Weiss Ratings has downgraded its rating of cryptocurrency EOS due to “serious problems” with centralisation.
The US-based financial research firm previously ranked EOS alongside Bitcoin and XRP in a report on emerging trends in the crypto space. But in a tweet dated 7th June, it said that an event hosted last week by EOS developer, Block.one, failed to alleviate (the problems), “so we’ve severely downgraded its technology score”.
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
It added that fellow cryptocurrency ADA is next in the firing line and needs to prove itself as “a truly decentralised PoS blockchain. No pressure”.
The aforementioned event saw Block.one unveil its Voice platform. “The truth is, current social media platforms are designed to use their users,” said Brendan Blumer, CEO of Block.one.
“Just look at the business model. Our content. Our data. Our attention. These are all incredibly valuable things. But right now, it’s the platform, not the user, that reaps the reward. By design, they run by auctioning our information to advertisers, pocketing the profit, and flooding our feeds with hidden agendas dictated by the highest bidder. Voice changes that.”
He claimed that Voice will “cultivate creation, sharing, discovery and promotion of content on social media platforms by real users, not bots and fake accounts. Through a truly self-sustaining economy of ideas, users will directly benefit from their ideas and engagement on the platform”.