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Highlights
- Project Galaxy (GAL) is a collaborative credential infrastructure that aims to build an open data network, which can be utilised by developers in the Web3 space.
- The Project Galaxy ecosystem offers a unique space that would help users curate credentials data and NFTs through multiple data sources to build better products.
- GAL token is expected to go live on Binance from 5 May.
Project Galaxy (GAL) is a collaborative credential infrastructure that aims to build an open data network that developers can utilise in the Web3 space. The Project Galaxy ecosystem offers a unique ecosystem that helps users curate credentials data and NFTs through multiple data sources to build better products.
Introduced on Binance Launchpool on 28 April, the Project Galaxy users will be able to stake their BNB, BUSD, and CAKE and farm GAL tokens. The users will also get the opportunity to begin their farming of the GAL token from 29 April.
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However, it will not be available for trading until 5 May, which would also mark the official launch of the token.
Features of Project Galaxy crypto
One of the problems the traditional credential data sets face today is that they are segregated and governed mainly by government organisations and other financial institutions.
In contrast, Project Galaxy, with the use of its decentralised mechanism, can give that control to the users with the help of developers who leverage credential data.
To achieve this, the Project Galaxy will allow data contributors to build credential data networks simultaneously, ensuring that they can earn extra money upon verification and utilisation of their data. Besides, the users are incentivised to use the ecosystem.
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How does Project Galaxy operate?
Project Galaxy depends on an array of components to operate its protocol.
Project Galaxy aims to use the twin model for verification. For on-chain credentials, curators depend on static snapshots to verify. For off-chain credentials, Project Galaxy integrates the data sources with Twitter, Github, etc.
Offering several application modules helps in developing better Web3 products that are more engaging. Besides, its on-chain achievement token provides a unique solution for distributing the NFT badges to mark users' participation.
The developers can build credential data and secure them against any Sybil attacks or hacks. It will offer the users voting rights to decide on the future governance of its protocol.
Conclusion
It's still a new project on the horizon, and hence there isn't much information available on its platform. According to the project's website, it already has amassed 134,678 Galaxy ids and has issued 1,715 credentials.
With the token yet to go live, it will be interesting to see how the token performs when it goes public. However, as the crypto market is volatile, it's critical to be aware of its risks. As a market participant, one must do market research before entering the space.
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