Last week the Eidoo community joined us in our Telegram channel for a live AMA with CEO Thomas Bertani. Given the excitement surrounding Eidoo Card, the personal Visa debit card powered by your crypto wallet, alongside a myriad of new DeFi integrations and announcements, it’s no wonder that we received so many great questions.
If you missed it, please enjoy the following transcript…
Savannah Lee: Welcome to our live #EidooAMA! Our CEO Thomas Bertani is in the room for the next 45 minutes and will be answering some of the great questions already submitted by our community.
We’ll also leave some time for a live Q&A, so please feel free to ask your questions during that time. Remember to keep your questions on topic and to the point. A maximum of 2 questions per person is allowed during the live session.
Thomas Bertani: Hello everyone! We have received many great questions, looking forward to answering the best ones shortly!
Lee: The first questions will focus on Eidoo Visa Card, since we received a lot of interest –
“Can you tell us about Eidoo debit card and its functions? Is there a discount or cashback on using Eidoo debit cards? How can I get it delivered to me?”
Bertani: Eidoo Card is a Visa card so it will function like any other debit card – except it’s powered by your personal crypto wallet! The cashback you receive is based on the tier of card you have, such as Basic, VIP and Black. Our pre-order cashback rates are double the regular amount, however the pre-order phase is ending soon (May 31). You just need to use your Eidoo wallet to pre-order your card, and we will deliver it to you this Summer!
Lee: Another user asked you this –
“Why does your basic Eidoo Card require a token burn while the VIP and BLACK Cards respectively require token staking?”
Bertani: The 100 EDO burn is the one-time payment that is meant to reward token holders (by a reduction of the token supply) if base cards become successful – specifically more than 2700 Eidoo base cards have been ordered so far and this resulted in 270k edo tokens being burned by users. The VIP and Black cards require staking, which is a form of collateral and is locked for 1 year. Currently more than 15% of the EDO circulating supply is locked thanks to staking initiatives (including the eidoo card one). Staking is something that will get used much more in the future, for instance within the upcoming pNetwork DAO.
TLDR – it is part of our token economy and long term commitment to benefit EDO token holders with all the activities we do
Lee: Here’s another question from Twitter –
“Some projects like Crypto.Com and Bitcoin.Com also provide debit cards services. What’s special about Eidoo cards? Are there any special benefits, discounts or cashback provided by Eidoo to its debit card holders?”
Bertani: Eidoo is non-custodial and all about DeFi, so we want to offer users the highest level of control over their funds.
The Crypto.com MCO Card does not offer the same non-custodial benefits for its cardholders. We want to make sure that every part of the crypto to fiat journey is as transparent and decentralized as possible. It’s why we’re using stablecoins and atomic swaps, instead of traditional bank accounts to store users’ fiat funds and hot wallets to store your crypto.
Lee: We have another question from Twitter –
“Can you explain the partnership between Eidoo and Contis? Also, what are the benefits of this collaboration to users, investors, holders and traders?”
Bertani: Contis is our regulated banking and payments provider, so they are the issuer of the physical Eidoo Card. We need this partnership with a regulated company (who are also supportive of innovative payment solutions) to ensure that Eidoo users can use their digital currencies in day to day life, wherever Visa is accepted. The Eidoo Card is the bridge between the crypto and cash world.
Lee: And why do you think that there is a need for crypto cards, since there are many people who want to use traditional bank cards?
“What is your approach to attract non-crypto people to Eidoo?”
Bertani: Well as the crypto economy continues to grow, it’s only inevitable that users will want to take their digital assets to the real world. WIth Eidoo Card, they can convert their crypto into fiat to use in restaurants, stores.. or even withdraw from ATMs, all without fees. We also expect new users to see the value in our perks and rewards program, which offers airport lounge access, one year of netflix, and more depending on their account levels.
