Rucknium noted on GitHub that the temporary introduction of DNS checkpoints is likely to be implemented soon.
Key Takeaways:
- Monero's blockchain faced a reorganization of 18 blocks, invalidating 118 transactions.
- The incident raised concerns about the network's reliability and potential solutions like DNS checkpointing.
- Despite the reorganization, XMR's price reached a two-month high before slightly declining.
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