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October 12 2017

ICO Alert Report: Eidoo

ICO Alert Report: Eidoo

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What is Eidoo?

The project aims at building an ecosystem of services needed by users around a wallet that will support different cryptocurrencies and crypto assets. Eidoo is an app that is already stable for Android devices, beta for iOS, and will be available on other platforms at a later date. In particular, these services will be: a hybrid exchange between cryptocurrencies; a centralized exchange to trade fiat to crypto and vice versa; a token sale as a service feature; a branded debit card to spend cryptos in the traditional way; and, finally, a decentralized marketplace. A roadmap for deliver is established and we have clearly defined the investment we have to make, that’s the reason why we are doing a capped token sale.
— Amelia Tomasicchio, Community Manager


ICO Alert: Does the Eidoo interface have a native token? If not, through what structure is the project raising money?

Eidoo: Eidoo token is a utility token, the fees for listed added values services can be paid only in Eidoo token. These fees will be collected by a public auditable smart contract that will split it in half. One half will represent the revenue flow for the companies involved in the Eidoo project providing services, and the other half will be burned.

ICO Alert: The Eidoo project is aiming to be a bridge of sorts between human users and the blockchain by allowing users to easily buy, sell, transfer and store assets. What makes Eidoo so much more convenient than the current players in the space?

Eidoo: The idea of Eidoo was born when we realized that existing tools to access the world of cryptocurrency were not designed with an optimal user experience in mind. So, one of our priorities was to build an app that will provide a straight but secure way for users to manage the complexity of asset management by reducing their learning curve. In addition, security, privacy, transparency, and comprehensibility are key factors in our project.

ICO Alert: The cryptocurrency community has safety of assets as one of it’s highest priorities. How safe is Eidoo compared to hardware wallets like Ledger or Trezor, or online wallets like Myetherwallet? How is the user always in control of their assets?

Eidoo: Our approach is that most users for most of the uses prefer to use their mobile device as the main interface to operate on the blockchain. Among app based wallets, we think that Eidoo is already secure, as we launched our token sale exclusively using our wallet as the entry point for the purchase. In the near future, Eidoo will support the trusted execution environment that some Android devices provide. Also, we are planning to support external hardware wallets, such as Ledger or Trezor, for users that prefer not to keep private keys on the mobile device.

ICO Alert: User experience is a big component of this project. What does the user experience look like thus far and what can users expect when they use the interface in the future?

Eidoo: The feedback provided by users is already extremely encouraging. Most funds raised through token sales are intended to be invested in continuous improvement of user experience. We will try to keep the same level for all the services we will add in the future.

ICO Alert: How does Eidoo store all cryptocurrencies when there are so many new ones coming out every day? Or is Eidoo strictly focusing on the subset(s) of the total?

Eidoo: Our main focus is about assets and we will provide support for cryptocurrencies that will provide a way to handle asset issuance on them. That’s the reason why we have started with Ethereum, which already has the well-established standard ERC-20. Bitcoin is built on strong foundations, but currently lacks a market leader recognized protocol to issue tokens, but we are working with Bitcoin community experts to launch a protocol to do this. In our view, the addition of other cryptocurrencies can become more interesting to users as soon as we have a fully decentralized exchange based on Lighting Networks and capable of managing the atomic swap of different cryptocurrencies. We are open to discuss with interested third parties who might want to add a cryptocurrency to our wallet.

ICO Alert: Centralized exchanges have their issues with security, while decentralized exchanges often have issues with liquidity across various trading pairs. How does Eidoo plan to run an effective exchange?

Eidoo: We have a strategy in two phases. In the first one, we will implement a hybrid exchange: a smart contract on the Ethereum blockchain that will use centralized servers for order matching. This will permit to enable users to keep the private keys on their devices avoiding all centralized exchange problems of possible scam and bankruptcy while maintaining the speed of a fully centralized platform.
In the second phase, we will release a completely decentralized exchange that will leverage Lightning Network technology, within which order matching occurs on a peer-to-peer network. A buy order, for example, gets broadcasted to a topologically adjacent node until it meets a sell order that has chosen a different path, fulfilling the purchase. It is at that point that the exchange takes place. It will allow the exchange of cryptocurrencies and digital assets based on diverse blockchains, maintaining the scalability.
Therefore, this type of exchange has a mechanism of price structuring that is completely different from any current mechanism because the information is not centralized at any given point; no room for a finance whale exploiting aggregated information at the technical infrastructural level.

ICO Alert: With components for exchange, transfer, and storage, Eidoo is attempting to bring together huge portions of the cryptocurrency investment process of sorts. Does Eidoo ever plan to expand into other services within the industry?

Eidoo: Our ultimate vision is to provide a complete environment to disintermediate and decentralize stock exchanges, not only to have a full decentralized exchange, but to create all services needed to accomplish it. That means, for example, a service to permit third parties to issue crypto assets. These can be on an unregulated market, like current ICO tokens, or can represent an underlying traditional market asset. Our plan is to keep the pace by adding valuable technology and services for token issuers and investors.

ICO Alert: How far along is the project today? What does the roadmap look like for the rest of 2017 and 2018?

Eidoo: We are quite an exception in the ICO world as we are asking for money while already having a stable product for Android. In 2017, we will release the hybrid exchange that will provide a valuable service for users and will lay down the foundation of our business model, as its fees will be calculated and charged in EDO tokens.

