Ethos, a people-powered blockchain platform, has announced the relaunch of its platform into Ethos 2.0 to bring an alternative to centralization in the crypto industry and a simple entry point into crypto.
Per the announcement, this relaunch aims to deliver on the promise of Voyager Digital Assets, as well as the original value proposition of Ethos. The platform noted, “The original vision of decentralization, transparency, and customer protection remains the primary focus, and the team aims to build Voyager the right way.”
Details About The Ethos Product
Ethos 2.0 product provides users with an account on a centralized exchange that gives full control and ownership of their funds without having to rely on the protection of entities.
In addition, by making self-custody an easy and frictionless experience, Ethos will help DeFi users intimidated by the complexity of some DeFi apps or the difficulty of transitioning to self-custody solutions.
Furthermore, following this rebranding, Ethos aims to provide an extensive range of products to help make self-custody easy, accessible, and available to everyone. Using a secure key backup solution called the Magic Keys’, which lets users recover their lost keys, Ethos will allow users to explore self-custody without compromise.
How The Ethos Key Works
Initially, users are allowed to create their keys themselves only if they want to trade. If a user loses their key, they are authorized to upload the encrypted version and answer some security questions, as well as complete two-factor authentication.
Once that is done, Ethos will release the third shard to restore the keys. And because Ethos cannot access user keys or funds or tamper with their essential data without their permission, the customer always remains in control at all times, according to Ethos.
Moreover, the Ethos platform provides users with some crucial features, such as the ‘Ethos vault,’ a self-custody crypto vault that allows users to keep their coins safe using security measures, including 2FA and social guardian technology. Other necessary features Ethos offers include live trading features, price execution, rewards, and staking opportunities.
Notably, in concern to helping users impacted by centralized entities in a decentralized world, Ethos has set aside 1 billion ETHOS tokens as “recovery tokens” to victims of the Voyager bankruptcy.
Establishing Its Presence In The Industry
Ethos was initially introduced to the public as Bitquence when it was first launched in the third quarter of 2017. The team opted to change the venture’s name to “Ethos” because the word “bit” had become overused for blockchain initiatives and had allowed the venture to become lost in the herd shortly after the venture’s public launch.
Shingo Lavine, the creator and chief executive officer of Ethos, envisioned the project from its inception as a blockchain platform that would simplify the day-to-day operations of its customers. This includes the goal of providing all supporting infrastructures within its own roof, such as digital wallets, rather than outsourcing the responsibility to third parties.
Lavine conceived the idea after observing how previous blockchain platforms produced solutions solely for people who were already knowledgeable about blockchain operations, leaving those with minimal knowledge of blockchain operations intimidated by the prospect of utilizing cryptocurrencies.
Ethos has been able to progressively develop its presence in the market by launching its own cryptocurrency, which bears its name, a wallet that can store a wide variety of other digital assets, and now Ethos 2.0, an alternative to centralization in the crypto industry and a simple entry point into crypto.
