If you're in the market for a mobile ethereum purse that provides quick and easy access to the world's best smart insurance network, while providing high security and protection for your private keys, you may be interested in Eidoo.
Introduced in August 2017, Eidoo is a multi-currency wallet that is easy to use and very safe. Although Eidoo is not exactly right for most Ethereum users looking for a portable ETH enabled wallet, as well as for ERC-20 and ERC-223 tokens, it has a lot to offer.
The ultimate goal for the team behind Eidoo is to create a comprehensive and easy-to-use "blockchain-to-human interface".
What makes Eidoo so special?
As mentioned earlier, Eidoo supports all tokens associated with the Ethereum ecosystem. This means that you can save all ERC-20 and ERC-223 tokens. Waltonchain (WTC), Zilliqa (ZIL), Aeternity (AE), 0x (ZRX), Maker (MKR), Augur (REP), Status (SNT), KuCoin Stock (KCS), OmiseGO (OMG) ), VeChain (VEN), Binance coin (BNB), Loopring (LRC). For a complete list of supported tokens, visit the wallet's official website.
Automatic token recognition
Eidoo uses a system that automatically identifies all tokens. This means that you do not have to configure each wallet to work with a specific set of tokens. Eidoo offers you a single (main) address for ERC-20. ERC-223 and ETH tokens.
For starters, it's worth noting that Eidoo is 100% free and can be downloaded for iOS and Android from the respective stores on the platforms. In addition, the wallet can be purchased in the form of a desktop app for all common platforms (Windows, Linux and Mac OS). More download options can be found here.
Hybrid crypto exchange
One of Eidoo's key highlights is the integrated multi-currency hybrid currency. This means that you can easily trade ETH types and all types of ERC tokens. Eidoo Hybrid Exchange is based on smart contacts that allow you to trade your ETH and ERC-20 tokens through Atomic Swaps (intelligent contracts that perform automated procedures, such as money transfer based on various user-based statements). For more information about Eidoo's Hybrid Exchange, see the official section.
First of all, it should be noted that Eidoo is an HD (Hierarchical Deterministic) purse. This means that it can store Ethereum and ERC-20 tokens while generating a hierarchical tree of private and public addresses.
As expected, with Eidoo you can keep control of your private keys permanently. The wallet also has good backup and restore features. You can easily back up and restore all crypto volumes using a 12-phrase passphrase. The recovery tool will also help you if your phone gets broken or lost.
Getting started with Eidoo
Once you have downloaded the application and installed it on your mobile device or computer, you can start using Eidoo immediately because the wallet offers a very straightforward user interface. For the purposes of this guide, we use the mobile version of the app.
To begin, tap Create New Wallet, agree to the Terms of Service. Set a password to control access to your wallet, make a note of the 12-word backup phrase (and keep it in a safe place) and enter anything 12 words to secure your wallet.
To receive payments, tap the QR code icon in the top right corner of the screen. The wallet address can be copied, or you can use the QR code to check if your tokens are being sent accordingly.
To make a payment with Eidoo, find and select the token you want to send and tap Transfer. Insert the recipient's wallet address in the To field or scan the QR code. Enter the amount you wish to transfer. Tap Advanced to set priority, throttle limits, and other factors. Tap "Send" to complete the process.
Advantages and disadvantages
As mentioned at the beginning of this report, Eidoo has many advantages. One of Eidoo's most impressive features is the support of the wallet for such a wide range of Ethereum tokens. The wallet is also very user-friendly, has strong security features and is available for both mobile devices and desktops.
The main disadvantage of Eidoo is probably the fact that it is still a novice in the market. This means that the strong reputation that other purses already have in this segment is lacking. As this product is a new product, several aspects are still under development, such as the desktop version (currently in beta) and the hybrid replacement (which is currently under development). Another major drawback is the fact that other cryptos outside the Ethereum ecosystem are not supported.
In summary, Eidoo is a very good wallet for those who want to hold ETH and ERC tokens. It is not the most versatile wallet on the market (as other popular cryptos are not supported). However, if you are only interested in ETH and ERC, this is definitely a very good choice.
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Contribution Source: The Ultimate Eidoo Wallet Review
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