Weiss Ratings Gives Glowing Report To NEO, Cardano EOS: Flushes Out Scams

  • Weiss Ratings praised recent strong performances by NEO, Cardano and EOS
  • It also highlighted recent cryptocurrency scams that threaten investors

The company Weiss Cryptocurrency Ratings has given a glowing review of 'High-rated' coins this week. It also highlights the current risks investors face from imitation coins currently on the market.

While cryptocurrencies have sustained losses so far this month, Weiss points to Cardano, NEO and EOS. All of which have made substantial gains over the first months of 2018.

EOS has risen by over 5.8% today, reaching an overall value of $17.98 according to CryptoCompare.

NEO, while sustaining a drop of 6.97% so far this week. Has shown remarkable growth since November 2017. Rising from $25 to hit $75.89 today.

Cardano has made nominal gains from its $0.14 start to the year. To almost triple in value, reaching $0.32 today.

While improving significantly over their short lives so far, Weiss' ratings take into consideration the level of innovation that they bring with them:

"But their recent price gains are a testament to all the factors we consider in our ratings — their innovative technologies, solid adoption metrics and excellent promise for the future."

Weiss Cryptocurrency Ratings

While NEO, EOS and Cardano have been picked for their innovative approach and excellent performance. Imitations have not been spared from scrutiny, by contrast. Many of these imitations are cut from well-known cryptos such as ZCash and Bitcoin.

The creators of these counterfeits are implementing their code and profiting off those who invest in them as coins. The individual in question is Rhett Creighton, the creator of all three, and is accused of market manipulation by 'Coin-hopping' according to Jackson Palmer.

ZClassic

Started in 2016, the developer/s behind ZClassic applied ZCash's code to launch their own cryptocurrency.

According to the ZClassic site, their major selling points are that they're entirely democratic and have no founders or miners tax. In a post on its Twitter account on April 27th, ZClassic announced it had ceased operations on its currency.

Bitcoin Private

One of the statements made by the Zclassic team was the hard fork over to Bitcoin Private. This was to introduce what the creators refer to as a 'Voluntary miner contribution' to ZClassic.

Bitcoin Private's other selling point is the introduction of systems which improve resistance to ASIC mining programmes. ASIC mining has proven to be a polarising subject within the cryptocurrency community.

But the Bitcoin Private coin has been criticised by Weiss Ratings for being almost identical to ZCash.

Bitcoin Prime

Weiss believes that Creighton acquired the code to an underused Primecoin. This coin has since been subjected to a fork to develop Bitcoin Prime to undergo a similar process to previous coins.

According to the crypto's Twitter feed, Bitcoin Prime will be experiencing a hard-fork. Breaking into two separate coins: Primecoin and Bitcoin Prime.

TRON Foundation Announces $20 Million TRX Buyback to Promote Market Stability

The TRON Foundation, an organization created to support the development of the TRON network, has recently announced a $20 million TRX token buyback that’s set to “promote community activity and market stability.”

According to a Medium blog post, the TRX buyback will be “by far the largest” token buyback plan the Foundation has ever had, and will have “the widest coverage in the secondary market.” The buyback is set to last for a year and will have several batches.

The TRON Foundation’s TRX holdings, it added, will be unlocked on January 1 of 2020, although the organization has no plans for its TRX at the time. Currently, one TRX token is trading at $0.034 after falling 10.6% in the last 24-hour period.

The token’s price dropped amid a major market sell-off that has seen the price of some altcoins – including Litecoin, EOS, and XRP – drop by well over 10%. The price of BTC is currently down 5.4% in said period. The selloff is likely being caused by traders taking profits off of the bull run we’ve been seeing since the beginning of the year.

Earlier this year, TRON announced a soon-to-be-released upgrade for its blockchain, called Odyssey 3.6. It’ll reportedly include features that are set to improve the network’s security and stability.

As CryptoGlobe covered, in May of this year the TRON Foundation announced BitTorrent, a leading peer-to-peer file sharing platform, would be incorporating the BitTorrent File System (BTFS) protocol to “allow users to receive and host storage on their computers with other individuals and businesses.”

The TRON Foundation has recently celebrated its Independence Day, as on June 25, 2018 the TRON mainnet was launched and its genesis block was created. Since then, the network has grown to over 3.1 million mainnet addresses, and an average of 1.5 million transactions per day, according to Justin Sun.