How the eidooCARD Will Be the Fastest and Cheapest Way to Spend Crypto
Crypto cards help us bridge the gap between the decentralized financial systems and the real world that transacts fiat money. The emergence of crypto debit cards has been widely welcomed by cryptocurrency holders since they allow using familiar technology to tap into completely novel financial market mechanics.
The eidooCard, which is linked to a non-custodial wallet, is one of the best alternative debit cards.
For those unfamiliar with the term non-custodial, these are crypto wallets that allow users to keep ownership of their digital assets at all times. This means that the company whose product you are using never comes into possession of your funds or the information necessary to gain access to your wallet.
For the security-conscious, having complete control over their assets with this type of wallet is a good solution. A downside of non-custodial wallets — and their respective crypto cards — is that transferring funds can take a little longer and cost more.
However, the eidooCard is poised to be the fastest and cheapest solution on the market in this respect.
Generally speaking, the Ethereum blockchain has been experiencing scalability issues causing transactions to take hours and even days to complete. The above discourages holders to use crypto cards linked to non-custodial wallets in everyday life. The reason for this is that the network has been close to capacity for a while now. This is partly because the Ethereum version of Tether (USDT-ETH) accounts for between 25% to 50% of the network's usage.
It has affected all Ethereum-based DeFi solutions and caused an increase in transaction fees for lending, borrowing, swapping crypto, etc. Additionally, it has been difficult and less sustainable for transactions of varying sizes to be performed on this blockchain, including using non-custodial crypto cards.
Fortunately, there are solutions in the form of second-layer applications like Loopring, which Ethereum founder Vitalik Buterin has approved.
By integrating Loopring, the eidooCARD overcomes the network congestion plaguing Ethereum-based DeFi solutions. Through API integration, eidooCARD makes even the smallest transactions more affordable.
Loopring zkRollup is a uniquely designed high-performance decentralized exchange and payment technology focused on Ethereum-based DeFi projects' scalability. It has the ability to process 3,000+ transactions per second, which opens up the room for small crypto transactions to be as cost-effective as high-volume ones.
This means that network congestions and chain bottlenecks will soon be a thing of the past. Eidoo users will have the unique opportunity to reap the benefits of using a non-custodial crypto wallet and card that enables truly decentralized and cost-effective transactions.
So what are you waiting for?
Download your Eidoo wallet today and start spending your crypto in the real world!