Move Over Coinbase, Eidoo Has Huge Potential In The Cryptocurrency Space

This column is part of a weekly series from cryptocurrency enthusiast George Tung. To read more of his work, head here.

Today I want to focus on wallets. No, not the leather ones that hold your fiat dollars, but the digital ones that hold your cryptocurrency.

When it comes to Bitcoin and Ethereum, there are many options out there where one can store them: on an exchange wallet, on a desktop wallet, on a mobile wallet or on a hardware wallet. However, for the lesser known cryptocurrencies out there, there are very little options for storage. I want to introduce you to the best one I’ve come across and it is from Eidoo, which I think could become a major competitor to Coinbase.

Why Is a Universal Wallet a Big Deal?

Even though cryptocurrency exchanges offer hundreds of wallets for basically every crypto they trade, it is in your best interest to store your own cryptos if possible. Why? Because as good as exchanges are, they are young and unregulated, and even today we still hear about internal theft and external hacks.

If your cryptos are on an exchange that gets stolen by internal employees or stolen by a hacker, you are out of luck. There is no recourse. Therefore, it is always best to store your own cryptos to make sure they’re safe and secure.

That sounds easier than it is because, in a lot of cases, there very limited options for storage or you have to mix a half dozen or so different types of wallets to safely secure all of your cryptos. That is why most crypto enthusiasts are chasing the dream of having a universal wallet — one that can store everything.

Eidoo’s Universal Wallet

Eidoo’s universal wallet focuses on Ethereum and currently stores any ERC-20 based coin within one single wallet. What is ERC-20? It basically means that it’s a coin built for Ethereum, which is by far the most popular platform for Dapps.

There are hundreds of cryptocurrencies that are ERC-20 based, and more are released daily. That means that rather than mess with six or so different kinds of wallets, you can now use one. And on top of that, Eidoo is mobile-based, so you can use it on the go. All you have to do is download the Eidoo app from Apple Itunes or Google Play store.

One caveat is it currently does not allow storage of Bitcoin with the wallet, but that is reportedly being added within the next few months.

The universal wallet isn’t the only thing Eidoo has up its sleeve. They have a built-in ICO engine that allows users to participate in Initial Coin Offerings in a super convenient manner. You can participate and receive your tokens all from the mobile app without any complications. Additionally, in Q2 of this year, Eidoo will add a debit VISA card to its wallet so that people can spend their cryptos in the real world.

Lastly Eidoo wants to become a Coinbase competitor! They are building a hybrid exchange right into the mobile app that allows users to trade cryptocurrencies conveniently without any worries about thefts or hacks. This will be available within Q3 of this year.

Eidoo’s Price Potential

Currently, Eidoo (EDO) costs around $4.00, and I can see the price getting as high as $20 dollars within three to six months. Why do I think this?

First of all, Eidoo’s closest competitor is worth five times as much and doesn’t even have a working product. Eidoo definitely has been hovering below people’s radars. Secondly, there are only 22.6 million coins in circulation, which is low by today’s standards. And Eidoo has a policy utilizing 50 percent of their profits to burning coins. So over time, that number will go down.

Lastly, I see massive potential for Eidoo in the cryptocurrency space as it builds upon its universal wallet. Once its debit card gets added and its exchange becomes fully operational, Eidoo will become a true Coinbase competitor and will become a leader in the space.

This article reflects the opinions of the author and is not intended to be financial counsel.