Lee: Cool! Another question about Eidoo Card –
“Do you think Eidoo can eventually replace Visa or create a more powerful system than Visa? Have you met all your goals in the roadmap till now? Were there any difficulties that you didn’t expect and were not prepared for?”
Bertani: Eidoo and the Eidoo Card is part of the greater decentralized finance system, which we believe will eventually replace the current financial system. These legacy systems must adapt and innovate, or they may be left behind. So we are working together to rebuild these global financial systems from the inside out.
We have met all our goals in our original whitepaper roadmap – the Eidoo Card was the final one! This is quite uncommon to have finished our roadmap in just a few years, so we’re proud. But of course there’s still so much work to do and we don’t plan to slow down. There’s always unexpected challenges, especially when you are building new technology from scratch.
Lee: OK, here’s a question about the staking for Eidoo Card.
“You have carefully chosen the amount of EDO needed to stake for the 2 highest tier cards. But, say EDO becomes 5 dollar worth, how will this still be attractive for newcomers? The price would be extremely high to get in.”
Bertani: This is a way to incentivize people to get the card early, of course the price would increase significantly for staking vip/black cards but the cashback rates are quite special and uncommon too so things should balance out nicely. The base card price isn’t affected by that as much given that the initial price was of just 8 usd, but now it is pricier already so I guess we’ll see how much people are willing to pay for these cards if the price had to increase. We could reconsider these prices in the future but right now we don’t plan to change them. This dynamic benefits existing token holders first.
Also keep in mind that staking isn’t a payment as these funds go back to you after 1 year
Lee: Yes, that’s a good point.
Bertani: Basically these 2 higher tier cards are more exclusive as the name suggests (“Vip” and “Black”).
Lee: OK last pre-submitted question about the card –
“As we know, Eidoo Cards are now available in the UK and EU. Do you have any plans for worldwide expansion of these cards?”
Bertani: This is our goal of course, we’d love to make Eidoo Card as global as possible. It will depend on demand but also on us being able to distribute cards in these countries which is mostly a regulation challenge. Hopefully the success of our UK and EU cards will help us expand faster into other regions.
Lee: Great – looking forward to going global! We have a question on DeFi now –
“Do you see Eidoo wallet one day integrating DeFi smart contract loans?”
Bertani: Yes definitely. Right now we focused on lending integrations such as Compound, Aave, .. This enables people to gain “passive income” by locked into these platforms some of their crypto funds. In the future we will give access also to the opposite, basically to borrowing, looking forward to that!
“What are the current Utilities & real life use-cases of $EDO Tokens in Eidoo platform? Also, What are your plans to expand the utilities of $EDO Tokens?”
Bertani: You can monitor the uses of edo on edo.watch , for upcoming new ones people follow us in the coming days while we announce our new token economy and the upgrade of EDO tokens to PNT
Lee: Ok so this is an interesting question –
“No one predicted the COVID-19 pandemic while developing their business model. But the crisis and recession of the global economy affects all sectors, including blockchain. Will you make or have already made changes to the project roadmap, tokenomics? Do you have a plan in case the situation does not improve in the coming months and will affect the crypto industry even more?”
Bertani: While covid had initially hit the crypto market (especially prices) hard, it is now seemingly recovering. We are in the process of changing our token economy (updates coming in the next few days so stay tuned!) but this was planned well in advance before covid so it is not related, really. That said we are optimistic and we are sure the market will recognise the massive amount of work we have done in the last years and the new one that we are about to announce ( pTokens).
Lee: Good to know. Here’s one about working in the DeFi space.
“The DeFi universe is expanding at a fast rate even with the crisis happening worldwide. Does this give an intense amount of pressure towards the eidoo team, as expectations are now more high and eyes are all into results rather than just plain vision and mission statement?”
Bertani: There is pressure now for all DeFi and crypto projects to deliver on their promises! Thanks to our hard working team we not only managed to deliver on our roadmap but are working on even more products and tools. Of course we need to be open to change, as this industry moves very fast and there’s always some new and amazing opportunity. But we are always committed to our original vision and mission statement, which is to empower people with the financial freedom they deserve.
