O3 Labs, a Neo development team best known for its wallet, recently conducted an ask me anything (AMA) on the official Neo Telegram channel. In the AMA, O3 Labs representatives discussed its in-app fiat-to-cryptocurrency onramp, what makes the O3 Wallet unique to others on the market, planned support for integrating cross-chain assets, and more.
O3 Labs representatives included Alexander DiGirolamo, the O3 lead business developer, and Caroline and Sophy, O3 community managers.
A transcript of the AMA can be found below.
Q1: Many wallets offer users the ability to purchase crypto with fiat money. Is it possible to make these purchases with the O3 Wallet? Are there restrictions by country, or can we buy using any fiat currency?
Alexander DiGirolamo (O3 lead business developer): O3 Wallet recently announced a partnership with a leading fiat onramp and payments gateway, Moonpay. Now, O3 Wallet users can instantly purchase crypto without leaving the wallet. They can use their Visa, Mastercard, debit, or credit, and even Apple Pay. There is generally a global acceptance, with a few exceptions.
Q2: What are the top three priorities of the O3 Wallet moving forward? What will be the approach to capture additional market share?
Alexander: First, increasing usability and capturing market share is achieved by adding several leading digital assets. This includes ETH and BTC, first and foremost. Together, they account for 68% of the total market share.
Second, improving our existing services – with our new wallet’s release on August 31st, we have made significant gains in this area. We have solidified partnerships with reputable blockchain services, including Switcheo, MoonPay, Changenow, Nash, and others.
Third, interoperability – our team has been working on developing these solutions and protocols that have been strengthened by the recent announcement of the Poly Network between Ontology, Switcheo, and Neo, all of whom we have very close relationships with and actively work with together.
Q3: Currently, many wallets are competing in the market. What are the advantages of O3?
Sophy (O3 community manager): We all believe O3 is the most popular wallet in Neo. O3 is not only a wallet but also your gateway to the smart economy. O3 manages your assets in a simple, user-friendly interface that supports multiple wallets in one place. The wallet allows users to connect with awesome apps/dApps without sharing sensitive data, like private keys with third parties.
In the O3 Wallet, users can get the latest crypto news to always be up to date with the ecosystem and latest projects.
Moving forward, we will enhance the user experience by adding new functions such as non-fungible tokens (NFT), DeFi, and hardware wallet while phasing out features which aren’t popular with our users.
Q4: How does your wallet compare with others in terms of usability?
Alexander: O3 is uniquely positioned due to our development team’s experience with both Neo and Ethereum. As both of these networks are planning significant upgrades soon, with Neo3 and ETH 2.0, There will be very few wallets that will be as prepared for these transitions.
Among our team, there are specialists from camp Neo and also camp Ethereum, with understanding from the eastern and western demographics.
Not to mention that we are one of the few wallets that I am aware of that has a 100% safety record. If you want to keep your assets safe, secure, and have the confidence to sleep well at night, there is no better option than O3. And, that’s not just my opinion, that’s what the security metrics will show.
Q5: How many NEO do I need to become a validator? Also, what benefits does the O3 Wallet offer to validators and stakers? How is the O3 Wallet related to Ontology? Why does the project stake service use Ontology technology?
Caroline: (O3 community manager): There is actually no fixed amount needed to become a validator since it is campaigned out, as long as you can be the Top 21. Users would participate in voting staking very quickly with O3, the O3 validation node provides a more stable service and cheaper service fee for users.
O3 has a partnership with Ontology, and the Stakeology project is actually under development adjustments. Other than the partnership, we don’t use Ontology’s technology.
Q6: What features does O3 Wallet have that are different from other wallets? What is the best thing about this wallet?
Alexander: What makes O3 Unique is that we offer an aesthetically pleasing user interface (UI), which is very fluid and easy to use, with only the safest and most dynamic assets supported (NEO, GAS, ETH, BTC, and ONT).
The O3 Wallet is an open-source project and non-custodial. Meaning, your assets never leave your control. You and only you have your private keys.
There are no limits for buying, sending, or receiving assets.
The O3 Wallet offers web 3 trustless transactions that can allow DeFi functionality.
The O3 Wallet offers 24/7 access to multi-lingual customer support.
Lastly, we have full software releases on every major platform, including Android, iOS, Windows, MacOS, and Linux. Additionally, we have an industry-leading security and safety record.
Q7: How does O3 Wallet cater to users who primarily trade cryptocurrency?
Caroline: O3 provides users with a safe, stable, and friendly tool for services and a good user experience. What’s more, O3 will add more awesome assets like ETH and BTC and support cross-chain services and follow Neo3’s lead.
O3 provides dApp entry services and a standardized dAPI, enabling users to participate in DeFi much more accessible and straightforward.
Q8: ETH 2.0 is coming and may relegate other blockchain projects. Why should a project choose to develop on Neo3? What is Neo’s competitive edge on Ethereum?
Alexander: O3 is very excited about the potential of ETH 2.0, but we understand that nothing is guaranteed, and blockchain is so complicated to predict. With that in mind, we have chosen to invest our efforts into ETH 2.0 and Neo3 to diversify our focus.
Neo has several competitive advantages. The most significant is the nearly free transaction costs. ETH has been incredibly expensive to transact with recently; it is often even more costly than BTC.
But global adoption will not fully occur until the financial institutions, and transnational corporations are also on board. Neo is a far more attractive platform to them due to the cost-efficiency.
Note: Some edits have been made for formatting and readability.
The full AMA can be found at the link below: