Austin, USA, July 2, 2024, Chainwire
Ethos plans to extend Ethereum’s existing validation functionality to confirm a user’s credibility on the chain, something Ethos calls “social validation.”
Ethos, the decentralized social application (DeSo) that brings reputation and credibility on-chain, today announces the close of its $1.75 million funding round led by a collective group of prominent web3 angel investors including Bharat Krymo, James Hall, 0xQuit, Tre, Dingaling, Sighduck, Dragos, 0xMakesy, Zeneca, and others. The round will be used to finalize the Ethos product before launching on Base later this summer.
Founded in 2023, Ethos Network is a credibility protocol that encourages users to stake other people, allowing cryptocurrency participants to understand who they can trust on Web3. Ethos participants will be given credibility scores, similar to credit scores but for social capital, and the determination of a user’s credibility score will be decided by the most active and credible users on Ethos.
“The biggest problem in the cryptocurrency industry is that fraud, scams, and cons continue to directly steal time and money from the industry,” said Trevor Thompson, Founder of Ethos and General Partner at 0x5f Capital. “With over $9 billion paid out annually in cryptocurrency fraud schemes, it’s now more important than ever to validate someone’s trustworthiness so the industry doesn’t become oversaturated with malicious actors. With the closing of this round, Ethos plans to solve this problem by creating an environment of trust based on increased accountability and accurately measured reputation.”
As part of the protocol, users on the Ethos network can stake their Ethereum to vouch for another person’s credibility based on their personal judgment of whether they believe the other person is trustworthy. If the endorsed participant engages in behavior that the network deems unacceptable, their ETH will be drastically reduced. The social credibility score of the original Ethos user who vouched for them will be negatively impacted. This process encourages people to participate in Ethos over time as they can now build and validate their social reputation on-chain.
Ethos can be used across all industries, be it DeFi, NFTs, Trading, Gaming, Community Building, DAOs, etc.
“When the Ethos team presented me with the idea of creating a project focused on proof of credibility, I was hooked,” says renowned angel investor Bharat Krymo. “Backing this team was an easy decision and I look forward to seeing the network provide a more secure and trustworthy decentralized web.”
For more information, users can visit their website and follow them on Twitter.
About Ethos:
Ethos is a decentralized social application (DeSo) that brings reputation and credibility to the blockchain. It allows users to stake their Ethereum on other people so that cryptocurrency participants know who they can trust on the web3.
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This article was originally published on Chainwire
