Ripple Confirmed Incorrect Registry Usage
CONTENT

  • In the XRP ledger, most transactions are indeed spam.

  • Ripple Labs CTO sees nothing wrong with this.

  • Ripple’s claimed bandwidth is not true.

Ripple confirms incorrect use of the registry

International consortium of news organizations developing transparency standards.

The company’s CTO agrees with the findings of a Cornell University study regarding the inappropriate use of the platform.

Ripple’s distributed ledger can indeed be misused. At least this is the conclusion reached by Ripple Labs CTO David Schwartz.

Commenting on a recent Cornell University study, Schwartz said spam activity in the registry is indicative of the speed, availability and capacity of Ripple’s distributed storage..

“I believe in this [research]. Transactions are so fast and cheap, and a distributed ledger has so much capacity, because [the ledger] doesn’t make sense not to transmit transactions with a null value. Recently 50% of all public transactions in decentralized ledgers were on XRPL! ”, – wrote Schwartz on his Twitter page.

Schwartz also said that there were proposals in the community to increase the minimum transaction fees to reduce the amount of spam..

Spam is not a threat

The last time Schwartz checked the Ripple ledger for activity, most of the operations looked like bots vying for positions in the order books..

“Little of this [spam] poses a threat,” Schwartz said..

Earlier, the editors of BeInCrypto wrote that according to Cornell University, only a small part of operations in blockchain networks are used for their intended purpose..

Ripple Confirmed Incorrect Registry Usage

In the case of XRP, only 2% of transactions in the network’s ledger have value.

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At the same time, the network supports only 19 transactions per second, and not 1500, as previously stated..

Reassessing priorities

The community has long begun to notice that Ripple has begun to move further and further from XRP.

Of particular concern to the community was the renaming of the xRapid cross-border payment platform to ODL, as well as the fact that Ripple is increasingly focusing on money transfer markets through its stake in MoneyGram International rather than on its own products..

However, this does not reduce the demand for new blockchains. So, for example, the Binance crypto exchange previously submitted the technical documentation for its new blockchain for smart contracts Binance Smart Chain..

What do you think? Does imaginary transactional activity play into the hands of the project? Share your thoughts with us in the comments.

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