Unsurprisingly, we have all witnessed the volatility of the cryptographic currency market, where the significant market change seems inevitable, and a normal occurrence. Reflecting on the existing crypto-exchange pattern of buy, HODL, sell, and hope, this in combination with the earlier mentioned volatility of crypto assets is capable of presenting a noticeable obstacle, which has invariably lead to the staggering adoption of cryptocurrency.
The crypto sphere is still at its infant stage and has a long distance to cover before it can come close to reflecting the sophistication of our traditional modern financial community. This is what project Olympus Labs is aiming to remedy. It aim is to become a classic and complete decentralized financial platform leveraging on the viable blockchain technology.
Olympus Labs is an ecosystem providing a financial community known as Olympus while using the blockchain technology. As we all know, blockchain projects are sectioned into 3 parts; blockchains, protocols, and applications.
Olympus Labs is creating a protocol for cryptocurreny oriented financial tools or products. Their protocol will be used to develop financial tools such as funds, indices, loan/lending products, derivate,and much more. It will provide investors and users in general with financial tools, services, and applications that will help to make right investment choices.
These services and applications will aid investors in building an all purpose diversified portfolio which allows them to make positive returns in all their market endeavors while leveraging on the tools provided by the Olympus ecosystem.
Why Olympus Labs?
Looking at it, a rather more complex market the Olympus ecosystem is seeking to provide will allow crypto assets holders and traders to send and receive cross-currency loans, hinders or lowers volatility and risks, while helping to obtain a mainstream adoption of cryptocurrency.
However, due to how the blockchain is built, a crypto asset, its agreement network, and its transaction rules act as a single body. In summary, unlike with crypto assets of which its agreement and transaction rules is determined by a decentralized network, agreement and transaction rules of the standard fiat currency are determined by external bodies.
This situation is what causes the problems experienced in producing a complex crypto currency financial platform. This is what Olympus Labs is aiming to solve and why it is sorely needed.
How It Will Work
The Olympus ecosystem will offer various types of products to its users, this will allow them to access crypto financed goods and services, and receive their DApps, while remaining anonymous.
The Olympus ecosystem will be a place where all kind of user will choose their preferred in house created application, in a situation where they can't find one, they will be provided with a store of applications created by external/intermediate developers and can then choose the one that suits their needs
All part of the ecosystem will be made available from a single App, the App will contain an inbuilt wallet (Hora), financial tools store (Prometheus), the reliable zero-knowledge proof and homomorphic encryption structure (Lethe), an open blockchain (Vajra), and the financial tools protocol (Ambrosia).
The user will be able to interact with the wallet and financial tools store on the application, as the blockchain, encryption structure, and protocol are all underlying the wallet and store. Ambrosia is mainly for developers to create DApps, while leaning on the support of the Olympus ecosystem for the DApps from start to finish.
The Olympus ecosystem is not only created for new applications, existing application tools can also integrate their app with Olympus protocol, so as to make their products function more better and ensure their users have a lot to gain. This integration will be done using the SDKs and APIs development tools that are provided by Olympus Labs.
Conclusively, the ideal that births the Olympus ecosystem which is to provide a protocol for developing crypto oriented financial derivatives, will go a long way in improving the market in the future. Unlike other projects, after being with the Olympus community for a month of Sundays, it is very crystal clear that the team behind the project is more focused on project development and service delivery; this is evident from the stream of weekly and monthly progress reports they publish from time to time. This zeal, coupled with the outstanding use case of this project is a more reason why crypto enthusiasts and investors alike should see this project as a means to an inexcapable future of crypto assets and have a decent investment in it.
For more information about this wonderful project, please feel free to make use of the underlisted links to their media channels:
telegram; https://t.me/olympuslabs
twitter: https://twitter.com/olympuslabsbc
White paper: https://github.com/Olympus-Labs/whitepaper/blob/master/whitepaper_v1.5.1.pdf
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It is obvious that there is need for the crypto financial community to evolve in sophistication, and Olympus Labs can provide that need, but since the community is at its early stage of development, I think it is too early to tell whether or not it will be successful.
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