Researchers note that most XRP transactions are similar to DoS attacks. Almost all the traffic on the EOS and Tezos networks lack value.
According to a study conducted by experts of the Imperial College London, Just 2% of the transactions in the big distributed ledger of Ripple (XRP) are equivalent to transfers that contain a value. When tracking the operations on the network, they found that, among a large number of processed transactions, most cannot be considered valid.
In the document, researchers Daniel Pérez, Jiahua Xu, and Benjamin Livshits, as well as Ripple, analyzed the transactions on the EOS, and Tezos networks between October 1st and December 31st, 2019. On Ripple alone, they observed more than 43,000 million processed transactions, which they proved to a great extent to contain spam or a token that still do not have any value in the market. In their conclusions, the researchers highlighted that both the volume of transactions and the value of XRP can be easily manipulated.
The team also found that millions of transactions were conducted on the EOS network, many coming from decentralized game applications and gambling websites. However, even so, 95% of the operations were activated to run a token without any value, as they stated.
In the case of Tezos, 82% of the flow was used to maintain the consensus. Millions of transactions were conducted on all the networks. In other words, the XRP, EOS, and Tezos networks are good in terms of processing capacity and can manage millions of transactions. However, the problem is that these transactions do not have any value.
The experts also observed that in the three months that it took them to complete the study, 90,000 accounts conducted 150 million different transactions. However, half of all this traffic had its origin in a few accounts, just with the idea of encouraging transactions among them, even wasting money on fees. For that reason, they note that most of the transactions conducted on the EOS and XRP networks are similar to DoS attacks.
A DoS (Denial of Service) attack is a computer attack consisting of mass requests to a server (computer network) that saturate it and affect its availability to other users. In that sense, a large number of spam e-mails can be sent to a certain server (like that of a company) to make its webpage and services collapse.
In the light of all this information, the researchers conclude that, regardless of the state of the XRP, EOS and Tezos blockchains in terms of processing capacity, they have not yet been able to exploit its potential.
The Ripple network recorded a drop of 87% in XRP sales in the first quarter of 2020, compared to the previous quarter, according to recent information. Besides, a little known company, located in Puerto Rico, has been to court because of Ripple, accusing the blockchain firm of making a sale of non-registered securities.
By Alexander Salazar