Why Investors Should Be Paying Attention to Eidoo
Technology companies are generally very good at providing new and revolutionary functionality, but don’t always know how to provide the best user experience. It doesn’t seem as important to the tech-types, but is what is necessary to scale out new applications to the masses.
We have seen this exact problem with how crypto has been adopted by non-technical users: barely at all. Most people find it difficult to use these programs and don’t want to take risks with their money.
Eidoo as an Experience
This is where Eidoo comes in as a cryptocurrency wallet and exchange. They offer a “blockchain asset experience” that is much superior to any of the current mainstream solutions. The Eidoo team’s aim is to make managing blockchain-based digital assets a much easier task for all users. They support nearly a thousand different tokens, including BTC, ETH, ERC20 & ERC223 tokens.
Eidoo functions based on the higher level priority of not compromising any of the principles that Bitcoin (and cryptocurrency) were made to enforce. This means that your private key is encrypted within the application and only you have access to it, versus Eidoo holding custody of the cryptocurrency.
Additionally, the exchange is run as a decentralized exchange but delivers much of the high level functionality that centralized exchanges do. You can trade securely and not worry about losing control of your funds.
Eidoo’s Broad Functionality
Other features include a list of selected ICOs that you can read about and participate in directly in the app, easy coin management, and a contact list of those you have done transactions with in the past.
In September of 2018, Eidoo launched Ekon, a gold tied stable coin. It can be purchased with EDO, and is structured so as to not qualify Ekon as a security. Additionally, the storage fees are factored into the purchase price. This is a powerful move by Eidoo, because it begins to make it plausible that users might come to them for simple investing in gold, as well as cryptocurrency.
The EDO Coin
Eidoo’s token, EDO, is the currency that is used by users to pay Eidoo for their services. The token sale was executed in October 2017, and there is a total token supply of 100 million EDO.
For those who are interested in purchasing EDO, it is available on Binance. Currently ranked as 118th in terms of market capitalization, the coin’s performance over the last month is shown below.
There is a resistance point from May at approximately 0.0003 Bitcoin, so any entry point around or under 0.000024 makes sense for a buyer willing to capitalize on an emerging trend. Even with a drop, it is more likely that EDO would recover to its 90 day moving average rather than staying in the drop.
This could be considered a risky trade on a fundamental level, as competition in the “crypto with better user experience” space is strong. But from looking at their website and current performance, this Eidoo has the potential to be a runaway hit when crypto does finally recover.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock.