Ana Sullivan

Bitquence (BQX) Coin Transforms into Ethos Token — Will It Fail Again

by Ana Sullivan March 20, 2018

 

The Bitquence (BQX) coin is a typical example of a failed cryptocurrency project. After it was unable to meet the expectations of the community its developers created a new project — Ethos coin. Shortly after the team announced pre-registration for its universal wallet its value went down. The user community reacted negatively due to doubts about its potential adoption.

Ethos Coin Principles

The Ethos attempts to be a universal wallet that can support different cryptocurrencies. This is done by loading them to on Ethos's network. While the idea is unique there are substantial risks that are involved when using such projects. The main one is the fact that the users need to have absolute trust in the platform as they transfer ownership and information about their own cryptocurrency obtained on different blockchains. Potentially if a security incident occurs this can mean that all stored cryptocurrencies in a single wallet can be hijacked.

Ethos Greeted with Suspicion by the Cryptocurrency Community

The negative price fluctuations seem to be happening due to the way the community reacted to first release of the cryptocurrency tokens. Potential investors were careful when purchasing the tokens as they feared that it might be a risky investment. As a result of the team founders experience with the failed Bitquence (BQX) Coin project the coin did not manage to reach a high value. One of the reasons why the community remains doubtful about any possible mass adoption and beneficial use is the fact that it is not clear how exactly the coin will be used. A community airdrop program is being planned as an attempt to help attract the attention of potential investors.

The lack of a clear roadmap and the delayed presentation of the wallet software (by the end of Q1 2018) brings additional doubts about the coin's future. The Ethos team have not announced partnerships that can warrant a bigger purchase on the users part. In turn this is viewed as a failure to convince the community that there is a serious reason to buy the coins. Several several have also posted doubts about the technical feasibility of the project. They state that there are a lot of competitors that have a stronger community and developers and have still not managed to built a truly universal platform that is described in part in Ethos's concept.

While the capabilities of Ethos gives cryptocurrency users a convenient way to manage their earnings, the fact that the platform is still not ready leaves doubts about its success in the future.

 

Comments 0

Type the characters that you see in the box (5 characters).