A Crypto Wild West – The Good, the Bad and the Fudly

A Crypto Wild West - The Good, the Bad and the Fudly

Crypto Wild West – The Good, the Bad and the Fudly by Krishan Nursimooloo


As I sit listening to Ennio Morricone’s epic theme tune, The Good, The Bad and The Ugly, written for Sergio Leone’s eponymous classic Western, it’s hard not to think about how far we’ve come. Only nine years ago, explorers left the Old World in the middle of a financial and economic meltdown. Modern civilization was brought to its knees by all too powerful banks. The abrupt end to a prolonged period of a “debt supercycle”, which began in the 1960s with a cycle of fiat credit and was followed by a move away from the Bretton Woods System to free-floating fiat currencies, had finally happened.

Although banks suffered quite a bit at the time, they were eventually bailed out by the public purse, while the wreckage of recession and austerity weighed heavily on global consumers. Nonetheless, amongst all of this uncertainty and angst, something shiny and wonderful emerged: Bitcoin. Following the work of Satoshi Nakamoto, its secretive inventor, these intrepid prospectors of the time grabbed their spare processors, went panning with source code, and expected the rest would fall nicely into place. Akin to the gold miners of the 19th and early 20th centuries, progress was slow, but it would be worth it.

Crypto Wild West – A New Frontier

Like any fledgling gold rush, their original equipment was relatively low-powered. Blocks were easy to mine. The cryptographic puzzle at Bitcoin’s heart was really a cinch to crack, compared to today’s mind-boggling hash difficulty. Yet it also spoke of novel processes, founded on similarly romanticized values to the American Frontier; those of equality and self-reliance. A dream, not just for the privileged few, but for everyone. No banks. Trustless safeguards. Complete freedom of access to a system of value, for all. Everyone could now live in a peer-to-peer way; a blockchain-powered future, where the same market mistakes could be avoided. Indeed, they could never happen. A utopian, distributed world was open for business, and we could all get involved. But of course, it wasn’t like that. Far from it…

 


Things were very quiet for some time. A few coyotes. A lot of tumbleweed. These crypto-crazies living in the prairies and deserts were searching for gold, but no-one wanted it. Then in 2017, something strange and remarkable happened. As if from nowhere, the global market cap of cryptocurrencies rose 1600%. Investors were in an Ecstacy of Gold, scrabbling around For a Few Dollars More to throw at “blockchain”. OK, I’ll stop with the Morricone references. But seriously, check out those songs. They’re all great.

And all of this was unprecedented, unless you include the Dot-com bubble of the early millennium. Everyone was optimistic. Solutions were being found for problems people didn’t even know existed. Yet, like that famous bubble things have, well, burst. At least a little. And as we all know when this happens on a personal level, it can be hard to pull yourself out of a slump. Collectively, it’s even harder.

In 2018, especially if you entered the crypto space just before January 7th, you’ll probably feel the promise of prosperity has been replaced by the Wild West’s darker tenets; fear, banditry, lawlessness, and a prevailing sense that you might be eating beans around a dying campfire for the foreseeable future. BitConnect certainly will, as they prepare for one of many class-action lawsuits filed against them in the US last month. Or maybe it’s the SEC’s crackdown on ICOs, specifically Munchee Inc. and AriseBank, that’s caused the kerfuffle and has everyone running for the hills.

To this point, much of the drama right now is around the notion of Ponzi schemes,  where different layers of reward from a scheme are granted to individuals who get in early, at the expense of those who get in later. It’s not like a normal market, where there’s push and pull based on interest in an equal asset, oh no! These companies are set up like pyramids, whereby those at the top profit, and those at the bottom can lose everything. But worry not, the sheriffs are coming to town partners, and as you can imagine there are no carrots for those cowboys, just very large sticks.

So, what happened to all the trust in these supposedly trustless systems? Why is the bullish sentiment momentarily  being replaced by a  downturn? Well, the answer is not entirely simple, but keep reading and maybe there’ll be some food for thought to go with those beans of yours. Plus, it will give you a few minutes away from your Mammon app. Or Blockfolio. Or CoinStats. Whatever it is you don’t find yourself checking every five minutes of every day.

