What is ETHOS? - Mobile first Universal wallet
What is ETHOS?
A mobile wallet to let people store cryptocurrencies isn't exactly the most innovative idea ever, but with ETHOS they are not just a cryptocurrency mobile wallet platform. They want you to have the entire cryptocurrency experience from one place - where you own your private keys.
Private keys are not the same as public keys, they allow you to have control of the funds and not just view them. So without private keys you are not the owner of your own assets or investments. It sounds ridiculous, to let someone else have access if they choose to, to your investment portfolio - and that is why wallets like ETHOS are so important.
You have probably used a cryptocurrency wallet before if you have been involved in this space for some time, and if I had to put my 2 cents in on that topic I would say that most are still too confusing for the majority of people to use. Not only that, but you may not own your private keys, or the case is that the wallet doesn't have enough features so you find it inconvenient.
Universal cryptocurrency wallets are not easy to come by when you are talking about one that can do everything. So what is a universal cryptocurrency wallet? First it has to be user friendly and be able to connect to a block chain - which is not an easy thing to acheive. Pretty much you will have to understand everything happening on the front end where there will be the more complicated issues having to be solved and covered up so that the average person can use the product.
For example on steemit you are connecting to the blockchain and you probably haven't even been aware. Tha is if you have a steemit account. Sending funds on steemit is as easy as sending an email to someone and that is the user friendly attractiveness any blockchain project needs in my opinion.
Ethos then can give you the convenience to not have to use multiple wallets, and you can be sure of the safety of your funds. ETHOS does this all as well as a lot of other features that should basically come with something that is universal, such as asset allocation, token classification, mobile support, cold storage, and much more.
One particular feature of ETHOS I think is really important for being innovative, and will keep this wallet achieving great things is the social feature. To sum this up, think about how investing is not always easy and you might not know what your investing in. So you can connect with professionals and people who are offering their knowledge within the ETHOS platform, which I think is a nice feature for a mobile wallet to have. To learn from ETHOS about some basic blockchain technology information go here.
How does it work?
Ethos universal wallet can be downloaded from apple and google playstore, and you can start using it to store crypto with today. Easily store your digital assets in this all in one app, and track your funds on different platforms such as hardware wallets and exchanges here.
Smart Wallet
Ethos lets you store all of your crypto in one wallet and you can encrypt this wallet with several forms of password verification, including fingerprint. The main thing to remember however is that this smart universal wallet is so simple that a kid could use it. I would say that the reason why that I found this wallet to be simple, is because it was just like signing up for a social media account, instead you are using a mobile cryptocurrency wallet.
Using this wallet is also a smart idea because you no longer have to use centralized exchanges or complicating desktop clients to safely store your crypto, and the trick behind this is something called smart keys.
Multiple blockchains to connect to and more to come, tracking portfolio performance in an easy and fun way, learning about cryptocurrencies and socializing with experts, are all features that ETHOS wallet can offer you.
Watchfolio
With watchfolio you can easily create a self updating portfolio that tells you how much you have gained or lost during the time of your investment. This feature also gives the other option of making a fantasy profile which will also self update and keep track of your entry and how much you are gaining or losing potentially.
Smart Key Security
Do you know what a private key is? Probably right, well if you have crypto and you want to access it then you will need your private key. So you are probably asking, so what is the problem with that? The problem starts when you have so many different wallets because you are expanding your crypto portfolio with all of these exciting and promising coins. That can start to get overwhelming and stressful especially if your as unorganized as I am. The solution is ETHOS wallet because you only have one password or key which is called a smart key.
A SmartKey is an Ethos service which lets users create a single key for all of their cryptocurrency wallets. The underlying technology is from a Bitcoin Improvement Proposal – or BIP – commonly known as BIP32. Using BIP32, a single 256- bit seed, or small piece of data, can encrypt information for multiple wallets addresses across multiple blockchains. Even better, these wallets can be nested like a folder structure. This is known as Hierarchical Deterministic Wallets, and is an enormously powerful mathematical structure. Ethos integrated this technology as a SmartKey. This means consumers can have the convenience of a single key that is represented by a 24-word phrase that can secure all of their wallets. While this might sound mind-boggling, there are estimated to be a billion possible SmartKeys for every atom on planet Earth, so you can rest easy knowing that your key is yours alone. Your SmartKey lets you take unprecedented control of your assets and lays the foundation for an open, safe and fair financial ecosystem for everyone.
If you are wondering how secure is it, you can use this interesting chart to gauge that. However I am not too sure of how accurate it is exactly.
Does it have a real use case?
Now it is time to focus on the token, which is the ETHOS cryptocurrency. It is listed already on some of the top 10 world wide exchanges based on volume including binance and bithumb. ETHOS is an access token to the ETHOS mobile wallet app, which already has over 10 thousand adopted users. It is necessary to own some ETHOS in order to use the ETHOS mobile wallet platform. It is a good thing for this token to be used as an access token, because that way it requires people to buy it. ETHOS is used in different ways on the platform but basically as liquidity in the platform which gives people the opportunity to send, receive, and trade, the price of the ETHOS token will go up. In a list the ETHOS token is used to:
- Be the payment mechanism for accessing and using services on the Ethos platform
- Pay for transaction fees and API calls
- Enable liquidity to help with changes in user asset allocations
My opinion for the ETHOS token use case is that it does have a real use case, and users of the platform are already using it as we speak. ETHOS is a 125 ranked cryptocurrency with a $40M market cap. ATH was about $740M market cap.
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