2019 has been a year of great change for Eidoo.
It was a year of many firsts, bringing us challenges, and even more lessons. Developing a next-generation tech product – one which both we and our community can be proud of – remains our driving force.
We wrote thousands of lines of code, were the hub for tens of thousands of transactions, and welcomed over 30,000 new people to our user base. Riding this growth, we launched numerous exciting and industry-leading features, helping our community step into the future of finance.
This was the year of DeFi, with a large proportion of crypto users coming to understand that their digital assets offer so much more than just a transfer of value.
The magic of blockchain and decentralized technologies means that as an industry, we can play, experiment and test out new products and tools which reimagine finance altogether.
It is in this spirit that we’d like to take a moment to reflect on everything we’ve achieved, together with our community, integration partners and collaborators.
In the past year we released the following major features, functions & updates…
We kicked off the year with the launch of our in-app exchange. The “hybrid” part refers to its dynamic nature, with a dual centralized/decentralized exchange functionality. Users can trade and swap between dozens of digital currencies, with instant access to major exchanges 24/7.
The UX is sleek and simple, yet incredibly secure and still decentralized. It is one of our most sought after features, and over the past year users have swapped and exchanged thousands of tokens!
For users who want a far more swift, simplified experience for exchanging tokens, our atomic swap feature allows them to do so without any complexity of a traditional exchange. These swaps are executed via secure Ethereum smart contracts, all with a simple “swipe” gesture on the token to be sold straight from the Eidoo app.
We integrated the eidooCROWD platform inside our app and launched numerous new token offerings. As a Kickstarter-like crowdfunding platform for blockchain startups, it gives all our users exclusive and easy access to token offerings that are 100% compliant with local regulations, with one-off opportunities to back unique projects. It also provides companies with a streamlined listing process for their tokens sales.
Easy crypto on-ramps: Wiretransfer, Simplex and Instant SEPA
We made it easier than ever for crypto enthusiasts to get their hands on their favourite digital currencies – and fast. We integrated Simplex so that Eidoo users could purchase cryptocurrency using their credit or debit cards.
We later plugged the SEPA network into our app. This meant all our European users could utilise bank transfers (with zero fees) to start owning stable coins, including fiat-backed tokens, gold stablecoins and security assets.
We also become one of the first wallets to integrate the Instant SEPA feature, which is faster than every regular SEPA transaction. Using this feature, our European community became one of the first user bases worldwide to buy and confirm crypto purchases in minutes, rather than hours (or potentially days).
Eidoo integrated Moneyfold, a EURO stablecoin. Moneyfold graduated from the UK’s Financial Conduct Authority regulatory sandbox and were granted approval for the issuance of fiat-backed tokens on the Ethereum blockchain.
This partnership was a milestone for us and a representation of our dedication to lowering the entry barriers to a variety of crypto assets.
Decentralized Finance (DeFi) is an emerging yet incredibly fast growing ecosystem. As an industry, its locked market value has already reached over half a billion $USD – and growing – according to DeFi pulse.
We want the Eidoo wallet and platform to be a portal to the exciting new world of DeFi. We began by giving users streamlined access to this evolving ecosystem, straight from their wallet. We started by integrating with Compound and Fulcrum, two lending platforms which allow users to lend their tokens to others in the blockchain community and earn interest in the process.
We integrated Kyber Network, giving users swaps on steroids, with access to every token swap pair and possibility provided by their industry-leading liquidity protocol. We became a member of the wBTC Foundation, giving our users wrapped Bitcoin on Ethereum. We made it as easy as possible for users to migrate from SAI for DAI, and enjoy MakerDAO’s Dai Savings Rate through CHAI.
We’ll be integrating many more platforms and tools in the year ahead, so watch this space.
And speaking of DeFi…
EDO Staking Accounts
We wanted to give back to the Eidoo community – showing our appreciation for every EDO hodlr – while also adding one more tool to their DeFi toolkit.
We launched our Staking Accounts, allowing our users to earn 24% annually on their EDO holdings! Staking is an increasingly popular tool in the cryptocurrency space. It is similar to lending, where you loan assets to a liquidity pool, but you can learn about the difference here.
This avenue of DeFi is evolving very quickly, but our staking feature is a little unique; it’s more of a long-game, similar to a high-interest savings or pension account.
And an unofficial list of features, functions, integrations and updates we also delivered…
- Litecoin integration – users can now store Litecoin (LTC) in their wallets
- Swipe to buy – purchase particular tokens with a simple swipe
- Blocknative integration – real-time notifications on all Ethereum transactions
- CryptoCompare integration
- Bitcoin update – efficient, fast Bitcoin transaction management
- Dust management – better visualisation of micro-portions of coins
- Hidden assets – hide tokens you’re not interested in seeing
- Last 24h volume – check the last 24h trading volume on DEX
- Quick EDO purchase – buy EDO packages to enable your trading
- Search and filter pair – easily find the tokens you want to swap in your trading wallet
- Localization with different languages – we added Italian, Korean and Russian versions of the app
- Eidoo app deep links – press a link and be transported directly to a feature
- Blockfolio integration – Eidoo’s latest news and updates on Blockfolio platform
- Public AP DEX
- Token info page – learn about each token
We also spread Eidoo vibes around the following events and initiatives:
So where will Eidoo take you next?
Our products & features set to debut in 2020
eidooPAY, your personal crypto debit card
We want the value of cryptocurrencies to transcend beyond the online realm so they spread into the real world, helping to launch the next-generation of finance into the mainstream.
That’s why we’re introducing eidooPAY, our very own debit card linked to your eidoo wallet. It’s also the last milestone on our original whitepaper roadmap! You’ll be able to easily convert your Bitcoin and Ether into GBP or EUR, preload them onto the card directly in-app, and start spending straight away. Use your card online or instore, or even withdraw your funds from ATMs, without the hassle of going through a centralized exchange to use your crypto in the real world.
Explore and interact with all kinds of DApps from the convenience of one platform. Crypto assets are cool, but how about enjoying Decentralized Applications? Decentralized 3D worlds look fun, and what’s the status of prediction markets? We enable our users to experience it all, whether you want to trade cryptocurrencies or try out innovative DApps.
For those familiar with our decentralized exchange feature, you’ll find the same ease of use and similar transaction flow as with our upcoming broker service. We’ll make it much simpler to place your market orders. Eidoo intermediates the entire process, acting as your personal broker. We’ll place the order using your wallet’s funds and execute. You will always get the best market rates offered at the time of execution (minus associated fees). When you place your order, you will see an estimate of final costs.
We have many more exciting products and features scheduled for release in 2020. Check them out on our homepage roadmap.
But what’s it all for?
Traditional finance is outdated, prone to corruption and unserving to the great majority of the world’s population. DeFi is an opportunity to break apart these weak foundations and rebuild something far better. We can explore new parameters, affording everyone access to a transparent, fair and rewarding economic system.
As we come close to checking off everything on our original roadmap, we know the journey is far from over.
So forget maps – we’re going off road!
We look forward to 2020, a year which is sure to be a game-changer for not only us, but every decentralized project in the space. We all BUIDL on, knowing that our hard work and commitment will slowly usher in a new financial era.
From everyone at Eidoo, we wish you a Happy New Year and a prosperous 2020!
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