The Good

Let’s start with The Good, a statement questionable to some of this audience, but to many something we’re trying to get our heads around, and that’s tax. And it’s tax season. Yay! Predominantly in the US and the UK, taxes are declared around the beginning of Q2, so investors are drawing down for the year and getting their houses in order. You can be sure that the regulators are coming, and that with them the respective tax offices are figuring out how to manage income and capital gains taxes from crypto. Cue lawyers lining up for the first cases.

It’s likely those wishing to buy larger ticket items like Lambos, or divest into more traditional assets like property, will have to pay their taxes if they want to keep said Lambo or property further down the line. Therefore, the market has stalled as a result. Remember that tax, particularly at this early stage, isn’t a bad thing. What tax means is legitimacy. And legitimacy means investment. So, if you’re in this for the long run, based on where the market could well be headed in the next five years, you should probably welcome it. 20% creamed off a lot is way better than 0% taken from not much. That’s Economics 101, yo!

Incidentally, I hear that Ethos will be integrating Taxfyle functionality into their Universal Wallet, in addition to being on point with regulators, which should make the whole damn thing a lot easier. Plus, it’s worth accounting for the fact that, combined with the massive bull run at the end of Q4 / beginning of Q1 just asking for a major correction, people are generally broke at the start of the year. Christmas was expensive. It’s usually when we start new jobs, or take stock of where we’re headed. We’re making all sorts of plans, and plans cost money.

So ultimately, if you’re a HODLR now, you’re likely to remain so until the next tax cycle, which in the UK starts in April. In the US, April is slap bang in the middle of the fiscal year. No biggie, unless you’re in debt and need to draw down on your crypto investment to cover it. Undoubtedly, many late investors to the recent spike will be in debt to some extent, so that’s more than likely exacerbating the volatility and downturn too. But fear not, as soon as everyone’s settled what needs to be settled in the real world, interest will gradually return to the market. We’ve seen what it can do now, and it’s all just too exciting.

Plus, the whales of the world won’t leave things where they are. With much of the tech promised in 2017 coming to fruition in 2018, there’s just too much amazing stuff on offer, and when you compare the current market cap to the Dot-com bubble of 2002, we’re not even a tenth of the way there. The big institutional players know that, so they’re just waiting until the dust clears, busy moving fat stacks out of the traditional stock market in preparation, as illustrated by the simultaneous crash of the Dow Jones Industrial Index last month; its worst week in 6 years. It’s not just us guys, everyone’s pulling out right now. It’s the order of things.

The Bad

And so on to The Bad, and what a bad bunch they are. Rhymes with tax, it’s hacks. And the criminals making bank are coming up with more ingenious high and low-profile ways of rustling your cattle. From last month’s 500m ($370m) NEM theft from Japan’s CoinCheck, December 2017’s 4,700 BTC ($80m) hack at NiceHash in Slovenia, to the ETH Parity Wallet situation in November 2017 ($150m), it seems like every other week there’s another story to keep you on your toes. Do you know where your crypto is right now? Yeah, better go check, huh?

And that’s not to mention the smaller stuff like hacked display ads, colloquially known as Cryptojacking, keylogging software and even using Starbucks WiFi in Argentina last month, where covert mining occurred on coffee drinkers’ laptops. In that instance, it was the privacy coin Monero that was being sought.

Oh, and then there’s the big hacks on the mainstream, centralized world, that end up demanding payment in guess what? That’s right, Bitcoin. Remember WannaCry in May of 2017? It was a Ransomware attack that impacted private firms like Hitachi, Honda, FedEx, and Telefonica to civil, security and public services like Russia’s Ministry of Internal Affairs, China’s Public Security Bureau and the UK’s National Health Service.

