Ethos is an emerging tokenized reputation protocol aimed at addressing trust issues in cryptocurrency.
Author: Eli5DeFi
Translation: Deep Tide TechFlow
The cryptocurrency space is rife with scammers and various suspicious activities. The launch of @ethos_network aims to distinguish the good from the bad through tokenized reputation.
Here are the reasons why Ethos stands out 🧵
Ethos 101
Ethos is, in a sense, a tokenized reputation platform that builds a trustless and verifiable system to represent the credibility of accounts in the crypto space.
Ethos's reputation score is based on community sentiment and public interactions from accounts like Twitter and ENS to measure credibility. A detailed breakdown can be seen in each Ethos profile, primarily including:
Peer reviews
Community votes on your profile
Number of supporting endorsements
Reciprocal endorsements
Ethereum staked on your reputation
Age of your Twitter account
Age of your Ethereum address
It is important to note that these scores aggregate user feedback and metrics but are not absolute measures of reputation or character; these standards are dynamic and may change over time.
To participate in Ethos, you must be invited by a registered member who has already achieved a certain score, adding a layer of verifiable trust.
How to Use Ethos
In Ethos, you earn points and reputation scores by:
Reviews
In reviews, you can evaluate your peers by giving positive or negative feedback. You can also vote to support or oppose other reviews.
Endorsements
Endorsements involve staking your $ETH to an Ethos account as a sign of financial support. This indicates strong backing and credibility.
Staking more Ethereum means more trust. The endorsed party cannot access these funds; they merely represent trust.
You can also collaborate with your peers to achieve a 3,3 (originating from a cooperative strategy in game theory where participants achieve a win-win outcome through mutual cooperation) by endorsing each other, thereby amplifying both parties' reputation scores and rewards.
Through endorsements, you can also receive the following incentives:
Users can earn 1% when endorsed by others.
If a user endorses someone else, they can earn up to 4% from future endorsements, but limited to the initial amount.
A 1% protocol fee also applies when endorsing or unendorsing.
Penalties
Penalties allow trusted Ethos users to flag unethical behavior. If successful, the accused's score will drop by the amount of the stake. If unsuccessful, the accuser's score will drop. If the conclusion is unclear, the score remains unchanged.
Before someone can penalize other Ethos accounts, several requirements must be met, and the impact of the penalty will be capped based on the punisher's score.
Ethos Market
If you think that's all, consider this core feature that illustrates why tokenized reputation is a truly novel concept: the reputation market.
The Ethos reputation market is based on Hanson's LMSR, similar to @polymarket, but with some key differences. Here, you can trade and speculate on the reputation gained from Ethos accounts by choosing to trust or distrust them. Prices will fluctuate with changes in sentiment, and the market will never resolve.
However, since reputation can change dramatically if an account faces controversy, it is also susceptible to manipulation, similar to how whales might influence the market on Polymarket through large bets.
Summary
Ethos is an emerging tokenized reputation protocol aimed at addressing trust issues in cryptocurrency. It combines community reviews, rewards, Ethereum-based endorsements, and a reputation market to create a dynamic and real-time updated measure of credibility.
Ethos decentralizes trust by allowing users to verify each other, rewarding good behavior, and flagging bad behavior, all done on-chain without a central authority. This transparent system provides clear and native signals for trust, opening up new opportunities for decentralized autonomous organizations (DAOs) and decentralized applications (dApps).
I believe Ethos is a key step for Web3, helping communities rebuild trust and accountability in a decentralized world.
Source: Eli5DeFi; Translation: Deep Tide TechFlow
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