EOS gets a ranking downgrade from Weiss due to centralization concerns

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Many remember Weiss Crypto Ratings putting EOS as one of the top 3 most promising blockchain platforms back in November 2018. But now, the agency is saying that a massive downgrade of that ranking is necessary due to rising centralization concerns.

This comes in as quite a shock as WCR rated EOS one of the best blockchain platforms once again, not too long ago. Even after implementing the Block.one framework, the network was performing well, therefore there was very little that indicated such aversion from WCR.

However, many experts are now blaming WCR in their negligence during the research phase of EOS, as the coin has already struck many with its centralized nature. Many calling it a blockchainless, blockchain platform.

Many experts were already skeptical of Weiss’ rating criteria. One of the experts said that despite EOS’ potential as a platform, it is far from ready to being ranked above Bitcoin of all cryptos. This could have indicated to a flaw in the agency’s rating criteria as the crypto community almost unilaterally agreed with the expert.

The reason why Weiss quickly changed its mind is due to the implementation of the consensus algorithm. The implementation of Block.one was supposed to bring more decentralization alongside scalability to the EOS blockchain. In the end, though, it chose to ignore decentralization and focus on security and scalability on a much higher level.

This was supposed to be seen much more clearly by Weiss, which is why it’s now being criticized by the whole community.

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Giorgi Mikhelidze

Georgian-born blockchain enthusiast Giorgi leverages his software development background for on point market commentary and analysis. A brief stint with Finance Makers and he's now covering crypto news for high authority websites with the tip learned from past experience, "Whenever you see people talking about the weakness of your idea, don't see it as criticism."

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