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Most transactions on blockchains are misused – research
- Most of the operations in blockchain networks do not carry any semantic load.
- Possibly real transaction throughput is different from previously reported values.
- Decentralized networks, nevertheless, carry potential, but whether the consumer needs it is unknown.
International consortium of news organizations developing transparency standards.
Scalability has always been a cornerstone for large blockchains like Bitcoin and Ethereum, but where is it now??
Despite the significant improvement in scalability claimed by several large blockchain projects, there has really been too little effort to understand how much transaction throughput has changed..
Cornell University conducted a study that looked at the network traffic of the three main high-performance blockchains – EOS, Tezos and XRP. [Cornell University]
According to the published analysis, only a small fraction of transactions in the aforementioned blockchain networks are used for their intended purpose..
Under the hood of the blockchain
In particular, it is reported that more than 90% of transactions on the EOS network were initiated as a result of the airdrop of an EOS token, which lost 90% of its price peak.
At the same time, the throughput of EOS is only 20 transactions per second (tps). In the case of Tezos, more than 80% of the bandwidth was used solely to maintain consensus, however the network only supports 0.08 tps.
With XRP, the situation looks radically different. Only 2% of transactions in the XRP network ledger are used as payment transfers, although the network supports 19 tps.
Cornell University found that on EOS and XRP networks, most transactions have characteristics that resemble Denial-of-service (DoS) attacks. This type of attack focuses on a computing system with the aim of bringing it to failure so that other users cannot gain access to resources..
The study, however, emphasized that although three blockchains demonstrate the ability to perform high bandwidth, the huge potential of these projects has not yet been fully realized..
Earlier, the editorial staff of BeInCrypto reported that with the help of parachains and multithreading, the Polkador network could possibly be able to process 1 million transactions per second..
At least this is the opinion of Gavin Wood, former Ethereum co-founder and current co-founder of the Polkadot multilayer network..
What do you think? Does the community really need a blockchain when most of it is misused? Share your thoughts with us in the comments.
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