ICO Alert: As a non-Eidoo question, we like to ask for unique predictions on the cryptocurrency and ICO space in the near future. Where do you see the industry in 3–5 years as it relates to your territory within the industry?

Eidoo: In our opinion, we are experiencing a market that is very similar to what we have already seen at the time of the “new economy” bubble at the beginning of 21st century. Many investors are on the market to get what seems to be easy gains. And most of them will operate successfully until the moment the market will realign and maintain only solid projects from a technical and business model perspective as ours. Despite this, we are fundamentally positive about ICOs as a means to fund projects and we think that it will become one of the main drivers for innovation in the technology field. That’s one of the reasons for our strong attention regarding assets managed in the Eidoo app.

Crowdsale Information
The crowdsale is now live and ends on October 16, 2017. There are a total of 20,000,000 Eidoo tokens (EDO) being sold during the crowdsale and 5,000,000 EDO were offered during the presale. Any tokens not sold during the crowdsale will be burned. EDO is an ERC-20 token and only Ether is accepted as contribution.

For every 1 Ether contributed, 130 EDO will be distributed. In order to participate in the crowdsale, contributors must follow these steps:

1. Download the Eidoo app from the Google Play store or the Apple App Store.
2. Deposit the quantity of Ethereum that you desire in your new Eidoo wallet.
3. When the campaign is active, click on the button “Join Eidoo Token sale!”
4. Choose the quantity of Ethereum you want to transfer. There is no minimum buy amount in order to participate in the Token sale.
5. Accept the terms and conditions of the Token sale.
6. Confirm your transfer.
7. Look inside your wallet and you will find your EDO (after the transaction is confirmed).

For more information on how to contribute watch this video.

Token Distribution Information
There are a total of 100,000,000 EDO tokens being created and 20,000,000 are available for purchase during the crowdsale.

47%: Eidoo; under the following lockout schedule:
 — 20,000,000 EDO locked for 2 years
 — 15,000,000 EDO locked for 1 year
 — 6,000,000 EDO locked for 6 months
 — 6,000,000 EDO locked for 3 months

13%: Founders (10 million of the 13 million tokens will be locked for two years)
3%: Advisors
12%: Early investors (8.4 million of the 12 million will be unlocked progressively in 9 months)
5%: Presale (4 million of the 5 million tokens will be locked for two years)
20%: Crowdsale

Thomas Bertani, Founder
Thomas is a long time blockchain expert. His career started with contributions in the field of high performance computing. Today, he works mainly on Bitcoin and Ethereum as an entrepreneur and consultant. In August 2013, he started Bitboat, which today is among the leading “cash to Bitcoin” marketplaces in Europe. In the last four years, his experimentations in this industry ranged from managing virtual companies listed on a Bitcoin Equity Crowdfunding Exchange, to the incorporation of Oraclize srl (the first company in Italy and second in Europe incorporated with Bitcoin as capital contribution). After his work at Cointerra designing high performance Bitcoin miners and managing 5% of the global Bitcoin hashrate, his focus is now in providing reliable infrastructure layers for smart contracts via the Oraclize oracle solution.

Marco Polci, CTO and Co-founder
Marco is a smart contracts and blockchain technologies expert, Ethereum solidity developer, and Bitcoin client software developer. Before Eidoo, he held a CTO position for a venture capital company, various system administrator and engineer positions, and has been an advisor to both the Wings and Edgeless cryptocurrency projects.

Andrea Benetoon, COO
Andrea is a highly qualified IT professional with over 25 years of experience and is currently focused on Bitcoin and blockchain technology. He initially approached the industry in 2011 on a personal research level influenced by Hayek money competition theory. His knowledge of diverse business processes, and optimization, enables him to advise through different business models and solutions that confront the disruptive changes brought about by the blockchain. In high-innovation and competitive scenarios, Andrea brings a commitment and advantages that add value to any company. In addition to his role as COO at Eidoo, Andrea is also COO at Digital Identity SA.

Amelia Tomasicchio, Community Manager
Amelia is a professional content writer and community manager focused on fintech and Bitcoin. She has experience in website translation, SEO content writing, and social media marketing management. In addition to her role at Eidoo, she is also currently an online journalist for Coin Telegraph.

Natale Ferrara, Founder
Natale is a blockchain entrepreneur and cryptocurrency trader. In addition to founding Eidoo, he also is a part of Blockchain Invest as one of their co-founders. He has held various CEO positions and is a co-founder and CFO at Digital Identity SA.

The entire team member list, including UI/UX, Bitcoin and Ethereum developers, can be found on the Eidoo website.

Social Media
Medium: https://medium.com/eidoo
Telegram: https://t.me/joinchat/AAAAAERSsZk99wFzx2v_Kw
Facebook: https://www.facebook.com/eidoocrypto/
Twitter: https://twitter.com/eidoo_io
Linkedin: https://www.linkedin.com/company/11232699/

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View the Eidoo Website here.

View the only comprehensive list of active and upcoming ICOs here.

(1) Eidoo Website, Eidoo, (2017)

(2) Eidoo Whitepaper, Eidoo, (2017)

(3) Eidoo Ethereum Funding Informative Prospect Document, Eidoo, (2017)

Topics: Tech, Crypto, Blockchain, ICO, Cryptocurrency