Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific
provider, service or offering. It is not a recommendation to trade.
What is Eidoo?
Eidoo is a multicurrency wallet that allows users to store ETH, ERC20 and ERC223 tokens with a single backup passphrase. A light wallet, Eidoo launched in August 2017 and was originally only a mobile wallet for Android and iOS devices. The beta version of the Eidoo desktop app was released in early 2018.
The wallet is soon set to include a hybrid exchange to allow users to swap between tokens with minimal fees quickly and conveniently. According to the Eidoo roadmap, this feature was scheduled to be added in Q2 2018.
With an end goal of creating an effective “blockchain-to-human interface”, the Eidoo project also has plans to offer a host of other products and services, including a dapp module, a decentralised blockchain-based marketplace and a cryptocurrency debit card.
The Eidoo wallet was developed by Switzerland-based Eidoo Sagl.
Desktop (beta version): Windows (32-bit and 64-bit), OS X, Linux
Mobile: iOS 9.0 and later, Android 5.0 and later
How much does it cost?
The Eidoo cryptocurrency wallet doesn’t cost anything. It’s free to download the desktop version of the wallet from the Eidoo website, while mobile versions can be accessed through Google Play (for Android) and the App Store (for iOS).
Which cryptocurrencies can I store?
Eidoo allows you to store Ethereum and all ERC20 and ERC223 tokens. While a complete list of supported tokens is available from Eidoo, but some of the popular currencies you can hold in this wallet include:
Wallets supported cryptocurrencies include:
- ERC20 tokens
- ERC223 tokens
At time of writing, support for bitcoin (BTC) was coming soon.
ERC20 tokens vs mainnet tokens
Please note that while all tokens included in the list of supported currencies above were ERC20 tokens (and therefore supported by Eidoo) at time of writing, several of those currencies were due to be replaced by coins and tokens on their own blockchains.
How do I add cryptocurrency to Eidoo?
You’ll need to setup your wallet before you can receive any currency. To install the mobile wallet, follow these steps:
- Download and install the app.
- Tap “Create a new Wallet”.
- Agree to the terms of service.
- Set a password to control access to your wallet.
- Write down your 12-word backup phrase.
- Enter all 12 words of the passphrase to back up your wallet
To receive tokens, click on the QR code icon in the top right of screen. This will then show you the wallet address which you can copy, or the QR code which can be scanned, to make sure your tokens are sent to the right place.
How do I make payments with Eidoo?
You can make a payment from your Eidoo mobile wallet by completing the following steps:
- Tap the token you want to send, for example ETH.
- Tap “Transfer”.
- Paste your recipient’s wallet address in the “To” field or scan the relevant QR code.
- Enter the amount of ETH you want to transfer.
- Tap “Advanced” if you want to set the priority of your transaction and the gas limit.
- Tap “Send”.
How secure is Eidoo?
Eidoo offers a few key security measures to help safeguard your crypto holdings, including:
- Private key. Eidoo lets you retain control of your private key, which is stored only in your device and not on any servers.
- Backup phrase. Eidoo is a hierarchical deterministic wallet that allows you to back up and restore all of your crypto holdings with a single 12-word passphrase.
- Recovery Tool. This feature is included to make it as quick and easy as possible to recover your wallet if you get a new phone or lose your device.
Where can I get Eidoo?
- Android app: Available for download from Google Play
- iOS app: Available for download from Apple App Store
- Desktop client: Available for download from Eidoo website
Pros and cons
- Supports an extensive range of tokens
- Easy to set up and use
- Available on desktop and mobile devices
- HD wallet
- Lets you retain control of your private keys
- Bitcoin storage still coming soon
- Desktop version in beta testing phase at time of writing
- Other features such as hybrid exchange still being developed
- As a relatively new wallet, it lacks the same established reputation as other wallet providers
If you’ve compared a range of crypto wallets and you’ve decided you’d like to try the Eidoo desktop or mobile wallet, go to the Eidoo website. You’ll then be able to choose the relevant download link for the desktop app – Windows, OSX or Linux – or click through to the App Store or Google Play to download the mobile app.
Once you’ve done that, follow the instructions to set up your Eidoo wallet.
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly
volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of
future performance. Consider your own circumstances, and obtain your own advice, before relying on this information.
You should also verify the nature of any product or service (including its legal status and relevant regulatory
requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may
have holdings in the cryptocurrencies discussed.
Disclosure: At time of writing the author holds ADA, ICX, IOTA and XLM.