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.