O3 Labs is integrating support for Bitcoin and Ethereum across its mobile and web-based wallets, while Flamingo Finance is preparing to launch its DAO governance module.
On November 4th, O3 Labs and Flamingo Finance held an AMA on Flamingo Finance’s official Discord channel. O3 Labs lead business developer Alexander DiGirolamo, and community managers, Caroline and Sophy, joined to speak on behalf of the project. The trio spoke about upcoming O3 Wallet updates, multi-chain support, and perspective on the future of mobile wallets.
Flamingo Finance was represented by moderator, Behuman, who provided a general roadmap for the protocol and noted the DAO module will be the next feature to launch.
The full transcript can be found below:
Q1: What is the future role of the O3 Wallet? We are developing a smart economy, but do you see people using the wallet with vending machines? What future are you trying to build, especially for mobile devices?
Caroline: We aim to become the world-leading cross-chain wallet. The team has strived very hard to achieve this goal. However, it is not an easy path.
Coca Cola vending machines accepted BTC during COVID-19 to reduce contact and exposure. This is an important step forward in the blockchain world.
As you said, people now can use tokens to pay for goods in the real world, which proves the crypto wallet can be more influential in the future.
One day, maybe digital currencies will replace fiat money, and we get caught up in the development whirlpool. The O3 team is well prepared to face all the challenges.
In the upcoming versions of mobile devices, we believe many new tokens will be supported, such as BTC and ETH.
Q2: Does O3 have enough qualities (i.e., high security, liquidity, good team, great partners, long-term development roadmap) to be able to entice users to trust the wallet?
Caroline: The answer is, yes. The O3 team always places a priority on security to protect user assets and prevent attacks from hackers. However, we are proud that there have been zero attacks since we began offering our digital wallet service.
There’s no need to see the good liquidity as the proof for a good wallet. O3 is a non-custodial wallet, which means your assets never leave your control. No one can steal your assets unless you lose your private key.
Our team is made up of a group of experienced and excellent developers, which continuously leads O3 to a higher level from various aspects and ensures long-term development.
Team members from all around the world respect each other and deeply believe we are a family, so that we can work together to build a world leading crypto wallet.
Also, don’t forget to always backup or handwrite your private key! O3 can’t help recover your wallet once you lose it since the wallet is non-custodial.
Q3: How does O3 evaluate the importance of the user community? In the near future, does O3 have any special plans to attract and expand the community?
Caroline: I totally agree with this; that’s why I am here today. The operation team is dedicated to expand our awareness and maintain relationships with O3 Wallet users. Currently, we have two major official media platforms – Telegram and Twitter – for support and communication.
The O3 Twitter account just broke through 15,000 followers.
The O3 Telegram community grew from 0 to more than 2,100 members in two months.
Even though we paused some offline activities due to COVID-19 in 2020, we were able to host online activities like AMAs, giveaways, holiday treats, with more new events coming.
Q4: Is there any surprise innovation about wallet technology? If there is, could you give us a clue?
Caroline: Yes, there are a bunch of surprising innovations for O3. I will list some of the major ones below.
First, the O3 Desktop will support Neo3 TestNet in early November 2020. Most recently, the dev team has been finishing the wallet-related infrastructures and will be in public synchronously with official Neo3 TestNet.
Second, ETH and BTC will be available on mobile devices soon in mid-November, which will enable O3 to become a multi-chain wallet.
Third, the team rolled out a number of changes on the backend to improve data access speed and scale the service up to enhance user experience.
Lastly, we released the “UTXO manager” to assist Ledger users who face Ledger issues due to its design limitation.
Be prepared for a new version to come. Please make sure your O3 wallet app updates to the latest version. (iOS 1.0.7 and Android 1.2.1)
Q5: What are the most significant changes in the latest version of the O3 Wallet? Are any interesting features for user experience?
Good question! The most significant change of the new version, especially for mobile, is the user-friendly interface. You can see the cleaner UI design compared to the previous version; we also added Community support on both desktops and mobile devices.
