The United States based financial firm Weiss Ratings is in the latest cryptocurrency news. According to its newly gathered information, the Weiss crypto ratings firm announced that it has downgraded its rating of the altcoin EOS (EOS) because of the “serious” problems that the blockchain has with centralization.
Weiss announced the news in a tweet which was featured in the altcoin news and was published on June 7. As the tweet officially shows, Weiss Ratings claims that the cryptocurrency in question has severe centralization issues and that “their event last week did anything to alleviate that,” which in turn refers to another event hosted by an EOS developer named Block.one on June 1.
The tweet by the crypto ratings firm said:
#EOS has serious problems with centralization, and their event last week did anything to alleviate that, so we’ve severely downgraded its technology score.”
The crypto ratings firm Weiss Ratings decided to lower the EOS technology score because of the development. The tweet also hints that the fellow cryptocurrency Cardano (ADA) is next in the coming altcoin news – which needs 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,” Weiss Ratings said.
All of this has presented a drastic change in the crypto rating firm and its outlook towards EOS. The news were re-posted by many best cryptocurrency news sites today but even before that, sites reported that Weiss had put EOS beside Bitcoin (BTC) and Ripple (XRP) and its report on emerging trends in the crypto markets.
At the time, EOS received an “A” grade as the leading cryptocurrency that was apparently challenging Ethereum in an attempt to become the “backbone of the new Internet.” During the June 1 event, Block.one announced a blockchain-based social media platform called Voice which will allegedly use the EOS blockchain to provide transparency on its actual operation.
Following the tweet, users commented that “ADA has no dApps or actual users” with some even mentioning that “neither does EOS” and that “80% of their dApps run by bots.” However, there is no official proof for such statements and rumors.
Binance Removes US Resident Ban: Launching In “A Month Or Two”
“3. Prohibition of use By accessing and using the Services, you represent and warrant that you are not on any trade or economic sanctions lists, such as the UN Security Council Sanctions list, designated as a “Specially Designated National” by OFAC (Office of Foreign Assets Control of the U.S. Treasury Department) or placed on the U.S. Commerce Department’s “Denied Persons List”. Binance maintains the right to select its markets and jurisdictions to operate and may restrict or deny the Services in certain countries at its discretion.”When comparing the wording to the one uploaded in June, it is clear that Binance removes US resident ban. The previous text read that "Binance is unable to provide services to any U.S. person," - which is why the difference is obvious.
China’s Digital Fiat Currency Is Not A Real Cryptocurrency
“Since last year, the staff at the Digital Currency Research Lab have been working 996 to develop the system. We can say the CBDC is now ready to launch at one’s call," was his speech, later shared by many best cryptocurrency news sites.The CBDC with this aims to replace MO, meaning cash in circulation through a two-tier system. The central bank will issue the digital yuan only to commercial banks, who will further issue it to the public. Meanwhile the PBoC and its Digital Currency Research Lab are the ones standing behind China's digital fiat currency - along with more than 50 patent applications which are all either invented or co-invented by Yao Qian. One patent application reads:
“The emergence of digital currency is an inevitable trend. So far, privately issued digital currency bears the features of anonymity and volatility. Central banks must take their impacts on the payments, monetary systems and financial stability seriously. As such, it’s inevitable for central banks to push for digitized fiat currencies to optimize their circulation.”However, physical cash is still arguably the only form of fiat money inside China that can remain anonymous. We can see that China's digital fiat currency is not close to cryptocurrency - and the only third-party methods which are compared to bank wire can be offered by companies like Alibaba or WeChat - both requiring real-name verification authenticated by users' IDs as well as additional banking information.
“Existing M0 (banknotes and coins) are subject to counterfeit and money laundering risks. … The [CBDC] system should follow the existing rules about anti-money laundering and anti-terrorism financing imposed on cash, and should report to the PBoC on large amounts and suspicious transactions,” Mu emphasized in a speech.
Market With Mixed Signals As Ether And Bitcoin Record Minor Gains
XRP Will Defy The Altcoin Apocalypse: Ripple Chart Analysis
"Although many of the technicals like RSI, and position relative to moving averages looks like XRP is severely oversold and could bounce, traders should be cautious because the token has been falling out of favor with many crypto market participants, and there are many competing projects with similar characteristics and arguably a much better value proposition that have come to market."
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