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What is Galxe (previously Project Galaxy)? All You Need to Know About GAL

What is Galxe (previously Project Galaxy)? All You Need to Know About GAL

Project Galaxy or Galxe is the largest web3 credential data network that is helping brands and developers to build robust decentralized products.

What Is Galxe?

Unique Galxe Features

How Does Galxe Work? On-chain and Off-chain Credentials

Key Features of Galxe

What Is the GAL Token?

Galxe Case Studies

Is GAL a Good Investment?

How to Own GAL?

News on Galxe

Useful References

Take Action on GAL

Web technology has undergone many changes to improve how people access information and interact with websites. The first generation, Web 1.0, brought information that people from anywhere in the world could view. With Web2.0, the same information was available, but the websites and online applications all required a centralized database for effective functionality. The third generation, Web 3.0, is being adopted with one important feature, decentralization.

With Web 3.0, users and developers are catered to, centralized systems are done away with, and that power is collectively put back into the community. One project that is making this possible is Galxe. In this article, we will explore the infrastructure of Galxe, the project’s growth since its launch, and how it impacts credentials in Web 3.0.

What Is Galxe?

Formerly known as Project Galaxy, Galxe is the biggest credential data network in the web3 space. Created in 2021, Galxe was designed as an open credential infrastructure network, allowing developers and brands to build more important products and connect with the right communities.

Most times, access to credential data is limited. Credential data is often controlled by governmental, financial, and credit institutions that hold the most rights to it via secured databases. Galxe sought to bring that data to a decentralized platform, where it could be better accessed by individuals and companies that need it. With Galxe, credential data is available on an open-source collaborative data network that can be accessed by any web3 developer or project, no matter their location.

What Are Credentials?

Simply put, credentials are evidence of a user’s actions on the web. An example of a credential within the crypto space is the record of a user’s loan from Compound. Now in the era of Web 2.0, credential data is normally stored in private databases, often owned by applications, financial and government institutions, or even regulatory bodies. The use cases for credential data are almost limitless, but that access is limited. At the core of Web3 technology are decentralization and open-source data sets. Thus, Project Galaxy seeks to further this principle by curating that data and bringing it to a network where it can be accessed by the individuals and brands who need it the most.

Unique Galxe Features

Galxe is a unique platform with outstanding features that define the project. Some of these features include:

Galxe ID

Source: Galxe

Dubbed the web3 LinkedIn, Galxe ID is a digital credential feature that allows users to create a universal identity that can be used both on and off the chain. Each user owns a username, to which their chain and wallet identities in web3 are tied to. The feature also allows users to display all collected credentials and the history of their achievements within the web3 space.

Galxe ID also incorporates Metaverse DID, enabling users to customize their digital credentials by utilizing the Galxe ID toolkit. The project also has plans to add more features to extend Galxe ID to the extensive network of partners. To set up your own Galxe ID, visit the Galxe ID website, connect your wallet, and set a username.

Galxe Passport

In light of Project Galaxy’s rebrand into Galaxy, the project launched a new feature that is connected to the Galxe ID explained above. The Galxe passport feature allows users to store their data securely and anonymously. The Galxe Passport represents each user’s identity in the web 3 space across different applications.

Upon verification, Galxe passport users also receive a unique Galxe Passport Soulbound Token, enabling them to prevent Sybil attacks. The Galxe Passport prioritizes safety by encrypting the private information of a user through passwords and by avoiding storing the data in plain text.

Brief History of Galxe

Galxe’s story begins with the Nekrutenko Lab, one of the Center for Comparative Genomics and Bioinformatics laboratories at Penn State University. The developers who worked on the project included members from Oregon Health & Science University’s Goecks Lab alongside Johns Hopkins University’s Taylor Lab. As such, the foundational team for the project was well-equipped with educated and well-read members. The original team eventually grew to become a global one, with improvements introduced by people across the globe.

Created in 2021, Galxe has had tremendous success, achieving various milestones and incorporating more benefit-rich features. By mid-2021, Galxe could boast over 10,000 credential NFTs minted by users via the BNB chain and Ethereum.

At the end of the year, Galxe went live on other networks, including Arbitrum, Polygon, Avalanche, and Fantom. The functionality of the project also gave room to sub-features like Galaxy OAT and Galaxy Dashboard, the latter of which introduced a web-based editor that allows users to utilize plug-and-play modules.

Additionally, Galaxy OAT or On-Chain Achievement Token provides a problem-free environment where community managers and organizers can organize NFT campaigns and distribute rewards. Each OAT represents a digital record of each achievement that has occurred during the campaign.

By the end of this year, 2022, Galxe’s architecture has grown so much that over 500,000 NFTs are continuously minted on the platform monthly. Today, Galxe boasts 952 ecosystem partners and over 6 million ID users.

How Does Galxe Work? On-chain and Off-chain Credentials

The main goal of Project Galaxy is to give developers and data consumers the tools they need to curate digital credentials and send data to networks.

