Ethos Explained: A project that goes by the name of Ethos sounds like something very philosophical. The mission of the Ethos team is not all that different, as they aim to provide a people-powered cryptocurrency platform to the masses. Whether or not this project can become the future of finance remains to be seen. So far, it certainly offers a lot of interesting features for users to check out.
WHAT IS ETHOS EXACTLY?
On paper, the Ethos project wants to become the future of social finance. With a strong focus on offering investment opportunities, empowering the world, and making cryptocurrency accessible to everyone, there’s a lot of work to be done. Moreover, Ethos aims to accelerate the adoption of blockchain technology. By embracing social intelligence and technology, they will pave the way for the New Economy by putting the power back in the hands of people.
HOW DOES IT WORK EXACTLY?
There are multiple aspects to Ethos which people need to take into account in order to understand why Ethos can become a major product in the coming years. First of all, there is the universal wallet, which supports multiple tokens without any problems. It is designed to store and transfer value of any form at no cost whenever possible. As one would expect from such a solution, the private keys will remain in the hands of the end user at all times.
Secondly, Ethos smart keys are a part of this ecosystem as well. It basically comes down to having “one key to do everything”. There is no need to leave one’s assets on an exchange or unsecured wallet at any time. With support for hundreds of different coins, Ethos is certainly one of the more versatile projects in this regard. The concept of having one secure key to control everything is pretty interesting, even though it remains to be seen how people will respond to this development.
Furthermore, Ethos provides a liquidity network which makes deposits, withdrawals, and transfers instant. There’s also a mobile-first approach which lets users send the value to any phone number, email, or Ethos ID. Diversification of holdings is also supported through the native wallet solution. It will help users minimize their exposure to specific cryptocurrency markets which tend to be extremely volatile for no reason. Last but not least, Ethos is powered by the people, as it relies on the power and wisdom of the crowd.
THE ETHOS TOKEN EXPLAINED
Creating such a powerful decentralized and compliant paradigm required the development of a native Ethos token. This access token allows everyone to manage their cryptocurrency wallets, keys, and coins. It is used to access all features provided by the Ethos platform and lets users interface directly with the blockchain. It’s also subject to much lower fees compared to other currencies or tokens supported by this wallet as of right now. There are no dividends or voting rights associated with this token, though.
THE FUTURE OF ETHOS
Although there is no official roadmap for Ethos as of right now, there are some developments on the horizon. The universal wallet is meant to be released in Q1 of 2018, although no exact date has been communicated at this time. Next quarter, there will be a fiat currency gateway, although it is unclear if this feature will reside within the wallet as well. There is still a fair amount of work to be done as far as Ethos is concerned, and we will have to wait and see how things unfold.