Centralization Concerns Cause Weiss Crypto to downgrade EOS ratings

Home » Centralization Concerns Cause Weiss Crypto to downgrade EOS ratings

Weiss Ratings, United States-based financial research firm, has decided to downgrade its EOS cryptocurrency rating following blockchain’s ‘serious problems’ with centralization.

According to the company’s tweet on June 7, Weiss Ratings had “serious problems with centralization, and their event last week did anything to alleviate that, so we’ve severely downgraded its technology score.”

The event that Block.one, EOS developer, hosted was the one that was referred.

Another message that came out from the tweet is ADA’s — a fellow top crypto — intention 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.”

In March, Weiss had put ripple and bitcoin beside EOS in its emerging crypto markets trends report.

Being the leading cryptocurrency that tried to challenge Ethereum, EOS was at that time given accolades for attempting to become the ‘backbone of the new internet.’

On June 1, Block.one launched Voice, a blockchain-based social media platform. The company had the intention to use the platform to enhance the transparency of operations on the EOS blockchain.

Source: https://cointelegraph.com/news/weiss-crypto-ratings-downgrades-eos-due-to-centralization-concerns

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