A blockchain APT hacker group named AnChain.AI, which is responsible for providing AI-powered blockchain ecosystem security (as CBInsights says), recently released a report in which it shows that the equivalent of $6 million in transaction volumes was driven by a malicious bot activity. The study, published in our latest cryptocurrency news section, found that the dApp transactions in the first quarter of 2019 have been mostly made by bots.
The report also found that 51% of unique accounts and 75% of total transactions were driven by non-human accounts. Bot activity, as reported, threatens the integrity of the blockchain industry, as user activity, transaction volume and daily volume are among the most frequently called-upon metrics for determining the technological validity, and precisely what is being faked. This is what Victor Fang, the CEO of AnChain said and was featured for in the coming altcoin news.
The company responsible for the dApp transactions study, AnChain, is backed by Amino Capital which is a Palo Alto VC firm with 15 employees. In the study, they examined millions of transactions from the top 10 EOS blockchain gambling dApp platforms – representing 65% of all EOS dApp transaction volume – to monitor the performance as well as detect suspicious activity.
By using artificial intelligence, the dApp transactions study by AnChain was able to root out repetitive or hyperactive accounts and determine that they were in fact, malicious bots. As many best cryptocurrency news sites reported, these autonomous players (bots) were programmed to boost dApp rankings, increase the liquidity of the dApp utility tokens, reap unearned profits on dApp without paying dividends, sabotage competitors by congesting the dApp and/or launch targeted attacks on the vulnerable applications.
The study on dApp transactions went on to suggest that bot activity is actually a feature – and not a bug – of decentralized applications. As it claims, pseudonymous transactions “leave the door open to bots going undetected for extended periods of time,” in comparison to IP based Internet accounts governed by a central authority like ICANN or the SEC. “The decentralized nature makes blockchains even harder to defend than cloud systems,” said Fang.
The report also cited a study that showed that almost 40% of all internet traffic in 2018 alone was bot driven.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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