We Know What They've Been Put Through: Revisiting High-scalability Blockchain Transactions.

Abstract

Scalability has been a bottleneck for major blockchains such as Bitcoin and Ethereum. Despite the significantly improved scalability claimed by several high--profile blockchain projects, there has been little effort to understand how their transactional throughput is being used. In this paper, we examine recent network traffic of three major high-scalability blockchains--EOSIO, Tezos and XRP Ledger (XRPL)--over a period of seven months. Our analysis reveals that only a small fraction of the transactions are used for value transfer purposes. In particular, 96% of the transactions on EOSIO were triggered by the airdrop of a currently valueless token; on Tezos, 76% of throughput was used for maintaining consensus; and over 94% of transactions on XRPL carried no economic value. We also identify a persisting airdrop on EOSIO as a DoS attack and detect a two-month-long spam attack on XRPL. The paper explores the different designs of the three blockchains and sheds light on how they could shape user behavior.