Eidoo 3 Years on - The Story So Far
Eidoo came into being in September 2017, at the height of crypto excitement and just before Bitcoin reached its first fever-pitch at the $20.000-price on December 17.
Bitcoin's price retreated during 2018 and more time was needed for blockchain technology and the cryptocurrency to evolve and gain the attention this revolutionary technology deserved. It is a testament that four years on Bitcoin’s price has started to grow as the blockchain and crypto industry and its liquidity grows and thus lowers the initial volatility.
The backdrop against which Eidoo has flourished has been the rise and leveling of Bitcoin, the flurry of investment in Initial Coin Offerings (ICO's), and the sale of new cryptocurrencies to fund startups by those hoping to discover the next Bitcoin. 2019 marked a concerted effort by the crypto industry to ensure regulation and find different ways outside of ICO’s to raise capital for projects.
The belief in the necessity for an alternative to traditional finance spurred blockchain and crypto communities, and development continued. At the same time Eidoo continued to expand its ecosystem and despite the massive impact of Covid-19 on the world the blockchain and crypto community broadened its offerings through DeFi based services, as did Eidoo!
Eidoo has weathered the storms associated with the burgeoning industry.
Over the last three years, we have consistently continued to grow and build the ecosystem riding the crypto wave, and more recently, expanding into DeFi.
2020 was a bumper year for Eidoo. We launched our DeFi exchange with the integration of Aave, Compound, and Fulcrum. Thereafter our unique and instant fiat on and off-ramp was launched followed by an announcement that Eidoo users could pre-order the new Eidoo Visa Defi Crypto card.
The eidooCARD instantly converts digital assets into £GBP or €EURO in-app to start spending in stores or online, or even withdraw from ATMs. The card has no annual fees and owing to the Layer 2 Loopring integration, transactions are super speedy, and transaction fees are kept low.
As if the above developments were not ambitious enough the EDO Token was also upgraded in 2020, to enhance its utility and functionality. The upgrade was done with the company Provable Things. Provable Things falls within the same group that backs Eidoo — The Poseidon Group — and we often collaborate and work together on innovations.
The EDO token upgrade resulted in the creation of PNT. PNT still provides all the same benefits as EDO, and, as an addition, you are also invited to participate in an entirely new ecosystem altogether — the pNetwork. For more information on the overall upgrade and token economy, read this Overview Document.
pNetwork enables cross-chain composability and interoperability. The Eidoo ecosystem includes the pNetwork DAO manager (in the app) which allows Eidoo users to stake their PNT and vote on proposals put forward that they are interested in.
The pNetwork DAO can be accessed straight from the Eidoo wallet app - Anyone holding PNT can participate in the project's governance. Active participation in the DAO via the app is incentivized and rewarded! These rewards can include 42% APR in the first year and 21% in the second - based on the amount of PNT staked.
After the DAO launch, We announced the Steroids integration. That meant that staking and rewards for the latest Yield Farming Strategies in the Eidoo ecosystem are completely streamlined. Eidoo's multi-currency crypto supports pNetwork's Ethereum-compatible pTokenized Bitcoin (pBTC) so users can move liquidity seamlessly from one blockchain to another.
The eidoo ecosystem is a "Swiss-army-knife" for managing cryptocurrencies.
It's been a long, interesting road, and we only see growth for Eidoo and the blockchain and crypto markets. We know for certain that we could never have come this far without the loyalty and support of our followers and communities.
Our overall vision to improve how people manage their assets, invest, and make a profit in the blockchain economy is still at the heart of what we do. Our absolute aim is to drive the movement of financially savvy and forward-thinking users. We want to innovate the relationship between people and the crypto space.
Moving forward, we will strive to improve our products and services and to actively listen to our communities and users’ wants, needs, and desires. We take our partnership with our users seriously and believe it will be a lifetime relationship. Still, to deepen that relationship, we need to know more about our users.
So, look out for a series of surveys. We want your feedback, and we will be giving away amazing prizes for your input, so watch this space, and follow our Twitter feed and join our Telegram Community!