Galxe (GAL) provides the market with access to a decentralized network that includes a host of Web3 technologies. The protocol provides a new style of credential system that enables users to leverage both on-chain and off-chain accomplishments. The protocol supports all types of Web3.0 infrastructure including, NFTs, DeFi, and GameFi.
The protocol allows developers to build communities and incentives users to participate. Users can secure profits by engaging in the watch-2-earn, engage-2-earn, and play-2-earn features offered by the merger with the Chingari app. Now, both developers and users can experience a more efficient market with added ROI support.
Galxe (GAL) Ecosystem
Currently, Galxe includes a massive ecosystem of popular networks. The protocol has managed to secure high-level partnerships with 841 networks including Polygon, BNB, Solana, Ethereum, Raydium, and many more. To date, the protocol has secured 5,298,184 Galxe ID active users and is running 5,902 credential-based campaigns. As such, the project is among the most popular Web 3.0 credential systems available.
What Problems Does Galxe (GAL) Attempt to Fix?
There are a variety of major concerns that Galxe helps to reduce or outright eliminate. For one, the protocol enables users to finally gain a reputation for their on-chain actions. Users can leverage past posts, reputation, services, and accomplishments in a way that furthers their profits. GALXE users can complete tasks to improve their credentials which also furthers blockchain adoption and development.
Centralization
Another major problem faced by users seeking to leverage web 3.0 technologies is centralization. Like the traditional internet, there are already major firms seeking to migrate their influence into the new digital realm. Galxe cuts these intruders off and provides the market with an open alternative.
Anyone can build an open, collaborative credential data network. Users can curate and contribute as part of this strategy which makes the data more collaborative and responsive. It also ensures that more of your accomplishments make it to the public eye. In turn, more potential opportunities come your way.
The Severe Lack of Interoperability
Another major issue is the lack of interoperability faced by blockchain networks. There is a variety of top-level decentralized ecosystems that are unable to communicate directly. Galxe recognizes this situation and provides a credential system that can support multiple data sources including both off-chain and on-chain.
Community Consensus
Since the earliest days of Web 3.0, there have been discussions on how to keep communities together. Community governance has emerged as the leading solution for distributed networks. Galxe enables projects to integrate decentralized voting systems into their processes. The system enables developers to issue customized credential-based NFTs that can be used to vote on Snapshot.
Benefits of Galxe (GAL)
There are a lot of reasons why a firm would seek out the services provided by Galxe. For one, the system was set up to empower developers to create more inclusive and responsive communities. The introduction of incentivization has given users another reason to provide their valuable input and improve the ecosystem. Now communities can get rewarded for their efforts.
How Does Galxe (GAL) Work?
Galxe includes multiple components to accomplish its task of simplifying digital credentials and improving web3.0 adoption. The network leverages application modules, credentials, an API, and an oracle as part of its approach. Notably, Developers can secure returns by accomplishing needed services for popular blockchain networks. Developers can create new protocols and integrate Galxe services leveraging the API.
Application Modules
One of the best features offered by Galxe is its Application Modules. Developers can save time and effort using these predesigned services. For example, there are options like OAT which enable you to reward users for completing specific actions.
Another powerful module enables you to issue GALXE NFTs. These Gamified NFT campaigns can help developers to incentivize users and improve engagement. They also add another layer of ROI potential to any decentralized projects.
Galaxy Passport
The Galaxy Passport operates as a universal digital ID. The passport enables users to enter Web3.0 applications without revealing any personal information to third parties. This protocol is a major upgrade as today’s centralized system requires users to leave valuable data with organizations that often get hacked.
Galxe Credential Oracle
The Galxe Credential Oracle Engine and Credential API serve multiple roles for developers. For one, they are crucial in supporting customized use cases. They lower the monitoring and integration costs and technical barriers significantly.
On-Chain Credentials
On-chain credentials are blockchain-related services you have completed. These services can include tasks provided by Galxe or other network activities if have you secured a blockchain network, conducted sub-quires, or participated in community governance. All of these services and more can help to build your chain credentials.
Off-Chain credentials
Uniquely, Galxe enables you to leverage your off-chain pro blockchain actions as well. For example, you gain credentials for hosting a popular social media presence, GitHub contributions, and more. The system’s inclusive nature even includes offline events you may have participated in or hosted.
Token
GAL is the main utility token for Galxe. Users need to hold these tokens to leverage the services. You receive rewards and pay fees with this digital asset as well. GAL can be staked to participate in governance services.
History
Galxe launched in 2020 as a digital credential ecosystem the network was co-founded by Charles Wayne and Harry Zhang. It originally entered service under the name Project Galaxy. Notably, the project was awarded the Binance Launchpool Project of the Year Award.
Final Thought
Galxe (GAL) provides the blockchain ecosystem with a better credential and reference system than traditional options. The network makes it easy for developers to leverage its services and improve their communities through incentivization. These services remain in high demand which is part of the reasons Galxe continues to see expanding adoption. As such, the network is worth watching moving forward.
