Startups

Eidoo: The Friendliest Multi-Currency Wallet in Town

You know how that famous Bob Marley saying, the one that goes like “If she is easy, she won’t be amazing”? Well that can very well be applied to the blockchain tech and cryptos, sort of. In the sense that if you settle for ease, you will probably be compromising on safety and all the other advantages of the blockchain technology. As alarming as it might sounds, it is in fact true. Blockchain tech isn’t the first thing that comes to your mind when you think of user-friendliness.

However, amongst the plethora of platforms powered by blockchain, here is one that is working on enabling an extremely user-friendly experience without the rather inconveniencing bit of compromising on safety and other blockchain features. With a “blockchain-to-human” interface, amongst other features, Eidoo is aiming to make it easy, intuitive and consistent. Thus simplifying communication between blockchain and the users.

What is Eidoo?

Eidoo is basically a multi-currency wallet, described by the team as a “blockchain asset experience”. The main mission of the Eidoo team is to make the managing of blockchain-based digital assets, easier for all its users. As of now, the wallet only focuses on Ethereum and tokens on its blockchain but a Bitcoin wallet is in the pipeline and is scheduled to be launched soon.

How Does Eidoo Work?

The Eidoo project is focused on covering two rather ambitious yet strikingly different fields in an effective way. The embodiment of its vision for a user-friendly and secure wallet for blockchain-based “smart” digital assets is in the following,

  1. An efficient, user-friendly and versatile turn-key Ethereum implementation which is based on the ERC20 standards and EVM smart contracts, which is embedded with a token system in order to fund its development.
  2. A secure, scalable, and privacy compliant Bitcoin implementation, which is based on the RGB asset protocol and off-chain computing with traditional non-profit open-source funding.

In the near future, Eidoo aims to have an Ethereum light client on mobile devices. However, presently it makes use of a compromise built with servers to index blockchain data, through which clients on a user device access to obtain information relating to it. The users have the added option of using the Ethereum node of trust in order to verify the obtained information.

Eidoo has made it crystal clear that the element of security is of immense importance for the platform. Hence, as safety measure the Eidoo Ethereum Wallet applies an index which is responsible for grouping tokens that are issued by companies with legal personalities or legitimate tokens. And under the circumstances of any token having similar names, abbreviations, symbols, as those of the tokens already present in this special index, it will be labeled as untrusted. This entire process will help in avoiding scams, phishing attacks, and even petty misunderstandings.

The Eidoo Bitcoin Wallet, on the other hand, will be handling assets on the Bitcoin blockchain in a way that is both, secure and easy to understand. What makes the wallet more secure, is its ability to generate deterministic key pairs of 12 or 24 words, which is much more safer than passphrase.

Features of Eidoo

HD Support

Eidoo supports hierarchical deterministic structures, which means that it facilitates the users in creating sub-wallets, all the while keeping the address of their main wallet, private.

Easy Management

User friendliness in one of Eidoo’s key features, and users can read QR codes, send and also receive digital currencies, etc. with ease.

Contact List & Transaction History

All the Ethereum addresses are stored in a standardized way, thus all the transactions can be viewed at a single place.

Eidoo Exchange

Eidoo has a built-in hybrid exchange, through which users can trade easily between ERC20 and ETH assets, that too at a lower fees.

Private Keys Managed by Users

The private keys are solely in the hands of the users and not held by Eidoo. Instead, every user is in charge of managing their own private keys. This makes the keys completely decentralized.

Storage

Eidoo is well capable of storing Ether, along with other tokens on the Ethereum blockchain.

The Eidoo Token

In order to fund the development of the ecosystem, an ERC20 token, EDO will be created on the Ethereum blockchain. The participation on the Eidoo token sale can only be done on the app itself (Google Play | App Store).

The Eidoo Team

Eidoo's Team
Source: https://eidoo.io/company/

You can read the whitepaper here.

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Abeer Anwaar

Abeer holds a Bachelors degree in Media studies and covers blockchain startups for BlockPublisher. An optimist, excels in the art of the written word and swears by the joy of all things sweet. Email: abeer@blockpublisher.com or contact the editor at editor.startups@blockpublisher.com

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