Ethos Secures $1.75M Pre-Seed Funding from Collective Angel Investors to Validate “Proof-of-Credibility” via Chainwire

Austin, United States, July 2nd, 2024

Ethos is set to enhance Ethereum’s existing validation capabilities to confirm user credibility on-chain, a concept known as “social validation."

The decentralized social (DeSo) application, Ethos, which aims to establish reputation and accountability on-chain, has successfully completed a funding round of $1.75 million. This round was led by a notable group of web3 angel investors, including Bharat Krymo, James Hall, 0xQuit, Tre, Dingaling, Sighduck, Dragos, 0xMakesy, Zeneca, among others. The funds will be utilized to finalize the Ethos product before its anticipated launch on Base this summer.

Founded in 2023, Ethos Network functions as a credibility protocol that motivates users to stake their resources in other individuals. This mechanism helps crypto participants discern who they can trust within the web3 environment. Participants in the Ethos ecosystem will receive credibility scores, akin to traditional credit scores but reflecting social capital, with assessments determined by the most active and reputable users within the network.

“The most significant challenge in the crypto space is the persistent issues of fraud, scams, and rug pulls, which continue to drain resources from the community,” said Trevor Thompson, Founder of Ethos and General Partner at 0x5f Capital. “With over nine billion dollars lost annually to crypto fraud schemes, validating someone’s trustworthiness is critical to preventing the industry from being overrun by bad actors. With the closing of this funding round, Ethos is poised to address this by fostering a trusted environment characterized by increased accountability and accurately measured reputations.”

In the Ethos protocol, users can stake their Ethereum to endorse another individual’s credibility based on their personal assessment. Should the endorsed participant engage in behaviors deemed unacceptable by the network, their staked Ethereum will be forfeited. This, in turn, negatively affects the credibility score of the user who provided the endorsement. This dynamic encourages long-term participation in Ethos, allowing users to establish and validate their social reputation on-chain. Ethos is applicable across various sectors, including DeFi, NFTs, trading, gaming, community building, and DAOs.

“When the Ethos team initially presented their idea of creating a project centered on proof-of-credibility, I was captivated,” said esteemed angel investor Bharat Krymo. “Supporting this initiative was an obvious choice, and I eagerly anticipate the network enabling a safer and more trustworthy decentralized web.”

For more details, interested users can reach out directly to Ethos.

About Ethos:
Ethos is a decentralized social (DeSo) application aimed at establishing reputation and credibility on-chain, allowing users to stake their Ethereum in others to help crypto participants identify whom they can trust in web3.

Contact:
Margaret
Ethos
[email protected]