Weiss Ratings was trending big time as they released the first ever grades on cryptocurrencies. They are known for their top rated advisory information on financial services and investments. There are many Korean startups in the Bitcoin industry that were surprised by the grades.
The biggest news to come out of the grade release was how poorly bitcoin scored. Ethereum scored a B while Bitcoin scored a C+. They were quoted saying
“benefits from more readily upgradable technology and better speed, despite some bottlenecks.”
The major reason for Bitcoin’s low grade was because of the delay in transaction time. There are also no plans to upgrade the software anytime soon. What the report showed was that most cryptocurrencies have flaws. An A grade was not given to any cryptocurrency. This caused a lot of hacking issues that Weiss Rating had to fight off.
What many in the cryptocurrency ecosystem are saying is that Weiss Rating puts too much value on transaction capacity and not enough value on protocol stability, decentralization, and security. This shows why Bitcoin was rated lower than Ethereum. Bitcoin transaction fees range from $10 to $5 while Ethereum transaction fees are less than $1.
Here are the top grades for Cryptocurrencies.
Ethereum should get a nice boost from these grades as it got the top grade. EOS which is not as popular with the public should also see some upswing. However, Cardano, Steem, and Neo are the only other 3 cryptocurrencies to beat bitcoin.
“We have built a computer model that looks at cryptocurrencies from many different angles and proves a rational, rigorous and reasoned research that investors need so desperately in this space,” said Dr. Martin Weiss, founder of Weiss Ratings
What kind of effect will this have on cryptocurrency exchanges and prices? No one can really know. What the grades have done is continue the debate of which cryptocurrency has the most potential moving forward.