Report: nine out of ten altcoins are plagiarism

By | September 13, 2018

Report: nine out of ten altcoins are plagiarism

Chinese specialists conducted a research, conluding that 80% of altcoins are plagiarized, and codes of some of them look like a Xerox copy of each other.

Researchers from Xi’an Jiaotong University in northwest China’s Shaanxi Province and specialists of Netta Lab found out that 80% of altcoins are based on a plagiarized code. It turned out that 90% of codes of 4 out of 5 cryptocurrencies is plagiarism. Researchers stressed that 405 (83%) altcoins examined operate identical program code with similarity score of between 90% and 100%, and 324 (66.6%) altcoins examined have this ratio at 95% to 100%.

The number of coins with the original code is vanishingly small. Thus, only 38 (8%) cryptocurrencies were found to have a similarity score of less than 80%.

“Currently, the industry still lacks the real breakthrough in innovation and problem solving, while it still prioritizes the implementation of a given application […] 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,” Netta Lab founder Xie Shaoyun told.

She believes that currently the blockchain industry is unhealthy and remains in the stage of bubble, where teams do not pay enough attention to the quality of projects, but focus on marketing.

As of September 2018, there were almost 2000 cryptocurrency projects and more than thousand projects more have already ceased to exist.

Published at Thu, 13 Sep 2018 10:34:47 -0400

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