Built-In Exchange
Еasiest Way To Participate In ICOs
No Two-Factor Authentication
You Control Your Private Keys
Hierarchical Deterministic
Not Open Source
Eidoo Wallet: Comprehensive Review and Guide
One of the preferred multi-coin wallets, combining both coins and tokens in its supported assets section is the Eidoo software. You can operate with Bitcoin, Ethereum and its ERC-20 tokens on both desktop and mobile versions. Your private key is encrypted on your device with a passphrase. The last-mentioned you can also use as a backup and recovery tool. This review of the Eidoo wallet will walk you through the important features that it has and then will continue with an extensive guide on how to use it.
01.Eidoo Features & Fees
As mentioned earlier, Eidoo is both desktop and mobile multi-coin supporting wallet, which has lots of features integrated inside such as a built-in exchange and an HD generator. Speaking of functionalities, Eidoo’s interface is more than easy to handle. What’s more is the private keys’ ownership, which is relying on the user’s responsibility. You can add an address to your contact list and check your transaction’s history once you start operating with your personal Eidoo account.
Pros & Cons
A table overview is always good to have when making an important call. The following sections are going to provide you with all the positive and negative sides of the Eidoo wallet, that you can take a well-informed decision, based on completely understanding the wallet’s information.
- Light Node NatureYou’re not supposed to locally store the entire blockchain data
- Friendly InterfaceAn intuitive design, following the user’s intent when working with the Eidoo
- Integrated Built-in ExchangeA hybrid exchange platform to trade assets inside your wallet
- Closed source The project’s code isn’t available for public reading or sharing
- Missing 2FA No additional security layer to protect your wallet’s access
- Lack of Multi-Signature No extra request to sign off transaction’s ownership by several people to get broadcasted
Are You Interested in the Eidoo Wallet?
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Read More on Multi-Coin Support and OS Compatibility
Multi-Coin Support and Operating System Compatibility
Eidoo supports Bitcoin as well as Ethereum. All the ERC-20 and 223 tokens are available to trade in the wallet. Since they’re more than a thousand, the table below will show only some of them.
All the 64-bit version of the major operating systems are available to download and install the Eidoo wallet – Windows, Mac and Linux. Speaking of mobile devices, you can use it on both Android and iOS by simply installing the app from the store of your smartphone.
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App StoreiOS
Supported on multiple devices – iPhone, iPad and iPod
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Google PlayAndroid
At least 4.0.3 version of Android OS
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WindowsWindows
No specific restrictions for Windows users
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LinuxLinux
No specific restrictions for Linux users.
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Mac OSMac OS
No specific restrictions for Mac users.
Built-In Exchange
Eidoo offers to its users a decentralized exchange integrated into its software. You can not only make some trades between Ethereum and tokens but also perform atomic swaps with low fees. The exchange’s hybrid system combines both centralized and decentralized opportunities, which also allows you to use smart contracts. Hybrids have their issues with the order books since they might get subject of regulation but anyway it’s a nice feature of the Eidoo wallet.
Is Eidoo Safe?
Security
When it comes to security, Eidoo provides you full control over your private key – they’re stored on your device and no server has access to see them. There’s also a nice recovery tool to help you quickly restore your funds to another device. You can observe the lack of additional security protection like an authenticator to request another information before you sign up or extra request to multiple people before a transaction gets sent to the network. Anyway, the private keys ownership is something important to think of.
Private Key Control
You’re the only one possessing control of your private credentials, since they’re on your personal device, instead of an external server
Recovery Tool
This is an easy to recover option to get your fund on another device in an easy and fast manner
Privacy and Anonymity
Since private data might end to be the most important option for some of the users, you might want to avoid reusing the same public address all the time. Ensuring your balance’s anonymity is considered to be an attractive function for some of the wallets. Eidoo gives the opportunity to use an HD (hierarchical deterministic) generator to get a new public key for each of your incoming transactions. If you manage them properly, you can create sub-wallets to keep your balance private. This feature also provides the possibility to easily restore your funds in tandem with Eidoo’s recovery tool.
Hierarchical Deterministic
This feature of the Eidoo software gives you the opportunity to handle several sub-wallets in order to keep your balance private
Is Eidoo The Wallet For You?
Download HereTransaction Fees
The Eidoo wallet doesn’t require any additional fees to use it. You’re supposed to pay one only when sending transactions, because of the blockchain’s demand. When you click on the asset you would like to send there’s a “Transfer” button which provides you the recipient’s address to send an amount of coins. If you have chosen ETH or some of its tokens, then you’ll observe the gas price, which you might control from the “Advanced” settings menu. Doesn’t matter if you’re sending BTC or ETH, the lower the fee is, the slower it will get added to the blockchain. Always think of the time you’re expecting to wait for this confirmation when setting your transfer’s fee.