OK, relatively the hackers didn’t get away with much, maybe 70 BTC maximum, but it gives crypto a bad reputation. That added to the fact that the majority still think it’s only used on the Dark Web, for all sorts of nefarious purposes, and it makes people nervous. Crypto’s core community may be strong, but its brand is brittle, so it doesn’t take a snowstorm to whitewash public opinion. Like a game of cards in a dusty saloon, one cheat can spoil it so that no-one wants to play, and occasionally someone gets hurt…

The Fudly

All of which segues nicely into the media. Let’s refer to them as The Fudly. Over the (ahem, magnificent) seven or so years since I’ve been interested in cryptocurrency, I’ve worked in various digital and creative sectors of the media industry, and in that time, I’ve built a clear insight into how the system works. Essentially, it’s all about money and data. Specifically, the money from centralized systems such a politics, banking and of course, advertising. And the data, well that’s from you, the consumer of all that juicy media wanting to spend, erm, money on stuff from advertisers.

If you want to learn more about it, just Google “programmatic advertising”. Don’t worry, you won’t break the internet if you do, despite Google being some of the best at it. Their DoubleClick tech is weapons-grade advanced, and the industry at large is truly vast. According to the Internet Advertising Bureau, in 2017 an estimated $40bn dollars was generated in half a year in the US, from the display ads you see on websites, search advertising, paid content and social media magic. Then bring in the rest of the world, and you get an idea of how big a deal it really is. If it can sway elections, it’s worth something. It doesn’t matter how good blockchain is, the current system makes serious bank, and companies aren’t just going to give it up. Would you?

Without this revenue, companies like Facebook wouldn’t exist. Therefore, if the modern mainstream press and gigantic content channels base their entire existences on other centralized systems, such as themselves, why would they promote anything that could jeopardize the established order? At least until they have their own versions of blockchain, and you can bet your bottom satoshi that every global tech CEO has at least a few researchers tinkering away…

It therefore stands to reason that headlines such as “Digital cash hack hits government websites”, “Criminals hide ‘billions’ in crypto-cash” and “Facebook bans all crypto-currency ads” should feature on the UK’s BBC website (which incidentally, I love). The people should be informed. But what about a balance of opinion? In that, there seems to be a palpable lack, and it’s enough, because of the scale of it, to fuel the FUD which in turn prevents new investors entering the market. They’re even bringing ET into it, with “Crypto-craze ‘hinders search for alien life’”. In fairness, that’s a great read. But the point is, it’s powerful stuff and it’s here to stay, at least for a while. Nowadays, a single tweet can move markets. This probably belongs with The Bad, and of course there’s crossover between the two, but it’s worth noting one incident:


At 13:07 on Tuesday, April 23
rd, 2013, the Associated Press sent a tweet to nearly 2 million followers. It read “Breaking: Two Explosions in the White House and Barack Obama is injured”. By 13:08, 150 points had dropped off the Dow, which according to Bloomberg News represented $136bn in equity market value at the time, a third of crypto’s current market cap. By 13:13, it was back to normal. Jokes.

Turns out the Syrian Electronic Army claimed responsibility for the hack. Old news, sure, but it just goes to show how even conventional markets can be easily spooked. Crypto is the same. It is not a beautiful or unique snowflake, at least from an emotional perspective. The Fudly are professionals, but sometimes even they lose control, and we put so much stock in what they say, every day, that there’s a direct correlation when it comes to the rises and the falls. So, fear not, it’s all relative. Excellent tech will eventually prevail. At least, that’s what we all hope, right?

The Future

So here we are, moseying gently into The Sundown (sorry, not sorry) of this market crash. As with so many beautiful things, it’s tinged with danger, yet inevitably a sunrise follows. 2018 is set to be a landmark year. The railroads are being built. Constitutions are being written. That dusty saloon is being refurbished, and when it is, normal people are going to want to hang out there. The Crypto Wild West is becoming less wild by the day, and for some that removes the appeal. But if you’re prepared to wait for the many, who only want the Starbucks (Starbuckses?) of this world, it has real value.

