Researchers Find That Over 80% of Altcoins Are Derived from “Plagiarizing Code”
After an analysis of 488 alternative cryptocurrencies, a report published by Securities Daily reveals that the majority of altcoins are not original. In fact, the research specifically noted that over 80% of the altcoins are actually “plagiarizing code.” There was a similarity score of 80% in the codes of about 90% of the altcoins surveyed.
The research was conducted by a group of researchers at Xi’an Jiaotong University, which is located in northwest China’s Shaanxi Province. Once complete, the study was then published with the aforementioned Chinese media outlet, Securities Daily. The evaluated altcoins specifically involved in this research uses open source code, which was the code compared.
In the research, 405 cryptocurrencies had similarities of 90% or greater. Furthermore, 324 of those cryptocurrencies had a similarity of at least 95%. There were only 38 cryptocurrencies in the study that had less than 80% in similarities, though 45 of the currencies fell between 80% and 90%.
Another group involved in the research was Netta Lab, which is run by Xie Shaoyun. Shaoyun noted that the information regarding the cryptocurrencies showed that most of them got their revenue and resources with marketing, instead of developing on their platform. Shaoyun said,
“So many blockchain projects shift their focus from technology development to marketing [, …leading] to the increasing number of copying and plagiarisms in this field.”
Shaoyun also had an issue with the lack of innovation that is presently arising in the DLT industry, adding,
“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.”
Luckily, Shaoyun has a solution for these problems, which could push forward the technology. She said,
“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.”