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Funding
Ethos Network raises USD 1.75 million in pre-seed funding to confirm user credibility
Web3 Ecosystem
Jul 3, 2024
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Web3 Ecosystem

Web3 Ecosystem

Jul 3, 2024

Ethos Network raises USD 1.75 million in pre-seed funding to confirm user credibility

Funding

  • Ethos Network, a decentralized social network, has raised USD 1.75 million in a pre-seed funding round led by Bharat Krymo, James Hall, 0xQuit, Tre, Dingaling, Sighduck, Dragos, 0xMakesy, and Zeneca, among 59 community investors.

  • The funding will be utilized to finalize Ethos' product, which aims to extend Ethereum's validation functionality to confirm users' credibility on-chain via a "social validation" process, before its launch on Base later this year.

  • Formed in 2020, Ethos Network is a credibility protocol that encourages users to stake their Ethereum to vouch for others' trustworthiness. Participants will receive credibility scores based on the network's most active and credible users' judgment. If vouched participants exhibit unacceptable behavior, their staked ETH will be slashed, impacting the credibility scores of those who vouched for them.

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