Galaxy crypto has been trending in the crypto space after the Binance debut. It has increased exponentially by over 1000% within 24 hours after listing on Binance.
In this article, you will get insight into the details of Galaxy crypto and its project.
What Is Project Galaxy?
Project Galaxy is the largest Web3 credential data network in the world. Built on open and collaborative infrastructure, Project Galaxy helps Web3 developers and projects leverage credential data to build better products and communities.
At the same time, data curators are rewarded when credentials are used in Galaxy’s Application Modules, Credential Oracle Engine, and Credential API.
Project Galaxy teams are on a mission to build the infrastructure to power an open and collaborative credential data network.
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It helps Web3 developers leverage credential data to build better products and communities. At the same time, data curators contribute to their credential data network while earning an income once the data is utilized.
Galaxy Crypto
Galaxy crypto token – GAL is a crypto asset that powers the Project Galaxy ecosystem.
Project Galaxy aims to build a permissionless, open, and collaborative credential data network.
The GAL token is an essential component of such infrastructures as it functions as the governance token, incentivizes user participation, and serves as the primary payment token of the Project Galaxy ecosystem.
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Galaxy Crypto Use Cases
Below is a list of some of the utility cases of Galaxy crypto in the Project Galaxy ecosystem:
- Governance
GAL is used for voting & governance in Project Galaxy DAO. GAL token holders can control the amount of the platform fee collected by the protocol, and control funds held by the Project Galaxy Community Treasury.
- Paying for Application Module Fee
Developers who aim to utilize Galaxy’s credential data through Application Modules will be subject to a Platform Fee which is charged in Galaxy crypto token (GAL).
The Platform Fee is set up such that every interaction with the Galaxy Protocol will incur a fee in GAL. Most of the fee will go to the curators, and Galaxy Community Treasury will collect the rest.
Currently, all Application Modules fees are waived during beta testing.
- Paying for Galaxy Oracle Engine and Galaxy Credential API
Developers pay GAL to query the Project Galaxy credential data through Galaxy Oracle Engine and Galaxy Credential API.
Currently, all query fees are waived during beta testing.
- Curating Digital Credentials
Curators can utilize the GAL token to signal a credential data set’s value. Each credential data set will include a revenue stream that will be split between credential stakeholder’s pro-rata.
Curators can purchase stakes of a credential data set from its corresponding bonding curve. Because of the nature of the bonding curve(the price of credential stake increases as more users purchase it), in the event, a curator purchases the credential stake of a popular data set early, the cost of credential stakes will be low so it future revenue stream will be relatively high.
When the price of the credential stake increases along the bonding curve, the curators can also choose to sell the credential stakes back to the bonding curve in exchange for GAL. As a result, this incentivizes curators to help identify valuable credential data sets by using GAL to exchange for credential stakes through the bonding curves.
In the long term, the more credential data in the network, the more GAL will be locked in bonding curves for data signaling. Currently, the curation system is still under development.
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Final Thought
Galaxy crypto token (GAL) is a cryptocurrency asset that’s available on Bnb Smartchain and Ethereum chain.
It has a total supply of 200,000,000 GAL and 35,161,333 GAL in circulation. The current market capitalization is $444M.
Galaxy crypto can be considered a good investment when the team keeps on delivering on the promise made available in the whitepaper.
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