Ethos, formerly known as Bitquence, describes itself as a people-powered cryptocurrency platform. Find out what that means today in our review.
What is Ethos?
Ethos, found online at Ethos.io, is a cryptocurrency platform powered by people. The platform wants to “unlock the future of investment” and “empower the world” by making cryptocurrency markets more accessible to everyone. Ethos wants to accelerate the adoption of blockchain technology and democratize ownership of cryptocurrencies.
“We’re putting the power back in the hands of the people,” explains the official website. “Join us.”
Obviously, these are some altruistic and ambitious goals. But how does Ethos plan to “democratize” an asset like cryptocurrencies? Let’s take a closer look at how it works.
How Does Ethos Work?
Ethos was previously known as Bitquence (BQX). Today, the company is using the symbol ETHOS. It’s positioning itself as a social financing platform with a universal wallet, and all-in-one dashboard.
The Ethos universal wallet lets you hold multiple wallets, private keys, and cryptocurrencies inside one convenient dashboard. It’s a secure multi-token wallet that lets you access your coins anywhere you go.
You can manage your cryptocurrencies on the wallet through the ETHOS liquidity network, which lets you deposit, withdraw, send, or exchange any of your assets instantly with maximum liquidity.
All Ethos platforms are available from your mobile device or web browser. The platform emphasizes ease of use, including “one click diversification” that lets you instantly diversify your risk and portfolio with a single click.
Ultimately, Ethos has not yet been released. However, you can sign up to receive updates from the official website at Ethos.io. The company has also released their whitepaper.
Ethos will launch with all of the following features:
Ethos’s universal wallet promises to make it easy to store and transfer value anywhere you go, using multiple currencies and multiple wallets. You retain hold of your private keys in the Ethos universal wallet.
Secure Key Management:
Ethos supports cold storage for your cryptocurrencies, which means you don’t have to expose your cryptocurrencies to risks using an online wallet.
Ethos Liquidity Network:
The Ethos liquidity network lets you deposit, withdraw, send, or exchange any of your assets instantly with maximum liquidity.
ETHOS (the cryptocurrency) is free to send to any phone number, email, or Ethos ID.
One Click Diversification:
You can instantly diversify your holdings into several different cryptocurrencies using the Ethos wallet, letting you diversify your risk with a single click. Ethos actually has pre-set diversification baskets you can use to balance your risk.
Ethos has a crowd-based investment wisdom function, including community consensus features, ratings, reviews, and more. You can also get rewarded for sharing insights with others through the Ethos Social platform.
Ethos social is a social network integrated directly with the Ethos wallet. You can access the community to discover investment choices “backed up by crowd and expert wisdom.”
Alternatively, investors can earn rewards and trust points through community contests and competitions. Over time, you can become an Ethos Expert, in which case you can curate your own diversified crypto baskets or advise others.
Ethos will have a tax reporting feature that lets you easily export account activity.
Portfolio Performance Dashboard:
See how your portfolio is performing with real-time analytics and smart reports.
Dynamic Predictions, Ratings, and Reviews:
The Ethos community provides feedback to help guide others through the world of cryptocurrency.
Ethos puts a big focus on user-friendliness and a beginner-friendly UI. It wants to open cryptocurrency to the masses, and user-friendliness is a big part of that.
Instant Coin Baskets:
Choose from coin baskets to diversify your portfolio. You can choose the best basket based on crowd wisdom, for example, or choose a basket of large cap stocks.
No Setup Fees or Hidden Costs:
Ethos is transparent and affordable, so more people can take part in investing in the future.
Ethos Bedrock is the company’s API that allows third parties to seamlessly integrate with the ETHOS token and the Ethos ecosystem. It’s called bedrock, according to the official website, because it’s “solid as a rock”.
How Does the Ethos Token (ETHOS) Work?
The Ethos ecosystem will have its own ETHOS token. That token is a functional token that can be used on the platform to access various features, incentivize community building and value creation through a dynamic reward system, and pay for fees. It’s the fuel of the ecosystem.
As ETHOS becomes more liquid over time, the token can also be used to rebalance individual portfolios. As trading activity on the platform increases, the platform will have its own ETHOS liquidity pool, allowing users to shift allocations between various currencies quickly and easily using ETHOS as a transfer mechanism.
With that in mind, ETHOS tokens will play the following roles on the Ethos platform:
- Serve as a payment mechanism for accessing and using services on Ethos
- 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
The Ethos whitepaper is careful to state that the token will not pay token holders dividends or profits of any kind, nor will it allow token holders to vote on company matters or access ownership of the company in any way.
The Ethos Token Sale
Ethos launched a token sale in July 2017 to distribute 30% of the token supply to the public. 30% of tokens were also allocated to Ethos for development, the team, and other expenses. The remaining 40% of ETHOS tokens are reserved to provide liquidity on the Ethos platform.
Who’s Behind Ethos?
Ethos is led by Shingo Lavine, Founder and CEO. Lavine is an experienced technologist and early bitcoin/altcoin investor who founded Ethos with his investment gains. Although Shingo is only 19 years old, he’s described by the Ethos website as “a globally recognized expert and thought leader in cryptocurrency and blockchain technologies.” Prior to launching Ethos, Shingo founded Jobs University, an online school with over 20,000 students.
To bring Ethos to life, Shingo has assembled a team of engineers and executives, including Stephen Corliss (Global Strategy and Compliance), Tim Simmons (Engineering & Development), Kevin Dead Pettit (Product Management), and Bobby Beckner (Engineering and Development).
Ethos is a platform that aims to democratize the world of cryptocurrency. To do that, Ethos (formerly known as Bitquence) plans to release a multi-currency wallet paired with a community-driven platform. The community of Ethos users is incentivized to provide wisdom and advice to the platform, while users can invest in baskets of portfolios to diversify their holdings with a single click.
To learn more about Ethos, visit the platform online today at Ethos.io.