In recent findings by researchers, almost 90% Altcoins have been allegedly found to have stolen code. The report carefully analyzed 488 cryptocurrencies that use open source code by comparing their code in pairs and then calculating their similarity scores.
In the report, researchers from Xi’an Jiaotong University in China’s Shaanxi Province and representative of Netta Lab found 405 (83%) of the cryptocurrencies to have a similarity score of more than 90%.
The study also revealed that only 38 (8%) of the cryptocurrencies had a similarity code less than 80% and 45 (9%) of the virtual currencies to have a similarity score between 80% and 90%.
In a statement by the founder of Netta Lab, Xie Shaoyun emphasized that the findings indicate that the “bubble” has formed in the Blockchain industry due to the increasing number of projects that are more focused on marketing than actual technology development. This has lead to an increased occurrence of copying and plagiarism in this field.
Xie Shaoyun also criticized the lack of technological innovation from the Blockchain industry, stating “At present, the industry still lacks the real breakthrough in innovation and solves the problem, and puts the implementation of the application in the first place. The people are holding the mentality of experimenting and luck.”
“We should return to the essence, truly solve practical problems, do tools that can be used by users and bring convenience, build real value and usability, come up with actual products, and promote the development of the industry from the actual recognized value,” she concluded.
Many more Blockchain analysts have pointed out the similarities of the Altcoins with leading cryptocurrencies, Bitcoin and Ethereum, therefore not much is happening in the technological sense.
Xie Shaoyun rightly points out that technological innovation has stagnated because of altcoins that are technically identical with slight modification setting them apart. The core issues are therefore being replicated and that’s why half of the Altcoins have failed because of that. We just hope the industry wakes up, solves core issues that limit the use of Blockchain and actual develop functionality from scratch.
If we don’t start innovating, the current downward trend of the market will continue.
Leave your comments below if you’re amazed by the blatant plagiarism that’s happening in the world of the Altcoins.
Did you like the news you just read? Please leave a feedback to help us serve you better