Eidoo brings a Hybrid Exchange and Multicurrency Wallet to the Cryptocurrency world
As the crypto world continues to expand, it becomes clear that there will not be a single universal cryptocurrency. While Bitcoin is one of the most popular digital currencies, Ethereum is rapidly gaining ground.
For example, a recent report by Weiss Ratings has classified dozens of cryptocurrencies based on a number of metrics, and Ethereum has received a higher rating than Bitcoin. But while Ethereum and other cryptocurrencies are becoming more desirable, crypto owners now need a single application to take advantage of all the financial products in one place.
Swiss startup Eidoo has solved this problem by creating a mobile app that serves as a digital purse for Bitcoin, Ethereum and all ERC20 tokens. In addition, Eidoo acts as a hybrid exchange that allows users to sell, buy, issue and convert cryptocurrencies on a platform.
Simplified blockchain interaction
Eidoo aims to simplify the interaction between Blockchain and its users in order to focus on cryptocurrency. Eidoo does this by providing an easy-to-use application with a “human-to-blockchain” interface designed for all cryptocurrency needs. This will make the complexity of the crypto world easier to manage.
One of the key benefits of Eidoo is that ease-of-use is based on simplicity and control. Once users download the Eidoo Mobile App, they can back up all their multi-asset accounts and addresses as well as their signature keys. Eidoo simplifies and protects wallets by allowing users to access their cryptocurrencies in a place with a password consisting of 12 words. In an emergency, Eidoo also offers a “recovery tool” that allows users to easily provide their tokens.
In addition, Eidoo has announced in a blog post that the Eidoo wallet will soon become “hypersmart” by integrating artificial intelligence algorithms from the Swiss company ORS SA. This allows Eidoo users to automatically use AI algorithms when trading and investing crypto assets based on their own preferences and risk profiles.
Another way to distinguish yourself from other popular crypto currency exchanges is to automatically detect ERC20 tokens. According to the Eidoo white paper, it is currently not possible to enforce unique names and symbols on ERC20 tokens, meaning that users can create new tokens that have the same name or symbol as the existing one. However, this becomes problematic for the easy and safe use of a wallet. The Eidoo wallet solves this problem by implementing a special index that groups tokens issued by companies with legitimate tokens. Tokens that are not included in this special index are marked as “untrusted” to help people avoid fraud.
A hybrid exchange
In addition to its multi-currency wallet, Eidoo serves as a hybrid stock market that is expected to launch in the coming weeks. Currently, two teams – an Ethereum team and a Bitcoin team – are working on applications and evolving the Eidoo exchange.
The first pair of cryptocurrencies available on the Eidoo Exchange is EDO / ETH (EDO is the Eidoo token). Subsequently, ERC20 token pairs are reported to be started.
The hybrid architecture of Eidoo Exchange allows users to easily maintain complete control over their funds. User accounts are based on a smart contract from Ethereum where tokens are placed. This prevents the exchange from having unauthorized access to the user agent. Ethereum Smart Contracts are also used to settle and conclude trades.
The Eidoo Exchange also uses an off-chain order book and a server to provide end users with the familiar experience of traditional exchange. Users will be able to create as many orders as their trading balance allows, and they will not be charged until an order is reconciled and executed on Ethereum (smart contracts check reconciliation).
This process helps provide multiple levels of security while reducing the cost of gas in the chain. This shows how a hybrid approach in the future will be a good scaling solution for the exchange.
As with decentralized platforms, transactions between purses are also expected to have atomic swaps. This means that trading operations can only take place with a complete exchange; Otherwise nothing will happen.
It is also worth noting that users who open the Eidoo Exchange for the first time will be asked to do a small ETH transaction to cover Ethereum Blockchain fees and activate the Smart Agreement to enable the exchange on the account enable.
As if a multi-currency wallet and a hybrid exchange were not enough, Eidoo plans to implement a decentralized marketplace and debit card in the near future. As the crypto world evolves, Eidoo recognizes the importance of improving both the technology and the user experience to make the cryptocurrency mainstream and accessible.
Write: Richard Abermann