Project Galaxy (GAL) crypto: Is it really unique as it claims?

Be the First to Comment Read

Project Galaxy (GAL) crypto: Is it really unique as it claims?

 Project Galaxy (GAL) crypto: Is it really unique as it claims?
Image source: © Imthezorro | Megapixl.com

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.

Also read: Will ASA take strict action against FLOKI ads again?

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.

Also read: What is making Steem (STEEM) crypto rally?

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. 

Risk Disclosure: Trading in cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory, or political events. The laws that apply to crypto products (and how a particular crypto product is regulated) may change. Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading in the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Kalkine Media cannot and does not represent or guarantee that any of the information/data available here is accurate, reliable, current, complete or appropriate for your needs. Kalkine Media will not accept liability for any loss or damage as a result of your trading or your reliance on the information shared on this website.

Disclaimer

Speak your Mind

Featured Articles