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Weiss downgrades EOS again citing ‘failure to decentralise’



Weiss downgrades EOS again citing 'failure to decentralise'
Source: Unsplash

EOS, the seventh-largest cryptocurrency on the market has seen its ratings downgraded to “C” by the crypto rankings company, Weiss Crypto Ratings. In a tweet, published on December 6, Weiss stated that the cryptocurrency has seen a “Failure to decentralize,” and hence it has been handed this setback.

Their tweet read,

Back in March 2019, Weiss released a report titled “Dark Shadows with a Bright Future,” analyzing over 120 cryptocurrencies and ranking them based on two metrics – adoption and technology. EOS placed second, behind XRP, in the list of cryptocurrencies with the best combination of the two metrics, ahead of Bitcoin, Ethereum and Cardano, that made up the top-5.

Interestingly, Weiss at the time of awarding only three cryptocurrencies an “A,” rating – Bitcoin, EOS, and XRP stated that EOS could give Ethereum a tussle to become the “backbone of the new internet.”

However, in the time since, EOS’ “A” has faded to a bleak “C.” In June, Weiss dished out the first set of downgrade to EOS, bringing its rating down to “B” citing “serious problems with centralization.” Their tweet stated,

This downgrade was following’s unveiling of “Voice,” a blockchain-based social media platform using the EOS blockchain. Additionally, during the same time, joined the Coinbase Earn program, allowing users to earn the digital currency for watching informative content on the inner workings about the cryptocurrency and blockchain space.

In November, Weiss reignited their attack on EOS, this time referencing Cardano. The ratings firm stated that Cardano is “clearly superior,” to EOS, owing to a slew of problems with the digital currency. They substantiated their claim stating,

In response to the downgrade and ‘centralization’ accusation, directed AMBCrypto to their recent Voting statement, which read,

“The EOS public blockchain,[has] launched and [is] operated by 21 elected block producers. EOS block producers are elected by millions of accounts around the world, can be changed at anytime by the voting majority, and offer the highest performance output with minimal energy requirements.”

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Aakash is a full-time cryptocurrency journalist at AMBCrypto covering primarily the US market. A graduate in Finance and Economics, his writing is centered around regulation and institutional investment within the cryptocurrency space. He is also an aspiring triathlete.