Ethos (ETHOS) Review (UPDATED 2018): A Beginner’s Guide | VKOOL

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Ethos is a new cryptocurrency, developed by a company of the same name. It's based in the United States. Their main goal? To make it simpler for people to have cryptocurrency, period.

Part of the problem many people have with crypto is that they perceive it to be hard to use – not everyone accepts it, it's not a physical currency, it works on specialized concepts like “blockchains” and “smart contracts,” and often requires you to do a lot of setting up accounts and linking and transferring in order to get anything out of it.

Ethos wants to solve all those problems by providing a universal wallet and an interface that allows easy managing, trading, and buying of cryptocurrencies, so that anyone can get onboard the crypto train regardless of their technical know-how.

Check out our handy guide to learn more about Ethos, how it works, and how it could help you.

The Ethos Wallet

This is the primary focus of the Ethos platform: a wallet with amazing functionality and compatibility, unmatched in the world of crypto. With the Ethos universal wallet, you should be able to store any and all new cryptocurrencies, coins, and tokens that you acquire, removing the need to get a new wallet for each currency you buy.

The software is going to be open to not only users, but developers and businesses.

Not only are you supposed to be able to store any kind of crypto, but you'll only need one key – a Smart Key – to access your funds and authorize transactions. “But won't that be easy to hack?” Not at all. In fact, the way the smart key is designed, there are trillions of possible combinations, making the chance of someone cracking your key extremely unlikely.

Their Premium Wallet function allows businesses to use more public information in their address, adding to their legitimacy, removing the anonymity associated with traditional cryptocurrency addresses.

The Ethos Design

Since the whole point of Ethos is to make things more user-friendly, they've spent lots of time and effort developing a user interface that's intuitive, putting it ahead of other cryptocurrencies whose design and interface are murky, technical, and complicated.

They're going to focus on the mobile platform foremost, and with how much more people are relying on their smartphones over their computers, it's not a bad strategy. With the inbuilt dashboard, you can use Ethos to send your Ethos coins to people using not only their Ethos ID, but also their phone number or even their email address.

The Ethos Liquidity Network

The next big thing Ethos offers, apart from a universal wallet, is their service for transactions using the platform. The system will allow users to exchange any currency for any currency, trade any pair of crypto assets (using the Ethos coin) with support for fiat (“real-world” money) coming in the future.

The emphasis on fiat money is a big priority for Ethos, knowing that most people have not had any experience with crypto and will likely not own any crypto assets. For those who are new and just want to buy in, Ethos will have a fiat gateway that will give them the ability to exchange fiat for crypto instantaneously.

Just like in normal investing, crypto investing requires that people diversify their investments so that they don't put all their resources into one currency that could implode in no time. Ethos will offer a service that automatically balances your portfolio according to your own preferences, or you can select a pre-made portfolio from the community and use that as a reference.

The Social Aspect of Ethos

Ethos wants to make sure people feel they can get actively involved with the service, and so there are forums available for users to ask questions, answer questions, give advice to others, and get rewards for doing just that. You can even create polls to get an idea of what the community thinks.

When you help others in the social user area of Ethos, you can get rewarded with points, and even get rated as an Ethos Expert and offer your own portfolio suggestions to others.

Regulations

While the realm of cryptocurrency isn't really regulated yet, Ethos knows that in the long run, it's extremely likely that this will happen. That's why they're building certain things into the platform like KYC (Know Your Customer) measures, to reduce the likelihood of their service being used for illicit purposes. You'll even be able to save and print up reports for tax purposes.

ETHOS Token

The ETHOS Token is not itself a currency, per se. Its main use will be as an in-house coin used to pay for the various transactions and services that the Ethos platform performs. And as we mentioned before, it'll be used in transactions between uncommon trading pairs as a way to keep things moving fast.

The ETHOS Coin runs on the Ethereum code, and that goes for many of the other parts of the Ethos network as well – at least the parts that use the blockchain to record activity. Some other parts of Ethos won't use blockchains, just regular servers.

What is Ethos Bedrock?

Ethos Bedrock is the Ethos payment processing program code which they will be promoting for developers and financial institutions to use, making it easy for people to create an interconnected series of programs, interfaces, and services that work with Ethos, allowing everyone to connect to it.

The Ethos Team

The team is led by Shingo Lavine, a student at Brown. He developed the initial concept, and has since organized a team of people from diverse background. Some team members come from finance, while others are developers and programmers with backgrounds in cryptography.

Ethos vs Simplemining

These are very different services, although they're both meant to consolidate multiple cryptocurrencies. Ethos is supposed to be an all-in-one interface and wallet for trading and using crypto assets, while Simplemining is a service that aims to make the process of mining different cryptocurrencies. Simplemining also seems to have a less user-friendly interface than Ethos plans to have.

Ethos vs Coinbase

Both of these applications offer people a single marketplace to do cryptocurrency transactions and hold all your crypto assets. Coinbase currently lets people use fiat to buy crypto, while Ethos plans that for future implementation. Both plan to use mobile apps as well. Coinbase is full-functional, while Ethos is still entering beta. It looks like Ethos plans to offer support for more currencies, however.

Ethos vs Nicehash

These platforms are pretty different. Ethos focuses on providing a universal wallet for storing all cryptocurrencies as well as an efficient asset management platform. Nicehash, on the other hand, is a way to buy or sell computing power, in essence renting out your computer (or renting someone else's) for using to mine Bitcoins. Nicehash has been around longer, and it doesn't appear to have its own currency, while Ethos does.

Frequently Asked Questions

  1. Can I buy Ethos coin on Binance?
    Yes, you can buy it there.
  2. Do you know where to buy Ethos coin?
    You can buy it on several exchanges including Binance, CoinExchange, and HitBTC.
  3. Is Ethos an exchange?
    Yes, Ethos will be a platform that allows the exchange of currencies.
  4. Is Ethos BQX?
    Yes, BQX is the short form reference to the ETHOS Token.
  5. What about Bitquence coin?
    That was the earlier name of the ETHOS token.
  6. What about the Ethos wallet?
    The wallet is supposed to be a universal one, allowing for all kinds of cryptocurrencies to be stored and kept.
  7. Is there a Ethos Reddit?
    Yes, you can check it out on Reddit.
  8. Do you know how to buy Ethos?
    You can buy it on a number of popular exchanges with Bitcoins or Ethereum.
  9. Is Ethos a cryptocurrency?
    Not exactly. The ETHOS token is an ERC-20 token that is used for transactions in the Ethos platform.
  10. What's the price prediction for Ethos?
    That's uncertain, as all crypto speculation can be, but the value could go up once they debut the full platform in 2018.
  11. What are they saying about Ethos coin on Reddit?
    Depends on who you ask. There's a community of people who are discussing it right now, so head on over and join the conversation.

Conclusion – Ethos's Future

Ethos promises something new: to create a more user-friendly way for normal people to get involved in cryptocurrency, people who might never otherwise have gotten involved. With its focus on universality, ease-of-use, and mobile accessibility, it might well pave the way to introducing multitudes of people to the world of crypto, boosting values and use all over the place.

The idea is still new and they haven't released the full platform yet, but once they do, it'll be interesting if they can make good on their promises to spearhead the next move towards the mainstreamization of crypto.

Peter Lehmann

Peter is a blockchain investor and cryptocurrency writer at Vkool.com. Since 2014 Peter has advised blockchain startups and ICOs on content marketing, strategy and business development.

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