Ethos Network Launches Credibility System Amid Crypto Scams Surge
1min read In the decentralized world of cryptocurrency, where scams and fraud are prevalent, Ethos Network has emerged as a platform aiming to establish credibility and trust. Founded by Trevor Thompson and Ben Walther, Ethos Network was born out of frustration with the rampant scams plaguing the crypto space. Thompson, who has extensive experience in crypto trading, witnessed firsthand the fraud and scams that have become more apparent in recent cycles. This inspired him to develop a solution to address these issues.
The concept for Ethos Network crystallized after Thompson's experience with Friend.tech, a social platform where users buy and sell "keys" tied to Twitter accounts. While Friend.tech introduced the idea of tying on-chain actions to social identity, it fell short of addressing trust and credibility. Thompson and Walther saw an opportunity to build a system that ties someone’s on-chain actions to their real-world identity and documents that on-chain.
Ethos Network, which launched in January, aims to create a "proof of credibility" system. Users can vouch for others by staking money against their reputation, and these stakes can be withdrawn at any time. The platform assigns "credibility scores" to participants based on how trustworthy they are, similar to credit scores but focused on social standing. These scores are determined by the platform's most engaged and reputable members.
One of the key features of Ethos Network is its vouching system, which allows users to propose slashing someone’s credibility score by staking their own reputation. If the majority agrees, the target loses credibility points. This mechanism is inspired by proof-of-stake blockchain networks and is designed to hold people accountable and ensure the system remains fair.
Ethos Network is still in its early stages, with around 1,000 users and a team of six builders. The platform is currently invite-only, a decision the founders say is intentional to grow at a sustainable rate. Looking ahead, the team is exploring features like reviews built with zero-knowledge technology, which would allow users to leave anonymous reviews while still proving their credibility. This could help people share honest feedback without fear of backlash.
The long-term vision of Ethos Network extends beyond crypto. The platform aims to create a world where reputation is portable and verifiable across platforms, whether it's hiring a freelance copywriter or making a peer-to-peer transaction. The mission is clear: to create a 