Rising asset prices are always fodder for the media seeking stories on speculative excess. Cryptocurrencies, though, are no longer only used for speculative trading. Most initial coin offerings are for viable products and services used everyday in our economy, including for paying for insurance, travel and even parking tickets. Each month, a greater percent of cryptocurrencies is spent in the productive economy.
If you do not already have a multicryptocurrency wallet, you will likely need one soon.
The Eidoo wallet has been designed to meet the multicryptocurrency needs of the digital shopper and currency trader. More and more e-commerce purchases are being made in cryptocurrencies and tokens. Different from standard currencies as a store of value, tokens are smart contracts that can have many different features. For example, tokens used to buy air flights with XYZ airline may automatically be programmed to issue air miles and extra baggage allowance.
The Eidoo wallet currently holds bitcoin, ethereum and ECR-20 tokens (an ethereum token based on an advanced security protocol). It has been designed to be open and accept other cryptocurrencies in the future. The wallet provides the standard features, including a mobile app, private keys and the ability to accept both BTC and ETH. Additional value added services include a debit card and built-in exchange. Businesses can place their own brand on the wallet.
Eidoo’s multi-asset wallet provides many advantages over single currency wallets:
Inventory control – Cryptocurrencies are not valued in the same way as fiat currencies by most people, although the mindset is quickly changing. As bitcoin prices soar, you suddenly remember buying some of those ‘bitcoins’ a few years ago when they were very cheap but have no idea where they are today. Even if you could remember the name of the website where you bought the bitcoins, it is likely defunct. Those bitcoins bought for $0.003 in 2010 are now trading for over $4,000! Similarly, most bonuses and rewards, increasingly issued as tokens by companies, are never spent by their owners because they sit in forgotten accounts. It is easy to forget about or misplace virtual tokens if you do not have a wallet. Eidoo’s adaptable multicurrency solution plans to make room for all your coins.
Interoperability – A multi-wallet needs to do more than aggregate your digital assets in one place. Eidoo has overcome the technology hurdles to providing true interoperability among currencies, thereby reducing friction costs such as high fees and commissions associated with transactions. The simple, intuitive interface allows the user to conduct seamless transactions.
Currency risk – In the current market, traders often have to first transfer cryptocurrencies across wallets and exchanges. Spreads and fees differ significantly across cryptocurrency exchanges. By storing and trading currencies on the same platform these added fees can be avoided.
Security – Each digital wallet uses different security protocols and features. If you use multiple wallets with multiple security features, your digital identity and assets are more likely to be vulnerable to theft. Eidoo’s digital wallet for multicryptocurrencies uses advanced security features, ensuring your coins are safely stored. You will be asked to choose 12 words to secure the virtual private keys of your Eidoo wallet. If you lose your private key, unlike the old days when you could consider your wallet lost or stolen, the Eidoo Recovery Tool can retrieve your key.
The wallet also has its own built-in exchange. Whether you want to do some speculative trading or hedge your exposure to productive assets, the trading function is integrated into the wallet.
The Eidoo wallet can be downloaded from the Android or IOS store. To access the full functionality of the wallet, you need to buy some Eidoo tokens (EDO). No need to wait to use your Eidoo wallet. The initial coin offering begins on October 4th and is open until October 16th. The ICO is selling 20 million EDO at $2.30 per token. EDOs can be purchased with ethereum.
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