Their "analysis" applies to Steem as well. But the cryptography they seem to talk about is in the hashing to produce blocks, like Bitcoin and other PoW systems. While BitShares, Steem and EOS are PoS. There is no cryptographic calculating done to compete for hash power and mine a block. It's a different system. Their "analysis" fudges things, denying the term blockchain for anything that doesn't use cryptographic computation in the system to mine blocks. At least that's how I see it. It's a hit piece.
Thanks for sharing your thoughts on this. I'm avidly waiting for the response from EOS team on the experiment. Several EOS developers were contacted for comments but refrained from doing so but I hope they counter the arguments raised in the research. Interestingly, China released another study on which cryptocurrencies are the most valuable and EOS top the list followed by Ethereum.