Conclusion
As you saw in this review, Eidoo is one of the most preferred multi-coin wallets as it supports more than thousand tokens and both major coins. it also offers the basic functions you might be looking for gathered into an easy to use software.
If you’re missing some extra security options or advances fuctions, I might propose to you have an overview of another wallet. Similar alternative to think of is the Metamask wallet.
02.Eidoo Wallet Guide: How to Setup and Use
This section is going to provide you all the necessary information you might need to setup and use your Eidoo wallet. Starting with installation and interface overview, I will later show you all the actions you might want to try when operating with your account. In the end, I would like to show you also some of the possible issues experienced by other users and how to handle them.
How to Install
Before we move on and see how you can use Eidoo, let’s start with setting up your wallet to device of your choice. If you’re thinking of a mobile kit, then check the following tables with configuration. If you’re desktop orientated, scroll down a bit and read the PC installation steps below.
Choose Operating System
- Download the Eidoo app from Google Play Store
- When you run the wallet, you’ll have a choice between creating or recovering of account
- When initially creating your wallet, you’ll be also requested to type in a strong password for encryption
- Install the Eidoo wallet from the App Store
- Choose between the Create and Recover options
- Provide a unique password to protect your wallet at the end of the creating process
- Download the Windows pack from the official Eidoo website
- Run the /.exe file and choose the create wallet option
- At the end of the setting up, add a password encryption
Hint: It needs a .NET framework 4.5.2. from Microsoft, so if you don’t have it, the set up will try to download and install it automatically
- Download the /.tgz file for your Linux pack from the Eidoo website
- Select the Create option when you run it
- Set a strong password to protect your funds
- Download the /.dmg for MacOS from the Eidoo Official
- Tap the Create option once you run it
- Configure a password to encrypt your data
Interface Overview
A short overview of the interface shows a menu with four icons at the bottom of your homepage. The first one presents you the assets in possession and the second one stands for the built-in exchange function. The next one offers an address book to fill the public addresses of people you frequently send transactions. And the last one is the settings icon to configure your password, backup your funds or contact the Eidoo help desk.
Create an Address
To get an address, select the asset you would like to receive from the main page and click on the “Address” option. A window with your public key will appear for you to copy it.
Send and Receive Assets
To send some coins, choose an asset and click on its “Transfer” button. The next page will ask you for the receiver’s address and the amount you would like to send. You should finally adjust the fee from the “Advanced” option if you want to and then send it to the network.
Receiving is absolutely the same with creating an address – to get one you go to the chosen coin and click the “Address” button. A window with your public key will pop-up and you’ll be able to copy and paste it to the sender.
Hint: Check twice the recipient’s address of you might lose your funds if there’s a mistake.
Backup and Restore
Backup
Install and deposit your crypto
Right after you set a password, you should back up your wallet. This happened with a 12-word phrase you’re going to receive and must keep safe. In case of a need, you can use it for restoring you data to another device.
Create a strong password and save it
If you ever lose the password you have set earlier when initially installing the wallet, Eidoo can’t help you to recover it, so keep it safe and secure.
Restore
Install and restore wallet from the seed
When you initially run the wallet, you’ll be able to choose between creating a new one or restoring an old one. When you click the second version, you’ll be requested to type it your 12-word backup phrase.
Specific Functions
One of the specific functions of the Eidoo wallet is the ICO Engine, which is a tool to reach ICOs from your smartphone. You can either join or create a funding project using the Eidoo’s safe system. It is implemented in the token selling process and allows you to detailly follow the stages of each procedure.
Possible Issues and How to Avoid Them
Most of the users experience a loss of their passphrase but unfortunately, there’s no way of retrieving it back from the Eidoo side. It’s something known only by the owner and no Eidoo server has access to it.
Another frequently met issue is the “Not verified” label, which appears in the assets list. This means that the token’s details aren’t familiar with the wallet’s software and you need to perform the following actions:
- Click the asset’s line from the list
- Choose the “I” icon in the heading
- Verify the address and if there’s a difference adjust the details (name, symbol, value, etc.)
- Confirm data and it’s should be all good now
03.FAQ
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Can I use Eidoo in an offline mode?
If you’re willing to check your balance yes, but you won’t be aware of any updates and new transactions.
04. About Eidoo
As one of the first wallets to integrate a hybrid built-in exchange, Eidoo is a software to help you both trade and convert cryptocurrencies. Its graphical user interface is considered easy to use. In tandem with the responsive support from the customer service team, Eidoo might be a good choice for beginners. Additionally, the ICO service is considered a positive advantage of the platform.
Part of the Poseidon Group, Eidoo is based in Switzerland and operates with several partners such as Nexex, Bitmax, Blockchainlab, CryptoLab, Outbit. Cryptonomist, Ekon, etc.
Eidoo on Social Media
Social media has always been a tool to keep our self up-to-date. I recommend you follow Eidoo’s social media to stay tuned to all the latest update and enhancements to profit the most efficient use of your wallet.