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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 Exactly Is Ethos?
Ethos is the name of the platform as well as the cryptocurrency (or token) that runs it.
Through its Ethos ecosystem, it aims to make cryptocurrency markets more accessible and trustworthy to the average user by providing tools for speeding the adoption of blockchain technology and democratizing the ownership of both digital and traditional assets.
Ethos’ aims are perfectly explained in this brief video introduction:
Ethos was formerly known as Bitquence (BQX) but they rebranded themselves to Ethos in November 2017 to convey their idea more empathetically.
If you dig further, you’ll find that there are numerous elements that come together to accomplish the Ethos vision, some of which are still in development, such as universal wallets, smart keys, and the liquidity network. (These USPs will be discussed in greater depth later in this essay.)
The Ethos platform, in general, is made up of three basic components:
- Ethos Universal Wallet: This contains a decentralized wallet management system that enables easy value transfer anywhere on the planet. The fiat and diversification layers are seamlessly connected through the Ethos Universal Wallet.
- Fiat and Diversification: This system has a one-of-a-kind legal structure, as well as a fiat/diversification system that is enhanced by the Ethos liquidity network tokens.
- Social and community: The Ethos platform aims to bring novices and professionals together, as well as reward those who assist others learn. The platform will be a pleasant and inviting environment to learn about cryptocurrencies and begin interacting with them in dynamic public and private clusters, expanding on the strong Ethos community already in place. (Whitepaper from Ethos)
The Ethos team is well aware that everything they do must be centred on people in order to be more easily adopted. As a result, they have a one-of-a-kind team of professionals in a variety of fields, including cryptocurrencies, financial services, distributed computing, mobile technology, current marketing, and design-thinking.
- 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.
Utility of the Ethos Token
The Ethos platform will be powered by Ethos (ETHOS), an ERC20 token that will be used in a variety of ways throughout the Ethos platforms.
The following are some of the token’s features:
- To make incentivizing and rewarding easier
- For various VIP access and gamification,
- used as payments for one-click diversification while Ethos basket making
- To gain access to the 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.
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.