Ethos 2.0 Relaunches With Focus On Self-Custody
BY NICHOLAS SAY NOVEMBER 4, 2022
Ethos, the well-known cryptocurrency service provider, is back in business with Tuesday’s announcement of its new identity – Ethos 2.0.
The relaunch aims to give the project a new breath of life while delivering the firm’s original value.
Ethos Has Some New Ideas
The visionary underpinnings of Ethos, led by entrepreneur Shingo Lavigne, are solely focused on creating a fair, transparent, and secure financial ecosystem.
The team’s job is to continue to lead the firm on its original mission and to build Voyager “the right way/”
Ethos 2.0 rebranding came shortly after Voyager Digital’s bankruptcy. The distressed crypto broker and Ethos formed a strategic partnership in 2018 to integrate Ethos’ self-custody and wallet solutions to Voyager’s platform. The business relationship eventually split up earlier this year as Voyager shifted to a centralized direction.
Ethos 2.0 targets its services towards the specific group of novice and intermediate crypto users. The goal is to offer them full control over their digital assets and eliminate third party intermediaries.
The team also works on lifting the barriers when it comes to DeFi. The complexity of accessing trading and order-making remains a big concern that drives average users away from mass adoption.
Ethos aims to provide the ability and opportunity for users to easily take custody of their keys. Everyone can explore the benefits of self-custody solutions in a seamless and easy way.
On the heels of relaunch, Ethos 2.0 will also release its new key backup solution “Magic Keys” that allows users to recover their keys.
The solution employs the enterprise-grade encryption technologies, sharding and backup services, ensuring the utmost security when users interact with Ethos’ products. This is a forward step in security, self-custody accessibility, and people-powered vision.
While peer-to-peer networks for money transfers are made possible by cryptocurrencies, there are some risks involved.
Losing access to your holdings typically results in financial loss. “Magic Keys” will not only scale up protection but also add additional layers of support to help users who unintentionally lose their key.
The recovery process will ask users to upload the encrypted version, answer their security questions, and complete two-factor authentication. Ethos will unleash the third shard to recover the keys.
Once passing those steps, the system will make the third shard available and restore the keys.
It’s important to note that the key restoration is only processed under the user’s permission. Ethos does not have access to the user’s keys or funds, so users will always be in control of their keys.
In addition to the innovative service, Ethos’ rebranded version offers a number of important features, including Ethos Vault, Live Trading, Best Price Execution, Ethos Rewards, and Yield Seeker.
Ethos Vault is a self-custody crypto vault that safeguards coins, in addition to other security measures such as two-factor authentication and social guardian technology. The digital vault makes experience on the platform more secure for individuals.
Live Trading is a completely self-directed form of trading that takes place on the blockchain and carries no counterparty risk.
Best Price Execution lets users achieve the best possible price execution through the multiple trades. Ethos Rewards encourages users to trade in exchange for incentives.
Users can also gain bonus tokens through the affiliate program. Additionally, holding more tokens means lower ecosystem fees.
Yield Seeker enables users to discover options to stake their coins and customize smart contracts. Returns from staking are automatically deposited into your Vault.
Upon the return, Ethos also revealed its recovery token program aiming at Voyager victims in an effort to assist users affected by centralized entities in a decentralized environment.
Ethos plans to airdrop one billion ETHOS tokens to those holding VGX.