Galaxy (GAL)

Published on:

Project Galaxy is a blockchain protocol and open infrastructure that allows developers of Web 3.0 solutions to collect and use user credentials. For example, a credit protocol could embed Project Galaxy to track whether a user has outstanding loans in Aave, Compound, or some other system. There are a lot of use cases, from calculating credit potential to analyzing behavioral data.

GAL is an important infrastructure component. This token is used to vote on protocol governance, as well as pay for all functional actions: application integration, API payment, data curation, etc.

Project Galaxy is positioned as the world’s largest web3 account information network. Helps developers improve their products by integrating application models to analyze user credentials. Curators responsible for data delivery may receive bonus rewards for this service.

What credentials can be used for in Web 3.0:

Credit history check with decentralized protocols like Compound and Aave.

Analysis of behavioral factors to find the target audience, as in traditional advertising networks.

Rewarding certain community members (for example, those who have performed some action), etc.

The credentials that we are used to using in Web 2.0 are distributed among various closed bases – financial, and government institutions. Project Galaxy is trying to eliminate this problem, believing that the landscape should be more transparent to data owners.

The platform offers an infrastructure within which community members (curators) can earn by entering virtual credentials into the network, and DeFi application developers can use this information.

Curators can expect to be rewarded whenever their data is used in application modules:

  • API
  • Galaxy ID
  • Oracle Engine
Read more:  Uniswap (UNI)

It is stated that over 500 campaigns from hundreds of partners have already been launched on Project Galaxy.

The main components of the ecosystem:

Galaxy ID. Suitable both for obtaining identification on different blockchains and in different applications and for letting others know more about yourself. The mechanism is already being used in Unipass, Salad Ventures, and Cyberconnect. Galaxy ID can be a universal name used in any application on the blockchain.

A network of interconnected credentials. The ecosystem supports the ability to curate data through several different sources. Curators contribute with static snapshots or subgraph queries. Integration with data providers such as GitHub, Discord, or Twitter is possible.

Oracle application modules and APIs for developers to use credentials to improve their products.

Several infrastructure use cases: 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.