The Ultimate Eidoo Wallet Review
Table of Contents
If you’re in the market for a mobile Ethereum wallet that provides quick and convenient access to the world’s best smart contracts network, all while offering strong security and protection for your private keys, then you might be interested in checking out Eidoo.
Launched in August 2017, Eidoo is a multicurrency wallet designed to be easy to use and very secure. Even though Eidoo is not exactly what you would call the go-to wallet for most Ethereum users who are looking for a mobile wallet capable of holding ETH, as well as both ERC-20 and ERC-223 tokens, it has a lot going for it.
The end goal for the team behind Eidoo is creating a comprehensive yet easy-to-use “blockchain-to-human interface.”
What Makes Eidoo Special?
As mentioned before, Eidoo supports all tokens associated with the Ethereum ecosystem. This means that you can store all ERC-20 and ERC-223 tokens. Some of the most popular include Waltonchain (WTC), Zilliqa (ZIL), Aeternity (AE), 0x (ZRX), Maker (MKR), Augur (REP), Status (SNT), KuCoin Shares (KCS), OmiseGO (OMG), VeChain (VEN), Binance Coin (BNB), Loopring (LRC). A complete list of all the supported tokens is available on the wallet’s official website.
Automatic Token Recognition
Eidoo uses a system that identifies all tokens automatically. This means that you don’t need to configure each wallet to work with a specific set of tokens. Eidoo provides you with a single (main) address that fits ERC-20. ERC-223 and ETH tokens.
For starters, it’s worth noting that Eidoo is a 100% free product and can be downloaded for both iOS and Android from the platforms’ respective stores. Furthermore, the wallet can be had in the form of a desktop app for all the most popular platforms out there, Windows, Linux, and macOS. For more download options, you can check out the dedicated section here.
Hybrid Crypto Exchange
One of the main highlights of Eidoo is its built-in multi-currency hybrid exchange. This means that you can effortlessly safely trade ETH and all types of ERC tokens. Eidoo Hybrid Exchange is powered by smart contacts, allowing you to trade ETH and ERC-20 tokens via atomic swaps (smart contracts that execute automated procedures such as transferring the funds according to various user-based indications). More details about Eidoo’s hybrid exchange can be found in the official section.
First of all, it’s important to point out that Eidoo is an HD (Hierarchical Deterministic) wallet. This means that it can store Ethereum and ERC-20 tokens, all while generating a hierarchical tree-like structure of private and public addresses.
As expected, Eidoo allows you to permanently retain control of your private keys. The wallet also has a good backup and recovery features. You can effortlessly backup and restore all your crypto holdings with the help of a 12-word passphrase. The recovery tool also helps you in the event your phone broke or is lost.
Getting Started with Eidoo
After you’ve downloaded and installed the application on either your mobile device or computer, you can jump right into using Eidoo since the wallet boasts a very straightforward UI. For the purpose of this guide, we will use the mobile version of the app.
To get started, tap “create a new wallet,” agree to the terms of service, set a password to control the access to your wallet, write down (and store in a safe place) the 12-word backup phrase, and enter all 12 words to backup your wallet.
To receive payments, tap the QR code icon in the top right side of the screen. The wallet address can be copied, or you can use the QR code with can be scanned to make sure your tokens are sent accordingly.
To make a payment with Eidoo find and select the token you want to send, and tap “Transfer.” Paste the recipient’s wallet address in the “To” field or scan the relevant QR code. Enter the amount you want to transfer. To set priority, gas limits and other factors, tap “Advanced.” To finish the process, tap “Send.”
Pros and Cons
As mentioned at the start of this review, Eidoo has a lot of advantages. One of the most impressive features of Eidoo is the wallet’s support for such an extensive range of Ethereum-related tokens. The wallet is also very user-friendly, it boasts strong security features, and it’s available for both mobile devices and desktops.
The main disadvantage of Eidoo is arguably the fact that it’s still a newcomer in the market. This means that it lacks the strong reputation that other wallets in this segment already have. Of course, being such a new product, various aspects are still in development such as the desktop version (which is Beta at the time of this writing), and the hybrid exchange (that’s still being actively developed). Another big drawback is the fact that it does not offer support for other cryptos outside the Ethereum ecosystem.
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To conclude, Eidoo is a very good wallet for anyone looking to hold ETH and ERC tokens. It’s not the most versatile wallet out there (since it does not have support for other popular cryptos), but if you’re only interested in ETH and ERC, then it’s definitely a very good choice.