Weiss Crypto Ratings, a ratings firm which grades cryptos in a host of categories including adoption and technology has issued “A” grades for Bitcoin, EOS and XRP.
Weiss Crypto Ratings has released a report which grades cryptocurrencies based on their adoption and technology. In what may come as a surprise to some, three cryptos – bitcoin, EOS and XRP – have been rated with an “A” grade, the highest offering.
“Dark Shadows With a Bright Future” as the report is titled, looked at 120 different cryptocurrencies and rated them on their adoption and technology. The higher the grade, the higher the likelihood of success in the coming year, the report states.
Adoption and Technology
So how did Weiss conclude that EOS, XRP and Bitcoin have the greatest chance of success over the next year? Well their reasons were laid out in turn.
XRP, which is the third largest crypto by market cap, is seen as being “best positioned” to compete with the SWIFT payments system, the international system banks currently use for money transfers. A number of firms have already leveraged XRP to help them execute international bank transfers, without going through the long delays and charges that typically apply. Ripple also launched its xRapid product last year to help speed up cross-border payments.
EOS was given an A grade because it is seen as a serious contender to Ethereum as a dApp and smart contracts platform and the potential “backbone of the new internet”. This may be the most surprising of the three since the EOS project seems to many to not have the first-mover advantage that Ethereum does.
Bitcoin may not come as a surprise to many as the original cryptocurrency is often used as a synonym for the entire crypto space, and therefore has the network reach that all other cryptos can only dream of. Weiss argues also that the implementation of the lightning network made it the best positioned “to become a popular store of value for savers and investors.”
Ethereum and Cardano
Ethereum and Cardano also both score highly but failed to achieve the top grades. Weiss attributes Ethereum’s scaling issues to its “A-” score, despite it being the second-largest crypto by market cap. Cardano was given a “B+” rating and cited as aiming to “provide the most advanced smart contract capabilities, monetary policy and governance.” Presumably Cardano’s internal political issues, which have held it back over the last two years have contributed to the lower grade for this project.
Is It The Best Time To Invest?
Martin D. Weiss, the founder of Weiss Ratings speculates in the report on the right time to invest. He believes that despite the bear market, the right time is near.
“Despite lower prices since early 2018, our ratings model gives us hard evidence that a critical segment of the cryptocurrency industry has enjoyed remarkable growth in user transaction volume, network capacity, and network security […] Therefore, for those willing to take the risk, the best time to invest could be very near.”
Market sentiment seems to agree with many focussed on the thaw of the crypto winter. As Toshi Times reported last month, many, including Mike Novogratz and Reddit co-founder Alexis Ohanian, are now talking of crypto Springtime, after a winter which has been good for
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Alex has been putting words on paper since he was old enough to hold a pen; when he bought his first bitcoin in January 2017, those words discovered their place within crypto as well. He holds a master’s degree in international relations from Leiden University in the Netherlands, and his special expertise lies in European cryptocurrency regulation.