The total market capitalisation of cryptocurrencies is hovering around $136 bln, according to coinmarketcap.com. There’s a growing interest in these new assets, and users need a simple way to access them. Exchanges are the gateway to cryptocurrency, and offer investors and users a chance to transform their fiat money into crypto and the other way around. However, exchanging assets still remains a daunting challenge that requires navigating several exchanges and using multiple wallets.
The quest for building a better exchange and a more secure wallet has led to a centralised vs. decentralised exchange debate. In a centralised exchange, all transactions take place in a central location and involve transfer of assets to the exchange. Convenient but unsafe.
Decentralised exchanges offer redress but they post their own challenges, such as liquidity risk. Eidoo, a Swiss-based hybrid exchange and a multi-currency wallet, offers the best of both the centralised and decentralised worlds and at the same time.
The combined benefits of a centralised and decentralised exchange aside, Eidoo is offering security in the form of keeping keys on user mobile devices, as well as giving full control over owned cryptocurrencies to their clients. They also promise higher speeds and scalability compared with other decentralised exchanges.
Eidoo has applications for both Android as well as iOS. Since Eidoo combines an exchange and a wallet all in one go, it is possible that this is the only app anyone would ever need to deal with cryptocurrencies. As it is said on their website, “We want to make only one application, extremely easy to use, and bring the crypto world to the end user; a bridge towards worlds that at this time, as a user experience, are not so close to one another.”
In a press release made available to Cointelegraph, Eidoo announced that Thomas Bertani has been appointed the new CEO of Eidoo. Thomas is known for his work at Oraclize. Eidoo will also be entering into a strategic alliance with Oraclize.
“The Eidoo project vision is somehow complementary with the one I have been working on the last few years. Thanks to the joined effort of several teams which are now coming together under the same umbrella, a new strong foundation was formed to build production-grade Blockchain apps which are both easy and secure. There is a long way ahead, but a lot of great work has already been done, proving why the Eidoo team is so exciting.”
- Thomas Bertani, new CEO of Eidoo
At the moment, crypto users have to use n-number of wallets and different exchanges to conduct transactions. This means keeping tabs on what they are using and exposing themselves to exchange-based risks. Then there is the question of a split between technologies, such as Bitcoin and Ethereum. Eidoo has the potential to repair this schism and bridge the fragmented industry.
They are going to be deploying two independent teams for Bitcoin and Ethereum that will work on these technologies and provide the best outcome for users. The wallet will offer access to Bitcoin, Ethereum and all ERC20-based tokens. They have also got plans to add other currencies like Litecoin, ZCash and so on. A whitepaper outlining their plans is available.
If Eidoo have their way, they will take the avatar of a Swiss knife of Blockchains, something which would be a convenient one-stop solution. Perhaps it is high time that happened.
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