Recap of the FUD about the XRP Empty Transactions
About two days ago, a major crypto news outlet published the result of a research paper that disclosed that the majority of transactions on three major blockchain platforms are empty.
It added that in many cases, they are generally meant for spam or for airdropping worthless tokens.
The research paper says, “Our analysis reveals that only a small fraction of the transactions are used for value transfer purposes. In particular, 95% of the transactions on EOS were triggered by the airdrop of a currently valueless token; on Tezos, 82% of throughput was used for maintaining consensus; and only 2% of transactions on the XRP ledger lead to value transfers.”
David Schwartz Sheds Light on the Assumed Fact
A supposed XRP community member came up with this inquiry a couple of hours ago. This sensitive inquiry was directed at two prominent personalities in the Ripple and XRP community, David Schwartz and Wietse Wind.
They were asked to explain the trending FUD surrounding the purported XRP empty transactions. The context of the tweet and what brought about the inquiry made it unavoidable.
He wrote, “Ok…so my mom sent me this. She wants David Swartz or Wietse Wind to explain this possible FUD on XRP / XRP or she’s pulling my funding! My Mom’s name is Linda & it means beautiful. I don’t want an XRP Awkward”
Ok…so my mom sent me this. She wants @JoelKatz or @WietseWind to explain this possible #FUD on #XRP / $XRP or she’s pulling my #funding ! My Mom’s name is Linda & it means beautiful. I don’t want an XRP Awkward #MothersDay #xrpcommmunity @sentosumosaba @cz_binance @Kevin_Cage_ pic.twitter.com/TwrdJkGBmf
— XrpBobaFett (@xrpbobafett) May 8, 2020
In response to the sensitive question, Ripple CTO David Schwartz said “I believe it”, adding that transactions on the XRP ledger are so fast and cheap, with so much capacity and little incentive that is capable of disallowing submission of near-zero value transactions.
I believe it. Transactions are so fast and cheap and the ledger has so much capacity, little incentive not to submit near zero value txns. Not long ago, 50% off all public decentralized ledger txns were on XRPL!
Adding that “Some have argued we should raise the minimum txn fee from 0.00001 XRP to something much more significant to reduce txn spam.”
Another XRP community member asked this, “What is to gain from spam transactions? Is this like people sending links to ledger accounts to get you to click for a virus?”
Responding to the user’s inquiry, David Schwartz said, “Last I checked, most of them looked like bots fighting over positions in the order books, offer create and offer cancel txns. I haven’t looked in a while though. Very little of it seems actually malicious.”
Last I checked, most of them looked like bots fighting over positions in the order books, offer create and offer cancel txns. I haven't looked in a while though. Very little of it seems actually malicious.
— David Schwartz (@JoelKatz) May 9, 2020