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Switzerland-based startup Eidoo creates a multi-cryptocurrency wallet and a hybrid exchange in one extremely easy to use app to bring the crypto world to the end user.
Thomas Bertani looks like he could be the local clergyman of the farming community around the Swiss canton of Chiasso bordering Italy. The speech of the CEO of local crypto wallet firm Eidoo is sermon-like as he explains his mission to help applications and data to interact on the blockchain.
Standing beside him at the local grocers, one would never guess he flew in from London where he is a pioneer in disruptive blockchain technology. Mr. Bertani is the lead technologist and founder of data carrier for decentralized apps Oraclize and popular cash-to-bitcoin exchange Bitboat.
At Eidoo, he is performing what many programmers might contend is Godly work – he has overcome the security chasms that make it difficult for multiple cryptocurrency wallets to seamlessly communicate.
This interoperability is what makes Eidoo a true multi-cryptocurrency wallet. Ethereum and bitcoin have mostly co-existed in a high friction world.
Even in digital wallets that hold both cryptocurrencies, minimal interoperability exists between the two. As long as this limitation exists, the freemium model risks being only a theory. Any gains from eliminating the middleman could be quickly eroded through trading and other transaction fees.
As new cryptocurrencies and tokens are introduced the friction and related costs will rise. Dozens of initial coin offerings were launched in September, introducing new custom tokens to the market.
Some of these coins will be used to fund technology development and operations and then be retired. Many others will become a currency of exchange for products and services sold over decentralized blockchain infrastructure.
Eidoo and Oraclize locked synergies as portfolio companies of Digital Identity, an investment firm investing in digital wallets and exchanges. Eidoo had a multicurrency wallet application built on the adaptable ethereum network, which enables different services to interact.
But the transactions, or smart contracts, could not interact directly with off-chain data (without creating security risks?). Oraclize’s data security layer connects to blockchain applications while generating an authenticity proof as evidence that Oraclize or other third parties did not tamper with the data.
Other security enhancements of the Eidoo wallet include automatic ERC20 token conversion, a mechanism to recognize ERC20 token replications — a security breach exploited by phishing scams—and label them accordingly, and the ability to recover lost private keys.
The Eidoo wallet views itself as a value added integrator, providing a debit card, hybrid exchange and market for goods and services.
Eidoo’s ICO Details
With the Eidoo wallet, Bertani has another disruptive blockchain project ready for commercialization, well ahead of many ICOs. Investors can test the blockchain-to-human wallet interface before the Eidoo wallet Initial Coin Offering.
The sale of the Eidoo token (EDO) (an ERC20 token) will be conducted through the Eidoo app, available on Android and IOS. The ICO has already started today and it will be finished on October 16th, 2017
The cap is 20 million EDO at $2.30 per token, which can be purchased with ethereum. EDO used in the exchange and market will be reduced by half, and the other half will be used to cover operational costs. When EDO runs out, it will be replaced by bitcoin and ethereum.