Project Galaxy – a blockchain protocol and infrastructure that enables Web 3.0 developers to collect and use user credentials. For example, a credit protocol could integrate Project Galaxy to track whether a user has outstanding loans on Aave, Compound, or any other system. There are many use cases, from calculating creditworthiness to analyzing behavioral data.
Galaxy– an important component of the infrastructure. This token is used to vote on the governance of the protocol, as well as pay for all functional actions: application integration, API payments, data curation, etc. Criptomais experts have studied the project and prepared an Analysis of the Galaxy Project and the GAL token.
Briefly about the main thing
- Galaxy Project (GAL) – Web3 a network of credentials built on a distributed, incidental infrastructure.
- The goal of the project is to create a collaborative network of credentials for Web3 developers. The project provides the infrastructure for curating and adding digital credentials to the network.
- Data curators earn income after using the data.
- Digital credentials represent important information that is used in a variety of ways. decentralized projects.
- The project offers employment modules, Credential API and Credential Oracle Engine for using credentials.
- GAL is a utility token for managing, paying for, and curating digital credentials.
- GAL is an ERC-20 token and can be stored in a suitable place walletsFor example, Metamask.
At the time of writing, pharming of this asset is just beginning on the Binance Launchpool platform – it will begin on April 29, 2022 at 03:00 (Brasília time). GAL will be distributed as a supplemental reward for staking BNB, BUSD, and CAKE.
Real-time currency price/quote
general information
| Designation | Galaxy Project |
|---|---|
| Clock | GIRL |
| Release year | 2022 |
| Token Type | ERC-20, BEP-20 |
| Blockchain | Ethereum, Smart Chain Binance |
| Maximum emission | 200,000,000 gallons |
| Will be distributed on Binance Launchpool | 3,000,000 GAL (1.5% of the total issue) |
| Binance Launchpool Start Date | April 29, 2022 at 03:00 (Brasília time) |
| Official website | https://galaxy.repercussão/ |
| Documentation | https://docs.galaxy.repercussão/ |
| Blog | https://blog.galaxy.repercussão/ |
| For contact | https://to.galaxy.repercussão/support |
| Social media | https://twitter.com/ProjectGalaxyHQ |
Purpose of the protocol
Project Galaxy is positioned as the world’s best network for working with web3 credentials. It helps developers improve their products by integrating application templates to query user credentials. Curators responsible for delivering data can receive bonus rewards for this service.
What can credentials be used for? Web 3.0:
- Credit history verification using decentralized protocols such as Compound and Phantom.
- Analysis of behavioral factors to find the target audience, as in traditional advertising networks.
- Rewarding certain community members (e.g. those who took an action), etc.
The credentials we are used to using in Web 2.0 are distributed across multiple closed databases – financial and government agencies. Project Galaxy is trying to overcome this problem, believing that the landscape should be more transparent for data owners.
How Project Galaxy Works
The platform provides an infrastructure where community members (curators) can earn money by staking virtual credentials on the network, and DeFi application developers can use this information.
Curators can expect to be rewarded whenever the data they provide is used in job modules:
- API
- Galaxy ID
- Motor Oracle
It is claimed that over 500 campaigns from hundreds of partners have already been launched on Project Galaxy.
Main components of the ecosystem:
- Galaxy ID. Suitable both for obtaining identification across different blockchains and in different applications, and for letting other people know more about you. The mechanism is already being used at Unipass, Salad Ventures, Cyberconnect. Galaxy ID can be a universal name used in any application on the blockchain.
- A network of interconnected credentials. The ecosystem supports data curation capabilities across a variety of different sources. Curators contribute via static snapshots or subgraph queries. Integration with data providers such as GitHub, Discord, or Twitter is supported.
- Oracle application modules and APIs for developers to use credentials to enhance their products.
Various use cases for the infrastructure: loyalty programs with non-fungible tokens, individual management, organization of private communities, etc. Each user can link their Galaxy ID to an Ethereum or Solana wallet.
GAL Token + Distribution on Binance Launchpool
The GAL token has the following main uses:
- Control. Used for voting in the Galaxy DAO Project. Token holders have the right to vote on protocol parameters such as system usage fees or use of treasury funds.
- Payment for modules. Developers who wish to use the Galaxy Credential System pay GAL (except during the beta period). In fact, payment is required for each action related to the protocol. The best section of the resources received goes to data curators and the rest to the treasury.
- Payment for oracles and APIs. When requesting data through the Galaxy engine, developers will also be required to pay a GAL.
By the way, curators use the token to create a set of credentials. Each of these sets implies a set of income that is distributed equally among those who own the data.
Design Galaxy (GAL) became the 30th project in Launchpool and Binance.
Users have the opportunity to stake their BNB, BUSD, and CAKE into pools to farm GAL tokens for one month, starting April 29, 2022 at 03:00 (Brasília time).
3,000,000 GAL (1.5% of the total number of tokens) will be distributed.
- 2.100.000 GAL no pool do BNB
- 600,000 GAL in the CAKE pool
- 300,000 GAL in BUSD pulle
KYC is required to receive rewards. There is no upper limit on the amount.
The cultivation period will end on May 29, 2022 at 02:59 (Brasília time).
Where to buy, sell, store GAL
On May 5, Binance will bring GAL to the Innovation Zone and launch pair trading:
- GAL/BNB
- GBP/BTC
- GAL/USDT
- GAL/BUSD
Initial circulating supply: 35,161,333 GAL (17.58% of total token supply).
In the future, the token will appear on other CEXs and DEXs if the project develops successfully. Decentralized wallets can be used for storage Metamask or Binance Chain Wallet.
New #Binance Launchpool Project: Project Galaxy@ProjectGalaxyHQ $GAL is a Web3 credential data network that helps Web3 developers and projects leverage digital credential data.
Learn more about #GIRL in the research report 👇https://t.co/cP9OvQSxeI
— Binance Research (@BinanceResearch) April 28, 2022
Frequently asked questions
Conclusion
Project Galaxy (GAL) is a project that offers something new to the cryptocurrency industry. While similar solutions have existed before, this one seems more thoughtful and functional. Project Galaxy is built on a flexible and interoperable infrastructure to help Web3 developers leverage digital user data and NFT solutions to improve products and build powerful communities. The project has already raised $10 million in two rounds of funding. It also raised $15 million through a public token sale on List of currencies.