We have witnessed the evolution of the “Web”: From Web 1.0 where the internet allowed us to connect and view online information across the globe, to Web 2.0 where online services were built to enable customers to directly interact with myriads of applications.
Web 3.0 is the next generation Web that combines the strengths and eliminates the weaknesses of Web 1.0 and Web 2.0. Web 3.0 does not only provide online users with a significant number of innovative services but also does that in a decentralized and community-owned manner.
Project Galaxy is one of the few that is working on this vision.
What is Project Galaxy?
Project Galaxy is a crypto project that facilitates the infrastructure for Web 3.0, and digital credentials specifically.
To achieve the idealogy of Web 3.0 which is decentralization, Web 3.0 users have to be able to freely manage their own data and actively participate in Web 3.0 themselves. Project Galaxy provides the tools for developers and users to accomplish that.
How does Project Galaxy work?
Project Galaxy creates a Credential Data Network that involves both users who are willing to buy the data Project Galaxy provides and curators who are incentivized to provide such data for the network.
By contributing to Galaxy’s Credential Data Network, curators are rewarded when credentials are used in Galaxy’s Application Modules, Credential Oracle Engine, and Credential API.
Use cases of the Application Modules include:
- Galaxy OATs (On-chain Achievement Tokens).
- NFT Loyalty Programs.
- Growth Hacking Campaigns.
- Gated Community.
- Customized Governance.
Use cases of Credential Oracle Engine and Credential API include:
- Credit scoring.
- Sybil attack prevention algorithms.
Curators can provide their credentials in 2 types:
- On-chain: With subgraph queries or static snapshots.
- Off-chain: Via partnered data sources like Snapshot.org, Twitter, and Github.
Another feature of Project Galaxy is Galaxy ID. Galaxy ID is basically a Web 3.0 Linkedin where users can put up their digital credentials and identities. By setting up a profile on Galaxy ID, users can showcase their crypto achievements and information, which can possibly be expanded into the metaverse for more diverse use cases in the future.
What is GAL Token?
GAL is the central token of the project that keeps Project Galaxy operating smoothly. The GAL token will be used for governance purposes, as well as incentivizing the participation of both curators (data providers) and customers (data buyers).
Detailed information about Project Galaxy Coin (GAL)
GAL Key Metrics
- Name: Project Galaxy.
- Ticker: GAL.
- Token standard: Updating…
- Token type: Governance, Utility.
- Max supply: 200,000,000 GAL.
- Circulating Supply: Updating...
- Contract address: Updating...
GAL Token Allocation
- Community Treasury: 20%
- Team: 15%
- Marketing: 15%
- Growth Backer Round 1: 10.63%
- Growth Backer Round 2: 10.14%
- Foundation: 10%
- Advisors & Partners: 6.23%
- Ecosystem: 6%
- Coinlist Public Sale: 5%
- Early Adopter Rewards: 2%
GAL Token Sale
The GAL Token Sale will take place on Coinlist.
- Registration deadline: February 15th at 12:00 UTC.
- Sale begins: February 17th at 18:00 UTC.
- Supply: 10,000,000 GAL tokens.
- Price: $1.50.
- Lockup & release: 12-month weekly release starting on or around April 14, 2022.
More information can be found here.
Learn more: How to buy Token Sale on Coinlist
GAL Token Release Schedule
- Ecosystem: Fully liquid at TGE.
- Early Adopter Rewards: Fully liquid at TGE. 50% will be distributed at TGE, and the rest will be distributed 6-month after TGE.
- CoinList Public Sale: 12-month equal weekly vesting starting at TGE.
- Growth Backer Round 1: 3-month cliff starting at TGE, followed by a 3-year equal quarterly vesting.
- Growth Backer Round 2: 12% vesting at TGE, followed by a 3-year equal quarterly vesting.
- Advisors & Partners: 12% vesting at TGE, followed by a 3-year equal quarterly vesting.
- Marketing: 20% vesting at TGE, followed by a 3-year equal quarterly vesting.
- Foundation: 18% vesting at TGE, followed by a 3-year equal quarterly vesting.
- Team: 3-month cliff starting at TGE, followed by a 5-year equal monthly vesting.
- Community Treasury: 12% vesting at TGE, followed by a 5-year equal monthly vesting.
GAL Token Use Cases
Currently, the GAL token has 4 use cases:
- Governance: Enable token holders to take part in governance activities.
- Application Module fee: GAL will be used to pay the fees that occurred from Application Modules.
- Galaxy Oracle Engine and Galaxy Credential API cost: Developers pay GAL to query credential data.
- Curating Digital Credentials: GAL will be used as the exchange currency for a curation system (which is under development).
How to get GAL Token
You can get GAL by:
- Participating in its Token Sale on Coinlist as mentioned above.
- Involving in the Project Galaxy system in the future.
How to buy GAL Token
Currently, there is no GAL circulating in the market, so you cannot buy GAL on Coin98 Exchange or anywhere else. In the future, when we are able to buy GAL on Coin98 Exchange, I will update you in this article.
How to store GAL Token
In the future, Coin98 Wallet will support storing the GAL token. I will keep you updated in this article.
Project Galaxy Roadmap
Team, Investors and Partners
- Harry Zhang: Co-founder & Project Lead.
- Charles Wayn: Co-founder & Strategy Lead.
Project Galaxy has raised $10M in a funding round co-led by Multicoin Capital and Dragonfly Capital. Some other popular ventures involved in this fundraise are Spartan, Coinbase Ventures, Alameda Research, Hashkey,...
Various projects have integrated with Galaxy NFTs, Galaxy Credentials, Galaxy ID, and Galaxy OAT, including Collab Land, Snapshot, MetaFactory, CyberConnect, Protocol Labs, Filecoin, NFT Storage.
Is Project Galaxy (GAL) a good investment?
I hope that with the aforementioned information, you have understood what Project Galaxy is and how Project Galaxy works. This article should give you a deep insight into the project, so there is no financial advice. You should Do Your Own Research before conducting any investment, and be responsible for your own fund.
However, Coin98 will provide some notable points of the project to give you the best overview to make your own decisions.
- Project Galaxy was launched in May 2021, currently marking a 9-month operation. At the moment, the project has achieved various milestones: 200,000 unique on-chain users from 7 different ecosystems, over 700 digital credential sets, more than 120 projects, and organizations launching over 500 campaigns,...
- Web 3.0 is a newly trending topic. At the moment, Web 3.0 is merely an ideology without any actual/applicable products. As a result, developing the infrastructure is currently of the foremost importance for this space, which is what Project Galaxy has been doing. The project can help Web 3.0 develop into more practical usage.
- The GAL token is said to have 4 use cases in the protocol. Nevertheless, half of them are just ideas being developed. We should follow the project closely and see whether those ideas can be conducted in the future, before investing in this token.
You’ve been through an article about Project Galaxy and the GAL token. I hope it has helped you in gaining more valuable insights into this project and understanding its potential.
Web 3.0 is still a new hence potential space. If you believe in the growth of this niche in the future, putting faith in infrastructure developers like Project Galaxy can be a great bet.