Eidoo Wallet Provides Interoperability Across Multi-Cryptocurrencies

Traditional private equity firms have been slow to venture into blockchain and cryptocurrency investments. Even as major companies around the world join blockchain consortiums, owing to immature companies and technologies some investors are taking a wait-and-see approach. Digital Identity is a new investment firm (founded in 2016) but its investment team members are veterans in the young blockchain world.

This week, two of Digital Identity’s companies are readying to move toward commercialization with a state-of-the-art mobile multi-cryptocurrency wallet. In a market becoming saturated with new wallet offerings, Eidoo has developed a cryptocurrency wallet with a hybrid exchange featuring advanced security and interoperability functions across currencies. A portfolio company Oraclize is providing the critical data security layer.

It is a smart strategic alliance, in which DI is investing all its knowhow. The Eidoo executive is made up of DI team members including co-founders Marco Polci, a smart contract and token security audit expert, as CTO; CFO Natale Ferrara, also a co-founder of Blockchain Invest; and senior advisor Paolo Rebuffo, a technologist and popular Italian social media figure. CEO Thomas Bertani, a co-founder of Oraclize, is a former software engineer with CoinTerra, the maker of bitcoin mining semiconductor processors and systems, and founder of cryptocurrency exchange Bitboat.

Adding Value to Digital Wallets

The Eidoo wallet supports bitcoin, ethereum and ERC20 tokens, and plans to accommodate many more digital currencies in the future. Different from the first generation of cryptocurrencies primarily used for trading and investment purposes, the current generation of tokens are mostly used in the buying and selling of products and services. From online travel services to green power purchases, analysts are forecasting rapid growth in new custom token issuance. The average e-commerce shopper will inevitably acquire tokens and need a multi-cryptocurrency wallet. Token issuance is also soaring in the gaming world. Ferrara’s Blockchain Invest has invested in 500,000 BitCrystals (BCY) used in the game Spells of Genesis.

Recognizing the high growth potential for multi-wallets, the Eidoo mobile wallet provides a simple, intuitive user interface by making it easy for digital currencies to interoperate. Adding multi-wallets, however, introduces a compromise between flexibility and security. Eidoo is seeking an edge by applying the most advanced and novice blockchain technology to design security features that keep digital money safe.  

Eidoo is positioning itself as a value added integrator for the inevitable mass migration to a multicurrency wallet solution. The wallet is a full featured digital purse, offering a debit card and hybrid decentralized exchange. Businesses can rebrand the wallet in their own name through its white labeling service.

‘Lightning’ Blockchain Trading

Through the hybrid exchange, Eidoo is bringing the same quality of trading services available for fiat currencies. This is accomplished through a decentralized/centralized model leveraging the Lightning Network—a scale-free network allowing for an infinitesimal amount of nodes via hubs. The challenge on the blockchain is the requirement to download the full transaction chain, or new smart contract, at each node—a timely task that increases with the length of the blockchain.

The Lightning Network P2P system makes the trading commitment on the blockchain but executes a non-public trade off the chain, while remaining loyal to the objective of avoiding the use of third parties who could potentially manipulate the pricing or other terms of a contract.

The app can be downloaded for Android or IOS.

Cryptopolis

Eidoo has set up shop in Cryptopolis, the emerging blockchain development hub in Chiasso, Switzerland on the border of Italy. Things seem to be done in compressed time in Cryptopolis. Oraclize’s seed round with DI was announced at the end of August, and Thomas Bertani took the CEO-ship position of Eidoo in mid-September, several weeks before the initial coin offering. Not to worry, Eidoo is ahead of many blockchain companies doing initial coin offerings while still in the incubation stage. The company says its wallet and hybrid exchange are in the late per-commercialization stage and can be tested by potential investors.

Eidoo tokens (EDO) provide access to premium functions of the Eidoo wallet.  They further allow users to obtain special bonuses delivered via an “air-drop”mechanism. Half of the tokens used to buy services via the Eidoo market and wallet will be destroyed, while the other half will be used to cover operating expenses. Investors can participate in the ICO through the Eidoo app. The ICO of 20 million EDO at $2.30 per token starts on October 4th and ends on October 16th. Ethereum is the accepted currency for EDO purchases.

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