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Ethos Coin Guide 2018: All You Need To Know
Ethos intends to be a user-friendly gateway that gives new investors a simple way to buy and store cryptocurrencies. The Ethos coin is intended to power this new ecosystem and is used to buy cryptocurrencies, manage wallets and private keys. The beauty of Ethos is that it’s designed to be so simple that even your mom can use it.
In this article, we’ll explain the different parts of the Ethos ecosystem, their features and how Ethos coin ties it all together.
- 1 The Ethos Ecosystem: A Gentle Introduction
- 2 Ethos Universal Wallet
- 3 Ethos Bedrock
- 4 What Is ETHOS Coin Used For?
- 5 The BQX Coin ICO
- 6 Ethos Social
- 7 Ethos Fiat Gateway—The Holy Grail of Crypto
- 8 The Ethos Building Blocks Are In Place
- 9 The Ethos Team
- 10 Ethos Coin Outlook
- 11 Should You Buy Ethos Coin?
- 12 How to Buy ETHOS
- 13 Conclusion
- 14 Resources
The Ethos Ecosystem: A Gentle Introduction
We are sure many of you have spoken to friends about the benefits of investing in cryptocurrency. Once they are convinced and want to take the plunge, then you need to start explaining how they cannot buy that promising altcoin directly on Coinbase. Naturally, having to create multiple exchange accounts and sending Bitcoin to other exchanges is a hassle and can be confusing. Then there is the whole problem of setting up a cryptocurrency wallet to store crypto safely. Guess what? Many people just give up on buying that altcoin they feel is the next big thing.
That’s not the only problem. Most cryptocurrency exchanges charge high processing, deposit, withdrawal and trading fees. There is little doubt that high fees can be exceptionally off-putting to a new cryptocurrency investor.
We have to accept that the current method of buying and storing cryptocurrency is complicated, expensive and time-consuming. These problems lead to so many people giving up on the idea of investing in cryptocurrency. There are simply too many hoops to jump through and it’s too difficult for most people to understand.
More Problems For New Crypto Investors
And that is just the beginning. Once your friend actually buys crypto, then there is the difficulty of explaining why it’s not a good idea to keep funds on an exchange (they hold your private keys!). Most new cryptocurrency investors are simply not going to understand how it’s more secure to scribble a bunch of gibberish on a piece of scrap paper. Or how it might be a great idea to spend a hundred bucks for a Trezor just to keep those damn tokens safe. Chances are, they will decide that this is all too much trouble and stick to regular investments.
This is the current problem rife in the cryptocurrency market. There is little doubt that the technology in crypto has lead to some amazing innovations, which have the potential to transform our world. However, their actual impact remains small, due to the low rate of adoption of cryptocurrencies in the general population. With cryptocurrencies, there are too many barriers to entry for newcomers.
And that is where Ethos comes in.
The key aim of the project is to make crypto accessible to everyone and remove the barriers that many find too difficult to overcome. To this end, Ethos offers a whole range of interconnected services that will work together to make it easy to buy and store crypto.
Ethos Universal Wallet
The Ethos Universal Wallet is at the core of this new financial ecosystem. It is designed to be a safe, secure, and easy-to-use way for users to store and transact over 100 different cryptocurrencies. Just so you understand how impressive this is, it is perfectly normal for cryptocurrency investors to own ten different coins and have six or seven different wallets set up. The Ethos wallet removes the pain of having to work out which wallet to use to store each cryptocurrency and enables you to manage them all in one place. We think that’s a significant upgrade in the simplicity stakes.
The Ethos Universal Wallet also integrates with other Ethos APIs. This means that the wallet will be the lauchpad for groundbreaking innovations like the Fiat Gateway or cold storage facilities. What does all that mean? In the future, it will be possible to buy over 100 different cryptocurrencies through the Universal Wallet and even make bank deposits into it. In fact, this makes the wallet the core of the Ethos ecosystem. Sounds interesting? Well, you can read more about it in our dedicated Ethos wallet guide.
A common issue with Blockchain technology is the difficulty of integrating it with traditional legacy systems. Large corporations and organizations simply adopt technology at a much slower rate than others. The difficulty of upgrading is the key reason why some US defense systems are still running off Windows XP.
The next problem for blockchain adoption is that there are a lot of different types of blockchains. Guess what? Most of these cannot communicate with each other right now. With these compatibility issues, it is not hard to see why crypto solutions are yet to be adopted by the mainstream financial industry.
But not any more.
The Ethos Bedrock strips away the difficulties of blockchain technology adoption and offers a simplified set of methods to easily leverage blockchain tech. The API includes support for a diverse set of virtual assets based on different crypto platforms. This allows financial institutions to build custom cryptocurrency products with ease and completely out-of-the-box.
