Ethos explained - making cryptocurrency accessible [Article]
Ethos is a platform designed to spread the use of cryptocurrencies to the masses. In short, it wants to create a people-powered new economy service that makes the cryptocurrency market accessible and trustworthy to the average user, accelerating adoption of blockchain technology and democratizing ownership of both traditional and digital assets. Ethos was previously known as Bitquence and is now just a rebrand of the name.
Key Features and Advantages of Ethos
Universal wallet - An intuitive, self-custodied universal wallet that allows you to safely store, manage, leverage and further monetize your crypto assets in one place while maintaining complete control of your private keys.
Secure key management - State of the art digital security and cold storage ensures that your assets are safe and under your control.
Liquidity network - Deposit, withdraw, send or exchange any of your assets instantly with maximum liquidity on the ETHOS Liquidity Network.
Mobile support - Manage and monitor your coins on the move. Mobile support is a priority for Ethos so that consumers can have access to their coins wherever they go. ETHOS will be free to send to any phone number, email or Ethos ID.
One-click diversification - Instantly diversify your holdings into several different currencies, diversifying risk and enabling customized exposure to the cryptocurrency market. Set the splits yourself or use pre-set baskets for idea generation.
Social trust ecosystem - Leverage the power of the crowd and invest smarter with rich community consensus features, ratings and reviews. Get rewarded for sharing valuable insights with others through Ethos Social.
The Ethos Platform
To achieve this, the Ethos platform will provide a powerful single point of interaction with the new economy while also building a dynamic bridge to the old economy.
The Ethos platform has three main components:
Ethos Universal Wallet - The Ethos Universal Wallet is a wallet management system that allows users to quickly and easily interact with their coins, while tracking and monitoring diverse assets. The Universal Wallet will allow users to view, send and receive balances of any supported cryptocurrency. It will also link seamlessly to the fiat and diversification layer.
Fiat and Diversification Layer - Users will be able to go seamlessly from depositing funds to diversifying across preset or custom baskets using the fiat and diversification layer. This system includes a unique legal structure with a fiat/diversification system whose capabilities are amplified by the Ethos liquidity network tokens.
Social Investment Network - The Ethos platform seeks to connect novices and experts and reward those who help to educate others. The platform will be a fun and friendly place to learn and begin interacting with cryptocurrencies.
The Ethos Token (ETHOS)
The Ethos Token (ETHOS) is essential to the function of the Ethos platform.
- ETHOS will 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
- Fuel a dynamic rewards and reputation system
- Enable users to transact with each other
ETHOS is currently available on a number of exchanges, including Binance, Coinexchange, HitBTC, EtherDelta and Coinspot.
Resources:
Ethos website https://www.ethos.io/
Whitepaper http://www.ethos.io/Ethos_Whitepaper.pdf
Blog https://www.ethos.io/blog/
Article posted at https://boxmining.com/ethos-explained/
Hey ,
Nice work sir
Agree. The Ethos Token (ETHOS) is essential to the function of the Ethos platform.
Thanks Michael. Nice to see you also promoting Ethos, I have been doing so for a while.
Thanks to Suppoman...
What do you think is the potential for the ETHOS tokens themselves to rise in value against BTC?
I haven't looked deeply into this, but do they have any key technological innovations that enable them to accomplish their goals in a decentralized way and without fees? Otherwise, it seems like once people enter crypto through this platform, they will eventually be drawn to other platforms with cheaper structures.
Keyfeature of the ethos eco system is how they are setup from a regulatory point of View. They are up higher in the stack than anyone else. That means they can offer services with much lower fees than the others, For example coinbase, that are moneytransmitters, lowest in the stack.
Details are yet to be revealed since its kind of the secret sauce to give Them a competative headstart
Unrelated to topic but just letting you know i enjoyed your youtube video instructional video upon steemit techniques. Cheers!
I think something that is often overlooked in this platform as well is that there will be traditional financial assets accessible (stocks, mutual funds, ETFs, etc) in addition to cryptocurrencies. This will allow someone to run a complete, balanced, diversified personal portfolio from a single location but done so securely. It's more than bringing the masses into crypto, it's bringing the masses into being the masters of their entire financial ecosystem.
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Great article man.... keep it up....