Eidoo Card, the Visa debit card powered by the non-custodial Eidoo cryptocurrency wallet, will be the first to integrate a Layer 2 solution by Loopring to save cardholders time and money for every crypto-based transaction.
The Eidoo wallet enables users across Europe and the UK to easily convert their cryptocurrency into Euros or Pounds in real-time. After which, these fiat funds are automatically loaded onto the Eidoo Card to instantly start spending in stores, online, or even withdraw cash from ATMs.
Eidoo Card is connected to the Ethereum network, a popular blockchain which hosts the majority of decentralized finance (DeFi) applications today. Due to its exponential growth Ethereum faces scalability issues and has been experiencing uncharacteristically high transaction (gas) fees due to this network congestion. A large pool of unprocessed transactions have slowed down the whole network, which is a challenge for DeFi projects like Eidoo Card that require frequent and smaller kinds of transactions.
To overcome this network congestion, the Eidoo Card is integrating an API by Loopring, a next-generation high-performance decentralized exchange and payment protocol focused on scalability.
“It’s fascinating to see Eidoo Card integrated Loopring zkRollup. To those saying about “gas fees are too high”, my answer to that is “More people should be accepting payments directly through zkRollup”. Seriously, scaling to 3000+ TPS for simple-payments applications is here, we just need to…use it.” Jay Zhou, COO of Loopring Protocol
Loopring’s uniquely designed zkRollup technology can process three thousand cryptocurrency transactions per second. The transactions are made completely “off-chain” but benefit from high levels of cryptographic security thanks to this Layer 2 solution.
To ensure the Eidoo Card experience remains comparable to traditional debit cards and crypto debit cards, the majority of cardholders’ crypto conversion transactions will be processed through Loopring. Because they are not immediately included on the Ethereum mainnet , this will make these transactions almost instant and a fraction of the cost of Ethereum’s mainnet network fees.
The Eidoo Card is designed to give the same speed and costs associated with traditional crypto cards, while staying truly DeFi – transparent, more secure and non-custodial.
Pre-orders for the Eidoo Card launched in March 2020, with more than 3.4 million PNT already staked by users. To date, over 3,000 cards have been ordered.
Eidoo is your gateway to the exciting new world of decentralized finance (DeFi). As an app for mobile and desktop devices, it’s the easiest and most secure way to participate in the blockchain economy. A Swiss-based company founded in 2017, the Eidoo ICO raised more than $20 million and was one of the few projects to launch with an already existing product. Eidoo is part of Poseidon Group, a blockchain innovation leader in Switzerland, Italy and across Europe. Poseidon’s team is made up of world-renowned consultants, lawyers and executives with backgrounds in Big 4 business, asset management and emerging technologies.
Loopring is a zkRollup Exchange and Payment Protocol. It allows anyone to build high-throughput, non-custodial, orderbook-based exchanges on Ethereum by leveraging Zero-Knowledge Proofs. Loopring powers highly scalable decentralized exchanges by batch-processing thousands of requests off-chain, with verifiably correct execution via ZKPs. The performance of underlying blockchains is no longer the bottleneck..Loopring.io is the first decentralized trading platform built on top of Loopring 3.0.