Wallets are being made easier to use, while gaining sophisticated functionality and security; no prizes for guessing who’ll win that race. Development of the Internet of Things is picking up pace, and blockchain will undoubtedly be a core component of that industry. Medical blockchains are allowing us to protect our personal data. Counterfeit goods blockchains are protecting brands and consumers. E-Commerce itself is becoming peer-to-peer, as too is sustainable electricity trading. Prediction markets are creating the search engines of the future. Social media users are monetising their own content, without the need for advertisers. Charity, logistics and transport safety systems are all being revolutionized. We’re entering a future where it’s about more than CryptoKitties. It’s becoming useful. Even the porn industry is getting involved, and if we know anything, it’s that sex sells…

So, relax partner. Polish your pistol. Give your horse a well-earned rest. The Wild West still exists, but it is getting less dangerous. And if you were smart enough to survive this standoff, then one day you’ll tell stories around a not so smouldering campfire, with a lot more than a mess can of old beans. Sure, there are no perfect investments. Nothing’s guaranteed, and you need to think very carefully before you get into any of this stuff. But if you get it right, you might just end up with more than a Fistful of Dollars.   


What is Bitcoin?

So what is Bitcoin anyway?

What is Bitcoin

& where did it come from?

So, let’s start at the beginning. Maybe you’re already familiar with what Bitcoin, blockchain and cryptocurrencies are. Or maybe you’ve just heard about it on the news, from a family member or overhead it on the subway. In this piece, Bitcoin’s origin, technology, and impact will be explored. Bitcoin can be described as a currency that is not controlled nor given legitimacy by any central authority. However, there is a wide misconception that Bitcoin functions like a virtual currency or gaming token. These misconceptions dismiss the crux of Bitcoin – blockchain technology – that may revolutionize archaic monetary systems, the internet, and give unprecedented anonymity to both good and bad actors.

Blockchain can be described as a shared record of every transaction ever made on a digital accounting book. When person A sends Bitcoin to person B, this transaction is added to an immutable public ledger – the blockchain. This ledger is stored in multiplicity throughout the network, and to update one is to update them all. That’s a big part of what makes blockchain so powerful as a tool and idea – once a record is created on the blockchain, it can’t be reversed or altered, it is forever, and it is verifiable. This is part what is meant when we say trustless. No third party is required to prove your transactions are real and correct, their very existence on the blockchain does that for you. And if you wanted to steal from the blockchain, think of it as not only having to rob one house, but having to rob all the houses in a city at the same time, in the same way. An impossible task. Also, don’t rob houses.

Processing and validating these transactions and then recording them is called mining. Mining can be done by anyone possessing enough computing power to solve mathematical problems required by the system to validate transactions. For their efforts, these miners are given a fee in the form of newly minted bitcoins. Mining is intentionally resource intensive to set up and to maintain, and the mathematical problems required in order to keep the system going are also intentionally difficult and resource intensive. In this way, a type of self-governance is built into the system that automates some of the governing aspects or traditional monetary systems. Miners are only rewarded for properly validating transactions and playing a role that fuels the whole system, which incentivizes the ongoing maintenance, accuracy and growth of the blockchain. Satoshi really nailed it here as you can see. Smart stuff.

The next unique property of Bitcoin and many digital currencies is scarcity. Scarcity means that there is a limited number of Bitcoins that are or ever will be available. Scarcity is part of what gives gold its value, for example. It’s a rare and precious metal, and that combined with its beauty is what has made gold a useful and relatively universal store of value for centuries. Bitcoin is coded to have a fixed supply of 21 million coins. There will never be more than 21 million Bitcoins created, or “mined”. So until that amount has been fully mined, there will still be an incentive for miners to continue validating transactions even if at a decreasing fee. Bitcoins, however, are divisible up to eight decimal points or 0.00000001. This unit is called a Satoshi or a SAT. As the market capitalization grows, which is the total amount of money invested in a particular market or asset, the total quantity of bitcoins remains static, so it’s value rises accordingly. This is how the value of most cryptocurrencies is determined. Total market capitalization, divided by supply. So it’s important to look at those two numbers in relation to each other, looking at it’s dollar amount is only part of the picture and may not be an accurate picture of its actual value. The more scarce a cryptocurrency is, the greater opportunity for its value to increase as its market cap grows. Bitcoin is known for having a relatively low supply at 21 million, so this combined with its popularity and high market cap are what make it the leader of the cryptocurrency pack – both by price, and by total volume or market cap. Again, clever design by Satoshi.

