CoinMarketCap Academy takes a deep dive into Project Galaxy — a Web3 credential data network.
Project Galaxy is the world’s largest Web3 credential data network. It helps Web3 projects and developers build better products and communities using curated credential data. Put basically, credential data are just records that make up our digital identity. Data curators collect this data and are rewarded for its utilization.
Project Galaxy identified that credential data is segregated across closed and permissioned databases owned by different parties like governmental, financial and credit institutions. This results in the data being unattainable to the individuals and companies that could make the best use of it. An example of credential data on the blockchain is a borrowing record from a money market or your on-chain voting history. However, off-chain credential data is often stored out of the reach of users and developers on private servers. Project Galaxy aims to build an open and collaborative credential data network accessible to all Web3 developers.
Speaking of which, check out our guide on how to build your on-chain resume — a valuable asset in the Web3 future.
Even before its token launch, over 100 partners have launched over 500 campaigns on Project Galaxy. Examples include bootstrapping communities, loyalty programs, growth-hacking campaigns and customized voting systems. Project Galaxy has also recorded impressive growth metrics in other areas:
- 276K Twitter followers
- 137K Discord members
- 23K Telegram subscribers
- Over 1.3M Galaxy ID users registered
- Unique on-chain users count over 350K
- Live on seven blockchains
- Over 2,000 digital credentials curated.
How Does Project Galaxy Work?
Project Galaxy 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 Snapshot.org, Twitter and Github.
Contribution to the Galaxy Data Network yields a reward if the credentials are utilized in Galaxy’s application modules, credential oracle engine and credential API. These are used across the different use cases for blockchain applications.
Another important aspect of the platform is the Galaxy ID, which is “aiming to become your Web3 LinkedIn.” The Galaxy ID includes a user’s individual user name, representing them across multiple chains and wallets, and displays their credentials collected in Web3. Developers can integrate the Galaxy ID toolkit and offer customized features based on the credentials provided, thereby tapping into a plethora of possibilities for different Web3 applications. Users can already integrate their Galaxy ID with Twitter, Discord and Github.
Finally, the Galaxy on-chain achievement token (Galaxy OAT) is a solution for event organizers and community managers to utilize the project’s NFT infrastructure and on-chain credential data network to build and distribute NFT badge campaigns easily and reward their community members. Project Galaxy bills the OAT as “a digital record of all your life’s achievements.” The OAT aims for integration between one’s offline and online identities and could allow, for example, to combine offline events like concerts with online events through the issuance of NFTs.
Unique Features of Project Galaxy
Project Galaxy highlights several case studies of existing partnerships to showcase its potential.
Growing a DEX
Project Galaxy helped grow Hashflow, a decentralized exchange (DEX), from 3,000 to 13,000 weekly active users by using its credential-based non-fungible token (NFT) infrastructure. To reward Hashflow’s early users, Project Galaxy minted a series of NFTs called Hashbot Genesis that was claimable by all Hashflow users. With over 20,000 NFTs minted, Hashflow’s monthly trading volume grew from under $20 million to over $600 million in only a few months.
Customized Governance
Project Galaxy has collaborated with BNB Chain to generate NFT badges for the committee and MVB participants. The MVB program helps DApps and builders in the Binance ecosystem, while the committee is composed of the BNB Chain Fund, media and influencers, and top-tier investment institutions. Thanks to Project Galaxy’s credential-based NFTs, each committee member received an exclusive NFT badge and governance was customized based on this.
Ecosystem Growth
Project Galaxy partnered with Solana to help 27 different protocols reach their marketing growth goals through the “2022 is gonna be SOL Cool” campaign. In total, the campaign attracted 33,400 new users that signed up for an average of five protocols on Solana. This was achieved by deploying credential-based NFTs that recorded a user’s on-chain activity to be eligible for the marketing campaign.
Projet Galaxy Tokenomics
Token holders have the ability to control the amount of the platform fee collected by the protocol and control funds held by the Project Galaxy community treasury.
Developers using the data curated by Project Galaxy 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 Galaxy oracle engine and Galaxy credential API.
Curators utilize GAL to signal a data set’s value.
Project Galaxy shared its token distribution of 200 million GAL on its website:
Project Galaxy (GALA) Token Price
Project Galaxy will launch on May 5, 2022, on Binance Launchpool and trading will be opened with the GAL/BTC, GAL/BNB, GAL/BUSD and GAL/USDT trading pairs. Users can also stake BNB, BUSD and CAKE into separate pools to farm GAL tokens over a one month period.
Project Galaxy Price Prediction and Future Outlook
Project Galaxy tackles an acute problem in the Web3 world, which many protocols and blockchain companies struggle with. Its impressive growth even before the launch of its token is a testament to the project’s capabilities and the market demand for its solutions. Project Galaxy prioritized forging partnerships with influential players like Solana and BNB Chain before launching its token, which points to a long-term growth mindset. The fact that it has a product before launching its token is an increasingly rare attribute in today’s market.
Since the GAL token is about to be launched on Binance Launchpool at the time of writing, a price prediction is impossible. However, the future outlook for Project Galaxy is bright and it would be no surprise to see the price of GAL appreciating quickly after its launch. With a massive community backing the project and a detailed roadmap laid out for the future (including credential oracles and V2 versions of its network and application modules), Project Galaxy will likely grow even further.
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