Ethos Network Overview
Ethos measures credibility and reputation onchain.
The Story So Far
The biggest problem in crypto is that financial incentives are misaligned - fraud, grift, exit scams, and rug pulls continue to extract time and money directly. We are in the “Wild West” still, and believe that we must solve this problem in order to move the space forward. Ethos aims to create a more trusted environment, increase participation in the crypto economy, and "modernize" crypto society.
Modern society runs on credibility. Outside of crypto, one gets a job with a resume, checks reviews to choose a doctor, or gets matched with a 5-star Uber driver. Easily referenced, legible credibility is missing in crypto and Ethos fills that gap. Ethos provides a credibility score with a backing profile, akin to a credit report but with open protocols and onchain records. Ethos incentivizes ethical behavior via social Proof of Stake; a decentralized consensus-based validation mechanism driven by human values, judgement, and actions.
A New Credibility Platform
A credibility platform provides this capability without locking users into a single experience. A platform becomes part of the entire crypto infrastructure, not limited to one distributed app (dApp). The intent is that existing interfaces (Chrome plugins, Metamask snaps) and dApps may integrate and build on top of a shared foundation.
Mechanisms
By adapting consensus mechanisms Ethereum relies on today, Ethos can help solve the problem of “social validation” - what does it mean to be reputable? What does it mean to be trusted? Who is reputable and trusted, and how much?
The Ethos protocol provides the following set of interlocking mechanisms. Together these form a common platform, incentivize ethical behavior, and generate a credibility score.
Ethos provides the standard rate and comment interface. Reviews provide the ability to develop a reputation outside of financially backed stakes. | |
Participants may vouch their Ethereum (or in the future, other assets) in other people. This is the highest credibility signal on Ethos and is closest to traditional staking in Proof of Stake systems. | |
If a validator acts in bad faith, anyone who vouches them is able to pledge ETH to propose a slashing. If validators confirm unethical actions, slashing removes up to 10% of staked ETH from the offender's value locked in the Ethos contract. Rejected slashings will penalize the proposer by redistributing their pledged ETH instead. | |
To reflect authority, reputation, and influence from other sources, one may attest other social network profiles to connect them a single Ethos profile. | |
By interpreting social interactions generated by the above mechanics, Ethos generates a single numerical credibility score. | |
The profile highlights the credibility score and provides corroborating details. From the profile you can ascertain allies and enemies, praise and gaffes, kept and broken promises, etc. | |
As credibility is too powerful to leave in the hands of centralized influence, Ethos Labs will transition control of the scoring algorithm to participants. |
Impact
We believe that the crypto economy thrives when everyone can readily ascertain each other's credibility. A score comprised of a reputation of vouches, reviews, and connections should be sufficient to form a qualified understanding. This way Ethos helps everyone evaluate their trust with everyone they are working with or talking to, without breaking pseudonymity.
Ultimately the entire space will mature when everyone will expect a meaningful amount of credibility to fund a new project, have a trusted voice, or exchange goods for tokens.
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