Why should I use Eidoo: a comparative analysis
Eidoo is a multicurrency wallet with a native hybrid exchange and numerous tools on the way that users will able to use thanks to our user-friendly mobile app.
As a few experts in the industry suggest that before joining a token sale, or using/buying a new tool, you should ask yourself what the differences between the new service and others are, and what advantages are brought to the industry.
This is not only in the event of joining a token sale but any time you are buying something.
This is the reason why we want to offer a comparative analysis that shows the diverse characteristics of Eidoo in comparison to other projects already on the market, including Coinomi, Exodus, and Jaxx.
Eidoo Wallet: BTC or ETH?
Eidoo doesn’t want to be the one choosing. We believe that the market should decide which platform better fits your needs.
This is why, under the same umbrella — Eidoo — you will find two independent teams (the Bitcoin team and the Ethereum one) working on their respective technologies trying to leverage their full potential while providing the very best they can get out of one another.
In the same application, in fact, you will find the same tools based on the two different technologies.
This means that you will find a wallet that manages Bitcoin, Ethereum and all the ERC20 tokens (the tokens based on the Ethereum blockchain) at the same time.
In the near future, Eidoo will also support Bitcoin and more cryptocurrencies such as Litecoin, ZCash and more.
Eidoo Mobile App
Eidoo aims at being a blockchain-to-human interface simplifying the interaction between the blockchain and its users.
According to this vision, we decided to design a mobile app (available both on App Store and Google Play) first, so you can manage your digital currencies on the way, creating only one tool that is incredibly easy to use.
The main problem of the blockchain-related world is very difficult to be used by the masses; this is why we wanted to have a user-friendly app you can use everywhere you are.
A mobile app “decentralizes” (compared to using a desktop application) the way you can manage your digital currencies, and this will disrupt the blockchain usage similarly to as e-commerce is revolutionizing traditional shopping.
This is why we believe that a mobile app is essential for whole cryptocurrency environment and we decided to design it as our first service.
A few other projects have a mobile app, but in the next paragraphs it will be evident how Eidoo will change everything you have been useing until now.
Automatic Eidoo wallet for ERC20 tokens
Eidoo is able (and will be able) to support all the Ethereum-based tokens (ERC20 standard) and we are the first to develop this feature.
This is the Eidoo main goal: managing all the tokens without installing different apps and wallets for each digital currency. Implementing this feature, Eidoo is the first wallet to be able to automatically detected all the ERC20 tokens and make them available for its users.
If you are not sure about what ERC20 tokens are, please read the list on Coinmarketcap (only if listed in the “Ethereum” platform column).
Eidoo Hybrid Exchange
We will implement a hybrid exchange to convert Ethereum to tokens and vice versa; later we will develop a decentralized exchange for Bitcoin.
It will be a hybrid exchange to overcome the common problems of the blockchain space related to scalability and security.
Eidoo is trying to solve both the problems in the same application so that the user can leverage the full potential of the financial products we see in the blockchain space while having security-strong guarantees and stay safe.
Our Ethereum-based hybrid exchange will be fully integrated with the app.
This is very important as today, once you deal with an exchange, you typically need to move your funds from your wallet to the exchange. This means that you need to open additional trust lines because you are not a custodian of the funds anymore, for example needing to trust an external party that they are not running a fractional reserve.
This is something that we want to solve thanks to a strict integration of the wallet with the hybrid exchange.
Thanks to such architecture the hybrid exchange will enable users to stay in control of the funds. This means that users will be custodians of their funds and won’t need to move them outside their trusted zone.
Due to the above therefore, all the trades in the system will work through a system called atomic swaps.
Not all the wallets enable you to have full control over your funds.
Eidoo gives you this “power”, meaning that you can extract your private keys through an external open source tool. This way you can use the 12 words you saved when you first used the app (backup phrase).
Since Eidoo wants to integrate all the possible services to have a complete app where you can manage all your assets in any way you like, the app will implement an ICO Engine to join token sales.
ICO Engine is an automatic system to participate in Initial Coin Offerings based on the Ethereum Blockchain, and it works through the creation of a smart contract previously authorized by the user.
Eidoo will be the first to integrate such tool.
More info can be found on the official website: www.eidoo.io
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