Galxe

Galxe, previously called Project Galaxy, is a Web3 credential data network. The collaborative credential infrastructure allows brands and developers to engage with their communities and develop products in Web3. Project Galaxy's ICO took place on February 17, 2022, and the GAL token was launched on April 28, 2022, on Binance Launchpool.

Data curators are incentived whenever users simultaneously employ their credentials in the project's application modules, Credential Oracle Engine, and the Credential API. Galxe offers the infrastructure for community members who want to curate and contribute digital credentials to the Galaxy Credential Data Network. The project's infrastructure supports curating credentials via different data sources.

Curators are able to contribute data from seven diverse chains with subgraph queries or snapshots for on-chain credentials. They are also able to provide data from Twitter, Discord, Github, and offline events for off-chain credentials. Galxe's application modules, Credential API, and a Credential Oracle Engine allow developers to utilize credential data.

Use cases of the project's application modules include Galaxy OATs (On-chain Achievement Tokens), NFT loyalty programs, growth-hacking campaigns, and gated community, including customized governance. Developers are able to utilize the Credential Oracle Engine and the Credential API for personalized use cases like credit scoring and Sybil attack prevention algorithms.

With Galxe Credentials, Galxe is developing a Web3 DID system, which gives users a multi-chain identity and lets others know more about the user through their past achievements/credentials. Projects such as Cyberconnect, Unipass, and Salad Venture utilize Galxe Credentials in their products alongside this feature.

Galxe OAT is a solution for event organizers and community managers to use Galxe’s NFT infrastructure and on-chain credential data network to develop and distribute NFT badge campaigns and incentivize their community members. Galxe OATs operate as a digital record of a user's life achievements.

Event organizers can design their dedicated pages on galxe.com and create events and credentials by submitting the parameters plus the design of the badge. The users or event participants are able to claim their NFTs through their emails with an advertised gasless minting experience. OAT is available on Polygon in ERC-721 and is slated to possess native support with OpenSea and different wallet apps.

The metadata of the entirety of OAT NFTs will be stored on NFT.Storage, powered by IPFS and Filecoin. The plan for Galxe OAT is that it will not be used solely for loyalty programs for NFT, DeFi, and metaverse projects but also for events and life experiences in the real world. To respond to future demands, Galxe will continuously update OAT with features such as Open API for Integration within other Web3 apps, the ability to claim badges by scanning QR codes, and user notifications whenever there are available OATs available.

Jonathan Victor, the project's growth lead for NFT Storage, stated:

“We’re thrilled with the launch of Galxe OAT - if 2021 was the breakthrough year for NFTs as culture, 2022 is the year for NFTs as utilities. On-chain credentials are powerful signaling tools for communities - and to be truly accessible require driving the cost of creation, storage, and bandwidth to be negligible. The immutable linking of IPFS and verifiable storage of Filecoin are ideal choices to support the massive amounts of NFT data communities will generate and ensure their data is never lost.”

The GAL token is a vital component to the Galxe infrastructure, since it operates as the governance token, rewards user participation, and acts as the major payment token of the Galxe ecosystem. The following are the utilities of GAL:

• Governance: GAL is utilized for voting and governance in Galxe DAO. The token holders possess the ability to control the amount of the platform fee that is taken by the protocol and control the funds held by the Galxe Community Treasury.
• Application module fee: Users who aim to leverage Galxe’s credential data via application modules usually need to pay a platform fee, which is charged in GAL. This fee is set up in a way that interactions with the Galxe Protocol will attract a fee in GAL. Most of the platform fee will go to the curators, and the Galxe Community Treasury collects the rest. Application module fees are canceled during beta testing.
• Galxe Oracle Engine and Galxe Credential API: Users pay GAL to query Galxe's credential data via Galxe Oracle Engine and Galxe Credential API. Like above, the query fees are canceled during beta testing.

• Curating Digital Credentials: Curators are able to use the GAL token to signal a credential data set’s value. Credential data sets include a revenue stream that is split between credential stakeholders pro-rata. Curators are able to buy stakes of a credential data set from its equivalent bonding curve. As a result of the nature of the bonding curve, which refers to the price of credential stake increasing as more users buy it, whenever a curator buys the credential stake of a well-known data set early, the price of credential stakes will reduce so its future revenue stream can relatively increase.

Whenever the cost of the credential stake surges along the bonding curve, curators are able to decide to sell the credential stakes back to the bonding curve to get GAL in exchange. This incentivizes curators to assist in identifying vital credential data sets by utilizing GAL to exchange for credential stakes via the bonding curves. In the long term, the higher the credential data in the network, the more GAL will be locked in bonding curves for data signaling.