Weiss Ratings Takes a Dig at EOS Blockchain’s Centralization
Weiss Crypto Ratings has opined that China would never accept and use Bitcoin. The rating agency has given the opinion after the nation’s Center for Information and Industry Development published the monthly crypto rankings index.
A week before, Chinese President Xi Jinping advocated the country’s enterprises to capitalize on blockchain technology and lead innovations.
A day after Jinping promoted blockchain technology, the Vice Chairman of the Center for International Economic Exchanges, Huang Qifan, has stated that the People’s Bank of China (PBOC) will be the first to introduce sovereign digital currency.
Yesterday, China’s Center for Information and Industry Development (CCID), a subsidiary of the Ministry of Industry and Information Technology, unveiled the 14th edition of the Global Blockchain Technology Assessment Index.
Established in May 2018, the index offers better technical advisory services for government organizations, business establishments, research institutes and technology builders, as per CCID.
35 cryptocurrencies were studied in the evaluation process and the ranking list was created based on the technology that backs them, applicability and nature of innovation offered by them.
The top spot was given to EOS, which has been gaining momentum since the second edition of ranking was published. TRON and Ethereum received the second and third place in the list, respectively.
Notably, Tron has improved by one place, compared to the previous issue. Unexpectedly, Lisk has moved up to the seventh position, while Bitcoin stays unchanged in the eleventh position.
According to CCID spokesperson, NEM and GXChain lost their place in the index despite “a dynamic adjustment mechanism [that] were introduced to regulate the general public chain whose code replace fee is just too low.”
Weis Crypto Ratings also brushed away the ratings despite the popularity of Global Blockchain Technology Assessment Index in China. In this regard, Weiss has doubted about the accuracy of blockchain index published by CCID.
Weiss argued that EOS can be given the top position among other cryptos only on the level of centralization it offers. Notably, Weiss publishes its cryptocurrency ratings every week. The rating is based on a model that evaluates numerous data, including risk and reward, adoption and technology level of all cryptos.
As per standards established by Weiss, Bitcoin and Ethereum has received a B- rating, while EOS has been awarded C+ rating. Other cryptos such as Tron and Lisk were given a C- and D+ rating, respectively.
The ratings given by both the CCID and Weiss Crypto Ratings intend to assist investors make intelligent decisions while evaluating the pros and cons of investing in any crypto. However, the evaluation provided by CCID should not be construed as financial advice.
Weiss remains doubtful about China’s intentions as the country advocates adoption of blockchain technology. Weiss, in its official statement, has stated
“Chinese take on blockchain is a perversion of the intended use-case for the technology.”