Today, an increasing percentage of internet users require decentralized systems that are private, secure, and owned by the community. One of the biggest decentralized credential data networks in the world, Galxe (previously Galxe), is a pioneer in developing the architecture and technology that improves user experience and raises costs of administration in the Web 3.0 world. Put basically, Galxe helps Web 3.0 projects and developers build better products and communities using curated credential data.

At the time of writing, since launch in early 2021, Galxe has accumulated nearly 10k credential curators, to verify for over 7.4 million users. With a large user base, Galxe becomes the most important tool for tracking user activities on-chain and off-chain, helping users to record their online achievements, or their own actions in a Web 3.0 environment. This article takes a closer look at the Galxe infrastructure and Web 3.0 economy.

I. What Is Galxe?

Galxe is the most expansive Web 3.0 credential data network available. The purpose of networks like Galxe is to help projects and developers use NFTs and digital credentials to build stronger communities and products.

Whether you’ve recently begun to invest in crypto, or have been an investor for years, you may be wondering what GAL is. The many different types of Web 3.0 projects that have been based on Galxe infrastructure include loyalty programs, bootstrapping communities, custom voting systems and growth-hacking campaigns.

Galxe initially began in early 2021 and has since been accessed by over 7.4 million users across ten separate blockchains. Since its inception, Galxe has quickly become among the most popular Web 3.0 credential data networks because of how collaborative and open it is.

II. Key Features Of Galxe

Galxe provides the infrastructure for community members to curate digital credentials and contribute data to the network. Contributors can curate different types of credentials:

  • On-chain credentials through subgraph queries or static snapshots.
  • Off-chain credentials through the integration with data sources like Discord, Twitter and Github.

Galxe is largely based around the idea of providing data consumers and developers with the infrastructure they need to deliver data to networks and to curate digital credentials. It's possible for contributors to use this infrastructure to curate various types of digital credentials, including on-chain and off-chain.

Current Problem Of Data Market

To understand just how beneficial the Galxe infrastructure can be, let's take a look at how digital credentials are curated without Web 3.0 infrastructure. With Web 2.0, credential data is segregated throughout closed databases, which are owned and fully permissioned by institutions and applications. Credentials are a data-based profile on any one user, and can provide a company insight and guidance on how to find a target audience, determine if content is relevant to a user.

The problem with this approach is that it leads to a fractured system in which the individuals who should own the data don't have easy access to it. In comparison, Galxe provides developers with an aggregated Web 3.0 credential data network.

With this type of network in place, users have control over their own data and digital credentials. While Galxe consists of a bevy of unique and useful features, the following section details some of the key features which define GAL.

Galxe ID

In the simplest of terms, Galxe ID is a Web3 identity suite. Galxe ID is becoming one of the most important tools for recording users on and off-chain footprints in the Web3 world. With this tool, users are able to display credentials collected in the Web3 world and showcase the history of real life and online achievements.

If you decide to take advantage of the Galxe infrastructure to build digital credentials, you'll also benefit from the Galxe ID feature, which is essentially Web 3.0 LinkedIn. Every individual on Galxe can use Galxe ID for their universal username, which can be taken across multiple wallets and chains in Web 3.0.

Users are also able to display their digital credentials and showcase their achievements once they have a Galxe ID. This feature accommodates Metaverse Digital ID as well, which allows developers to integrate the basic Galxe ID tool kit and effectively provide custom features to users based on the digital credentials that they have. Galxe ID creates many possibilities when it comes to Web 3.0 and its future.

Galxe OAT

OAT stands for Galxe On-chain Achievement Token. This token serves as a lightweight solution that community managers and event organizers can use to create and distribute NFT campaigns without issue, after which community members can be rewarded. These on-chain achievement tokens are a kind of digital record of various achievements that have occurred.

Let's say, you buy tickets to a concert or NFL game. These tickets could come with a separate NFT that serves as a digital record of an event you attended. You would then be able to access this record and showcase the credential whenever you recall the memory.

When using OAT, event organizers are able to form their own pages on the Galxe.eco platform. They can also create events, as well as digital credentials, by simply submitting the badge design and parameters.

Event participants can also claim the NFT from their email via gas-less minting, which is a transaction-free solution for NFTs. In the short term, it's believed that Galxe OAT will mainly be used for loyalty programs with DeFi, metaverse, NFTs, or other Web 3.0 projects. In the long-term, however, these tokens may be used for life experiences and real-world events.

