Galxe

About Galxe

Galxe is focused on establishing an accessible, shared network for credential data that welcomes developers from the Web3 space. This network facilitates the development of NFT-based loyalty initiatives, exclusive access communities, and tailor-made governance models. It allows for the incorporation of both on-chain credentials and off-chain identifiers, such as those from Discord and Twitter. Participants who contribute to the Galxe Credential Data Network receive rewards whenever these credentials are employed in the platform’s various components, including its Application Modules, Credential Oracle Engine, and Credential API.

History

In 2020, Galxe made its debut as a platform for digital credentials, co-created by Charles Wayne and Harry Zhang. Initially introduced as Project Galaxy, this network has made a significant mark by earning the Binance Launchpool Project of the Year Award.

What are digital credentials

Digital credentials are a vital part of our everyday lives. For instance, having a record on the blockchain that shows you’ve taken loans from platforms like AAVE and Compound without facing liquidation counts as a credential. Similarly, your initial contributions to a liquidity pool or your history of participating in blockchain-based voting are considered credentials. In the Web2 sphere, all your online behaviors are analyzed by companies such as Google and Facebook, who then use this data to tailor advertisements specifically for you.

The value of credentials lies in their extensive applications. They can be used by various platforms to assess creditworthiness, identify precise target markets, reward community engagement, and more. With the emergence of Web3 and decentralized autonomous organizations (DAOs), there’s an expected surge in user-generated behavioral data. This increase will pave the way for the development of digital credentials, becoming increasingly crucial in this new era.

Galxe Solution

The foundational document of Galxe outlines its mission to create a welcoming, cooperative network for credential data, open to every Web3 developer. It lays the groundwork for the community to gather and share digital credentials within this network, offering a system that accommodates credentials collected from a variety of sources. Curators have the ability to offer on-chain credentials via subgraph queries or static snapshots, and off-chain credentials through connections with platforms like Snapshot.org, Twitter, and Github.

Participants who contribute to the Galxe Credential Data Network receive rewards when their curated credentials are applied within Galxe’s various services, including Application Modules, Credential Oracle Engine, and Credential API. The economic model is designed so that the consumption of data within the ecosystem (with users paying to access data) motivates more individuals to contribute their curatorial skills to the network.

As of now, Galxe has garnered the support of over 2,100 partners, launching more than 10,000 campaigns on its platform.

How Does Galxe Work?

Galxe’s primary mission is to equip developers and those who use data with the necessary tools for crafting digital credentials and sharing this data across networks. The framework of Galxe is structured around two principal roles: contributors and users, who both supply their data to the network. It also offers curators the flexibility to draw from a variety of data sources to assemble their credentials. These credentials come in two forms: on-chain, represented by subgraph queries and static snapshots, and off-chain, through integrated data sources such as Snapshot.org.

The entire Galxe credential data network is open-source, ensuring that contributors who compile data sets are rewarded in GAL tokens whenever their compilations are utilized by projects.

Galxe Ecosystem Overview

Galxe now boasts a vast ecosystem comprising many well-known networks. It has successfully formed strategic alliances with 841 networks, such as Polygon, BNB, Solana, Ethereum, Raydium, among others. With 5,298,184 active Galxe ID users and 5,902 campaigns that utilize credentials, Galxe stands as one of the leading credential systems in the Web 3.0 landscape.

Key Features of Galxe

Galxe distinguishes itself through several innovative features, already operational and poised for further expansion. Below are some of the platform’s standout elements:

Galxe Passport: Central to Galxe’s allure is the Galxe Passport, granting users a Soulbound Token unique to them and non-transferable. This Passport acts as a hub for users to accumulate, store, and disseminate their digital credentials within Galxe’s cooperative data network. These credentials are designed to be secure and verifiable, serving as a reliable way for users to demonstrate their abilities, knowledge, and experiences in a unified space. This is especially beneficial in today’s digital, ever-changing environment. The Galxe Passport fosters community engagement by enabling users to share their credentials and interests, thereby facilitating connections with like-minded individuals or those seeking specific skill sets.

Galxe Spaces: Spaces are authenticated landing pages within Galxe, where users or organizations are validated as hosts. This verification allows hosts to manage their data and identity within their Space, including who can view or add to their content. Spaces are versatile, suitable for collaborative efforts, sharing information, loyalty schemes, or simply socializing.

Galxe equips Space owners with moderation tools to oversee their communities, analytics for monitoring growth and participant engagement, and chat features for immediate communication.

Within these Spaces, curators can initiate campaigns for followers to join, alongside publishing their Mintlist, NFT Contracts, and Community Leaderboards.

Campaigns: Galxe encourages user participation in campaigns, where completing specific tasks can yield rewards. These incentives might range from OAT tokens and access to mystery boxes to other exclusive benefits.

GAL Token

GAL, an ERC-20 token designed for governance, operates on the Ethereum blockchain. Those holding GAL have the authority to cast votes on various governance decisions, such as setting the platform’s fees. Within the Galxe ecosystem, GAL serves as the main token for settling various charges, including fees for application modules and the usage of the Galxe Oracle Engine and Galxe Credential API. With a total circulation of 200 million tokens, GAL is available for acquisition across a wide range of prominent crypto exchanges.

Is GAL a Good Investment?

Galxe has proven to be exceptionally beneficial for developers and those interested in creating digital credentials and NFTs, supported by a robust community and flourishing ecosystem.

Thanks to decentralized initiatives like Galxe, we’re moving towards a future where the web3 realm takes precedence, enabling decentralized control over credential data. This shift will empower users to have greater sovereignty over their credential information, using it as they see fit. If Galxe succeeds in transforming the digital credential landscape within the web3 domain, the process of developing products and communities on the blockchain will become significantly smoother. It’s highly likely that this is the direction in which the internet is heading, positioning Galxe as a leading project in this innovative field.