Connecting Financial Institutions With the Blockchain
Ethos.io, a cryptocurrency services provider, has unveiled its institutional blockchain solutions platform Ethos Bedrock. Ethos Bedrock is a high-performance Blockchain Financial Services (BFS) platform. Bedrock was built with the vision of making blockchain and cryptographic protocols as easy and accessible as internet protocols. Using Bedrock, institutions can safely and securely leverage tested, state-of-the-art digital asset technology and lay the groundwork for crypto financial services such as custody, liquidity, brokerage and lending.
The company’s flagship product, the Universal Wallet, runs on Bedrock APIs and is Bedrock’s first reference application. The infrastructure is up and running, supporting over 90,000 users worldwide and has performed over 400,000 transactions connecting with a variety of blockchain networks.
Founder and CEO of Ethos, Shingo Lavine said: “Nearly every fintech firm views blockchain as the next paradigm shift for digital finance, but the wide array of blockchain and crypto protocols and frameworks have long been complex and inaccessible – until today. Bedrock provides the infrastructure for a whole new wave of revolutionary blockchain-based products and services that will power the digital economy of the future.”
Bedrock includes structures that enable institutions to create their own crypto wallets, liquidity and custody services, as well as custom solutions for blockchain integration, alerts, identity and transaction monitoring. It uses open peer-reviewed standards such as BIP32, BIP39 and BIP44. These standards enable institutions or their customers to safe-keep hundreds of digital assets through Ethos’ SmartKey technology. Bedrock also includes an abstraction layer that offers support for multiple blockchains and custom digital assets.
Bedrock is powered by the ETHOS token, which is designed to provide utility and access throughout the Ethos ecosystem. Bedrock business partners may utilize and stake the Ethos token to unlock access to the system, pay for the fees and receive discounts. A gas mechanism protects the network from resource greedy, malicious or inefficient applications and provides reduced fees, creating an ecosystem that operates efficiently and cost-effectively while delivering benefits to both businesses and consumers. The platform can be licensed under joint venture or custom engineering contracts and is designed to be customized for industrial-grade scalable and secure financial applications.