Recapitulation of 03LABS PROJECT AMA event held at AMA LOVERS CLUB.
Date: Tuesday, 27th April, 2021
Time: 13:00 UTC
The 03LABS PROJECT team was represented by @TimO3WALLET who judiciously shared with us detailed knowledge and information about 03LABS PROJECT.
1st Segment: INTRODUCTION
Q1: Can you please introduce yourself and your background, also introduce the team working on O3Lab?
ANS: Yes, This is Tim from O3 Labs, I am in charge of the O3 Swap design with all our outstanding teammates. Before joining the O3 Labs, I completed my master degree in Netherlands and has been a project manager in a consultant company based in Hong Kong. Glad to e-meet you guys here and share our product with you:)
The O3 Labs was established in Tokyo in 2017 and is one of the early crypto wallet development teams in the world. At present, our team members are from nearly every continent. O3 Labs has been focusing on providing professional crypto asset management tools and services. Currently, we have provided wallet services for 100,000+ users.
For more information, please check our website. https://o3.network/
Q2: Can you introduce O3Lab, what critical problems does it solve that existing solutions are not solving and what's the competitive advantage?
ANS: O3 Labs has undergone rebranding and version upgrades in September of last year. In addition to the redesign of the user interface, the product architecture and experience have been optimized, network speed has been improved, and the wallet multi-languages have been added, including Chinese, Japanese, and Korean in Our main product O3 Wallet. Secondly, O3 wallet now supports more mainstream assets such as BTC, ETH, USDT, and high-quality DeFi projects such as Flamingo, Uniswap, Compound, Switcheo, etc. I believe that Wallet is the foundation of cryptocurrency and is the best entrance for DeFi.
Q3: Can you briefly describe the top milestones you have achieved and your target milestones with timelines, also share your roadmap?
ANS: There are three milestones in the development history of O3 Labs.
First, the release of the Neo light wallet — O3 wallet in Tokyo in 2017 and supported Ontology lately.
Second, the support of fiat currencies (USD, Euro) and credit cards to purchase cryptocurrencies (including BTC, NEO, ETH).
Last but not least, as a multi-asset wallet to support mainstream assets, such as Bitcoin, Ethereum, Neo, Ontology, Polkadot, Binance Smart Chain, and Huobi ECO Chain, and integrate dAPI of high-quality DeFi projects.
This year we launch our new product - O3 Swap, I will share more information in following questions:)
Q4: Can you briefly describe your PARTNERSHIPS so far?
So far We are gracious and humbled by the support of these highly reputable and prestigious blockchain ventures.
Also, we currently support many projects on our eco-system👀
Q5: Finally on this segment, Can you give an overview of your Tokenomics, and the UTILITY of the $O3 Token?
ANS: yes, I think this is the important question for every user.
In the economic model of O3 Swap, there are three ways to earn O3.
1, users can receive airdrops through early participation in product testing and community contributions.
2, they can receive trade mining rewards by using O3 Swap.
3, they can provide liquidity to cross-chain pools to obtain O3 rewards.
After unlocking the token, there are three primary benefits for the unlocked O3:
1. Member rights: Stake O3 to obtain interest and transaction discounts allocated by the O3 Swap treasury.
2. Community governance: Users can participate in community governance by staking O3 to initiate proposals, participate in voting, etc.
3. LP staking: Users can use O3 to synthesize liquidity equity proof (LP), which can be used for unlocking and mining.
On the other hand, all transaction fees from O3 Swap will regularly be used to buyback O3 in open markets, and distributed to O3 stakers and development committees in proportion.
2nd Segment: LIVE Questions
Q1: Can you tell us about O3labs DeFi gateway? How easy is it to access DeFi services from it?
What's the benefits of being an O3 stakers and how are development committee of O3labs rewarded for the services they render?
ANS: You can access the DeFi project directly on discover page within the wallet. O3 stakers can get the trading discount and O3 rewards when using O3 Swap
Q2: What are the advantages of the O3 hub design mechanism compared to the traditional hub mechanism?? Also, what do you consider to be the benchmark for success of this project???
ANS: O3 team has worked hard on innovative explorations of cross-chain transactions. It is the first to use the method of the cross-chain pool (Hub) to connect different liquidity of assets on the chain, allowing users to exchange cross-chain assets without asset deposit and withdrawal, which greatly reduces the threshold for user operations/transactions.
Q3: There are two modules in the O3 Swap platform. What are the functions and benefits of the interchain pool (O3 Hub) and Exchange collectors (O3 Collector) in the O3 ecosystem?
O3 Hub is composed of a cross-chain asset pool such as stablecoin pool and cross-chain protocol based on Poly Network. traders can exchange mainstream assets across blockchains simply; Liquidity providers can deposit single or multiple assets to the cross-chain pool and stake the LP shares to earn O3 rewards.
Q4: Sometimes many user need bep20 to heco usdt....suppose i am trader now i need heco usdt...but i have bsc/trc usdt... Now can i swap my usdt to heco? Or when it available?
ANS: Yes, in O3 Swap you can simply exchange USDT(heco) to USDT/BUSD(BSC) with one click😊
Q5: Security is always important for any type of wallet. How much secured and trustable is O3 wallet? Could you explain little bit about the security protocol of O3 wallet?
ANS: We will get a professional organization to do a contract audit and introduce a vulnerability finding reward. Second, our cross-chain pool is deployed based on the Poly network protocol. At present, Poly has run more than 300 million USD, which is a mature cross-chain solution on the market.
Q6: In the O3 Swap Trial Version, what kind of features did you provide to the users that users will go for testing this?
How community can earn money for testing this Trial Version of O3 Swap? Tell us the processes that i will go fro try this and earn some real money?
ANS: The trial version is ongoing now. check this link for more information https://medium.com/o3-labs-o3-wallet/test-now-for-o3-rewards-a4f1eca4aa86
this is a very simple guide, you can also join the optional task if you want
Complete some transaction on Swap, Hub, or Add/Withdraw the liquidity. 👉O3 Swap
Finish the tasks to earn the bonus. 👉Form link （Optional）
Share 1–3 feedbacks about O3 Swap on Discord #swap-trial-feedback with us. 👉 O3 Discord （Optional)
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