And its not just an untested concept. The Ethos Universal Wallet has been built entirely on the Ethos Bedrock, and is an example of what can be built with the Ethos API.
To build a financial product on the Blockchain, a company needs to come up with a way to securely store the various cryptocurrencies it manages. Cryptocurrency wallet addresses also need to be generated. The Ethos Bedrock API solves both of these problems and provides an easy solution, with great security.
Transactions on the Blockchain are anything but simple. They require a complicated process that involves public-private keys, digitally signed messages, and are then broadcast to the network. This process is greatly simplified by the Bedrock API, which makes transacting in crypto a breeze.
While Blockchains are effective record keepers, it can be difficult for a company to keep track of all those transactions. Quite simply, if it’s difficult to monitor transactions, this leaves the door open for fraud. To combat this, the Ethos Bedrock supplies xAlert users with transaction notifications and flags abnormal transactions through alerts.
The anonymity offered by blockchains is a double-edged sword. On one hand, it protects users privacy and on the other, it prevents proper regulatory oversight. This is one of the reasons that prevents crypto from being accepted by traditional financial systems. The Ethos Bedrock makes it easier for institutions to satisfy regulatory requirements by verifying the source and identity of funds. This helps to ensure that any products developed on the Bedrock are compliant with government rules and regulations.
Bitcoin is by far the most dominant cryptocurrency in the market. This means it is important for any crypto solution built to be compatible with it and updates to the Bitcoin network. One such development is the Lightning network, which will help solve Bitcoin’s scalability problem. The Ethos Bedrock has been built with the ability to use the Lightning network. This means that any solution built on xLightning can tap into the benefits of the lightning network.
What Is ETHOS Coin Used For?
The ETHOS coin is a utility token that powers the entire ecosystem.
The Ethos token has been envisioned as the ‘gas’ for the ecosystem. It controls access to the services offered through the Ethos Bedrock and prevents the system from being bogged down by spam requests. The amazing thing about Ethos Bedrock is that solutions built on it have their transactions processed by Ethos. This means that the developers building on Ethos can enjoy higher transaction speeds than would be possible by simply building on networks like Ethereum.
The price of Ethos coin is mainly driven by the adoption of the ecosystem. The more people that are using it and require Ethos coins, the greater the demand for the cryptocurrency. As the supply of Ethos is capped, a rising demand should result in higher prices.
The BQX Coin ICO
Ethos launched their ICO under the name Bitquence and traded under the ticker symbol BQX. The Ethos name only came about due to rebranding efforts; the project and team are all exactly the same.
Bitquence held their Initial Coin Offering between 28th June 2017 and 16th July 2017 and managed to raise over $1.6 million. Available Ethos tokens ended up selling for about 3 cents each. Popular Youtuber Suppoman invested heavily in the BQX coin ICO and continued to be a massive supporter of the project ever since. Some say that Suppoman has a vested interest in the success of Ethos and that’s why he likes to talk about it in his videos. However, it’s surely more worrying when an influencer hypes a cryptocurrency they have not invested in, right? Love him or hate him, there is little doubt that Suppoman’s followers did exceptionally well from Bitquence.
After the rebranding, a new logo and ticker symbol were introduced. However, the core functionality and project roadmap were left mostly unchanged. One thing to be aware of is that some exchanges like Binance have not updated their markets and Ethos is still traded as BQX coin on some exchanges.
As the one-stop-shop for new crypto adopters, the project aims to provide the complete package of crypto services. This also includes a social platform for discussions and information sharing. The concept is simple: users can come together in the Ethos app to share feedback and market trends about leading crypto projects. This should lead to better information sharing, help new investors make better decisions and act as an easy way to notify people of scams. Sadly, the current cryptocurrency market is full of fake projects. We imagine that Ethos Social will help to steer many users clear of the next Bitconnect.
Ethos Fiat Gateway—The Holy Grail of Crypto
Until the utopia of a world running solely on cryptocurrencies is realized, we will need a system for converting our fiat into crypto and vice-versa. At the moment, crypto exchanges like Coinbase are the main way to exchange value from cryptocurrency to the traditional system. Why do we need an alternative? Well, exchanges like Coinbase do have some drawbacks:
- Fees to buy cryptocurrency are high.
- There is a very narrow selection of cryptos available.
- Coinbase control your funds if you keep them on the exchange. What many crypto enthusiasts are looking for is an easy way to stay in control of their funds and not depend on third parties like Coinbase.
A Fiat Gateway that integrates into a wallet controlled by the user is a dream of many crypto-enthusiasts. They believe that this will liberate us from exploitative exchanges and result in wider decentralization. The good news is that this is the goal of the Ethos project, who aspire to become the one-stop solution for storing, buying and selling cryptos. The idea is to make centralized exchanges like Coinbase obsolete.
