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.
At the moment it is not possible to give unique names and symbols to the Ethereum tokens: you can create tokens that have the same name or symbol to other pre-existing tokens.
This is a relevant problem for a simple and secure use of digital currency wallets because each token has a different Ethereum address, but the human eye is unable to handle complex alphanumeric codes with ease, so each token must be recognized with a name, an abbreviation and with a symbol.
The Eidoo’s Solution
Eidoo implements a special index that will group any token issued by companies with legal and/or informal personalities or 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
So, first of all, Eidoo is a multicurrency wallet designed for the mobile world, a single integrated environment that manages all tokens automatically, without any configuration.
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 in the market appears to be most successful.
Our attention is focused on offering to users a complete product allowing them 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.
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 the users, we asked what they would need to manage their cryptocurrencies in a simpler way.
So we decided to start from the basis function of a wallet that allows to manage all the ERC20 tokens, making transactions 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 includes also a fully decentralized market (similar to an app store) based on the blockchain and decentralized storage technologies that will allow to have 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 allow to recharge debit cards directly from the Eidoo wallet without leaving the application, so 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.