The project galaxy architecture is based on two key players, contributors and users, who contribute their data to the network. Curators are also provided with the option to use multiple data sources for curating their credentials. The credentials curated by contributors are of two types: On-chain credentials in the form of subgraph queries and static snapshots and Off-chain credentials in the form of integrated data sources like Snapshot.org.

The Galxe credential data network is entirely open source, so contributors who curate data sets receive incentives in GAL each time projects use their data sets.

Key Features of Galxe

The Galxe architecture comprises unique and innovative features that define the web3 credential project. Some of these features include:

Credential Data Network

At the core of the Galxe architecture is a robust open-source credential data network that accepts both on-chain and off-chain digital redials. As such, curators on the network are incentivized to contribute data from multiple data streams. For on-chain digital credentials, curators can contribute their data from any of the seven chain ecosystems in Galxe’s portfolio through shots of their wallet or graph queries. Curators who wish to contribute with their off-chain credentials can use data sources that have already been integrated into the project, including GitHub, Twitter, and Discord. By contributing to the network, they are eligible to receive rewards every time their datasets are used in the Galxe Credential Oracle Engine, Credential API, and Application Modules.

What Is the GAL Token?

Like most decentralized projects, Galxe’s DAO has its native token, $GAL. All holders of GAL have a say in the important decisions made within Project Galaxy DAO. Some of these decisions include setting the platform fee and controlling funds held in the Galaxy Community Treasury.

GAL can also be used as gas to pay for products like the Galaxy Oracle Engine and Credential API within the platform. The first airdrop of GAL tokens was announced early this year to appreciate the Galxe community of dedicated users.

GAL Tokenomics

The total supply of GAL tokens was placed at 200 million. 8% of the total supply was unlocked at the project launch on May 5, 2022. That portion was split into two: 2% for early adopter rewards, and 6% was allocated to the Binance launch pool and the Project Galaxy Ecosystem at 1.5% and 4.5%, respectively.

The remainder of the supply is split between public sales, partners, growth backer rounds, and more. The various allotments are scheduled to unlock over a period of time at a determined frequency.

Galxe Case Studies

In the project’s white paper, a series of case studies are explained to showcase the practical impact of Galxe. Here’s a brief look at some case studies and their results.

Hashflow DEX Growth

In a partnership with Hashflow, Galxe managed to grow the decentralized exchange platform from 3,000 users to 13,000 weekly and achieve many other milestones. The partnership introduced Galxe’s credential-based NFT feature in the Hashbot Genesis campaign. The campaign dropped a series of NFTs referred to as the Hashbot Genesis that could be claimed by Hashflow users. Ten drops and more than 20,000 minted NFTs later, Hashflow crossed its $250 million trading volume. The statistics for the DEX have been moving in an upward trajectory since then. The CEO of the project expressed that Galxe’s NFT infrastructure met all of their needs as a project.

Solana Ecosystem Growth

With a portfolio of six different blockchain ecosystems, Galxe introduced Solana as its first non-EVM chain. Galxe opted to grow the Solana ecosystem through an inclusive multi-chain campaign to help 27 different protocols reach their marketing goals. Solana and Galxe launched the “2022 is Gonna be SOL COOL” campaign with a prize pool of $1,000,000. The campaign required users to embark on a treasure hunt for 27 NFTs across the leading protocols, including Port Finance, Dappio, Orca, and Jupiter. The campaign garnered a lot of attention and introduced more than 30,000 users to the Solana ecosystem.

Is GAL a Good Investment?

Galxe has shown itself to be incredibly useful for both developers and data consumers who want to establish digital credentials and NFTs. The project is backed by a remarkable community and has a thriving environment.

With the help of decentralized projects like Galxe, we may eventually transition fully into the web3 space, such that the control over credential data is decentralized. Eventually, each user will have more control over their credential data, enough to use it in whatever manner they choose. Should Galxe successfully revolutionize digital credentialling in the web3 space, creating products and communities on the blockchain will be much more seamless. Most likely that is where the internet is going, so Galxe is to be considered as one of the top projects of its kind.

How to Own GAL?

To own GAL, you can use the services of a crypto centralized exchange. Start by creating a Gate.io account, get it verified and funded. Then you are ready to go through the steps to buy GAL.

News on Galxe

As reported by Galxe’s official blog on September 20th, 2022, the project has signed a participation agreement with Optimism, an Ethereum-based decentralized platform allowing for instant and scalable smart contracts that is motivating Web3 entrepreneurs to produce public goods. Through an engaging learn-to-earn strategy, the partnership with Optimism will introduce Web3 users to their ecosystem. The ‘Optimism Quests’ provide those who are unfamiliar with Optimism the chance to explore dApps built on Optimism while earning NFTs without taking any risks.

Useful References

For the latest updates about Galxe, you can visit:

Take Action on GAL

Check out GAL price today and start trading your favorite currency pairs.

Author: Tamilore
Translator: cedar
Reviewer(s): Hugo、Edward、Ashely、Joyce

* The information is not intended to be and does not constitute financial advice or any other recommendation of any sort offered or endorsed by Gate.io.

* This article may not be reproduced, transmitted or copied without referencing Gate.io. Contravention is an infringement of Copyright Act and may be subject to legal action.

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