We’ve been exploring industry-leading dApps to improve the user experience. We have more than 20 dApps from within the Neo ecosystem, categorized by Entertainment and Finance. (Try some interesting dApps in the Discover page of O3 Wallet.)
Recently, we’ve been exploring further cooperation with dApps in the Ethereum ecosystem. We are open to hearing your ideas, and you’re welcome to tell us your favorite one. Maybe you will see those dApps on the O3 Wallet one day.
Q6: There are many crypto wallets in the market, such as Trust, Atomic, etc. What do you think about your competitive advantage and difference from these wallets?
Caroline: First and foremost, O3 is born from the Neo community; it supports all tokens of the Neo ecosystem compared to other wallets like Trust wallet and Atomic wallet.
I want to say there is no significant difference between these crypto wallets. However, our wallet has no buying/sending/receiving limits, provides users with a user-friendly tool service and an aesthetically pleasing User Interface.
It allows users to connect with awesome apps/dApps without sharing sensitive data, like private keys with third parties. Users can get the latest crypto and projects on the “News” page of the O3 Wallet. We have full software releases on every major platform, including all desktops and mobile devices.
Alexander: Also, O3 is 100% non-custodial. The difference between O3 and Trust Wallet, for example, is that your private key is always available to you and only you. Trust wallet will often provide a recovery phrase that encompasses numerous wallets instead of the private key for each chain.
On January 3rd, there is a “Crypto Holiday,” known as Private Key Day. The idea is simple; if you don’t possess the private key, you don’t possess the crypto. With the O3 Wallet, our users possess the private key to their wallet, and they truly own their crypto, and only they have access to the key.
Another significant difference between the O3 Wallet and other wallets, such as Trust Wallet or Coinbase Wallet, is that O3 is completely independent, open-source, and community-driven. Many of the other wallets on the market today are owned by corporations like Coinbase or Binance, which may have their own agendas. Their decision-making process is inherently different as they consider not what is best for their users, but what is best for their investors.
We prioritize the user before all else, we have no other agendas, we are completely independent, and our development team is accessible to everyone.
Q7: Have you considered adding a fiat onramp to O3?
Alexander: We have an excellent fiat onramp in our partnership with Moonpay. We can currently accept debit, and credit, including MasterCard, Visa, and even ApplePay, that can be used to purchase crypto instantly and directly within the O3 Wallet. The process is very fast and painless. It’s already live, so feel free to give it a try if you wish. It’s available to users of nearly every country around the globe, with some small exceptions.
You can access this feature on the mobile application by selecting the “BUY” button on the top menu.
Sophy: You can also click ‘buy crypto today’ in the O3 Wallet desktop version.
Q8: Are there any Flamingo Finance updates?
Behuman: We understand and appreciate the community’s concern regarding the progress of the Flamingo project. We hereby bring you some of the latest progress.
Latest status on Swap: First, liquidity provision peaked over US $500M after the launch of Swap, and has now stabilized around US $190 million.
Second, FLM distributed to LP token stakers will be released as planned in the Litepaper, with a rate of 5 million per week, up until 1:00 pm (UTC) on December 23rd, 2020.
Updates on DAO and Perp: We are expecting to see the launch of DAO soon, where the governance of the Flamingo project will be taken over entirely by the community. Community members can participate in various aspects of the project by raising proposals and FLM token holders can vote for improvements and changes.
Apart from DAO, Perp is also on the way. Similar to Swap, traders can trade perpetual contracts using a virtual automated market maker model with a certain long or short leverage.
Updates on Swap: We are working on supporting more assets and trading pairs in Swap very soon. More details will be announced once the date is confirmed.
Q9: Does Flamingo have enough qualities (i.e., high security, liquidity, good team, great partners, long-term development roadmap) to be able to entice users to trust the platform?
Behuman: We will definitely go further and further on the road of building a safe and stable system.
Q10: How does Flamingo evaluate the importance of the user community? In the near future, does Flamingo have any special plans to attract and expand the community?
Behuman: For Flamingo, we are expecting to see the launch of DAO soon. The governance of the Flamingo project will be taken over completely by the community.
We are looking forward to a more dynamic and creative governance model.
Note: Some edits have been made for formatting and readability.