 

History

So who invented blockchain technology? It is widely accepted that the concept was first introduced in a whitepaper by Satoshi Nakamoto – a pseudonym that may represent a person or a group of people. One could say that Nakamoto’s legacy is as immortalized and immutable as blockchain itself.

However, there were many prophets who heralded the idea of decentralization using cryptologic methods. Tim May, former Senior Scientist at Intel and contributor to the Cypherpunk mailing list, wrote the famous 1988 essay titled The Crypto-Anarchist Manifesto [2]. In it was a clear vision of things to come. Tim writes: “Just as the technology of printing altered and reduced the power of medieval guilds and the social power structure, so too will cryptologic methods fundamentally alter the nature of corporations and of government interference in economic transactions.”

Later in 1991, Stuart Haber and W. Scott Stornetta proposed a secure blockchain for storing documents using Merkle Trees. It was not quite known as blockchain then, but rather a ‘chain of blocks’. Only in 2008-2009 did Satoshi Nakamoto emerge from the woodwork, audaciously claiming to have solved the Byzantine General’s problem in his whitepaper titled ‘Bitcoin: A Peer-to-Peer Electronic Cash System’ [1].

 

The Byzantine General’s Problem

What is the Byzantine General’s problem? It is a fictitious medieval scenario where a general stations each of his armies around a castle he plans to ransack. Now, it would require the full force of his armies to storm the castle – anything less would end in defeat. How then can the general ensure that all armies act together, and act at the same time? He would need to ensure that the same message is sent to the lieutenants of each army and that the integrity of the message remains intact.

Blockchain solves this problem by rendering information immutable. Therefore, if said general uses blockchain technology to store his message, corrupted lieutenants would not be able to tamper with it even if they wanted. This translates into transactions within a cryptologically secure blockchain which are immutable once they are stored and validated.

Critics would argue that this is a flimsy premise and does not truly solve the problem. Theoretically, a 51% attack is all it takes to corrupt the integrity of the blockchain. What this means is that the validity of transactions must be agreed upon by 51% of miners in order for them to be valid, so it would take a bad actor an exponential amount of resources to control 51% of nodes that validate transactions. Despite this deterrent, it is still a very likely possibility with the existence of large mining pools where a great percentage of hash power controlled by very few parties. But it is ironically one of the few solutions that have worked out in practice despite a delicate theoretical underpinning – no 51% attacks have been known to happen to Bitcoin’s network thus far. Satoshi’s solution was ‘good enough’.

 

Potential Applications

Bitcoin, and blockchain-based cryptocurrencies more generally, could revolutionize payments in that they have no intermediaries and are inherently ‘trustless’. This eliminates a lot of middlemen in various industries. There doesn’t need to be a central bank to ensure the integrity of transactions. Make no mistake – reputation and trust still play a huge role in validating transactions, but through the gamification by bitcoin engineers of economic rationality to incentivize playing by the rules.

It also revolutionizes micropayments. Small sums of money can be moved around without hefty fees. However, the erratic rise of Bitcoin’s value has been followed by the ballooning of fees. Unless this is overcome, it is likely that the world would have to look at an alternative cryptocurrency for a solution.

Blockchain transactions in their current state also grant anonymity while preserving transparency. Although every transaction is recorded on the blockchain, there is no name or identity associated with it, only a wallet address represented by a public hash key. While this preserves privacy, it unfortunately resulted in Bitcoin being adopted rather early by bad actors like Silk Road and money laundering syndicates. The perception that Bitcoin is the exclusive domain of bad actors however, is something that continues to shift rapidly as Bitcoin and other cryptocurrencies enter the mainstream conversation. 

