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.
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