Coin Metrics: Over 94% of Daily BSV Transactions ‘Generated by a Weather App’

Siamak Masnavi

According to the latest research by blockchain analytics/research boutique Coin Metrics, as of July 14, over 94% of Bitcoin SV's daily transactions are reportedly being generated by "a weather app."

Coin Metrics' findings were published on Tuesday (July 16) in issue #8 of their weekly newsletter "State of the Network".

This shocking discovery was made while Coin Metrics was doing research on the on-chain activity of Bitcoin (BTC), Bitcoin Cash (BCH), and Bitcoin SV (BSV). 

Although Coin Metrics found that BSV's "overall transaction count has been growing," they noticed that the majority of these transactions include the OP_RETURN opcode.

According to the Bitcoin Wiki, OP_RETURN is "a script opcode used to mark a transaction output as invalid" and "any outputs with OP_RETURN are provably unspendable."

This means that this opcode can be used to store data on the blockchain. However, as the Bitcoin Wiki points out, many Bitcoiners "believe that use of OP_RETURN is irresponsible in part because Bitcoin was intended to provide a record for financial transactions, not a record for arbitrary data," and it's "less costly and far more efficient to store non-currency data elsewhere."

In the case of the Bitcoin SV blockchain, it appears that BSV transactions are "increasingly including OP_RETURNS", and that, since May, the majority of OP_RETURNs are coming from a web-based weather app, "WeatherSV", which records to and retrieves from the Bitcoin SV blockchain weather information.

The WeatherSV website says that it is demonstrating "the ability to index and retrieve climate data immutably stored on a distributed ledger."

Furthermore, Coin Metrics found that the majority of BSV’s overall transactions are being generated by WeatherSV, in fact over 94% (as of July 14):

Coin Metrics Chart - 16 July 2019.png

According to data from CryptoCompare, at press time, BSV is trading at $11.31, down 11.04% in the past 24-hour period:

BSV-USD Chart - 17 July 2019.png

Featured Image Credit: Photo via Pexels.com. BSV Chart Courtesy of Coin Metrics.