Eidoo is a promising new digital exchange based in Switzerland. So what is different about this exchange versus the other exchanges?
For one it promises to be entirely on your phone with a wallet stored onto your phone with private keys managed by you and a high level recovery tool all on your phone. it promises to be an all in one experience where you can buy, spend and trade your Ethereum , Ethereum Tokens and bitcoin all on one platform.(Bitcoin functionality coming soon(Q4 2017))
Furthermore it is a hybrid exchange with some of the most competitive fees in the market. So what does hybrid mean? Simply put it means it benefits from the pros of both centralized and decentralized exchanges,while trying to negate the cons.
For example centralized exchanges allows users to trade IOU's on centralized servers that can handle a large number of trades, however it can also be open to malicious operations by the exchange owners such as fake orders. Furthermore the coins are no longer in the users control once on centralized exchanges, hence ,in cases such as hacking of the wallets of the exchanges, or if the exchange goes bankrupt, people could stand to lose all their crypto currency. Thus though it makes exchanges fast, there is a certain degree of risk associated with it.
Decentralized exchanges allows you to control your own currency until the exact time of the swap, hence there is little risk of losing control of your currency. However it is slower to trade and fees are also deducted for unsuccessful trades.
Hence, there is a substantial amount of cons for both types of exchange. Enter Eidoo a hybrid exchange where users accounts are based on a smart contract on the Ethereum blockchain, with the exchange not having access to the wallets of users. Orders are executed by a software disconnected from the exchange and uses only APIs to determine that the wallet is under the control of the user.
This all means that you are able to have a fast and also safe way to trade,because the wallet is under the users control but with the software trading can happen quickly.
Hence this is a revolutionary new exchange which i think everyone should be made aware of.
Its ICO for its own exchange coin is starting on 4th oct,with the exchange also being implemented soon. The Eidoo app can be downloaded from the apple store and google play store.I hope you have been informed well of this exciting new exchange!
More information can get gathered from:
eidoo.io
https://medium.com/eidoo(main source of this article)
