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Weiss Ratings downgrades EOS due to total whale control over the network
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The cryptocurrency unit of the Weiss Ratings rating agency lowered the EOS project rating from level B to C- due to the excessive centralization of the project.
1/6 We’ve had great respect for work and thinking that went into the #EOS project. But the Weiss Crypto Ratings model is not based on opinion. It’s driven by data. And that data has now caused a downgrade from B to C-.
According to the agency, one hundred leading holders of EOS tokens, accounting for 0.01% of the total, control 68% of the vote and have a centralized influence on the development of the entire network.
In addition, neither the CPU computing reserve, nor the EOS Resource Exchange (REX) could solve the problem of network clogging, which led to the suspension of transactions for most small holders of EOS tokens.
Whales that own the lion’s share of EOS coins can imitate the growth of blockchain user activity. In June, the network was accused that 75% of transactions in decentralized applications of the EOS ecosystem were carried out by bots.
At the same time, Weiss Ratings downgraded the EOS rating, noting the “serious problems” of the project related to the centralization of the project.
In October, Dan Larimer, the EOS protocol developer, proposed to give the right to vote only tokens blocked in a long-term stake contract, which, in his opinion, should improve decentralized network management.
Weiss Ratings downgrades EOS due to total whale control over the network
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