• Team Eidoo

eidooCARD and Transaction Fees. The Loopring Solution


eidooCARD Loopring transaction fees

Can you imagine having to go to the notary every time you buy a carton of milk? Having a cow in the living room seems like a better option.


The DeFi ecosystem based on the blockchain continues to grow thanks to its most differentiating feature. The immutability of recorded data is mainly what has made this technology the first choice for many uses, but at the same time, its popularisation may lead it to die of success.


Due to the increase in usage and the new projects that continue to be added, the evolution of crypto transaction fees and times is subject to many ups and downs and ultimately works against the adoption it can achieve.


Source: Bitinfocharts, 09/09/2021


At Eidoo we are well aware of this, and so, to protect our customers from market swings, we have implemented a Layer 2 solution to make your experience using the eidooCARD simple, fast, reliable, and decentralized.


Let's talk about the cow.


The remedy to the variability of costs and transfer times with eidooCARD comes with Loopring and its Layer 2 solution that streamlines the transfer process. Fundamentally, the problem of relying solely on the Ethereum blockchain to process and record transfers makes it a bottleneck at certain times of high traffic.

L2 Transaction Fees

Source: https://l2fees.info/, 09/09/2021


Loopring zk rollup is the solution to avoid these bottlenecks by making use of Ethereum-based resources only when necessary. On Ethereum we spend gas every time a payment is processed. This is due to the computation needed to verify transactions and the logic of smart contracts. With Loopring, the processing is done off-chain while leaving on-chain only a part of the information that needs to be recorded.


Through an identifier on Layer 2, your movements are recorded with Loopring. This identifier is associated with your Eidoo account, and you do not need to keep any extra control over it. You can simply transfer the funds you want to the card, and nothing else needs to be taken care of.


Having an identifier for Loopring rollup does not mean that you lose any security that we all value in crypto. In fact, ZK, in zk rollup, stands for zero-knowledge, so you do not disclose any sensitive information about your keys when recording transactions.

Loopring zkRollup

Source: https://l2fees.info/, 09/09/2021


By making processing on a Layer 2 chain we avoid many of the costs we incur when using Ethereum alone, and the result is much cheaper and faster transactions throughput (up to 2025 transactions per second) than with the native option.


The savings in Ethereum transaction fees for the user are immediate as they go from depending on the demand for Ethereum resources to always paying cents for transactions, no matter how much traffic there is at that moment.


Operationally, this is all transparent to the user. All you need to do is make the funds available to the eidooCARD, which in effect means that you are putting your funds in a Loopring address, but they are still crypto-denominated until the moment you use them with your debit card.


The convenience of this system ensures that you can always be confident that when using your eidooCARD you will not incur extra charges due to Ethereum transaction gas fees and that your movements will be recorded on the spot. This way, you are also always sure how much crypto you pay for your purchases as it is executed immediately.


The Loopring wallet associated with your eidooCARD is a complete solution that makes the user experience friendly and transparent. We take care of the complexities so that you can use your eidooCARD with maximum convenience and confidence without unnecessary overcharges.


Still haven't decided to get yours? Order your card now and start enjoying its advantages today.


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