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EOS is a top-rated project despite ‘centralization issues,’ asserts Weiss Ratings

Biraajmaan Tamuly

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EOS is a top-rated project avoiding it's evident "centralization issues", states Weiss Ratings
Source: Pixabay

EOS has been one of the top-performing crypto-assets in 2019. The virtual currency has surged by more than 400% in valuation, since the start of January. The EOS.IO team had also announced a collaboration between EOS and the Coinbase Earn platform, where users can collect the virtual asset by viewing content on the Coinbase Earn platform.

Despite the prominence of its ecosystem however, a lot of questions have been raised against its centralized functionality. A significant part of the community has suggested that EOS does not “prioritize” the idea of decentralization as the network currently has only 21 active nodes, implying that the control resides in a limited number of individuals.

Weiss Ratings had previously raised this issue and commented that the ecosystem had “serious problems with the centralization aspect.”

However, according to recent statistics released by Blocktivity, EOS’s public blockchain is responsible for more than 60% of all blockchain transactions, outperforming the likes of Ethereum [ETH] and TRON [TRX].

Weiss Ratings recently commented on the issue again, and acknowledged that EOS was still one of their “top rated projects.”

The leading crypto-ratings provider for virtual assets and stocks ETFs claimed that the fact that EOS was “downgraded” stems down to its centralization issues and the fact that EOS has not taken any measures to improve on it, since its main net launch.

Weiss Ratings suggested that developers were just dodging the issue and being oblivious about it.

It was also recently reported by AnChain.AI that a major share of EOS DApp transactions were made by bots. The study claimed that around $6 million in transaction volumes were rapidly driven due to illicit bot activities on DApps in the first phase of 2019.

The suggested manipulation through artificially-curated accounts does not sit pretty with EOS’s profile and despite the valuation pump, in the long term, it is speculated by some that the virtual asset might not be able to hold its ground.





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Biraajmaan is an engineering graduate who is exploring the ever-changing crypto verse while traversing his passion for cryptocurrency news writing. He is a Chelsea fan and a part-time poet and does not hold any value in cryptocurrencies yet.

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