Galxe Price (GAL)

What Is Galxe (GAL)?

Galxe is the world's leading Web3 credential data network and was launched on April 28, 2022, on Binance Launchpool.

Galxe is built on open and collaborative infrastructure that allows Web3 developers and projects to profit from credential data by building better products and communities.

Data curators are rewarded when users employ their credentials in Project Galaxy's Application Modules, Credential Oracle Engine and Credential API at the same time.

What Are Digital Credentials

Credentials live in our day-to-day life. An example of an on-chain credential would be the record that you borrowed money from DeFi lending protocols but were never liquidated. Your contribution to a protocol’s liquidity pool when it first launched, or your on-chain voting history are all credentials. All of your behavioral data in Web2 counts towards your credentials, companies like Google and Facebook run algorithms on your credentials so that they can send you targeted advertisements. Credentials are important due to the high use case they provide. Application developers can use your credentials to calculate credit scores, find target audiences, reward community contributors, etc. With the advance of Web3 and DAOs, there will be an explosion of behavioral data generated by waves of new users. Project Galaxy will provide the necessary infrastructure to help these new users build digital credentials that will be of paramount importance.

Problems With the Current Credential System

Credential data today are segregated across closed databases that are owned and permissioned by applications, government organizations, and financial and credit institutions. This has led to a fractured landscape that is not open to the individuals who should own that data or the applications that need it. Project Galaxy aims to solve this problem using an open and collaborative credential data network which will help Web3 developers leverage credential data and NFTs to build better products and more engaging communities.

Project Galaxy Solution

Project Galaxy provides the infrastructure for community members to curate and contribute digital credentials to the Galaxy Credential Data Network. The infrastructure supports curating credentials through multiple data sources. Curators can contribute data from 7 different chains with subgraph queries or snapshots for on-chain credentials. They can also provide data from Twitter, Discord, Github, or offline events for off-chain credentials.

Project Galaxy also provides Application Modules, Credential API, and a Credential Oracle Engine to help developers leverage credential data. Use cases of the Application Modules include Galaxy OATs (On-chain Achievement Tokens), NFT loyalty programs, growth hacking campaigns, gated community, and customized governance. Developers can also utilize the Credential Oracle Engine and Credential API for enhanced customized use cases such as credit scoring and Sybil attack prevention algorithms.

Who Are the Founders of Project Galaxy?

Harry Zhang is the co-founder and project lead at Project Galaxy. Zhang was the COO and co-founder of Lino Network, as well as the co-founder of DLive.tv. At Lino and DLive, Harry oversaw the team and created the product that served more than 10 million monthly active users.

Prior to that, Harry was head of data product at Club Factory, where he designed a data-centric supply chain and recommendation system from the ground up. Zhang holds a bachelor's degree from UC Berkeley in computer science with a minor in statistics. From 2016 to 2017, he was the President of the Associate of Chinese Entrepreneurs (ACE) at UC Berkeley.

Charles Wayn is the co-founder and strategy lead of Project Galaxy. Before co-founding Project Galaxy, Charles was the co-founder and CEO of DLive.tv. After DLive merged with BitTorrent in 2019, Charles became the VP of Interactive Entertainment at BitTorrent, heading up several streaming business units including DLive.tv, DLive Protocol and the Two App. From 2017 to 2018, he served as President of the Association for Chinese Entrepreneurs (ACE) at UC Berkeley.

What Makes Galxe Unique?

To meet the demands of data security, organizations are increasingly turning to centralized credential management solutions. Today, credentials are stored in closed databases controlled and permissioned by applications, governments, and financial and credit institutions. As a result, there is a fractured landscape that is not open to those who truly own the data or the applications that require it.

The aim of Galxe is to address this problem by providing a public and collaborative credential data network that will enable Web3 developers to use credential data to create better products and more engaging communities.

The goal of Project Galaxy is to establish a public, collaborative data network that is available to all Web3 developers. The infrastructure for community members to create and contribute digital credentials to our data network is provided by the project. Curation of credentials may be accomplished using several sources through Project Galaxy's infrastructure.

On-chain credentials can be requested by curators using subgraph queries or static snapshots. Galxe has connected with data sources such as Twitter and Github for off-chain credentials.

Curation may be rewarded when credentials are utilized in Galaxy's Application Modules, Credential Oracle Engine, and Credential API by contributing to the Galaxy's Credential Data Network. Because the data network is being used by individuals, this encourages even more people to join the curation for our network.

Galxe provides Applications Modules, Credential Oracle Engine, and Credential API for developers to leverage credential data to build better products and communities.

Use cases of our Application Modules include: Galxe OATs (On-chain Achievement Tokens); NFT Loyalty Programs; Growth Hacking Campaigns; Gated Community; Customized Governance and more.

Developers can also utilize the Credential Oracle Engine and Credential API for more customized use cases such as credit scoring and sybil attack prevention algorithms.

Related Pages:

Check out Ontology (ONT) — a Web3 project designed to bring trust, privacy and security using decentralized identity and data solutions.

Find out more about Civic (CVC) — a blockchain-based identity management solution allows users to control and protect personal identity information.

Learn more about The Graph (GRT) — an indexing protocol for querying data for networks like Ethereum and IPFS.

How Many Galxe (GAL) Coins Are There in Circulation?

​​The GAL token is used for: Governance; Paying for Application Module Fee; Paying for Galxe Oracle Engine and Galxe Credential API; Curating Digital Credentials.

The total supply of GAL tokens stands at 200,000,000 with the circulating supply currently at 35,161,333.00 GAL.

At the token generation event (TGE), the 2% early adopter rewards have now been completely unlocked. The 10% foundation release schedule has been switched from 3 years to a 4-year vesting period. The 15% team release schedule will be changed from 5 years to 6 years of vesting.

To learn more, click here.

How Is the Galxe Network Secured?

The GAL token is available as both an ERC-20 and BEP-20 token. The ERC-20 token is built on top of the Ethereum blockchain, which is secured by a proof-of-work (PoW) consensus mechanism, although it is shifting to a more energy-efficient proof-of-stake (PoS) consensus on Ethereum 2.0.

The BEP-20 token is built on top of the BNB Smart Chain blockchain. It is secured by the Tendermint byzantine-fault-tolerant (BFT) consensus mechanism.

When Will Galxe (GAL) Trading Begin?

Galxe was announced as the 30th project on the Binance Launchpool. It has been available to trade on Binance since April 29, 2022, in the following pairs: GAL/BTC, GAL/BNB, GAL/BUSD and GAL/USDT.

Can GAL Hit $50?

When the GAL token was launched through the Binance Launchpool it reached an all-time high of $18.26 in May 2022. However, due to the current crypto winter in play, it has dropped to the $2 range.

Looking at the utility of the token and the partnerships this project is making in the Web3 space, GAL token could hit $50 in the next bull run. However, that depends on Galxe delivering on their roadmap.

Where Can You Buy Galxe(GAL)?

The GAL token can be bought from the following exchanges: Binance, Bybit, Huobi Global, Gate.io, KuCoin and more.

Want to keep track of GAL prices live? Download the CMC mobile app.

Learn more about Web 3.0 with our educational portal — CMC Alexandria.