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Report Shows 75% Of EOS Transactions Are Performed By Bots

ยท in Breaking, Crypto News
Carlos is an international relations' analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.

According to a recent report released by AnChain.AI, 75 percent of all EOS transactions were performed by bots. Moreover, the report showed that at least 51 percent of all unique EOS accounts were bot-driven. AnChain.AI is a tech firm that provides AI-powered security to the crypto ecosystem.

EOS Transactions Are Mostly Performed By Bots

The data released by this company shows that the metrics presented by the platform are far from representing genuine user information. In general, these metrics tend to play a very important role for investors to place their funds in a specific digital asset.

With this information that we currently have, it becomes difficult to understand which is going to be the future of the project. AnChain has also analyzed transaction data from the 10 most popular EOS dApps, which are all gambling platforms. These applications produced over 65 percent of the transaction volume on the EOS dApp space.

As Victor Fang, the CEO of AnChain explains, these bots could have been programmed to congest the entire EOS system, increase liquidity and improve its ranking in the market. Fang has also mentioned that there has been a similar case in which five Ethereum (ETH) addresses used 50,000 bots to receive $4 million by exploiting a flaw in a gambling game.

EOS has also been affected by other bad news regarding its rating downgrade by the U.S. independent rating agency Weiss Ratings. In this case, the institution decided to criticize how centralized the platform is compared to other digital currencies and blockchain networks.

BitMEX Research has also released a report regarding EOS in which they suggest the platform offers the same real-world applications than Ethereum. Additionally, this report has also attacked the way in which the network was created, claiming that it is very centralized, similar to what Weiss Ratings disclosed.

“There is no proper protocol that is set up to prevent block producers from colluding to maintain their role as block producers. This further proves the high level of centralization that exists in the EOS network and the tremendous power these block producers possess.”

At the moment, EOS is the sixth largest virtual currency in the market. It has a valuation of $5.82 billion and a price of $6.33, according to CoinMarketCap. In the last 24 hours, the virtual currency grew 1.58%.

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