What is Eidoo
Eidoo is a Swiss company (EidooSAGL) born in 2017 and established according to Swiss laws. The company is led by CEO Thomas Bertani, CTO and Co-founder Marco Polci, COO Andrea Benetton and founder Natale Ferrara. Eidoo has different features and offers different services, indeed, summarizing Eidoo in one thing is a little reductive.
The Eidoo wallet enables the management of primary cryptocurrencies such as Bitcoin, Litecoin and all tokens based on Ethereum (ERC20), together in one friendly to use cryptocurrency wallet. The management of the wallet is simplified: it is possible to protect the funds with a single passphrase, in addition, sending and receiving digital currencies, reading QR codes and sharing your address with others is simple and intuitive.
Then, it allows you to check your balance and the latest prices of cryptocurrencies on the market while having access to all your digital assets through multiple devices, a problem faced by many mainstream currencies. Here it's possible to download the app for Android, Apple and Desktop app for the major Operative Systems.
The wallet is "Hierarchical deterministic" and allows you to create "sub-portfolios" to keep the address of your main wallet private. The private keys are encrypted on the smartphone and are not held by the company, therefore, the private keys are completely managed by the user.
The exchange integrated to the platform is called "hybrid" and it's halfway between a decentralized and centralized exchange. It's made in this way because the aim of the exchange is to bring to the user the best features from the traditional highly-scalable centralized world and the new highly-transparent decentralized one.
The centralized part deals with the management of orders to keep commission costs low and to guarantee a good performance of the infrastructure, while the DEX part manages active exchange accounts through smart contracts, allowing to trade cryptocurrencies in a semi-decentralized way.
Your account is linked to a smart contract on the Ethereum blockchain, no-one else is entitled to access or view your funds, so you can exchange cryptocurrencies with the built-in Atomic Swap feature through automated smart contracts. Each user has their own smart contract (or on-chain address) and he's the only one entitled to access funds. The smart contract also prevents unauthorized access by other identities, making it virtually impossible to steal funds from users.
There is also a system dedicated to handling the orders off-chain through the system of verification Oraclize, which uses the so-called authenticity proofs to show that the order matching is done in a fair and correct manner.
As a result, the service guarantees a high level of security for token properties and token transfers, while maintaining competitive fees. It's a good compromise between decentralization and convenience because Eidoo enables users to trade securely while staying in total control of the funds.
Here you can find their tutorial on how to install the Eidoo app and use the hybrid exchange.
With Eidoo you can verify your identity just once by setting up your EidooID profile and access all the services linking the ID to a Eidoo blockchain wallet to prove your identity when required. The identification process is secured by fraud-proof cryptography. Moreover, EidooID is available in most jurisdictions, but it requires to fill the KYC questionnaire and to get verified. Check your country!
How to increase hodlings
The latest version of the app includes a new section dedicated to DeFi where it is possible to buy and sell various tokens related to decentralized finance. Eidoo’s goal is to offer simplified access to these new tokens so that anyone can take advantage of them, therefore the Eidoo DeFi Exchange allows you to buy, sell and store DeFi tokens all in the same wallet. In this way, you can earn passive income by lending the coins directly to the app while monitoring the coin's performances, with the ability to easily buy and sell at any time.
At the moment the DeFi exchange includes the trading of Compound tokens, namely cUSDC, cWBTC, cETH, cREP, cBAT, cZRX and cDAI, which allow lending cryptocurrencies and obtaining an interest in return. The Eidoo app will be constantly updated with decentralized finance novelties, which means that new opportunities will be added over time.
Eidoo allows you to easily deposit and withdraw FIAT currencies. Besides, it would allow you to instantly convert in-app your crypto into GBP or EURO with your personal Eidoo debit card, so you can start spending in stores or online, or even withdraw from ATMs without no fees in Europe. Furthermore, card holders enjoy a high EDO cashback for qualifying purchases, where the amount of the cashback depends on your account level. In this way, you can be rewarded when you spend around the world in everyday life, keeping the cryptocurrency market active. In other words, the cashback gives you back a percentage of how much you spend your funds with your card.
The card is in a pre-order phase which ends the 15th of may 2020 (it has been delayed for two days by devs), and would be released in a few months. If acquired in pre-order, the card guarantees double the cashback, as shown in the next figure. Otherwise, the cashback is still available, but it's half of that in the representation.
The card will be connected directly with the Eidoo wallet (non-custodial) which means that the user has full possession of the cryptocurrencies as he holds the private keys.
There are three levels with different features:
- BASIC: To order the card one should burn 100 EDO tokens (the process is handled automatically), then the owner would have access to the advantages of this profile with a cashback between 0.5%-2.5% in pre-order (0 - 1.5% after). Check the price!
- VIP: To order this card one should stake 25000 EDO tokens in the app for one year, then the cashback is between 2.5% - 6.5% in pre-order (1.5% - 3.25% after).
- BLACK: The stake requirement is 200'000 EDO for one year and the cashback is up to 6.5%-10% in pre-order! (3.25%-5% after).
After the year of staking, the tokens aren't burned and are given back to the user. Furthermore, you can always upgrade your account by staking the EDO you get from cashbacks to be able to access the next benefits. The card is very easy to order through their app, but it requires the tier 2 level of verification.
The EDO tokens are utility tokens powered by the ethereum blockchain with a total number of coins 100 million units. The tokens are needed to fuel all the Eidoo services, however, they would be gradually burned through the platform's operations. Moreover, the EDO token can be used to pay fees and obtain a discount on the platform's services. It's also possible to participate in projects and token sales (ICOs, STOs and IEOs) through their "Eidoo Crowd" platform which then burns automatically some EDOs depending on the amount of funds obtained in the project. The image shows the process of burn on their site.
Finally, the token staked by these three levels of accounts would even more decrease the tokens in circulation, potentially unbalancing market law towards demand, hopefully increasing its price.
In conclusion Eidoo seems to be a good project with a lot of work behind and a good roadmap ahead. It aims to be a non-custodial safe wallet where it's possible to exchange cryptocurrencies with the advantages of the decentralized exchanged and the low costs of centralized exchanges, where it's possible to take advantage of the DeFi, but it's also possible to spend the crypto you earn and store in the same wallet.
- The strength of Eidoo is probably that all these components work in synergy in a easy to access environment, starting from keeping cryptocurrencies safe, to easily exchange and spend them in the comfort of one app.
- It could have a lot of potential.
- The exchange platform is quite new therefore its not too much liquid.
- The system requires a complete verification.
Clicking in the following image leads you in their website where you can find all the available informations about Eidoo. It is important to make your own research (there is a lot to discover). It's also linked to a ref-code, so we both can earn a bunch of cryptos. You can make your ref-code too. Happy hodling!