Ethereum is revolutionizing the blockchain concept by introducing the possibility to write and certify smart contracts on each single node of the network.
This design provides flexibility to blockchain uses that go far beyond the simple transactions of Ether (ETH, or the main digital currency that runs on the Ethereum blockchain).
In addition to the ability to execute and certify smart contracts, the Ethereum blockchain offers the possibility to create and manage new assets.
These assets are actually smart contracts based on the standard known as ERC 20.
Presently, it is not possible to assign unique names and symbols to Ethereum tokens: tokens can be created having the same name or symbol to other pre-existing tokens.
This is a considerable problem for a simple and secure use of digital currency wallets because while each token has a different Ethereum address, the human eye is unable to handle complex alphanumeric codes with ease, hence each token must be recognized with a name, an abbreviation, and a symbol
Eidoo implements a special index that will group together tokens issued by companies having both legal and/or informal statute, and legitimate tokens.
Tokens having names/abbreviations/symbols equal to those in this special index are labeled by Eidoo as “untrusted” in order to avoid scams and misunderstandings.
Multicurrency HD Wallet
Eidoo is, therefore and first of all, a multicurrency wallet designed for the mobile world, a single integrated environment that manages all tokens automatically, without any configuration needed.
New tokens (based on the Ethereum blockchain) are automatically detected by the wallet and made available for use.
In fact, the wallet handles bitcoin, ether and ERC20 tokens. In 2019, we will proceed to add more cryptocurrencies, after assessing what within the market appears to be the most successful.
Our attention is focused on offering to users a complete product that allows to manage complexity intuitively.
Eidoo Hybrid Exchange
Eidoo is also a hybrid exchange that will always maintain the keys on the mobile device, meaning that if the exchange has a bug or problem, you cannot lose the keys because the keys are kept by the user.
The exchange uses a feature known as atomic swap transactions.
This means that your cryptocurrencies will never leave your wallet until the exact time of the conversion.
The exchange will be developed in two phases:
- During the first, it will decentralize the trading between ethereum and its tokens:
- Subsequently, it will be extended to the trading pair ETH / BTC, trading which will initially be made possible with a centralized solution.
Eidoo will also implement a special feature to join ICOs.
This means that you will be able to participate and invest in ICOs by directly using your smartphone or tablet.
The ICO Engine is an automatic system to participate in Initial Coin Offerings based on the Ethereum Blockchain, and it works through the creation of auto-activated smart contracts (on the Eidoo server) previously authorized by the user.
The Ethereum Developers’ Approach
The Ethereum developers working on Eidoo decided to concentrate their effort on this blockchain because it allows for general purposes and flexibility in blockchain uses that go far beyond the simple transfer of value on its blockchain of Ether.
Focusing our effort on users, we asked ourselves what they would need to manage their cryptocurrencies in a better and simpler way.
We therefore decided to start from the basis function of a wallet that enables the user to manage all the ERC20 tokens, allowing transactions to take place in a safer and user-friendly environment.
But we don’t want to stop our work here as more tools integrated into the mobile app, as you can read in the paragraph below.
Ethereum Strategy Funding
In the long run, the Eidoo roadmap also includes a fully decentralized market (similar to an app store) based on the blockchain and decentralized storage technologies that will allow having a store without the need of downloading the full blockchain (light architecture).
Additional services will be created in the near future, in order to facilitate the use of cryptocurrencies: we plan to enable to recharge debit cards directly from the Eidoo wallet without leaving the application, hence the user will be able to fund both third-party debit card or an Eidoo-branded card.
Eidoo will allow to handle digital identity using technologies by integrating digital identity cards, creating identity-related addresses from which send or receive payments, so senders and receivers identity is certified.