Ethos Announces 1.75M Pre-Seed From Collective Angel Investors to Confirm “Proof-of-Credibility”
Austin, United States, July 2nd, 2024, Chainwire
Ethos plans to extend Ethereum’s existing validation functionality to confirm a user’s credibility on-chain, something Ethos calls “social validation”
Ethos, the decentralized social (DeSo) application bringing reputation and credibility on-chain, today announces the close of its $1.75M 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 going live on Base later this summer.
Founded in 2023, Ethos Network is a credibility protocol that encourages users to stake their Ethereum in other people, enabling crypto participants to understand who they can trust in web3. Ethos participants will receive credibility scores, similar to credit scores but for social capital, and the determination of a user’s credibility score will be decided by Ethos’s most active and credible users.
“The biggest problem in crypto is that fraud, grift, scams, and rug pulls continue to extract time and money directly from the space,” says Trevor Thompson, Founder of Ethos and General Partner at 0x5f Capital. “In light of the over nine billion dollars paid annually into crypto fraud schemes, it’s more important now than ever before to validate someone’s trustworthiness so the industry doesn’t become overly saturated with bad actors. With the close of this round, Ethos plans to solve this problem by creating a trusted environment built on increased accountability and accurately measured reputation.”
As part of the protocol, users in 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 vouched participant performs what the network considers unacceptable behavior, their ETH will be slashed. The social credibility score of the original Ethos user who vouched for them will then be negatively impacted. This process encourages people to participate in Ethos over time as they are now able to build and validate their social reputation on-chain.
Ethos can be used across all industries whether it be DeFi, NFTs, trading, gaming, community building, DAOs, etc.
“When the Ethos team originally walked me through the idea of building a project centered around proof-of-credibility, I was hooked,” comments renowned angel investor Bharat Krymo. “Supporting this team was a no brainer, and I look forward to seeing the network provide a safer and more trustworthy decentralized web.”
To learn more, users can visit their website and follow them on Twitter.
About Ethos:
Ethos is a decentralized social (DeSo) application bringing reputation and credibility on-chain. It allows users to stake their Ethereum in other people so crypto participants understand who they can trust in web3.