Study: 98% of XRP transactions have no economic value
A group of researchers from Cornell University found that the vast majority of transactions in the blockchains of three large cryptocurrencies have no economic value. In many cases, they simply clutter the blockchain or are used to distribute useless tokens.
“Our analysis showed that only a small fraction of the transactions are used to transfer economic values,” the authors write. - So, 95% of EOS transactions were carried out for the purpose of airdrop of tokens, which today have no value. On the Tezos network, 82% of the blockchain throughput is spent to maintain consensus, and in the XRP registry, only 2% of transactions are associated with the transfer of funds. ”
In other words, the blockchains of these cryptocurrencies contain a large number of transactions, but in fact their economic value is small.
“In the case of EOS and XRP, most of the transactions demonstrate the characteristics of DoS attacks,” analysts write. - The throughput of the XRP registry during our observations was absorbed by zero-value transactions. We were able to establish that the volume of transactions in the XRP registry is undergoing serious manipulation. "
At the same time, according to the authors, these blockchains have a resource for processing large volumes of transactions, however, they use it irrationally.
“The following conclusion can be made: the three blockchains examined in this study demonstrate the ability to work under high loads. Nevertheless, their huge potential is not yet fully realized in accordance with the declared purpose, ”they conclude.
A group of researchers from Cornell University found that the vast majority of transactions in the blockchains of three large cryptocurrencies have no economic value. In many cases, they simply clutter the blockchain or are used to distribute useless tokens.
“Our analysis showed that only a small fraction of the transactions are used to transfer economic values,” the authors write. - So, 95% of EOS transactions were carried out for the purpose of airdrop of tokens, which today have no value. On the Tezos network, 82% of the blockchain throughput is spent to maintain consensus, and in the XRP registry, only 2% of transactions are associated with the transfer of funds. ”
In other words, the blockchains of these cryptocurrencies contain a large number of transactions, but in fact their economic value is small.
“In the case of EOS and XRP, most of the transactions demonstrate the characteristics of DoS attacks,” analysts write. - The throughput of the XRP registry during our observations was absorbed by zero-value transactions. We were able to establish that the volume of transactions in the XRP registry is undergoing serious manipulation. "
At the same time, according to the authors, these blockchains have a resource for processing large volumes of transactions, however, they use it irrationally.
“The following conclusion can be made: the three blockchains examined in this study demonstrate the ability to work under high loads. Nevertheless, their huge potential is not yet fully realized in accordance with the declared purpose, ”they conclude.