Not only will Ethos offer an easier way to buy and sell cryptos, it does all this with only you being in possession of your private key. This means that Ethos cannot access your funds. Cryptocurrency veterans see tremendous value in this as it protects against security breaches like the infamous Mt. Gox incident.
All Roads lead to Rome
The team at Ethos has adopted what is known as the skateboard approach for the development of the basic Fiat Gateway. This means that instead of releasing finished highly polished functions bit by bit, they will launch the whole thing in one go. This means that incomplete or rough functionality can be deployed first and development work will then be targetted at bringing these up to a high standard. Advance features will then be added on top of this basic product.
Phase I: Basic Fiat Integration
To begin with, Ethos is partnering with existing crypto processors and liquidity providers and then integrating them into the Universal Wallet. This will open up crypto trading for major cryptocurrencies and enable limited conversion between different digital assets as well.
Phase II: Advanced Integration with Banking Services
The first stage could be little more than slapping together some pre-existing frameworks to provide a basic solution. The second stage will involve the setting up of an actual mechanism linking bank accounts to the Universal Wallet. This will unlock easy liquidity and enable easy conversion between crypto and fiat. As the Universal Wallet already implements self-custody of keys, this solution would provide a completely risk-free way to trade cryptocurrencies.
Phase III: Discounted Fiat through ETHOS token
Once the systems for liquidity are in place, the ETHOS token would be introduced as a way for users to enjoy benefits and reduced fees. In addition, the minimal fees would make it viable for holders to change their entire portfolio holdings at the drop of a hat. Right now, this is not only a logistical nightmare, but can be exceptionally expensive to do, due to exchange fees.
Phase IV: Automated Crypto Trading
The project has partnered up with Fusion Financial. The goal is to pursue market research and create intelligent systems for putting together diversified crypto investment portfolios. Factors like risk, exposure, and returns are all taken into account. The idea is for Ethos to provide a one-click solution for investors to buy a basket of cryptocurrencies, tailored to their preferences.
Phase V: Hybrid investment Solutions
Ultimately, Ethos seeks to achieve seamless integration of cryptocurrencies with the traditional financial market. The goal is to provide a fully regulated fund which holds both crypto and traditional assets. The exact portfolio weightings will be determined by the investor’s tolerance to risk and investment goals.
The Ethos Building Blocks Are In Place
ShapeShift is a leading digital asset exchange company that lets users swap one cryptocurrency for another, bypassing the need for fiat and regulatory problems. Trades on Shapeshift are known for their speed, precision and reducing the risk of stolen funds for unfulfilled transactions. By partnering with ShapeShift, Ethos gains the ability to execute crypto trades from the wallet itself without bringing any fiat into play. Furthermore, Ethos seeks to integrate ShapeShift into their Bedrock services as well, opening up the world of finance to the ease and accessibility offered by ShapeShift.
Below is a mockup of how trades using ShapeShift could look like on the Universal Wallet.
While the ShapeShift integration allows users to swap their coins for others. However, they have not solved fiat the deposit problem. To solve that, Ethos has also announced a partnership with Simplex, an instant global fiat purchase service for buying bitcoin and other cryptos with a credit or debit cards. Once paired with ShapeShift, this capability creates an effective Fiat Gateway. It also acts as a fully functional crypto exchange with the additional benefit of cryptocurrency self-custody.
Perhaps the days of Coinbase are numbered…
The Ethos Team
The team has gone from a handful of ‘Bitquence’ founding members to a multi-national team of about sixty members spread across different countries. Ethos has never shied away from adding more team members to help them realize their goals. This has led to the onboarding of some highly regarded talent. Some of the key members are:
Shingo Lavine – Founder and CEO
Often hailed as ‘the next Mark Zuckerberg’, Shingo Lavine was just 19 when he used his crypto profits to start Bitquence. Many people will question the experience of a young entrepreneur. However, Shingo has already established an impressive track record as a founder of Jobs University and content marketing expert at Motzie. There is little doubt that Shingo has worn many hats in his brief career and excelled in every role handed to him. It is his vision and passion that drives the Ethos project forward. He knows better than anyone that the success of this ambitious project rests on his young shoulders.
Stephen Corliss – Chief Global Strategist
Stephen Corliss joined the team in August last year, bringing much needed financial acumen to the project. Having worked as the COO of Blackrock, there is no doubt that Stephen is an experienced Wall Street executive. Mr. Corliss maybe Ethos’s shrewdest addition to the team yet and should be capable of guiding Ethos toward its goal of disrupting the world of financial services.
