Ethos is a unique project that has been dedicated to studying the cryptocurrency craze as a whole rather than simply trying to adapt to a particular niche. Whether looking at access to banking for those in third-world countries, all the way to solar energy management, the Ethos project is attempting to create a central waypoint that the cryptocurrency ecosystem can depend on. They believe this is currently lacking in the space, and that scalability is a moot point until the community at large can easily onboard into crypto. Importantly, they alkso believe that those who are already onboarded into cryptocurrency need to understand what they are investing in. In short, Ethos aims to bring mainstream adoption capabilities to the space in an attempt to demystify the many myths and stigmas associated.
The founders of Ethos understand the capabilities that Bitcoin introduced as a result of the market crash of 2008, but they are also aware of the current struggles to scale and convince the public of blockchain technology’s viability. The many different third-party entities that dip their hands into our lives is astounding, and younger generations are beginning to lose trust in the various systems such as universities, jobs, and even healthcare.
Blockchain has the potential to solve this issue, with its capability to facilitate an unshakable foundation of trust in the system and remove the need for unnecessary third-party interference in your internet experience. Ethos believes it is imperative to make it dead simple to purchase and learn about cryptocurrency and how it can drastically increase the efficiency of virtually every current system in place. They aim to create this future through a beautiful user experience that incentivizes education and a democratic control of tokens, while also enabling a free liquid exchange service backed by their Ethos token.
What is Ethos?
Ethos is a platform whose chief concern is bringing cryptocurrency adoption to the masses by accelerating adoption of blockchain technology and democratizing ownership of both traditional and digital assets. Ethos was previously known as Bitquence, until it recently underwent a rebrand to Ethos.
Ethos is taking a mobile approach early on, as they believe providing easy mobile access to a wallet as well as a liquid and instant exchange service will massively speed up the mainstream adoption rate of cryptocurrencies. They are offering various features, such as a universal wallet, “smart” keys, one-click diversification, as well as a community consensus and reviews on various topics. All of this is panned to be central to the single Ethos dApp.
There are three main sections that make up the Ethos ecosystem, which include:
Universal Wallet
The planned all-encompassing Ethos wallet is a tool that will allow users to manage their entire crypto identity in one place, including holdings and the information surrounding each of these currencies and their unique use cases. It allows for users to easily interact with any other coin in the crypto space, and enables simple diversification of assets. This wallet will also be able to help users easily transfer funds from crypto to fiat layers as well.
The universal ETHOS wallet is designed to be your homebase where you can manage your total holdings, diversify, and easily understand what it is you are investing in. Rather than rely on multiple exchanges who have experienced hacks in the past, Ethos hopes to offer a truly decentralized but digestible means of managing your crypto wealth.
Portfolio Diversification
In an attempt to get more first-time users onboarded into crypto, the Ethos platform allows for easy fiat deposit and transfer into a crypto coin of your choice. Ethos also makes it easy to instantly transfer between coins, making it fun and easy to diversify your portfolio, even for new users. The Ethos liquidity tokens allow for this to function smoothly and efficiently throughout the network, enabling scalability and instant exchanges for users. They hope that this will also democratize the control of cryptocurrency and remove trust in centralized exchange databases, helping to move closer to the true decentralized future all blockchain enthusiasts envision.
Education
A unique feature of the Ethos platform is its dedication to connecting experts and novices in the space, while rewarding the cooperation between the two. When experts help contribute knowledge and help teach newer users how things work, they are rewarded in the Ethos token. This is hoped to create a user-friendly homebase for your cryptocurrency interests.
This educational premise is planned to manifest in the form of Ethos social. Ethos social is a community ecosystem built alongside the native universal wallet that makes it easy to learn and participate in relevant cryptocurrency topics and foundations. It creates a global review system, where investment choices are backed up by crowd and expert wisdom. Users can earn rewards and trust points through Ethos Rating, Review and Prediction contests – and become an Ethos Expert to start curating baskets or even advising others on their crypto ventures.
The Ethos Token
The token used by Ethos is critical to facilitating the various functions of the platform. For most actions taken by participants within Ethos, tokens are spent or gained as a result. Its functions include:
- Pay for transaction fees
- Pay for access to services on the Ethos platform
- Enable liquidity to help with portfolio diversification
- Fuel a dynamic rewards and reputation system
- Enable P2P transactions
Ethos is described as an “access token”, that enables access to and use of the platform. It aims to be able to enable anybody to securely manage their cryptocurrency wallets, keys and coins all in one place. The coin operates under ERC20 standards and smart contract logic on the Ethereum blockchain. It is also planned to be used as a liquidity token that can be used as a base pair to easily diversify between coins and re-balance your portfolio when desired.
The founders have made it clear that Ethos cannot currently be used to pay dividends as an investment vehicle as of yet. However, they have stated that they hope to soon integrate value transaction similar to PayPal.
Ethos Smart Keys
Ethos believes that storing your hard-earned crypto investments in an exchange is not insecure but also unsafe, leaving you vulnerable to identity theft. Ethos smart keys make key storage and your wallet more easy to manage and secure than most digital wallets available today. This easy to manage key system allows for easy storage and tracking of hundreds of different coins. Ethos hopes to make it easier for users, and difficult to understand key management and two-factor authentication do not help to encourage easy onboarding. Ethos’ smart keys are yet another example to their commitment of creating a bridge between mainstream adoption and a user-friendly cryptocurrency homebase.
Ethos has the advantage of being a mobile-ready project, a critical headstart over most crypto projects that have been announced so far. Since cryptocurrency aims to make things easier, it must have its roots in a mobile app. Ethos is targeting a ripe market that is in need of an easier way to participate in the crypto ecosystem. A platform powered by the users, Ethos leverages a crisp user interface in combination with friendly and incentivized education, free exchange service, and robust token infrastructure. Ethos is pioneering a ‘mobile-first’ approach that will help create the first smart bridge between the past and future of finance.
