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In line with that, in today’s fundamental analysis of Ethos (ETHOS), I will touch upon the following points:
- What is Ethos?
- Ethos Team
- Ethos Features
- Ethos Token Utility
- Ethos Token Sale or ICO
- Ethos Market Cap
- Best Ethos Wallets
- How To Buy Ethos Token or Cryptocurrency
- Conclusion: Future of Ethos
What Is Ethos?
Ethos is the name of both – the platform and the cryptocurrency (or token) – that powers this platform.
It is a US-based firm that wants to make cryptocurrency markets accessible and trustworthy to the average user by providing tools for accelerating the adoption of blockchain technology and democratizing the ownership of both digital and traditional assets through their Ethos ecosystem.
This short video introduction on Ethos perfectly explains their intentions:
Ethos was formerly known as Bitquence (BQX) but they rebranded themselves to Ethos in November 2017 to convey their idea more empathetically.
If you look deeper, there are many pieces that come together to deliver the idea that Ethos is aspiring for, some of which are universal wallets, smart keys, liquidity network etc., that are still under development. (We will discuss these USPs in detail further in the article.)
Broadly speaking, there are three main components of the Ethos platform:
- Ethos Universal Wallet: This includes a decentralized wallet management system allowing for the easy transfer of value anywhere in the world. The Ethos Universal Wallet links seamlessly with the fiat and diversification layer.
- Fiat and Diversification: This system includes a unique legal structure with a fiat/diversification system whose capabilities are amplified by the Ethos liquidity network tokens.
- Social and Community: 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 within a dynamic public and private clusters, building on the strong existing Ethos community. (Source: Ethos whitepaper)
The Ethos team very well understand the fact that everything they do must be people-centric so that it is easier to adopt. Therefore, they have a unique group of experts across different verticals such as cryptocurrency, financial services, distributed computing, mobile technology, modern marketing, and design-thinking.
Find full details of the Ethos team here.
The three components that we talked about in the opening section are very broad. Breaking it down into different features will make it understanding the Ethos ecosystem simpler.
- Ethos Universal Wallet With Smart Keys
- Ethos Universal Wallet vs Other Wallets
Ethos’s universal wallet allows its users to store multiple currencies in one place. Not just that, the wallet will be powered by smart keys. Smart keys are another revolutionary cryptographic way through which you can control your all different types of cryptocurrencies via a single smart key. It is, however, slightly different from seed keys or traditional HD wallets. (Read more about smart keys here)
- Free Transactions
Using the Ethos wallet, one can safely store and transfer value of any form – anywhere, anytime, anyplace, instantly – for free. One can also send ETHOS tokens for free to any phone number, email or Ethos ID.
- Ethos Liquidity Network
Ethos understands that if it needs to give access of cryptocurrencies to masses, with choices, they have to have liquidity pools of cryptocurrencies using which one can deposit, withdraw, send or exchange any of their crypto-assets instantly.
- Fiat Gateways
Ethos Fiat Gateway is bridging the fiat/crypto gap which is one of the biggest problems Ethos aims to tackle. This issue is largely regulatory rather than a technical one, yet the task of providing affordable, competitive rates for crypto buyers remains a challenge.
Ethos has brought on significant talent and is developing innovative legal and regulatory approaches to tackle this problem with the aim of integrating these solutions into the Ethos Bedrock API architecture. Ethos anticipates that this will require KYC/AML, meaning there will be additional verification from developers for this and other Ethos Bedrock capabilities. (Source: Ethos whitepaper)
- One-Click Diversification & Ethos Basket
With Ethos wallet and its liquidity pool, a user can diversify the whole portfolio into many different currencies in one click simply by selecting a type of pre-existing Ethos basket/portfolio or by making a new basket for themselves.
- Mobile-First Approach
Ethos has started with the mobile app development which is a brilliant approach considering the data that suggests 75% of users will move to mobile usage by 2020. Also, it is good for people who like doing everything on the go on their cellphones or tablets.
- People-Powered Ethos Social Network
Make use of the knowledge that the crowd has by using Ethos social network and make investments by picking-up from the brains of the smartest people in the industry.
One can also become an Ethos expert by consistently showing good results and by giving valuable pieces of advice and predictions, making top performing baskets, giving ratings and feedbacks and earn tips for all that too!
- Tax Reports
Once the platform is ready and at its peak, users will be able to download friendly tax reports that will help them satisfy their tax liabilities.
