Weiss Ratings: EOS downgraded amid signs of centralization ๐จ This article is 5 years old...
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Weiss Ratings: EOS downgraded amid signs of centralization
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Updated: Nov. 7, 2019 at 2:27 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Weiss Ratings, an independent financial rating agency, has downgraded EOS amid growing concerns about centralization. On Mar. 25, Dan Larimer, the Chief Technology Officer at Block.one, revealed that on June 1, EOS will make the โbiggest announcementโ since EOSIO was launched.
#B1Junehttps://t.co/SWnpm3aFmI pic.twitter.com/zUCBbcKKOx
— block.one (@block_one_) March 25, 2019
One day before the event, on Mar. 31, Mahbod Moghadam, the former chief community officer of Everipedia and founder of Genius.com, stated that EOS could be about to release a social network that will be developed on top of Everipedia to make it compatible with the IQ token.
Tomorrow, $EOS is announcing their social network. That social network will, I promise you, end up being built on top of @Everipedia to make it compatible with $IQ
if you increase "internet knowledge", you increase your IQ – simple!
— Mahbod Moghadam (@mahbodmoghadam) May 31, 2019
By June 1, the news was out and Brendan Blumer, the 32-year-old CEO at Block.one, revealed that the blockchain-enabled open-source software publisherโs new social media network, called Voice, will be deployed on EOS, one of the largest platforms for building decentralized applications (dApps).
In an โApple Keynoteโ like presentation, Blumer explained that the existing social media platforms such as Facebook are designed to use their users data to primarily benefit the platform and their owners and management.
โItโs 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.โ
Therefore, the new Voice social media network was born to give users more control over their data and also allow them to benefit from the content they produce.
โVoice 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.โ
The way this announcement was handled gave signs of severe centralization issues to Weiss Ratings, which decided to lower EOSโs technology score. This is a radical change in the agencyโs outlook towards EOS since it had been rated besides bitcoin on Weissโs emerging trends in the crypto markets report.
EOS DOWNGRADE: #EOS has serious problems with centralization, and their event last week did anything to alleviate that, so weโve severely downgraded its technology score. Itโs now up to #ADA to launch a truly decentralized #PoS #blockchain. No pressure.#crypto #Cardano #BTC
— Weiss Crypto Ratings (@WeissCrypto) June 7, 2019
EOS Market Data
At the time of press 2:27 am UTC on Nov. 7, 2019, EOS is ranked #7 by market cap and the price is up 2.4% over the past 24 hours. EOS has a market capitalization of $3.2 billion with a 24-hour trading volume of $2.61 billion. Learn more about EOS ›
Crypto Market Summary
At the time of press 2:27 am UTC on Nov. 7, 2019, the total crypto market is valued at at $251.81 billion with a 24-hour volume of $98.68 billion. Bitcoin dominance is currently at 67.25%. Learn more about the crypto market ›
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EOS
$0.68887
EOS is a blockchain protocol that enables horizontal scaling of decentralized applications, allowing developers to efficiently create high performance distributed applications..
Weiss Crypto Ratings
Weiss Ratings, which began operations in 1971, is the only financial ratings agency that provides a combination of five critical advantages for users: The broadest coverage, the strictest independence, complete objectivity, high ethics and a commitment to safety..
Block.one
Block.one is a software publisher specializing in high-performance blockchain technologies.
Based in Hong Kong, Brendan Blumer is an American entrepreneur, executive, and investor who currently serves as the CEO of Block.one.
Daniel Larimer, a renowned software programmer and cryptocurrency entrepreneur, has significantly contributed to the evolution of blockchain technology and digital currencies.