Weiss Ratings releases latest cryptocurrency ratings, ADA, EOS, DCR tied at grade B.
The U.S. independent rating agency Weiss Ratings released a report on May 29 that includes ratings for 93 cryptocurrencies. None of the cryptocurrencies in the report were rated as A or B+, with the highest ratings being B for ADA, DCR, and EOS.
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According to a report from Bitcoin.com, the institution has changed the rating of BTC to B. Other cryptocurrencies rated as B include ETH, IOTA, NEO, XRP, STEEM, TRX, and XLM. A total of 54 digital currencies received a C rating. The overall rating for BTC is B-, while BCH is rated as C-.
Overall, 14 cryptocurrencies were rated as B or B-. ADA, DCR, and EOS were rated as B, while BTC, ETH, BTS, IOTA, ONT, NEO, XRP, STEEM, TRX, XLM, and ZIL were rated as B-.
54 cryptocurrencies were rated as C, C+, or C-. These include BCH, DASH, DOGE, ETC, LSK, LTC, XMR, XEM, QTUM, SC, STRAT, UBQ, VEN, WAVES, and ZEC.
Weiss Ratings, established in 1971, evaluates approximately 55,000 institutions and investment products such as stocks, ETFs, mutual funds, insurance companies, banks, credit unions, and cryptocurrencies. They analyze thousands of data related to coin technology, applications, and trading patterns.
In a tweet released on June 7th by Weiss Ratings, they mentioned that due to "serious centralization problems," the rating of the cryptocurrency EOS has been downgraded. The tweet specifically stated that ADA will be the next cryptocurrency to achieve true decentralization and be based on proof of stake.
Proof of Stake (POS) is a consensus mechanism that emerged as a solution to the drawbacks of Proof of Work (POW). In POS, rewards for maintaining the network depend on the amount of cryptocurrency held by validators. It can be understood as the more coins one holds, the more dividends they receive. Unlike POW mining, POS eliminates energy waste and reduces the likelihood of attacks, but it also faces the issue of the rich getting richer, where nodes with more coins receive more rewards, potentially leading to over 50% centralization. For more information, refer to the ABM Beginner's Guide series - "Blockchain's Three Major Consensus Mechanisms."
According to a previous report by ABM, the China Electronic Information Industry Development (CCID) Research Institute released the Global Public Chain Technology Evaluation Index on May 23rd, where EOS maintained its top position, followed by TRX and ETH, with BTC ranking 12th.
- China Releases Latest Cryptocurrency Rankings: EOS Maintains First Place, Bitcoin Ranks Twelfth
- PoW, PoS, and DPoS: Blockchain's Three Major Consensus Mechanisms
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