We have seen the extreme price swings of the cryptocurrency market and significant market corrections are now a norm and no longer an exception.
With this in mind, a new start-up company called Olympus Labs has come up with a unique concept of financial crypto products and applications that can provide the much needed cushioning from these wild market aftershocks. Also, it is a one stop shop that can bring crypto based financial products under one umbrella, thus minimizing the risk of trading through multiple applications that increases the chances of errors.
Let us take a detailed look at the products and applications that are in the works:
A crypto derivative product -
A derivative is a security with a price that is dependent upon or derived from one or more underlying assets. The derivative itself is a contract between two or more parties based upon the asset or assets. Its value is determined by fluctuations in the underlying asset. The most common underlying assets include stocks, bonds, commodities, currencies, interest rates and market indexes and now cryptocurrencies.
Read more: https://www.investopedia.com/terms/d/derivative.asp#ixzz52GPuY7wP ||
https://medium.com/olympuslabsbc/conquer-cryptocurrency-volatility-with-olympus-b92201ccae53
As can be seen from above, a crypto derivative contract can be quite easily implemented using a smart contract and an asset, like a hedge on bitcoin price volatility can bring in lots of financial investors to cryptocurrency trading, who today are repulsed by the wide swings in crypto value based on emotional triggers and are hence reluctant to invest.
Wallet for one stop crypto finance solutions
In order to bring financial products, we also need some underlying applications that will support the functionality. With that in mind, the company is coming up with a wallet
The most unique thing about this wallet, setting it totally apart from traditional crypto wallets, is its integration with Kyber, Shapeshift and 0x. This would enable the user not only perform multi crypto currency exchange but also to access multiple distributed exchanges at the same time and I think would open up avenues for multi-coin multi-platform arbitrage.
The MVP wallet IOS version is available for beta testing right now and the Android version is upcoming.
Functionality Highlights:
- Your cryptocurrency portfolio at a glance
- Send and receive ETH, KNC, OMG, GNT, ADX and more cryptocurrencies to be supported!
- Convert between cryptocurrencies with just a simple click
- Check out how indices and other products will fit into the overall app
Proprietary Blockchain and Open Source Finance Protocol -
Olympus Labs creating an Open Source Finance Protocol. This is its biggest USP, since, it would provide a framework that will allow new and innovative crypto financial products to be rapidly deployed and integrated into the wallet. Also, the company is creating its own block chain, on which these products would function, which I believe would integrate then into the 0x and Kyber protocols.
Crypto Market Place
There is also going to a marketplace with secure encryption algorithms (Zero Knowledge Proof and Homomorphic Encryption)
Indices -
Lastly every investor needs a pulse of the market 24X7. Thus, the company is also launching its own indices.
It is going to be a highly customizable index, which investors and developers can build and modify to meet their own unique needs. There is no limit to the indices or index funds that can be created on the Olympus platform. These indices can also be used to place customized orders to multiple exchanges to buy multiple cryptocurrencies at the click of a single button, through the above mentioned marketplace. This feature is available in the available MVP wallet for beta testing.
BTC Lending and Borrowing
Last but not the least, it’s important to note here that every derivative has an underlying asset and this crypto derivative is no different, by having Bitcoin as it asset. Further, an asset is considered an asset, if the collective psyche of the population attributes some value to it. Keeping this in mind, the company is launching Lending and Borrowing using Bitcoin as a collateral. This is really intelligent, as this would imprint Bitcoin as a valuable and dependable asset in the minds of people, thus making their derivative product get a strong foundation.
Summary
In short, Olympus Labs is both blockchain finance and finance on block chain. Blockchain Finance are the financial products that are created on top of the Finance protocol and Finance on Blockchain is the underlying proprietary Finance Blockchain supporting the complete finance protocol. It is hence a one stop shop for all crypto finance needs.
- I would urge everyone to go through their whitepaper at:
https://olympuslabs.io/White_Paper_v1.4.pdf - Also their blog:
https://olympuslabs.io/web/blog - Coinmarketcap Page:
https://coinmarketcap.com/currencies/olympus-labs/ - Finally something unique that I haven’t seen in many ICOs, a business plan: https://olympuslabs.io/Olympus_Labs_BP.pdf
(Finally some ICO treating investors as they should, by presenting not just technical details, but their business plan and strategy for success)
If you want to hear from the CEO himself:
Let’s now discuss on the research I have done on Olympus Labs and my findings therein:
- Their website is very detailed, well designed. Their business plan is solid.
- Funded by big investors like Shapeshift
- They have a working code and a Github repository. Though I would like to see more code commits and detailed comments, to be really impressed.
- Awaiting to see the 0x, Kyber and Shapeshift integration in the wallet.
- The whitepaper is still a WIP and awaiting it to be completed.
- The Dev team is actually quite talented and experienced and the overall team has some genuinely smart and highly qualified folks.
- The community is very active and are available 24X7 to answer queries and interact. In fact I am quite impressed by how the community managers have been able to maintain harmony, vibrancy and positive attitude in the group.
- The marketing team is quite remarkable, achievements like Olympus has been given the opportunity to have their official MOT launch party during NBA all-star weekend February 15-18 at the Silicon Beach Digital event hosted by NBA all-star veteran Baron Davis, as well as many other NBA players, celebrities, musicians, athletes, and press. In addition to the activation opportunities like hosting a workshop and having a booth during the 4-day invite-only event, Olympus will also be speaking on a panel during a private VIP brunch. Additionally they will also be presenting the project to over 7,000 entrepreneurs at Startup Grind, one of Silicon Valley’s most inspirational conferences, on February 13th-14th.
- There are fun games and spot contests that the community can play and can win goodies, and this is a smart way of getting everyone more involved.
- The CEO has an impressive and clear vision and is highly involved with the community. Further unlike CEOs of Scam ICOs who like to remain out of spotlight, he is actually quite media friendly and speaks his mind out quite clearly, by having multiple AMAs and through community interactions. Further he is quite involved, directly interacting with the investor community.
- With the ongoing crypto currency corrections ongoing and CBOE and CME coming up with crypto futures, the timing is quite perfect, and I personally believe if the final product is functional and visually appealing, will not just be a big hit but also a boon to the crypto industry in general.
- This ICO is somehow under the radar of ICO Reviewers and this is somewhat of a con for the company. But on the other side, this could also mean that it is highly underrated, meaning that though the risk is a bit high, it has potential for higher rewards
- The team has decided to cancel the crowdsale considering the meteoric rise of ETH price, to focus on product development, advertisement and exchange listing. This shows that the team is not greedy about investments and would rather focus on getting the products right.
- 4 exchanges coin900, hi8, bibox have listed the MOT tokens without the teams consent, but the team has decided not to block the pre-sale investors investments. OKex is an exchange which has now listed MOT officially.
Please join their
- Telegram group at: http://t.me/olympuslabs to be involved in the project discussions.
- Twitter at: https://twitter.com/olympuslabsbc
- Reddit Discussion Thread at: https://np.reddit.com/r/CryptoCurrency/comments/7q5bg8/olympus_labs_mot/
-Subreddit at: https://www.reddit.com/r/OlympusLabs/
Note: I have tried to do my due diligence, in reviewing the ICO as fairly and in-depth as possible.
But I am not a professional investor and my knowledge about ICO investing is pretty amateur. Hence, I would request you to please do your own due diligence and research before investing your hard earned cryptos. Also I would request you to use your contacts to get professional ICO reviewers to help review this promising project.
Happy Investing and wishing everyone a very Happy and Prosperous New Year ahead.