 

Barriers to Adoption

Governments have yet to decide what to make of Bitcoin and how to regulate it, and are wary of legalizing something they cannot control. As such, one of cryptocurrency’s biggest hurdles would be government regulation. Powerful banks, which might look at cryptocurrencies as a rival, might not stand idle. However, the more important concern would probably be technological. Blockchain might not be ready for real world adoption due to scalability issues. It takes very little to cause the whole Bitcoin network to lag. Presently, there can only be 4 bitcoin transactions per second. VISA can handle 24,000 per second. Until gaps like these (the rite of passage to real world application) are closed, some of the brightest minds will be working around the clock to one day bring blockchain technology to the mass market.


[1] Satoshi Nakamoto, “Bitcoin: A Peer-to-Peer Electronic Cash System”, https://bitcoin.com/bitcoin.pdf
[2] Tim May, “The Crypto Anarchist Manifesto”, https://www.activism.net/cypherpunk/crypto-anarchy.html


Multi Crypto Wallet Team Adam Meghji

Ethos welcomes Adam Meghji to the multi crypto wallet team!

Multi Crypto Wallet Team Adam Meghji

Today Ethos is excited to finally announce a key member of our leadership team, Adam Meghji. He’s been working behind the scenes for some time now, working with the Ethos team to build a highly innovative, ready-to-scale engineering framework from the ground up that will power both Ethos and many other future other applications in the crypto and traditional finance space. He’s an integral part of the brain trust behind Ethos Bedrock, and he brings some incredibly powerful experience to the team.

Adam Meghji joins Ethos from his former post as CTO and Co-founder of Universe.com, a social ticketing startup with proven track record of success, top notch product experience and massive scalability. Under Adam’s leadership, Universe grew to become one of the premier plug-and-play ticketing platforms, used by global brands and large scale events such as Blizzcon, Red Bull, Lego, Coors Light, and Secret Cinema.

Universe’s innovative approach and industry leading tech led to it being acquired by Ticketmaster / Live Nation, where Adam continues to serve as an expert consultant on forward-thinking technology and architecture. His depth of experience building cutting-edge infrastructure and best-in-class product experience at scale have and will continue to bring transformative impact to Ethos as we continue on our mission to democratize access to blockchain and cryptocurrencies and build the tools needed to help foster mass adoption on a global scale.

Adam has been hard at work building Ethos Bedrock, a sophisticated, high performance API architecture that will power the crypto and future finance applications of tomorrow, seamlessly integrated with the ETHOS token and product ecosystem – and solid as a rock.

“Providing everyday people with simple, secure, and stress-free access to cryptocurrency is the single most important challenge in bringing about the New Economy, ” Meghji says, “Ethos Bedrock is the missing layer on top of the Blockchain ecosystem that will power the next wave of innovation in crypto.”

“Ethos is extremely fortunate to have someone of Meghji’s caliber aboard. Anyone who has worked with him can attest to his technical prowess, intelligence and friendly, go-getter attitude,” said Ethos CEO and Founder, Shingo Lavine, “with Adam Meghji aboard, Ethos will be able to scale to service the complex financial applications of the future.”

Please join us in welcoming Adam Meghji officially to the Ethos family!

https://upscri.be/27f3c1/


Ethos x Taxfyle

Ethos Partnering with #1 On-Demand Tax Prep Company, Taxfyle

Ethos x Taxfyle

Ethos has partnered with Taxfyle to offer crypto investors the first viable tax preparation alternative for supporting the crypto community with access to responsible tax preparation and filing. Ethos is developing a dynamic Multi-Sided Investment Platform and Global Ecosystem that will begin to be introduced this quarter. Taxfyle is the number one on-demand tax prep service, where customers are provided with an upfront price quote to have a credentialed tax professional prepare and file their taxes.

Let’s face it, the U.S. tax regulations involving cryptocurrency investments are overly complicated and counter intuitive, when compared to traditional investment alternatives. This partnership will allow crypto investors access to high-quality tax preparation and professionals without having to pay the inflated fees associated with traditional professional accounting firms.

