Aside from security, one of the biggest issues facing cryptocurrencies is universality. A few developers have tried to fix this problem with interoperability protocols, but few have actually made any real progress in nailing done the inherent practical difficulties associated with creating something truly universal. Ethos (ETHOS) is looking to change all that and its developers have deployed a platform that promises – and in some ways is already delivering – a universal wallet.
The practical application of this universal wallet is based on what developers at Ethos have called the Ethos Smartkey. It promises financial freedom in a simplified way and works across a triad of carefully thought out and excuted set of principles.
The first of these is encryption. Developers lets users generate a single 256-bit security key based around a 24-word mnemonic. This creates a safe and secure means of protecting user data, all from a single master encryption. This one key that rules them all acts as an overseer for all the private keys that generated and stored for individual wallets, hence the notion that this key as created by Ethos, provides true universality.
The second principle within this triad is the ability for Ethos SmartKeys to help users leverage the community spirit of other smarty key users. Under this system, users can leverage user feedback, providing the necessary feedback mechanism for improving the overall stability and security of smartkeys. It also helps to provide the scalability that developers need to ensure that the platform and its token will stick around and grow in form and capabilities as time wears on.
The third principle up[on which the triad is deployed is a the ability for users to access multiple assets and asset classes using one single hierarchically deterministic means of access. It’s a development that truly looks to harmonize the chaotic world of digital tokens and the divergent platforms that house them. One thing, for example, that this singular smartkey system brings to the table is the ability to grow an asset base across a variety of platforms. Users of say Bitcoin (BTC), can in theory swap and transfer assets from competing platforms like Ethereum.
Another tantalizing possibility that universality brings into play is the idea of merging fiat with the new age of digital currencies. This is a side-dream for many developers, especially those that have seen the push-back against digital tokens by governments around the world. A well-developed set of rules and a fully functioning platform for deploying such a merger could help redefine the way money is stored and spent.
The genius with which developers have deployed the Ethos SmartWallet also shows where digital platforms and currencies could be headed. Developers have conceptualized what they call ColdWallet, a means by which users can access their balances in a totally offline environment. This fully integrated system for dialing into a user’s balance is arguably one of the more robust features that come with universality. When it does come online (Ethos website says ‘coming soon’), it will be interesting to see what the uptake is like from users.
Of course there isn’t just the platform and Ethos’ token is also gaining traction among traders, users and investors. Currently the token is trading for around $1.75 having reached a high of $2.48 in the last 30 days. Ethos has also recovered well from its 30-day low of $1.08 and has since June 24, steadily climbed to reach its current price of around $1.75. The larger macro-numbers are compelling too. Ethos has a 24-hour volume of $7.85M and a market cap currently of $135.35M. This universal wallet and token created by Ethos is definitely one to watch in the future.