The O3 Network Review: Exploring This New-Age Crypto Ecosystem


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The O3 Network Review: Exploring This New-Age Crypto Ecosystem

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As the crypto market continues to grow exponentially, the growth of ancillary services for altcoins is also on the same path. O3 Labs is one of the newest entrants and leading contenders for the top ancillary services providers in the crypto world.

What is O3 Labs?

O3 Labs was founded in 2017 and is headquartered in Tokyo, Japan. Its primary focus is on providing crypto wallet solutions, along with asset management tools and services. O3 Labs also introduced O3 Swap, which is a cross-chain aggregation protocol. Let’s discuss each of the products and services offered by O3 Labs in this article.

O3 Swap

O3 Swap is a cross-chain aggregation protocol that allows users to get liquidity from multi-chain liquidity providers, all on one platform. Below are a few of their credible liquidity providers.

In the first quarter of 2021, O3 Swap released the NEO swap module. It aggregates major liquidity sources from some of the leading decentralised exchanges allowing users to discover the most efficient trading routes. That means users can trade safely without worrying about hidden fees and limits. The NEO swap module allows one to exchange multi-chain assets by accessing different blockchain networks freely.

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O3 Swap

O3 Swap is a cross-chain aggregation protocol developed by O3 Labs. Cross-chain aggregation means that they have sourced liquidity from different providers on different blockchain networks. Typically, it is impossible to exchange cryptos across different blockchain networks. O3 Swap will enable users to conveniently exchange (i.e., swap) different crypto assets from their O3 Wallets.

Why O3 Swap?

With the continued mainstream adoption of decentralised finance (DeFi), high transaction fees, network congestions and non-scalability have become the new norm. O3 Swaps is ahead of the curve – it aims to offer both its clients and developers a one-stop exchange and aggregation platform for crypto assets. It effectively eliminates the limit of asset usage between blockchains.

Key Features

  • Cross-chain exchange: O3 Swap’s cross-chain aggregation protocol eliminates the transaction barrier between blockchains. Users can exchange multi-chain cryptos on BSC, Huobi Eco Chain, Ethereum, Neo, and other reputable layer 2 projects in a single click
  • It’s Permissionless: Users do not need KYC requirements to access the platform. O3 Swap provides true anti-censorship because it has partnered with only DEX liquidity providers
  • Liquidity Aggregation: O3 Swap has partnered with several liquidity providers, meaning that users will always enjoy the best possible rates.
  • It’s community-driven: Through O3 Swap Tokens, it encourages decentralised governance, which means the community’s voice is heard.

In 2021 Q1, O3 Labs launched the official website for O3 Swaps. During the same period, they released the Neo-swap module and published the O3 Swap Litepaper. In Q2 and Q3 2021, O3 Labs is scheduled to officially release the O3 Hub, which will provide cross-chain services and support EHT, and BSC swaps. They will also release the O3 Governance Token and economic model and take version 1 of O3 live. It plans to launch DAO Version 1 in Q4.

In April 2021, O3 Labs has rolled out the trial for the latest cross-chain aggregation protocol. The O3 Swap trial modules allow users to freely trade on ETH, BSC, Neo, and HECO chains from their O3 Wallets. The users in this trial phase are rewarded with O3 Swap Token.

How to Use O3 Swaps?

Using O3 Swaps is pretty straightforward and uncomplicated. All you need to do is go to the O3 Swap page and connect your wallet. As of April 2021, the Neo Swap supports the O3 Wallet and NeoLine, while Eth, BSC, and Heco cross-chain swaps only support Metamask.

After connecting your wallet, you can initiate the Swap by selecting “From” and “To” and input the amount you intend to exchange.

O3 Crypto Wallet

O3 Labs has one of the leading crypto wallets for BTC, NEO, GAS, ETH, and ONT. It is a light wallet and a true multi-chain ecosystem, and as of this publication, it has over 150,000 users globally. It is based on the Neo and Ontology blockchain. The wallet is available for desktop users on Windows, macOS and Linux. For mobile users, the O3 wallet is available on Android and iOS.

O3 Labs touts their crypto wallet as being the gateway to the smart economy. That’s because the wallet allows users to buy cryptos, manage their portfolio, exchange cryptos and stake by linking blockchain applications within seconds.

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The wallet offers a fiat on-ramp which means that users can purchase cryptos using their local currencies. Note that users can use credit and debit cards to buy cryptos. It also has a fully integrated dAPI which makes the O3 wallet the perfect DeFi gateway. dAPI is short for decentralised API. It is used for dApps to interact directly with the blockchain eliminating the need to create a wallet to manage its funds. Thus, users can access DeFi without leaving their wallets.

Reasons why the O3 wallet should be your wallet of choice

  • Enhanced Privacy

Thanks to O3 Pay dAPI, users can generate new addresses every time they exchange or buy cryptos. However, this new address is connected to your account. That means that O3 Wallet supports the generation of multiple addresses for single crypto for every new transaction. This helps keep your Coinbase account anonymous since the address is shown when conducting a transaction, a new shell address. No one can look up your entire transaction history.

More so, O3 doesn’t require you to sign up for an account with them. This guarantees that your identity remains a mystery. You will also be in charge of your private keys since O3 doesn’t store your private key outside your device. This ensures that only you will have access to the funds in your O3 wallet.

  • Sending cryptos on-chain and off-chain

O3 wallet users can send and receive cryptos or pay for services directly from their wallets. O3 Swaps allow for free off-chain settlements directly from your wallet.

  • 24/7 In-App Support

When using the O3 app, if you have a specific question about using a feature, you can ask the support team from within the specific app. More so, O3 Labs has a 24/7 support team available on Telegram, Discord, Email, and Twitter. You can also reach O3 Labs in the O3 Community Forum, Medium, Publish0x, and Reddit.

That’s about the O3 ecosystem and the amazing services they offer. We hope you find this article useful and informative. In case of any questions, please let us know in the comments below. Cheers!

Disclaimer The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Author: Achal Arya
I am an entrepreneur and a writer with a bachelors degree in Computer Science. I manage the blockchain technology and crypto coverages at Coingape. follow me on Twitter at @arya_achal or reach out to me at achal[at]coingape.com.
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Achal Arya 481 Articles
I am an entrepreneur and a writer with a bachelors degree in Computer Science. I manage the blockchain technology and crypto coverages at Coingape. follow me on Twitter at @arya_achal or reach out to me at achal[at]coingape.com.
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