The well-known Swiss company Eidoo launches within its hybrid exchange, available now for Android.
Eidoo Exchange is now online: “This is an important first step. We are developing one of the most advanced hybrid exchange on the market and today we are proud to show our first results. We know that we still have some implementation to be done, with the orderbook and the esthetic side being the next on the line, but the engine is there! I want to thanks our community for believing in us and we will continue to work hard in order to meet its expectation”, explained to Cryptonomist the Poseidon CEO, Lars Schlichting [e.d. Poseidon is the holding behind Eidoo].
The revolution behind this new exchange is that enables users to trade securely while staying in total control of their funds.
“We call it “hybrid” because it uses the best features from the traditional highly-scalable centralized world and the new highly-transparent decentralized one! On the one hand, it enables to exchange ETH and ERC20 tokens via smart contracts, on the other it efficiently handles the order management and the order matching part. What this means in practice is that you will experience a sleek UX yet very secure and decentralized”, quotes the original Eidoo press release.
How to use the Eidoo Preview
At the moment, to use and test this hybrid exchange, people will need to download the so-called “Eidoo Preview” application that is completely separate from the normal Eidoo app.
It is like having a secondary wallet to test the exchange with, even if – however – it is possible to use the same wallet of the main application thanks to the 12 words of the backup phrase. You can download it here.
“We are proud to release today the first version of the Eidoo Hybrid Exchange. While we call it a “Preview” it already contains all its unique core features. During the next few months, several iterations will follow and they will gradually implement new features on the UX side, to make the user interaction smoother and easier. We are looking forward to receiving feedback from our users so that our future improvements can be focused on what matters the most to them”, told Cryptonomist Thomas Bertani, Director of Eidoo.
DEX and Hybrid exchanges – the difference
Compared to Etherdelta et similia, the Eidoo Exchange gives improved security guarantees, a faster experience and it improves the order-matching logic by delegating it to a verify efficient off-chain yet secure engine.
“Other exchanges such as IDEX keep the order matching off-chain as well, but being that part centralized and not auditable they can potentially operate it in a way which gives them unfair advantages (i.e. front running), hence nullifying most of the advantages that a decentralized exchange is meant to give in the first place”, explained the Eidoo blog post.
Oracles within Eidoo
Also, thanks to the collaboration between Eidoo and the UK startup called Oraclize, the hybrid exchange uses the so-called authenticity proofs to show that the order matching is done in a fair and correct manner.