Ethos 2.0 Relaunches in a Bid to Give the Crypto Industry an Alternative to Centralization, and a Simple Entry Point Into Crypto
Published: Nov. 1, 2022 at 3:35 p.m. ET
Reno, Nevada, Nov 01, 2022 (News Direct via Comtex) — –News Direct–
Ethos today is relaunching as “Ethos 2.0”. With this evolution, the team hopes to deliver on the promise of Voyager Digital Assets, as well as the original value proposition of Ethos. The original vision of decentralization, transparency, and customer protection remains the primary focus, and the team aims to build Voyager “the right way”.
Ethos 2.0 launches on the heels of Voyager Digital Assets’ bankruptcy. Despite merging with Ethos to use its decentralized technology, Voyager eventually moved to its own separate centralized solution. The company recently announced its bankruptcy after a period of suboptimal business conduct and the effects of the latest market contagion caused by 3AC capital.
The Ethos 2.0 product primarily caters to novice and intermediate crypto users with an account on a centralized exchange that look to take full control of their funds or prefer not to rely on these entities’ ability to protect customers. The team also hopes to aid DeFi users overwhelmed with the complexity of some DeFi apps, as well as users looking for easy and quick access to trading and order-making. Many crypto users also remain unsatisfied with user experience across crypto apps and are encumbered by the difficulty found in transitioning to self-custody solutions. By making self-custody an easy and frictionless experience, Ethos will tap into that audience and remove the hurdles.
The rebranded Ethos, or Ethos 2.0, will focus on providing a robust product that will help make self-custody easy and accessible by making it available to everyone. In addition, there is a frictionless trading experience as users do not sacrifice market access for security. All this is achieved through Ethos’ secure key backup solution ‘Magic Keys’, that lets users “unlose their keys”. The service features enterprise-grade key encryption, sharding, and backup services. Moreover, it focuses on helping users explore self-custody without compromise. The experience will be fun and engaging and will reward ecosystem participants.
Under the hood, Ethos lets users create their keys, but only if they want to trade. Should the user lose their key, they can upload the encrypted version, answer their security questions, and complete two-factor authentication. Ethos will release the third shard to restore the keys. Ethos cannot reconstruct this crucial data without user permission and has no access to user keys or funds. Instead, Ethos never has access to customers’ keys, and the customer remains in control at all times.
The splitting of keys is possible through enterprise-grade key sharding. It is a big step toward letting users secure their holdings through a sleek and convenient security solution.
Other crucial features provided through the Ethos platform include:
- Ethos Vault: keeps coins safe as a self-custody crypto vault. Additional security measures include 2FA and social guardian technology.
- Live Trading: 100% self-directed trading on the blockchain with zero counterparty risk.
- Best Price Execution: Ethos crawls dozens of decentralized exchanges for best trading ratio executions. Trades can be split across multiple providers for optimal price execution.
- Ethos Rewards: earn Ethos tokens for every trade and unlock bonus tokens for leading about DeFi. Holding more tokens reduces ecosystem fees.
- Yield Seeker: Discover staking opportunities and generate personal smart contracts. Staking returns are deposited automatically in your Vault.
Additionally, Ethos will offer “recovery tokens” to victims of the Voyager bankruptcy, in a bid to help users who’ve been impacted by centralized entities in a decentralized world. One billion ETHOS tokens are set aside for these efforts. More information on their distribution will become available soon.
Reckless centralized exchanges have hijacked control and eliminated transparency, costing customers billions in lost assets. Ethos 2.0 is bringing control and transparency back to the people by making the acquisition and custody of crypto easier and safer than ever.