Weiss Crypto Ratings Downgrades EOS Due To Centralization Concerns
Weiss Ratings, a United States-based financial research firm has downgraded its rating of cryptocurrency EOS, owing to the blockchain’s “serious problems” with centralization. Weiss announced the report via a tweet published on June 7.
EOS DOWNGRADE: #EOS has serious problems with centralization, and their event last week did anything to alleviate that, so we’ve severely downgraded its technology score. It’s now up to #ADA to launch a truly decentralized #PoS #blockchain. No pressure.#crypto #Cardano #BTC
— Weiss Ratings (@WeissRatings) June 7, 2019
As per Weiss Ratings, EOS has severe centralization issues and that “their event last week did anything to alleviate that,” indicating the EOS developer event Block.one hosted on June 1.
The firm further hinted that a fellow top crypto ADA is on their target next, and it will have to prove itself as a decentralized proof-of-stake (PoS) blockchain system:
“It’s now up to #ADA to launch a truly decentralized #PoS #blockchain. No pressure.”
The action from the company illustrates a change in its outlook for EOS. Weiss previously slated EOS beside bitcoin (BTC) and XRP in its report of emerging trends in crypto markets, published in March. At the time, EOS earned A grade as the leading cryptocurrency, that is challenging Ethereumin an attempt to become the “backbone of the new internet.”
During its June 1 event, Block.one announced a blockchain-based social media platform called Voice, which allegedly will use the EOS blockchain to provide transparency on how it operates.