Critics Frown Over Weiss Ratings of Cardano and EOS because Criteria Used by Ranking Groups are Not The SameNovember 16, 2019
Weiss Ratings have surprised the cryptocurrency community by stating Cardano is a project superior to EOS. However, the Chinese CCID ranks EOS in the first place. The superiority of the Cardano’s Shelly Testnet is considered to be one of the major reasons behind the superiority of the token. However, critics are against Weiss ratings for having put Cardano in the first place.
Weiss Crypto Ratings tweeted: “#Cardano is clearly superior to #EOS. EOS was first to market, but it’s becoming increasingly clear that of the two, Cardano is vastly superior. More details on this in subsequent tweets. #ADA #crypto #cryptocurrency”
Several investors disagree with the superiority of Cardano by stating the EOS has a far bigger user base and potential. The comparison between Cardano and EOS is looked upon with so much of criticism because both of them are working on technological solutions, which can serve as alternatives to Ethereum. It is about improving scaling, security, and performance. This is not the first time that Weiss has provided a positive note on Cardano.
Investors are looking into the sustainability of their investment. Cardano builds its network with an academic approach. However, EOS networking is based on the philosophy of “great things take time,” according to Brenden Blumer, the CEO of EOS development.
The criteria used by ranking groups are not the same. Several entities tend to rate cryptocurrencies Weiss Crypto and Center for Information and Industry Development (CCID) are just a couple of them.
The sophisticated functionality of Cardano is; however, many times misinterpreted by several users. The company launched an incentivized testnet before the highly expected Shelly. The staking process was set to kickstart with the snapshot of balances in Daedalus Wallets. Many people were not sure about how the whole process will take place. The Balance Check led to a lot of confusion in the community.
In response to people’s confusion, Hoskinson replied stating, “So a UTXO based blockchain basically has a Genesis block, and then there’s an emission of funds usually or some initial distribution of funds. If you look at the entire changes from the beginning into the current block, you can construct basically a ledger UTXO. So, the current owner of everything.”
He further took to the concepts of keywords to explain the process better. He clarified, stating that when the keywords are entered, the balance check does some cryptography in the background. It checks in to the blockchain of the new system, and scans the UTXO and states to which entries the keywords belong actually to.
The security of individual wallets is secure in this process as the process will not be done on the independent workstations of people and not on the server of the staking pool.