Eidoo wants to build a unique tool for users that want to interact with Bitcoin and Ethereum blockchains even without having particular technical competences.
Putting together Bitcoin and Ethereum experts is an ambitious challenge, seeing that in the past (in the present too) the two communities had difficulties to cooperate. Indeed two different teams work on the project: the internal one is focused on Ethereum, while the other is outsourced, in collaboration with BHB Network. In this way the two teams are encouraged to do their best in an healthy competition.
A token named EDO and based on ERC20 Ethereum standard has been created in order to fund the company. EDO tokens will also be used for future applications developed by Eidoo.
Eidoo ICO will finish on the 16TH of October. It started only on the 4TH of October, but they already raised more than 80.000 ETH, which correspond to more than $20 millions. Money collected with the ICO is going to fund only the Ethereum part of the project; the Bitcoin part will be funded with a traditional non-profit open source approach.
Their focus is on user experience, building easy to use tools with the most advanced technologies. But, what is Eidoo planning to create?
Wallets for smart digital assets
First of all a wallet, or a set of wallets, in which with only one mnemonic passphrase users have control over multiple cryptocurrencies.
In addition, the wallet will allow to hold and transfer the so called “smart” digital assets. They are tokens at which have been added some meanings, they can represent for example shares, IOU, tickets or whatever the issuer wants.
Colored coins implementation
With the aim to better manage smart assets on the Bitcoin blockchain, Eidoo is going to release its own Colored Coins implementation, the RGB protocol.
It will first introduce the compatibility with SPV nodes and it will improve the assets history confidentiality, as the colored transaction can be decoded only by the two parties involved in it. RGB protocol will have its own scripting language, not Turing complete, in order to consent users to create additional features on tokens transfers.
Eidoo plans to become an hybrid exchange, fast like the centralized ones and safe like the decentralized ones, because it allow users to have full control over their funds. Exploiting Bitcoin Lightning Network the exchange will be really faster and cheaper.
The intention is to enter also in the industry of Digital Identity, developing solutions both for traditional State-centric identity management and for the innovative concept of self-sovereign identity introduced by Christopher Allen.
In the long run Eidoo aims also to create a decentralized marketplace that will work thanks to a escrow system.
Eidoo is fully riding the wave of decentralization and under the guidance of its well known CEO, Thomas Bertani, it’s going to be an important player in the cryptocurrencies ecosystem.