EDO: platform overview, features, earning on EDO cryptocurrency
Eidoo is a hybrid platform with multicurrency wallet and cryptocurrency exchange functions. It is created on the basis of Ethereum and allows one to make any transactions with any tokens of the startups in Vitalik Buterin’s network. EDO, as well as ETH and BTC act as means of payment. In this article you will learn about Eidoo cryptocurrency, its developers, strengths and weaknesses of the platform, its prospects and where you can buy EDO.
Eidoo - mobile hybrid cryptocurrency exchange with a wallet function
The number of crypto currencies is growing every day. As of May 2019, almost 2,200 have been listed on start-up exchanges. Some are independent, others are built on Ethereum blockchain and other platforms for decentralized applications. How can one quickly find and exchange the desired cryptocurrency in all this mess? The exchanges prefer large coins, so those wishing to buy a cryptocurrency from below the TOP-300 do not have a lot of options – just a couple of exchanges to choose from. Eidoo decided to act as a guide of the cryptocurrency world by simplifying the search for the desired startup in a mobile app. Read the review to learn what Eidoo is, how the platform can be useful to users and investors, and what can be expected from it.
Eidoo cryptocurrency: description, benefits and how to make money on it
Eidoo appeared on the stock exchange in October 2017. It is a multi-currency wallet that simplifies the interaction of ordinary users with the BTC and ETH blockchain. This is a mobile app that supports all Ethereum-based tokens with the ERC20 and ERC223 standards. Also, Eidoo is a hybrid cryptocurrency exchange, which supports private keys on a mobile device (in case of problems with the platform, private keys remain on the user's device).
Suppose you have an Android or iOS smartphone and you need to download a certain app. You go to Google Play or App Store depending on your operating system and download what you need. Eidoo (eidoo.io) is a similar mobile platform (as Google Play for Android), only for Ethereum. Its task is to provide a quick search of the desired cryptocurrency in the Ethereum environment. You can download Eidoo on your smartphone via Google Play or the App Store.
The coins cannot be mined. About a third of the total issue of coins (a little over 90 million) is in free circulation, of which 20 million tokens were issued during ICO. More than a dozen companies are the platform partners, but there are no large institutional investors among them.
Advantages of Eidoo cryptocurrency:
• License by regulator. In April 2017, Eidoo obtained a license from the Swiss FINMA Financial Services Standards Association (national regulator).
• Security and privacy. I will not go into the details of data protection and storage technology. Let me just say that making transactions is really convenient and the commissions are minimal.
• Cheaper transactions due to the fact that no intermediaries (cryptocurrency exchanges) are involved. The platform itself does not charge commission.
I will list the disadvantages of Eidoo cryptocurrency in the Prospects section.
In September 2018, Eidoo surprised the cryptocurrency community a lot by announcing the creation of its own stablecoin Econ, which is pegged to gold and compatible with the classic ERC-20 standard. This raised a number of questions:
• Why do developers who are promoting their own hybrid exchange wallet need a stablecoin? How are the developers planning to benefit from this?
• Why was it chosen to be pegged to gold, while most exchanges and investors use the US dollar as the base currency?
As of the end of May 2019, there is no information on the stage of the development of the stablecoin, except that indicated on the website. According to the developers, in June, Econ will be available. Whether this is a marketing ploy or Econ will really be released, is still unknown.
Where to buy and store Eidoo cryptocurrency
1. Cryptocurrency exchange. The coin listed between the second and third hundred in terms of capitalization is not particularly interesting for large stock exchanges. Out of the TOP exchange list, only Binance, HitBTC and OKEx included it in the listing. You can buy the coin for BTC, ETH and USDT there. The largest trading volume is accounted by the large Chinese stock exchange BM.com (included in the TOP 20 in terms of trading volume) - 80%. The second place is occupied by Binance at 5%. The coin is quoted on 7 exchanges in total.
I hope that in the future the list of stock exchanges working with Eidoo will expand.
2. Cold wallets. The developers offer their own cold wallet with instant exchange support, which can be downloaded from the website. One of the interesting features of the wallet is the ability to quickly find the desired token by the company's logo, which is automatically recognized by the wallet. As indicated on the Eidoo website, the wallet does not accept fiat money yet, so transactions can be carried out only with ETH and BTC. Not very convenient, but there is no other option yet.
3. Brokers. Cold wallets are more suitable for long-term storage, while the volatility of EDO allows you to earn more effectively over short time intervals. Exchanges also have a number of drawbacks in this regard: there are few exchanges working with Eidoo and they cannot open short positions.
LiteFinance is one of the few brokers that allows its clients to earn not only on the popular top crypto currencies, but also on the crypto currencies of a lower echelon. They are less susceptible to unanticipated price fluctuations and the influence of big businesses. Learn more about the benefits and trading opportunities of the EDO/USD pair by clicking here.
Prospects of Eidoo cryptocurrency for investors
In the long run, the future of Eidoo cryptocurrency as an independent project is vague. Over the entire history of its existence (since the ICO), the coin price chart has had only two spikes: in October 2017, when entering stock exchanges, and in January 2018, during the peak of the entire market capitalization.
Also, a slight increase was observed in April 2018 (when the startup obtained a license from the regulator), but since May this year, the value of the coin has declined below the ICO price and has not risen since. It is also indicative that despite the fact that in the spring of 2019, the total market capitalization almost doubled, the price of Eidoo, on the contrary, decreased. This suggests that although investors are showing interest in the project, they still prefer more popular coins.
The narrow specialization of the platform can also be a problem for the development of the project. Eidoo is only a mobile wallet exchange for Ethereum-based applications and at the moment there is no information on whether platform specialization will be expanded.
Despite certain interest of investors in the hybrid platform, there is an opinion that Eidoo will not be able to stay afloat and so far it has survived only due to the general market volatility. Analysts believe that the cryptocurrency market will sooner or later be subject to a large-scale cleanup, which will result in the disappearance of about 90% of platforms that are in their seed stage, uncompetitive or unsupported by developers. The Eidoo platform is uncompetitive for several reasons:
• It does not have a unique idea and distinctive features that would make this hybrid wallet indispensable. There are a dozen wallets for BTC and ETH, there are dozens of exchanges that support main crypto currencies through their own accounts and cold/hot wallets. The developers have so far failed to convey to users why their platform is better. No users mean no investors.
• Ethereum-based startups have their own wallets, and much larger platforms are claiming the role of a guide in the entire cryptocurrency market with analysis, forecasts and a forum community. For example, Santiment Network Token.
Time will tell whether the analysts are right or not. In the meantime, Eidoo is gradually developing and it is possible that developers can change the very structure, purpose and idea of the platform. At least, the release of its stablecoin runs counter to the startup’s general policy. Due to the uncertainty, investors are recommended to refrain from long-term investment, but Eidoo is quite good as a means of diversification of risks and for earning on speculative fluctuations.
Conclusion. The Eidoo platform, which positions itself as a hybrid exchange, is in fact a multi-currency wallet, which in theory should serve as an exchange for all Ethereum-based crypto currencies. In practice, the functions of the platform have not yet been launched in full and it is still not clear when this will happen.
Despite the fact that the blog on the Eidoo website is regularly updated (it means that the developers are engaged in it), there are no plans for 2020 in the Road Map. This is weird: the developers seem to have made a plan for only 2 years, although it is impossible to create and launch the platform in full in such a short period. Therefore, my subjective opinion regarding Eidoo is as follows:
• The idea of a startup is neither new or unique, therefore one can hardly expect an increase in the interest of investors and users in the cryptocurrency.
• There is no understanding of how the startup will develop in the future and how it will stay competitive.
I recommend to trade Eidoo cryptocurrency only in the short term. If you have an opinion about the platform or any questions, join the discussion in the comments!
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Price chart of EDOUSD in real time mode
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