New XRP Community Reports Cases of 'Memo Spam' in Transaction Metadata
Learn about the rise of 'memo spam' on the XRP Ledger and how it is affecting the community. Find out why XRP enthusiasts are calling for an end to this practice and the potential solutions proposed by XRPL activists. Discover the implications of memo spam on new wallet creation and the upcoming launch of XRP Ledger's first native automated market maker (AMM).
Posted 10 months ago in Blockchain
The XRP community has recently reported cases of a new phenomenon known as 'memo spam.' This involves ad messages being included in transaction metadata on the XRP Ledger.
Magnetic (MAG), a cryptocurrency exchange that claims to be the 'first DEX on XRP Ledger,' has been at the center of this eccentric communication tactic. The exchange automatically invites creators of new on-chain wallets for XRP tokens to try their DEX and experiment with the testnet XRP from a free faucet.
However, XRP enthusiasts are expressing their discontent with this approach and have called for the DEX to stop spamming new wallets. The memo spam targets all creators of new wallets by retrieving information directly from the XRP Ledger to transfer XRP after a wallet has been activated, resulting in increased network storage requirements for new wallet creation.
The team at Magnetic has defended their campaign, stating that it is designed to help new users understand the blockchain and promote their DEX. Critics argue that this approach is intrusive and have called for it to be halted. Some XRPL activists have even proposed implementing a 1 XRP 'entry barrier' for transactions with a non-empty memo field.
This recent memo spam incident has stirred memories of previous spam campaigns within the XRP community, including the discovery of presidential election campaign messages in old on-chain wallets for XRP.
Amidst these controversies, the XRP Ledger is preparing for the launch of its first native automated market maker (AMM), XLS-30d, which has already undergone a third-party security audit.
Last updated 9/11/2023, 1:44:38 AM
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