Weiss Ratings revealed this week that it has downgraded its rating of cryptocurrency EOS because of the, according to Weiss, blockchain’s “serious problems” with centralization.
Weiss Ratings, a private company which provides research and analysis for consumers and business professionals, sent out a tweet this week in which they showed their concerns about the centralized structure of EOS.
The tweet from Weiss Ratings:
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 Ratings (@WeissRatings) June 7, 2019
The new viewpoint about EOS is a drastic change in the company’s outlook. Earlier this year, EOS received an A grade because Weiss saw the cryptocurrency as the biggest competitor to challenge Ethereum in an attempt to become the “backbone of the new internet.”
Weiss might be less confident about EOS, the research firm is clearly bullish about Cardano (ADA). In the same tweet about EOS Weiss Ratings again showed their support for ADA. It’s not the first time Weiss Ratings showed their confidence in ADA. Last month, Weiss tweeted:
— Weiss Ratings (@WeissRatings) May 20, 2019