Weiss Ratings Downgrades EOS Due to Centralization Concerns as Cardano (ADA) Looks to Shine
- Weiss Ratings downgrades EOS due to concerns regarding centralization.
- Cardano could experience an improved score in the future
Weiss Ratings, an independent rating agency that works by rating different assets and digital currencies, announced.
Weiss Ratings Downgrades EOS Rating
EOS’s technology score has been downgraded by Weiss Ratings after several months in which the network didn’t do anything to improve its centralized network. According to Weiss Ratings, it is now up to Cardano (ADA) to launch a truly decentralized Proof-of-Stake (PoS) blockchain.
EOS DOWNGRADE: #EOS has serious problems with centralization, and their event last week did anything to alleviate that, so we’ve severely downgraded its technology score. It’s now up to #ADA to launch a truly decentralized #PoS #blockchain. No pressure.#crypto #Cardano #BTC
— Weiss Crypto Ratings (@WeissCrypto) June 7, 2019
EOS Still Has An A- Rating
EOS was considered to be the best digital currency by Weiss Ratings, performing better than Ethereum (ETH) and Bitcoin (BTC). The digital currency obtained the highest mark in tech/adoption, two of the categories analyzed by Weiss Ratings. After that announcement, the digital currency surged more than 10%, creating enthusiasm in the market.
Although EOS has been downgraded by Weiss Ratings, it still has an A- rating, compared to Litecoin (LTC) or Cardano that have B+ each of them in the technology score.
Cardano’s roadmap reads as follows:
“Cardano is a groundbreaking proof-of-stake blockchain network, being developed into a decentralized application (dApp) development platform with a multi-asset ledger and verifiable smart contracts.”
Weiss Ratings will be closely following whether Cardano is going to be completely decentralized with the Shelley improvement or not. Meanwhile, with Goguen, the goal is to reach a larger number of users.
EOS is currently the sixth largest digital currency in the market with a valuation of $5.95 billion. The virtual currency has also a price of $6.48 per coin. In the last 24 hours, the virtual currency remained stable close to 0.05%.