Galxe Passport

Galxe launched the Galxe ID feature in October 2021 which revolutionized Web3 by bridging a gap that hadn’t previously been connected. The use case for Galxe ID was simple — it aimed to become a user’s universal identity that represents them across multiple chains and off-chain social platforms.

But this extraordinary feature didn’t just cater to users in the community but to developers as well. As a metaverse Digital Identity or Decentralized Identity (DID), developers were able to integrate the Galxe ID toolkit and offer customized features to users or simply enrich user profiles based on their digital credentials.

Galxe Passport is your universal identity for Web3 adventures. It stores your identity information securely and anonymously. You will be able to use this as your universal identity across different applications for compliance purposes. You will also get your unique Galxe Passport Soulbound Token in your wallet to be distinguished as a verified individual.

III. Team, Backers & Partners

Team

Currently, the project has 2 co-founders, Harry Zhang and Charles Wayn:

  • Harry Zhang: In charge of products, he used to be the Founder and COO of Lino Network and Dlive.tv (later merged into Bittoren Ecosystem). In addition, he also held the position of president of the Young Entrepreneurs Association of China in Beckerly from 2016-2017.
  • Charles Wayn: In charge of strategy, he is also a founding member and CEO of Dlive.tv. Later, he held the position of vice president of interactive entertainment at Bittorent. Like his colleagues, Wayn also served as president of the Young Entrepreneurs Association of China in Beckerly from 2018-2019.

Backers

Galxe has received $10M investment from funds: Multicoin Capital and Dragon Fly with the goal of making Galxe the world's largest open data validation network. Other well-known funds and investors also participating in this deal are Alameda Research, Solana Ventures, Coinbase Ventures, Haskey Capital and even Binance Smart Chain. It shows that Galxe is a project that is financially supported by many big players in the industry.

In addition, Galxe is invested by Binance through Binance's $1 Billion Growth Fund project, helping to reach many projects on Binance and improve interaction with the community.

Partners

As of now, over 1,140 partners are using Galxe as their primary platform for community engagement and growth hacking, including leading DeFi protocols such as Yearn Finance, 1inch, Perpetual Protocol, etc.

Additionally, the Galxe platform is available on ten blockchains. Popular Web3 products such as Snapshot.org, MetaFactory, Collab Land, NFTrade, CyberConnect and others also integrate with Galxe to leverage the power of the credential data network.

IV. GAL Tokenomics

Tokenomics

Galxe launched on May 5, 2022, now Galxe. GAL has a total supply of 200,000,000 tokens. The GAL token is an essential component to such infrastructures as it functions as the governance token, incentivizes user participation, and serves as the primary payment token of the Galxe ecosystem. It has following utilities:

  • Token holders have the ability to control the amount of the platform fee collected by the protocol and control funds held by the Galxe community treasury.
  • Developers using the data curated by Galxe have to pay a platform fee in GAL, which is mostly distributed among data curators. After the beta testing phase, developers will also have to pay to query credential data through the oracle engine and credential API.
  • Curators utilize GAL to signal a data set’s value.

Token Metics

At the time of writing, the circulating supply is over 35 million GAL (18% of total supply) valued at $80M of market cap. When launched, the supply at TGE was quite large, up to 17.5% of the total supply with a public sale price sold on CoinList of $1.5, equivalent to $52.5M market cap.

Besides, investors will be able to get tokens gradually until around August 2025. With market sentiment that there is no new money flowing into the market like this, such large selling pressure will easily affect growth of price.

V. Conclusion

Whether looking at Web 3.0 infrastructure, which includes Galxe and other aspects of decentralized systems, it's always going to be challenging to identify how valuable this infrastructure is going to be on a long-term basis. However, Galxe is built on sturdy foundations, indicated by the aforementioned road map and its use in many Web 3.0 projects.

Features like a credential data tag system and permissionless credential creation are set to launch later this year. The iterative updates they plan for 2022 and 2023 show that Galxe isn't content with what it already delivers to users.

At this moment, there's every indication that Galxe will be a sound investment in the coming years.

Galxe solves a very sensitive issue in the Web3 world, which other protocols and blockchain companies struggle with. An instant success and demand in the project speak for themselves. It indicates that Galxe has chosen the perfect timing to come into Web3.

Website: https://galxe.com/

Twitter: https://twitter.com/Galxe

Discord: https://discord.com/invite/galxe

Telegram: https://t.me/GalxeHQ