Ethos Token Utility
The Ethos platform will be powered by its own crypto-token called Ethos (ETHOS), an ERC20 token which will also be used in various ways in the Ethos platforms.
Some of the utilities of this token will be:
- To facilitate rewards & incentivization
- Used as fees for one-click diversification while Ethos basket making
- For various premium access and gamification
- For accessing API for developers
By doing all this, ETHOS Tokens will facilitate (Source: Ethos whitepaper):
- Reduced costs for consumers for crypto-related transactions.
- Enable low-cost blockchain applications for developers.
- Create a scalable micropayment transfer mechanism for all platform services.
- Support an open financial ecosystem that bridges traditional and crypto assets.
- Enable verified source of funds and identity for transactions through the Ethos ecosystem.
However, note: ETHOS is not a security, or Tokenized Security token because it does not meet the legal definition of a security as applicable in the United States, Canada, Singapore, United Kingdom or any other OECD jurisdiction. In the United States, this is more commonly referred to as the “Howey Test”.
Ethos Token Sale or ICO
The Ethos (formerly Bitquence) token sale took place in July 2017 during which a total of 222,295,208 Ethos tokens were created.
Out of the total supply, 30% were sold in the token sale and 30% kept aside by the team to fund the Ethos development and marketing etc.
The other 40% are kept for providing liquidity when the Ethos liquidity network starts.
Ethos Market Cap
At the time of writing, as per CoinMarketCap, 80,444,542 ETHOS are in circulation, and the current price of each unit is $0.31, which estimates the market cap at $25 million.
Best Ethos Wallets
ETHOS is an ERC20 token so you have plenty of options for storing your ETHOS tokens safely. Some of these options have been listed below and will help you keep your ETHOS safe.
- Mobile Wallets: Coinomi (Android), Jaxx (Android, iOS)
- Browser/Web Wallets: Jaxx (Chrome Extension)
- Desktop Wallets: Jaxx (Windows, Linux, Mac), MyEtherWallet
- Hardware Wallet: Ledger Nano S, Trezor
In 2018, soon when the Ethos wallet goes live, you will also be able to use Ethos wallet for storing ETHOS tokens safely in it.
How To Buy Ethos Token or Cryptocurrency?
Here are some of the exchanges where you can buy ETHOS tokens from following exchanges by depositing BTC or ETH in them:
- Binance: Supported pairs are BQX/BTC, BQX/ETH
- Livecoin: Supported pairs are ETHOS/BTC, ETHOS/ETH
- HitBTC: Supported pairs are BQX/BTC, BQX/ETH
Note: BQX & ETHOS are both are same ETHOS tokens so do not get confused with the ticker name.
Conclusion: Future of Ethos
Ethos is in production right now and they have launched their app worldwide now.
Ethos Bedrock API, which is also termed as the next-gen Blockchain API, is also released through which user and developers are able to connect to the Ethos ecosystem using ETHOS tokens.
The following important things will make up the Ethos Bedrock:
- Ethos Wallet Services: This includes the decentralized Universal Wallet, Smart Keys and the basis for crypto interactions.
- Ethos Relay: This system is the foundation for diversification and relays value between exchanges and liquidity providers.
- Ethos Fiat Gateway: Ethos will enable fiat buys/sells through the API with additional KYC/ AML restrictions.
- Ethos Broadcast: Ethos will broadcast key data signals in the form of historical prices and future predictions that can be leveraged by the crypto community.
Apart from that, all the BIP32 supported coins are supported in the first version of the universal wallet and now 32 ether tokens are also live.
Even though I could not find any dated roadmap for the year, I am positive about what they are developing.
In the end, I will leave you with a preview of the Ethos app which is super cool!
Official Ethos Resources:
Below are some links that will keep you updated about Ethos:
Now you tell us: What do you think about future of Ethos? Do you think this project will keep growing and leave a greater impact? Express yourself in the comment section below.
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Harsh Agrawal is the Crypto exchange and bots expert for CoinSutra. He founded CoinSutra in 2016, and one of the industry’s most regarded professional blogger in the fin-tech space.
An award-winning blogger with a track record of 10+ years. He has a background in both finance and technology and holds professional qualifications in Information technology.
An international speaker and author who loves blockchain and crypto world.
After discovering about decentralized finance and with his background of Information technology, he made his mission to help others learn and get started with it via CoinSutra.
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