Weiss Ratings Shows That EOS’s “Centralization Issues” Haven’t Kept It from Earning a Top Rating
- Weiss Ratings evaluated EOS’s ecosystem recently, calling it a “top rated project.”
- Reports from AnChain.AI suggest that bots create illicit activities on the blockchain.
This year has been incredibly kind to many crypto assets, especially for EOS. In this year alone, the token has risen by 400% in value, just counting the time since January. A new collaboration has even been announced by EOS.IO, involving EOS and Coinbase Earn, allowing users to collect EOS by looking on the Coinbase Earn platform for content.
Even with how the ecosystem has maintained its prominence, there’s a lot of discussion around the centralization it appears to have. Many people in the community have spoken out about the lack of priority that decentralization is given, since there are only 21 active nodes.
The limited nodes appear to be enough to suggest that the control over the network resides with a limited number of individuals or possibly companies.
Weiss Ratings brought up this concern recently, commenting that the ecosystem was going thru “serious problems with the centralization aspect.” Still, based on the information released by Blocktivity, the public blockchain presently is in control of 60% of all of the transactions that occur on blockchains, even including Ethereum and Tron. Speaking on the issue again, Weiss Ratings pointed out that EOS counts as one of the “top rated projects.”
According to the crypto ratings provider, EOS’s decision to “downgrade” comes from the concerns it has with centralization, and the fact that there have been no efforts to improve it after the main net launch. However, Weiss Ratings points out that there is a chance of the developers avoiding the issue, becoming oblivious to the issue.
AnChain.AI recently reported that bots were responsible for a significant amount of EOS DApp transactions, saying at about $6 million in transaction volume came from bots performing illicit activities.
Unfortunately, the possibility that manipulation is happening through these artificial accounts does not do much for the EOS profile. If these patterns continue, it is possible the EOS will end up losing the value it has earned. Presently, EOS is valued at $6.28, dropping by 1.67% in the last 24 hours.