“Given the new tax regulations governing cryptocurrencies, now more than ever, crypto investors are going to require the expertise that licensed professionals have to offer,” Taxfyle co-founder Richard Lavina said in a statement.

“We’re very proud to be partnering with Ethos. We see this as a step in the right direction for promoting the adoption of cryptocurrencies, as well as helping solve a very real need being faced by these investors,” said Taxfyle co-founder Michael Mouriz.

“We believe that Taxfyle’s services will fill a crucial gap that many other crypto firms aren’t able to provide. Dealing with taxes in the crypto industry is difficult. By partnering with Taxfyle we are furthering Ethos’s mission to make the crypto industry more accessible to everyone,” said Ethos founder and CEO, Shingo Lavine.

“Tax considerations are an essential part of a dynamic investment ecosystem. As we deliver this transformative and powerful new multi-sided financial platform it was obvious to us that we needed to provide our users with access to critical tax services, and Taxfyle immediately fills this need,” said Ethos Chief Global Strategist Stephen Corliss.

Together, Ethos and Taxfyle aim to provide crypto investors the best solution in resolving their tax worries, in an effort to be fully compliant in this ever-changing industry. As the multi-sided features of the Ethos ecosystem mature, Ethos and Taxfyle see a significant opportunity to streamline the ability for users to locate, find and engage with tax professionals anywhere anytime.

To kick things off, Ethos community members can receive $20 off Taxfyle services with the promo code ETHOSCRYPTO.

Learn more at https://taxfyle.com/partners/ethos

https://upscri.be/27f3c1/


Ethos Dev Update — 02.01.2018

Ethos Universal Digital Coin Wallet Dev Update — 02.01.2018

 

Hey Ethos Fam! It’s KDP with a quick product and dev update from…. Salt Lake City, Utah!

Why am I in SLC?

This week we converted a board room into a war bunker, bringing together a 5-person tactical group from across the world to tackle some of our toughest data challenges with 1 primary focus. Scaling.

The Universal Wallet is jam-packed with rich data visualizations that will transform the way you view your finances, every time you unlock your phone! And to scale to the masses, we are shoulder-to-shoulder developing cutting edge ways to build these advanced metrics at lightning speed.

Some quick updates before I fall asleep under this desk:

1 — The State of the App🤳✨

Functionality — App functionality for the initial wallet release is nearly complete! We have built a tremendous backend infrastructure within Ethos Bedrock that will power the Universal Wallet in managing data, seed generation, wallet creation, portfolio performance and app functionality.

Design — Our final app designs are in, and they are magnificent! Shout out to the product council for their early feedback. We marched their suggestions directly to the design table and onto the next development sprint. We are rapidly implementing the community into the product in dedication to the grassroots, and will keep iterating through as many cycles with the council prior to release as possible.

Home Stretch — We are moving into the implementation home stretch, wiring things up, preparing for scale, hardening the code and the infrastructure. This week we are distributing the app internally to our dev team as we find ways to poke holes in the app.

2 — Our Team Has Grown 💪🏼 👨‍👩‍👧‍👦

We are up to 12 high-powered engineers on our development team, preparing to scale into an official 2nd team. We’re also staffing up on our creative, marketing and content teams. The fam is strong and getting stronger!

3-Our Ethos Productivity Level is Flyyyingg 🚀🚀🚀

Our methodology is working beautifully. We are measuring our effectiveness and efficiency with a deep level of precision. In addition to hitting our productivity goals in delivering app functionality in each of the last 2 sprints, and we have pushed it to the limit and increased productivity 109% sprint-over-sprint.

Time to get back to work! We are just as excited as you are to jump into the Universal Wallet. Here‘s a little sneak peek of what’s to come – a quick video walkthrough of a few parts of the app, and an animated GIF showing progress on the live app in our dev environment.

Enjoy!

Ethos App Live Preview

Looking pretty snappy if I do say so myself 😍! Exciting stuff.

Until next time Ethos family! We’re getting close!

With much aloha,
KDP

https://upscri.be/27f3c1/