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EOS Downgraded by Weiss Crypto Ratings Again, Here’s Why

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Sat, 12/07/2019 - 09:44
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Yuri Molchan
The Weiss Ratings agency brings down the EOS score, putting it lower than previously, despite the “great respect for work and thinking that went into the EOS project”
EOS Downgraded by Weiss Crypto Ratings Again, Here’s Why
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The highly reputed agency Weiss Ratings downgrades the EOS project from B to C and spreads the word about it on its official Twitter page. The post promises a full article to come out soon and so far just explains the reasons for this decision.

Second downgrade this year

Earlier this year, in June, U.Today reported that Weiss Ratings brought down the score of EOS. Back then, the reason was ‘a serious problem with centralization’ as the agency said in the tweet. The agency made it clear that they were expecting Cardano to take the place of EOS as a fully decentralized DLT project.

Before the score of EOS had beeb brought down first time, EOS stood above both Bitcoin and Ethereum on the Weiss Ratings scale.

'Failure to decentralize'

This time, Weiss Ratings is downgrading the technological score of EOS for yet the same reason – lack of decentralization. The tweet says that the main problem is that 68 percent of the voting power on EOS belongs to just 0.01 percent of the token holders (100 of them, to be exact).

The agency urges the community to realize that the behemoths of the crypto world – Bitcoin and Ethereum – should not be considered technologically inferior.

‘Cardano is vastly superior to EOS’

In the middle of November, on Twitter Weiss Ratings went on with praising the Cardano chain over EOS, saying that the former is ‘vastly superior’ to the latter.

However, EOS remains coin number one in Chinese ratings.

Related
EOS.IO Blockchain’s Daniel Larimer Told How He Will Solve CPU Issues on EOS Network

Recent EOS congestion difficulties

As reported by U.Today, since early November the EOS network has been facing severe congestion difficulties due to the EIDOS app. And its airdrop through the network. At present, users need to have a minimum of 100 EOS staked to perform transactions on this blockchain.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.