Tim Simmons – Chief Technical Officer
Tim Simmons is a seasoned veteran when it comes to developing innovative technology products. In the past, he has done just that for leading companies such as Citrix, Zscaler, and Roper Technologies. That’s not all; Tim has an entrepreneurial streak too and holds multiple patents for information security. His experience and track record make him the ideal candidate to oversee the technical development of Ethos.
Adam Meghji – Chief Technical Officer
As one of the co-founders of Universe.com, Adam Meghji knows how to build a top-notch product and take it to massive scale. Adam led the social ticketing firm from a fledgling startup to one of the premier plug-and-play ticketing platforms. The solution was even used by global brands and large-scale events such as Blizzcon, Red Bull, Lego, Coors Light, and Secret Cinema. With these achievements on his CV, it is maybe no surprise that he was roped in by Ethos for engineering the Bedrock API from the ground up. Bedrock is the foundation on which the entire Ethos ecosystem depends and we don’t think Ethos could have entrusted it to a safer pair of hands.
Vishal Karir – Chief Investment Officer
By the Phase IV of the Fiat Gateway, Ethos aims to implement diversified investment portfolios, mixing traditional securities with promising cryptos. To achieve this goal, Ethos has tapped into the 17 years of investment and tech know-how of Vishal Karir. What does Vishal know about financial portfolios you might ask? Well, during his time with Morgan Stanley and BlackRock he managed investment portfolios worth $1.5 billion. We are sure that his impressive experience would serve him well as he crafts hybrid investment solutions for Ethos.
Adam Lavine – Chief Operating Officer
There are few who are better versed with the unique challenges operating a big tech company then Adam Lavine. What has Adam done in the past? He has built dozens of products for Fortune 100 U.S. companies and wireless carriers worldwide. In case you are wondering – yes, he is Shingo’s dad. And no, it doesn’t affect their professional dynamic; they have worked together on Funmobility, Jobs University, and Motzie as well for many years.
Kevin Dean Pettit – Chief Product officer
With the mounting feedback from their Product Council, Ethos needed an experienced manager to streamline their development process and incorporate that feedback into their product lineup. They found Kevin Pettit to fill that role. Who is Kevin? He is a senior product manager with a stellar track record in developing and launching financial products. He is also skilled in designing investment portfolios and been there and done it with companies like Freddie Mac.
Ethos Coin Outlook
- A strong team with decades of industry experience under its belt.
- An ambitious roadmap with the potential to disrupt the crypto market.
- A string of partnerships with leading blockchain and finance companies.
- A working product in the form of the Ethos Universal Wallet.
- Poor public reaction to the Ethos Universal Wallet at launch.
- Needs massive adoption to be relevant.
- Project schedule has been repeatedly delayed.
- The majority of the roadmap is still to be delivered.
Should You Buy Ethos Coin?
The majority of negative press after the release of the Ethos Universal Wallet can be put down to the lack of the Fiat Gateway at launch. Some people were complaining about a lack of community Airdrops and others didn’t like the interface. However, the project has taken these criticisms on board and have continued working hard to solve most of these issues:
- Airdrops have been made successfully.
- The stability of the Bedrock API has been confirmed.
- Phase I of the Fiat Gateway integration has pressed forward with the partnership announcements with ShapeShift and Simplex.
During the current bear market, there is little doubt that the team have been in the trenches and working hard. It seems that it is only a matter of time before Ethos makes a significant dent and starts grabbing market share.
How to Buy ETHOS
Once the announced Simplex integration has been implemented, buying Ethos should be as simple as buying something from Amazon. However, until then your best options are using exchanges like Coinbase and Binance. We show you all to steps in our comprehensive buying walkthrough.
There are hundreds of different cryptocurrencies for you to invest your money in. However, Ethos provides you with the opportunity to get into a promising project early on. Ethos could completely change how we store, buy and sell cryptocurrencies. We think there is a very real need to make it simpler to invest in cryptocurrency and the project aims to deliver no less than that. It’s on you to decide whether Ethos coin is worth investing in. Maybe the project is a good idea that will never come to pass or maybe it’s the next big thing…
Below we’ve listed some key resources relevant to Ethos coin.
? Safest Ethos Cryptocurrency Wallets
The safest way to store your coins is by using a hardware wallet. The two main brands are Trezor and Ledger and we are happy to recommend both. If you need help choosing between the two just read our Trezor Vs Ledger guide.
? Best Free Wallets
As Ethos coin is a ERC-20 token, you can use any wallet that is compatible with Ethereum. Find our top two choices below:
- MyEtherWallet – if you need help getting started we have you covered with our MEW wallet guide.
- The Ethos Universal Wallet – store over 100 cryptocurrencies in one place.
? Best Crypto Tracking App For Ethos Token
Want to do your own due diligence on the Ethos project? Why not jump into the whitepaper?