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 is still one of our top rated projects. It being downgraded due to centralization concerns should surprise no one – we've been talking about it since the main net launched. Nothing is being done to address this problem, devs just keep looking the other way. #crypto #altcoins — Weiss Ratings (@WeissRatings) June 10, 2019

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.

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

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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