Galxe: The Leading Web 3 Credential Network

Technology is advancing rapidly and with more projects, applications and brands moving into Web 3 ecosystems, there is a growing need to access and provide data, information, and tools in a decentralized manner.

One of the projects leveraging decentralized technologies and integrating on-chain and off-chain data sources, connecting brands and communities while allowing everyone to create and contribute digital credentials is Galxe.

Let's dive in a bit more on it in this post.

Galxe, formerly known as Project Galaxy was launched in 2022 on Binance Launchpool. "It is a Web3 open credential data network that was created to help developers build better and more important products and connect with the communities." Apparently, it is the largest credential data network in the Web3 space.¹

Data curators are rewarded when users employ their credentials in Project Galaxy's Application Modules, Credential Oracle Engine, and Credential API at the same time.²

For better understanding, credentials are evidence of a user’s actions or activities, reputation, and accomplishments on the web (this includes one's behavioral data on Web 2). These make up a user's digital identity.³

Galxe is "entirely open source, so contributors who curate data sets receive incentives in GAL each time projects use their data sets."⁴

Key Features

• Galxe ID

  This is a digital credential feature or Web 3 DID system "that allows users to create a multi-chain identity that can be used both on and off the chain. Each user owns a username, to which their chain and wallet identities in Web3 are tied to. This also allows users to display all collected credentials and the history of their achievements."⁵

• Galxe Passport

  A user's universal identity for Web3 adventures. This feature allows users to store their digital identity information securely and anonymously. Apparently, user's private information is encrypted with their password and only the user can can access them. To get one, users must undergo a verification process that involves uploading identity documents and paying a fee of 0.025 BNB. After which, they can mint a unique Galxe Passport Soulbound Token.⁶

• Galxe OATs

  OATs (On-Chain Achievement Tokens) are a digital record of all a user's achievements. These are badges (NFTs) that can be claimed by users or even participants just via their email with a gas-less minting experience.⁷

  Galxe OATs have a total supply of 4,559,573 tokens. To date, there are 948,951 Galxe OAT owners. OATs can be traded on OpenSea.

  Users can earn these by participating in Galxe OAT campaigns.

GAL Token

This is the native token of Galxe. It functions as the governance token, incentivizes user participation, and serves as the primary payment token of the Galxe ecosystem.⁸

Ticker: GAL
Total Supply: 200,000,000 GAL
Chain Supported: Ethereum, Binance Smart Chain
Contract Address:

• ERC20 Token Address: 0x5fAa989Af96Af85384b8a938c2EdE4A7378D9875
• BEP20 Token Address: 0xe4Cc45Bb5DBDA06dB6183E8bf016569f40497Aa5

Distribution & Allocation:

• 2% early adopter rewards at TGE (completely unlocked)
• 10% foundation release schedule has been switched from 3 years to a 4-year vesting period.
• The 15% team release schedule changed from 5 years to 6 years of vesting.⁹

GAL can be traded on various CEXs including Binance, Kucoin, Coinbase, Kraken, Gemini, etc.

More information here.

What can users do on Galxe

• Explore Spaces

  There are hundreds (if not thousands) of spaces (communities) on Galxe and users can follow them based on their interests and get updated with the happenings.
  
  

• Create own Space

  Projects can create their own space (community) on Galxe, and initiate campaigns. It is a public profile that users can follow, view, and participate in the campaigns you create. One can also use the space as his brand page and add Discord, Medium, Twitter, and other information to the space information.¹⁰
  
  

• Earn tokens and NFTs

  There are various active campaigns that reward participants in the form of points (to rank up the leaderboard and share from the campaign's prize pool), Galxe OAT, or mint NFTs for free.

  Tasks can be as simple as following an X (Twitter) account, retweeting, joining Discord, bridging an asset to another chain etcetera.
  
  
  

• Users can create their multi-chain digital identity (Galxe ID) and mint their own Galxe Passport by undergoing a verification process.

Summary

Galxe is a platform that connects projects and users. Its aim is to provide developers with an open credential data network to help them create better products and offer them to the right communities. Currently supported chains include Polygon, Ethereum, zkSync, BNB Chain, Arbitrum.

Users can do a variety of things on Galxe:

• Create their own Galxe ID that serves as their multi-chain identity;

• Mint their own Galxe Passport (SBT) by undergoing verification.

• Store their own identity information in a secure and anonymous manner;

• Follow communities and stay up to date with developments

• Hold GAL and participate in the ecosystem's governance.

• Curate and contribute digital credentials to the data network.

• Participate in campaigns, loyalty programs and earn tokens and NFTs. Active campaigns can be found here.

_{For infotainment only. Info Sources: Galxe / CMC / Docs / Gateio}

_{Lead image created on Canva.. Logo from Galxe. Screenshots linked directly to sources. No copyright infringement intended. 21082023/10:10ph}

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