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  • Team Eidoo

Be Your Own Bank With Eidoo Wallet

Updated: Sep 15, 2021

Be Your Own Bank With Eidoo Wallet

"There's nothing so fearsome as the revolt of a sheep.” - Honoré de Balzac

If there is one thing that is both scary and fascinating about the decentralized finance ecosystem, that is the freedom to not depend on anyone to use and store your money.

The fear, and to some extent the fascination too, has to do with two characteristics of that funny thing we call life. One is ignorance, and the other is risk. Zero risk does not exist, although we need to live as if it did in the most fundamental aspects. Likewise, zero ignorance is impossible, although, at times, it may be unclear what the trend is.

At Eidoo, we have designed a decentralized finance platform that allows you to manage your risks and get the information you need. This way, you will always be safe while taking full responsibility for your finances.

We have all grown up in a system that implicitly told us "let me keep your money lest you lose it.” That is why the new decentralized paradigm has opened the eyes of many of us to justify centralization for the sake of false usability.

My Precious!

In crypto, all control and accountability begin with the effective ownership of private keys. Nothing in crypto escapes this fundamental truth. Anything less than exclusive possession of private keys is introducing unnecessary risk. And private key delegation is equivalent to what you already have in traditional centralized finance. Since it is not just you who controls your private keys, it is not you who has complete ownership of your money. Not your key, not your cryptos.

Of course, knowing several strings of 256 random binary digits is not an option for almost anyone. That's why private keys, and their associated public keys, can be expressed in other, more user-friendly formats.

To avoid anyone appealing to complexity to convince us to give them the slightest control over our private keys, at Eidoo, we have implemented the necessary standards to reduce the numerical complexity to a short list of words. This removes any doubt about the convenience of being fully independent with a non-custodial wallet: your keys, your cryptos.

All for One and One for All

Ideally, to better protect yourself, it is advisable to use one address for each transfer. We are referring here to the 1JaR2gwbg2vFvgHvshaL61HmCitaCGaBgQ type format which is derived from a public key that in hexadecimal format would have this more unpleasant form:


So going further in facilitating a safe use, Eidoo wallet is designed as a hierarchical deterministic wallet, i.e. new addresses can be generated from a master private key which governs the rest of the child addresses (hierarchical), and to create more addresses, the same rules are always followed (deterministic).

In plain English, instead of needing one private key per public key, only one private key will be enough to generate many related pairs. Easy and convenient.

This way, what otherwise could be a problem to be a good non-custodial wallet user, becomes yet another boring and safe transaction day — like a pro.

Cryptos in a Fiat World

The apparent added complexity to deal with individual addresses gets canceled with a proper user interface. Eidoo wallet records all transactions, allowing you to check the status of your finances anytime.

To complete the picture, at Eidoo, we have included in-wallet tools for you to access the digital asset ecosystem. With this, you can use Eidoo wallet to manage your funds and make use of them by placing them in the investment assets you are most interested in.

Finally, Eidoo offers you the possibility to connect your daily expenses with your crypto investments through the eidooCARD, which is the ideal solution to close the circle so that the bank that manages your assets is only you.

With all this, Eidoo's decentralized finance platform covers your needs as a user of what would be equivalent in centralized finance to traditional retail banking and traditional investment banking but for the crypto world.

You are just one click away from having the independence your cryptos deserve. Make the best of this opportunity.

"And by way of firing an opening shot at Society, Rastignac went to have dinner with Madame de Nucingen." - Père Goriot. Honoré de Balzac.

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