Home Crypto Education Cryptocurrencies 03 Wallet Review: Is It The Safest Neo Blockchain Wallet Yet?

03 Wallet Review: Is It The Safest Neo Blockchain Wallet Yet?

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203 crypto wallet launched in 2015 as a mobile crypto app before its developers – 03 Labs – introduced the desktop version in 2018. It is built for the Ontology Network – a Neo Blockchain fork – that was previously grouped alongside NEP-5 crypto projects. It is specially designed to provide Neo platform users with a safe and easy to use platform where they can store, exchange, and monitor their crypto portfolio.

The 03 network website describes the 03 crypto wallet app as a “gateway to the smart economy” where you can “manage, exchange, stake, and buy” different cryptocurrencies. But how convenient is the 03 Wallet? How safe is the 03 mobile wallet app? This wallet review seeks to explore and detail all the 03 Wallet features to help determine the wallet’s safety and security level.

Key features:

Cross-platform wallet: 03 is a cross-platform wallet implying that it is available as both a mobile wallet for Android and iOS smartphones and a desktop app compatible with Windows, macOS, and Linux. You can download the updated versions of either on the 03 network website or GitHub.

Voting and staking: By maintaining a significant number of Gas and NEO coins in your 03 Wallet, you can vote for the network delegates. Similarly, you can stake your coins held in the 03 Wallet and get to earn interest in the form of GAS tokens.

Multiple payments methods: 03 Wallet is also one of the few NEO and ONT network-linked wallets that allow for crypto purchases using credit cards. It is also one of the few wallets that allow you to buy Neo-affiliated tokens using such other cryptocurrencies as Bitcoin, Ethereum, and Litecoin.

Integrates a crypto marketplace: Though 03 Wallet does not have an inbuilt exchange, it integrates the Switcheo marketplace that allows for the exchange of cryptocoins and tokens at reasonable fees. The marketplace is highly intuitive and easy to use but requires you to transfer funds between the exchange and your wallet.

NEO newsfeed: The crypto wallet also integrates an updated NEO-blockchain news site. Here, you get the latest news and developments taking place within the Neo blockchain and ONT networks.

Portfolio monitoring: 03 further lets you partition your wallet and create hot and cold storage. This, plus the fact that you are able to monitor both wallet performances, plays a key role in helping you make sound financial decisions. It is also a security measure ensuring that even if a hacker were to gain access to your device, they cant breach your cold storage.

Security features:

Uses device password: Like most other app-based crypto vaults, 03 Wallet is secured with a password. But, unlike most other wallets, you don’t have to create a separate password for the wallet as it uses your device’s password.

Open source: 03 Wallet is created using open-source technology, which gives anybody a chance to view and audit its code. You can download this code on either the 03 network website or GitHub.

Hierarchically deterministic: The 03 Wallet app is also hierarchically deterministic and will auto-generate a new wallet address for every new transaction. This goes a long way in masking your real public address and throwing off would-be third-party crypto trackers.

Non-custodial: The 03 crypto wallet doesn’t store your private keys in the ONT or Neo network servers. Rather, it saves them within your device.

Guaranteed user anonymity: 03 Wallet guarantees the anonymity of their wallet users in the sense that it doesn’t ask for any of your personal information when creating a user account and neither does it collect and store any information that’s personally identifiable to you. Your crypto transactions are, therefore, wholly anonymous.

Military-grade encryption: All the data collected by the wallet, including your wallet address, private keys, and passwords, is also subjected to military-grade encryption. So are all wallet communications with third party systems like payment processors and exchanges.

How to set and activate the 03 Wallet

Step 1: Search for 03 Wallet on Google play store of Apple app store and download

Step 2: Install the wallet and, once complete, launch the app and select “Create a New Wallet.”

Step 3: Create a password for your wallet. This not only helps secure your app vault but also plays a key role in randomizing your private key.

Step 4: Click on the settings tab and proceed to backup your crypto wallet.

Step 5: Your 03 Wallet is now active and ready for use.

How to add/receive crypto into your 03 Wallet

Step 1: Log in to your 03 crypto wallet, and on the user dashboard, click on the “Receive” tab.

Step 2: The wallet will display both the public address and the QR code that you can copy and send to the individual sending you coins.

Step 3: Alternatively, use the “Buy” option and buy crypto from the integrated exchanges.

Step 4: Wait for your crypto to reflect on your wallet.

How to send crypto from your 03 Wallet

Step 1: Log in to your 03 crypto wallet app and on the user dashboard, click “send.”

Step 2: If you have multiple crypto coins held in here in different wallets, select the crypto you want to send

Step 3: On the transfer window, key in the recipient’s wallet address and the number of coins you wish to send 

Step 4: Confirm the accuracy of these details and hit send

03 Wallet ease of use

03 Wallet is very user friendly and easily navigable with all the important tabs carefully placed on the user dashboard. The wallet is designed to appeal to novice and experienced traders alike. The onboarding process is quick and straightforward, and so are the processes of sending and receiving crypto. 03 is also a light wallet that doesn’t eat into your phone’s storage or battery power while guaranteeing the fastest transaction processing speeds.

03 Wallet supported currencies

03 is a multi-currency asset, implying that it supports a wide variety of cryptocurrencies. Supported cryptos include Neo, Neo Gas, ONT, all NEP-5 tokens, and all ONT-G tokens.

03 Wallet cost and fees

Installing the 03 Wallet and storing your cryptocurrencies therein is free. You will, however, be charged a network fee for outbound transactions by the NEO and ONT networks.

Other charges that you might incur when using 03 Wallet include the exchange fees accrued when you buy or sell crypto. This fee is fixed at 15% of the total value, but you enjoy a 50% discount if you use the exchange’s native token – SWTH.

What are the pros and cons of using the 03 Wallet

Pros:                                                                                                           

  • The wallet app is highly intuitive and beginner-friendly
  • 03 Wallet is quite versatile as its available on mobile and desktop
  • 03 integrates a crypto exchange and supports crypto purchases using a credit card
  • Wallet users also have access to a readily available customer support team via Telegram and twitter
  • The transaction processing fees are minimal and discounted – in the case of the Switcheo exchange

Cons:

  • When the wallet uses your device’s password, you risk losing private keys should you deactivate the password before backing up the vault
  • It is a hot wallet
  • It ignores key security features like the two-factor authentication

Comparing 03 Wallet with other Neo-blockchain crypto wallets

03 Wallet vs. Neo Web Wallet

03 Wallet and Neo web wallet are some of the most innovative and easy to use Neo-blockchain wallets. They are also Neo-specific, relatively safe, and promote anonymous crypto trading. They also encrypt your user data and store it in your device. However, while Neo is web-based, 03 Wallet is a desktop and mobile app.

While Neo Web wallet may be considered faster in transaction processing, 03 Wallet carries the day when it comes to the number of supported currencies, integration with crypto exchanges, and support of multiple payment processing service providers.

Verdict: Is 03 Wallet safe?

Well, the desktop and mobile wallet app has embraced key security and anonymity measures that guarantee the security and anonymity of your trades. It, for instance, is hierarchically deterministic in generating wallet addresses, it is open-sourced, and allows for anonymous trading. Moreover, it introduces the concept of partitioning your wallet to create hot and cold storage. However, we must mention that 03 is still a hot wallet and, therefore, exposed to the inherent threats dogging online wallets.

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