Research has found that the vast majority of transactions in EOS, Tezos (XTZ) and XRP do not transmit any value.
According to a research article published in arXiv, only 2 percent of transactions on XRP ledger and only 18 percent of transactions on Tezos (XTZ) contain value. Between October 1, 2019 and December 31, 2019, 95 percent of transactions in EOS were related to airdrops of tokens that currently have no value.
The researchers evaluated each category according to the total number by classifying the processes in the chain. In fact, they found that blockchains were able to handle a large number of transactions, but they are not currently used for particularly useful things. The following expressions were used in the analysis:
“Our analysis reveals that only a small part of transactions are used for value transfer. Only 2 percent of the transactions on the XRP book provide value transfers. ”
According to Ripple’s chief technology officer, David Schwartz, this is proof of the speed, affordability and capacity of XRP. Schwartz used the following statements:
“The transactions are very fast and cheap, and the notebook has a lot of capacity.”
He said most of the transactions were harmless bots fighting for the position in the order books. According to him, raising the price of transactions can resolve the problem of spam at the cost of deterring valuable transactions. The team monitored 90 thousand accounts, totaling 150 million XRP transactions in 2019. While only one third of the accounts were traded, 18 accounts connected to Huobi accounted for half the total number of transactions.
EOS and XTZ
In the period under review, 95 percent of transactions on EOS were related to the EIDOS airdrop, which is considered a worthless token. In the research, the following expressions were used:
“Before the EIDOS token, about 50 percent of them were transactions made on betting games. The rest of the transactions were split between various types of entertainment, such as token transfers and betting-free games and payments to pornography websites. ”
82% of the transactions in Tezos were included in the approval blocks. In the research, the following statements were used: “This is due to the fact that each block needs at least 32 approvals to be approved and the number of transactions on the network is still low. Other transactions are mainly used to transfer assets between accounts. ”
The researchers concluded that although these three blockchain is obviously capable of high efficiency, their potential is “not fully realized so far for their intended purpose”.