Weiss Crypto Ratings Downgrades EOS Due to Centralization Concerns

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United States-based financial research firm Weiss Ratings announced that it has downgraded its rating of cryptocurrency EOS because of the blockchain’s “serious problems” with centralization. Weiss announced the report in a tweet published on June 7.

In the tweet, Weiss Ratings claims that the cryptocurrency in question has severe centralization issues and that “their event last week did anything to alleviate that,” evidently referring to an event hosted by EOS developer, Block.one on June 1. Weiss decided to lower EOS’ technology score, given the development.

The tweet also hinted that fellow top crypto ADA is next in line to prove itself as a decentralized proof-of-stake (PoS) blockchain system:

“It’s now up to #ADA to launch a truly decentralized #PoS #blockchain. No pressure.”

This is a drastic change in the company’s outlook towards EOS. As Cointelegraph reported in March, Weiss had previously put EOS beside bitcoin (BTC) and XRP and in its report on emerging trends in crypto markets.

At the time, EOS received an A grade as the leading cryptocurrency that is challenging Ethereum in an attempt to become the “backbone of the new internet.”

During its June 1 event, Block.one announced a blockchain-based social media platform called Voice, which allegedly will use the EOS blockchain to provide transparency on how it operates.