Crypto Scores Company downgrades EOS for “severe centralization points”

When Bitcoin was first brought to the table, it was a revolution in crypto and programming. Satoshi Nakamoto proposed the first digital asset that was decentralized, encodable and not tied to any traditional asset.

Since then, many entrepreneurs and technologists have tried to use Satoshi’s concepts to develop new products. While many altcoins are spiritual descendants of BTC and share similar mining algorithms or crypto-economics, some are completely different. EOS is one of those altcoins.

Related Reading: Bitcoin Hits $ 10,000 Will Kickstart Mass FOMO, Quadruple BTC in Months: Fundstrat

The blockchain created by Block.one in the Cayman Islands uses a delegated proof-of-stake system instead of mining so no one can run a validation node. This has understandably led to some controversy, especially in a community based on decentralization and disintermediation.

Crypto Ratings Slams EOS

In a recent tweet, Weiss Ratings, an investment advisory / research group that likes crypto assets, slammed EOS. As can be seen below, the agency said it believed that EOS had “serious problems with centralization” and was tasked with “significantly downgrading its technology score”. As seen on the company’s website, EOS ‘technology score is now an A-minus.

EOS DOWNGRADE: #EOS has serious issues with centralization and their event last week did everything it could to mitigate this. That’s why we’ve downgraded the technology score significantly. It is now up to #ADA to start a really decentralized #PoS # blockchain. No pressure. # Crypto #Cardano #BTC

– Weiss Crypto Ratings (@WeissCrypto) June 7, 2019

This appears to be due to the fact that nothing was announced at the Block.one event last week, held to mark the one year anniversary of the launch of EOS, to reinforce decentralization. The blockchain developer also announced a new protocol designed to make the chain eight times faster than it is now.

The strange thing is that Weiss was everything for EOS earlier this year. As previously reported by NewsBTC, Weiss claimed in a report that EOS challenged Ethereum to become the “backbone of the new Internet,” referring to the myriad applications and mass user base of EOS. And so it got one of the highest scores, even if Bitcoin, Cardano, Litecoin, Stellar Lumens and other projects were ousted.

As a result, some have questioned this recent rating shift.

Related Reading: Crypto Tidbits: SEC Still Wary Of Bitcoin ETF, Facebook Crypto Inbound, Binance To Launch Stablecoin

Block.one launches Voice to encourage adoption

That being said, Block.one recently took a few steps. Brendan Blumer, the CEO of Block.one, noted last week:

“You just can’t read a house when the foundations collapse. Social media was created to take advantage of its users. Right now, it’s businesses, not users, who are reaping the rewards. They auction our data to the highest bidder and flood our feeds with hidden agendas. We are using the EOS blockchain to create a social media platform that is more globally focused. The value of good content is spread in order to sustain the community. “

Voice starts in beta shortly and will be a “truly self-sufficient” social media economy that will benefit both the platform itself and the users. There will be no data collection or willful targeting of advertising. For this purpose, Block.one launches the appropriately named Voice Token, which can only be created through interaction in the social ecosystem. With the EOS-based crypto-asset, users can “make their voice heard” and give owners the ability to improve their news and media.

Featured image from Shutterstock

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