Only 2% of Ripple’s XRP (Distributed Ledger) transactions correspond to valuable transfers. This disclosure corresponds to research developed by a group of experts from Imperial College London or the Imperial School of London. Those who tracked events on the network found that a large number of transactions are being processed, but most of them cannot be considered valid.
The document, signed by researchers Daniel Pérez, Jiahua Xu and Benjamin Livshits, analyzes Ripple’s transactions in the EOS and Tezos networks between October 1 and December 31, 2019. Only in Ripple did they find that more was processed of 43 billion transactions, however You could check whether these transactions were largely included Spam or a token that has no market value yet. “We have learned that both the transaction volume and the value of XRP are highly manipulable,” the researchers conclude.
The team also verified that millions of transactions were made on the EOS network, many of which came from decentralized gaming apps and betting sites, but still did 95% of the trades were activated to execute a worthless tokenthey claim.
At Tezos, 82% of the river was used to maintain consensus. “Millions of transactions have been carried out in all of these networks. In other words, XRP, EOS and Tezos networks are very good in terms of throughput and can process millions of transactions. The problem, however, is that these transactions have no value. In other words, they are wrong, ”the document says.
The experts also found that over the three months that their investigation lasted, 90,000 accounts performed 150 million different transactions, however Half of all traffic came from a few accounts, just with the idea of promoting transactions with each other and even wasting money on fees. For this reason, they point out that most of the operations performed on the EOS and XRP networks resemble DoS attacks.
According to the Crypto News Glossary of Terms a DoS attack through its initials in English “Denial of Service” and in Spanish “Denial of Service Attack”. Refers to a computer attack in which mass demands are made on a server (Computer network) to saturation and affect the availability for other users. For example, a large number of spam emails can be sent to a specific server (e.g. a company) to reduce your site or services.
Given all this information, the researchers conclude that XRP, EOS, and Tezos blockchains are independent of throughput They have not yet exhausted their potential.
It is noteworthy that, according to the latest information, Ripple saw XRP sales decline 87% in the first quarter of 2020 compared to the previous quarter. As reported by CriptoNoticias on May 5, a little-known Puerto Rican company went to court to ripple and accused the blockchain company of selling unregistered securities.