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Weiss Crypto Ratings: EOS rating downgraded due to problems with centralization, waiting for solutions from Cardano

The cryptocurrency division of the rating agency Weiss Ratings announced that it was forced to downgrade the EOS rating due to "serious problems" with the centralization of the project. EOS DOWNGRADE: #EOS has been seriously downgraded by its technology score. It's now up to #ADA […]

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The cryptocurrency division of the rating agency Weiss Ratings announced that it was forced to downgrade the EOS rating due to "serious problems" with the centralization of the project.

Weiss Crypto Ratings also noted that the EOS event held last week in Washington, at which the Voice social network was presented, did not give any convincing answers that would help dispel doubts about the centralization of the project.

It is for this reason that the EOS technology score was “significantly reduced.”

At the same time, Weiss Crypto Ratings makes it clear that the main expectations are now connected with the Cardano project (ADA) – it is he, analysts say, who is able to offer a truly decentralized model based on the Proof-of-Stake (PoS) algorithm.

Recall that in March, Weiss Ratings presented a report on emerging trends in the digital asset market. In it, EOS, having received a rating of A, was named the main competitor of Ethereum for the status of technology, which will become the foundation of the new Internet.

At the same time, Cardano was awarded the B + rating and described as a project that “strives to ensure the most advanced functionality of smart contracts, monetary policy and management”.

During the presentation of the social network Voice, the EOS developers also stated that they are preparing other significant updates, including the second version of the EOSIO 2 protocol, as well as the EOS VM, a new network engine for working with blockchain applications. It is assumed that EOS VM will increase the speed of execution of smart contracts in the EOS blockchain by 12 times. In addition, security will be enhanced in EOSIO 2 and support for YubiKey devices will be added.

As for the Voice social network itself, then, as it became known later, to participate in it, users will have to undergo mandatory verification , for which the project is supposedly ready to even pay.

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Wells Fargo will launch stablecoin for internal settlements

Wells Fargo & Company, an American financial company, will launch Wells Fargo Digital Cash, a pilot blockchain service for internal payments, based on Corda Enterprise. According to a press release, Wells Fargo Digital Cash will provide almost instant international transfers between company branches using digitized funds (tokens). The company has already tested the concept on transfers from the USA to Canada. The launch of the project is scheduled for 2020 […]

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Wells Fargo & Company, an American financial company, will launch Wells Fargo Digital Cash, a pilot blockchain service for internal payments, based on Corda Enterprise.

According to a press release , Wells Fargo Digital Cash will provide almost instant international transfers between company branches using digitized funds (tokens).

The company has already tested the concept on transfers from the USA to Canada.

The launch of the project is scheduled for 2020. Wells Fargo Digital Cash will initially provide dollar payments, but then add support for other currencies.

Recall that previously the largest US financial holding company JPMorgan developed its own stablecoin JPMCoin for making international payments to large customers.

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Wells Fargo is going to present its own stablecoin in 2020

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Wells Fargo, the fourth largest bank in the US, plans to introduce its own stablecoin in 2020, which will be used in cross-border transfers.

The press release said that the new Wells Fargo platform will create an international payment network based on distributed ledger technology. With the help of this system, as well as the Wells Fargo Digital Cash asset, payments will be made. The stablecoin being developed will be pegged to the US dollar. Initially, the network will be used for internal calculations, after which it will be integrated with other applications.

Lisa Fraser, representative of Wells Fagro, noted that DLT technology has many options for use, the company believes that it can also be successfully applied in banking. In addition, Wells Fargo Digital Cash is expected to enable the company to overcome barriers that still hindered effective cross-border payments in real time.

As you can see Wells Fargo followed the example of the bank JPMorgan Chase, which also introduced its own digital currency. It is noteworthy that back in July, Wells Fargo forbade customers to use credit cards to purchase cryptocurrency and its use in transactions.

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In the Bitcoin blockchain, a record of the network hashrate and the share of SegWit transactions

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is set

The volume of computing power in the Bitcoin blockchain this Monday reached a record value above 104 quintillion per second, according to Smartbit portal data.

The record was fixed after approaching the level of 100 EH / s last week and the subsequent small rollback. Before the current growth period, which began in December and accelerated in June, the previous maximum was fixed at 60 EH / s in October 2018.

As noted earlier, over the past three months , about 600,000 new ASIC miners have joined the Bitcoin network, which has led to a rapid increase in the hash rate .

Last week, another message appeared that the authorities of one of the provinces of China are taking measures to close mining enterprises on their territory.

Also today, transactionfee portal announced another record – the share of transactions in the Bitcoin blockchain using Segregated Witness (SegWit) technology for the first time exceeded 50%.

On the main Bitcoin network, SegWit was activated on August 24, 2017. The technology is aimed at solving the problems of blockchain scalability, transaction plasticity, and also allows you to implement other optimizations. After the jump to 38% last May, the spread of SegWit slowed down and until recently ranged from 40-45%.

Casa Bitcoin developer and CTO Jameson Lopp previously spoke of the proliferation of technology that responded to the congestion of the cryptocurrency network:

"Reducing the demand for transactions, improving algorithms for calculating commissions, distributing SegWit and grouping transactions have led to more efficient use of space in blocks and reduced competition for this scarce resource."

At the same time, the price of the leading cryptocurrency , having shown a steady rise in the first half of the year, has remained in a fairly narrow range over the past months and amounts to about $ 10,000.

Publication date 09/17/2019
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Name Price24H (%)
Bitcoin (BTC)
$10,215.56
0.00%
Ethereum (ETH)
$212.34
8.13%
XRP (XRP)
$0.301995
16.23%
Bitcoin Cash (BCH)
$324.05
6.04%
EOS (EOS)
$4.10
1.68%
Stellar (XLM)
$0.065298
11.87%
Litecoin (LTC)
$75.91
4.86%
Cardano (ADA)
$0.050802
7.94%
Tether (USDT)
$1.00
-0.17%
Monero (XMR)
$74.75
0.15%
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