Weiss Ratings, an independent cryptocurrency rating agency, had downgraded EOS on 10th June 2019. According to Weiss Ratings, the downgrade is due to the growing centralization.
Weiss Ratings now clarifies, that they still hold EOS in hard regard, but they have downgraded the rating as EOS is centralized and the developers are not doing anything regarding this concern and “just looking the other way”.
EOS’s announced a social network similar to Twitter named the “Voice”. According to Weiss Ratings, the announcement of social media gave the impression of a highly centralized entity. Weiss Ratings thinks that Cardano (ADA) will be the project to build a truly decentralized PoS blockchain.
The news had no effect on the price of EOS as it remained mostly stable. EOS is currently trading at $6.38 and has a current market cap of $2.193 billion.
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