Lee: OK – a question about interoperability (the ability for cryptocurrencies and blockchains to be compatible with each other) –
“In the world of blockchain, one of the main problems in some of the DeFi projects is interoperability. How does Eidoo solve this interoperability problem? With which blockchains will Eidoo be interoperable?”
Bertani: Eidoo already supports various blockchain currencies such as Bitcoin, Litecoin and Ethereum (EOS is also on our roadmap). However we’re also integrating with a number of interoperability solutions, the main one being pTokens. Through your wallet, you can turn your BTC into an Ethereum-compatible token (pBTC) and you can use this to interact with the whole Ethereum DeFi ecosystem, or swap it for any ERC-20 token. You can switch your pBTC back into BTC any time you like too.
Lee: Cool! (If users would like to play with pBTC they need to have the latest version of the eidoo.app.) Last pre-submitted question!
“What is the proper way to pronounce Eidoo?”
Bertani: Haha good question! “AY-doo” (like the letter A)
Lee: OK thanks! We’re going to now open the floor to live community questions!
“How do I determine the card is not tampered with when I received it?”
Bertani: No such risk thanks to secure element chips used on the cards. You can also check the packaging seal.
“Does Eidoo Card have an expiration date similar to mastercard, and can I use it automatically to transfer USDT to another person’s bank account?”
Bertani: Yes, the card has an expiration date, as it is mandatory for all cards. You cannot use the card to transfer USDT but you can use the Eidoo Wallet to cash out USDT to a normal bank account, or use the card to spend it at a store or withdraw USDT at the ATM.
“Some people are concerned about the price of the EDO token and not really about Eidoo’s success. How can you create a product oriented community and not just price oriented users?”
Bertani: This is a great question and something which definitely affects all crypto projects, I believe. Tokens are usually the fuel that helps incentivise people to use our platforms, so to balance it we want to create the most enjoyable products that people will actually use and appreciate even more than the token price!
“When will the card Eidoo for Latin America be ready?”
Bertani: When enough Latin American users ask for it! 😉
“Does Eidoo face any regulatory challenges at the moment? Are there any conditions I need to meet in order to preorder an Eidoo Card?”
Bertani: Our regulatory challenges are the same for most of us operating in the crypto industry. However, we wanted to make this simple for our users, so we created eidooID. It’s a feature of our wallet, and means that users just have to sign up once, and provide the minimum amount of personal info to start participating in token sales, or to purchase crypto.
“How many cards have been pre-ordered already?”
Bertani: 2700+ (as of May 27).
“Currently, Eidoo is developing many services, such as: wallets, visa cards, and payment systems. Do you think that developing so many services at the same time prevents the Eidoo team from developing every best service?”
Bertani: Certainly Eidoo is living up to its aim to be a multidimensional, multicurrency crypto platform. As you know, we not only have fiat on-ramp and off-ramp services, but the Eidoo DEX, a DeFi Exchange, Eidoo Crowd, our crowdfunding platform, and now the Visa Debit Card by Eidoo (Eidoo Card). As we’ve worked to complete our roadmap, we’ve really honed in on what it takes to deliver a successful product and service. We have a collaborative and talented team, great partnerships within the ecosystem, and, most importantly, room to grow. We approach each project with our very best, while realizing that the space can change quickly. There’s always a new idea to add to the next iteration of Eidoo.
Lee: Hey everyone! Thanks for all your questions and support. We hope you learned a lot! That concludes our #EidooAMA!
Visit the Eidoo Visa card site to learn about all the different rewards and crypto cashback.
And if you’d like to try your luck in winning a Basic card, or an upgrade of your Eidoo Card account (Basic to VIP, VIP to Black) – check out our current giveaway.
We hope to see you again for another Q&A round!