Galxe Token guide Everything you need to know

Web 3.0 is underway but it still leaves room for more innovation in various fields. Galxe aims to solve how credentials are tracked, credited, and gamified. This can be useful in many industries in realising the future of interoperability among blockchain systems. 

Galxe (pronounced ‘galaxy’) is formerly known as ‘Project Galaxy’. It’s an effort to create a credential data network on Web 3.0 to help developers and users accurately incentivise user participation. The concepts of how they work and what the services are for can be better understood by knowing the details. Here is everything you need to know about Galxe blockchain and its assets:

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About Project Galaxy (GAL)

Project Galaxy crypto started as a concept from two friends named Charles Wayn and Harry Zhang. They share the same vision of the future where credential data can be unified and easily processed in the new era of the internet. Both friends are economic experts who find that the current way people’s credentials are tracked is too segmented. Government records, financial history, and even credit scores are separated by institutions, making their information individually useless between each other. 

Galxe aims to put together all credential data by establishing a network that both public and private institutions can be a part of. This unification will make people’s actions in different parts of their life become a contributing factor in their identity as citizens. It can create a collective credential data that can be used to gain privileges in every sector that is part of Galxe’s system. 

What the blockchain is meant to do

All of this can be done using a blockchain called Galxe with its native crypto called GAL. The asset is an ERC-20 utility token compliant with Ethereum (ETH) and is a major platform in the development of Web 3.0 and the Metaverse. Galxe is also in collaboration with the Polkadot (DOT) to facilitate a name system that can be used on social media. 

Galxe is now the biggest collaborative credential data network on the Web 3.0 with more developers joining its endeavours. The infrastructure uses multiple data sources and users can curate their respective spaces for public use. Sources can vary between on-chain and off-chain credentials into static snapshots. For off-chain use, Galxe crypto has linked with blockchain-friendly platforms like Twitter and Github.

Application modules

Project Galaxy GAL is the utility token but it’s not the only asset that can be created on the network. There are application modules that the community can build and it can reward users with Galxe On-Chain Achievement Token (OAT). These are non-fungible tokens (NFTs) serving as a licence validating a person’s account and adding to their credential data. 

GAL crypto aims to have communities leverage these credential-based NFTs to build a customised governance system. For example, there will be forums discussing a certain topic and finding the best solution to a problem that everyone in the community is facing. People can be recognised for their credentials using Galxe NFT, giving them a better voice on the subject. 

This is similar to how specialists are validated by their doctorate or how businesses are seen as legitimate by certificates. Galxe paved the way for everyone to not only brandish their credentials on their profile but also have blockchain algorithms give them priority. 

Galxe Oracle Engine 

Galxe has a special engine for using their credential NFTs on smart contracts. This allows different users to make customised on-chain uses. Some examples include determining which group of people to prioritise over the other based on their credentials or how to group users by NFT. It helps credit scoring and liquidity mining boost for both niches and general users. 

Galxe Credential API

An application programming interface (API) is provided for developers to build their Galxe projects using their off-chain credentials on application modules. So far, Galxe has support for various platforms like social media like Twitter and professional networks like LinkedIn. The Galxe Credential API can also be applied to voting infrastructures and guilds. 

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About Project Galaxy (GAL) token

The Project Galaxy GAL token is the fuel for everything that the blockchain is meant to do. Therefore, it is the main digital asset investors need to own and hold if they want to invest in the Galxe Network. It can now be traded on a wide variety of exchanges like Coinbase and Binance even though they only just released in 2021. 

GAL token uses 

The answer to the question ‘what is GAL crypto?’ needs an exploration of what being a utility token means. Just like ETH in Ethereum, GAL can be accepted as payment for almost every functionality. Simply having a large amount of it in your account gives you prestige in the community although credential tokens will be more important. You can still stake crypto GAL when casting votes to help decide the future of the blockchain.

Likewise, GAL is the money you pay for app services on the blockchain. Thus, it can be convertible to other ERC-20 tokens as well as ETH on Ethereum’s swap services. GAL is also needed to pay for curation solutions, especially involving Galxe Oracle and Galxe Credential API. Every user of the network needs it and that secured its place on various exchanges. 

Exchanges trading GAL token

Buying GAL is the same as with any other cryptocurrencies. You just need a good crypto wallet that accepts it which is an easy step to take because it’s an ERC-20 digital asset. MetaMask, Coinbase Wallet, and Trust Wallet are all valid options for storing Galaxy token. Just remember to also consider support for Galxe NFTs to store your credential tokens on the same platform. 

Galxe Token as business ventures

The most interesting fact about the GAL crypto coin is its volatility having the same price increase rate as Ethereum while still just within €2.5. It’s forecasted to increase significantly as Web 3.0 becomes the norm and various institutions are expected to join its space. Credential data are the driving force behind its adoption so investors are likely to use the token instead of trading it. 

This can also be a valuable digital asset for you because the Galxe network is bound to be useful for everyone involved in Web 3.0 development. It’s a great platform for connecting with peers or finding people with certain credentials to work with. Galxe innovated how businesses, collaboration, consultation, and even employment work and it’s now just a matter of time before it’s adopted worldwide. 

FAQ

Project Galaxy is one of the most ambitious projects in the world but its concept and execution were made easy thanks to interoperability in blockchain technology. There are still a few questions that need to be asked because it’s such a new idea that not too many people are familiar with it. The more questions are asked, the more angles of its complex nature can be explored. Here are some of the most frequently asked ones in the Galxe community:

What is Galxe Token?

Galxe token is the native asset on its network. The utility token is primarily known under the ticker ‘GAL’. It can be used to pay for anything on the blockchain like app services, curation solutions, and casting votes. GAL can also be accepted as a mode of payment outside the chain but on a more limited scale. For example, it’s not yet accepted in Gamdom slots gaming so you’d need to swap it for other currencies. It can also be used as a store of value like Bitcoin (BTC) and ETH because of its volatile nature. Therefore, hodling and short-term trading is a common way to profit from it. 

Another Galxe token you should know about is the credential NFT. This is a minted document of your records like a licence, financial history, and voting history. It can also show your expertise in a subject like a doctorate or certificate in a specialised practice. You can curate this to show your credentials as a user on the platform, helping you find peers, work, or potential business partners. 

What does Galxe do? 

The Galxe network aims to make a platform that can collect credential data of its users from various participating institutions. It can be government, financial, or private bodies, allowing developers to leverage this information in certain services. This could mean anything like simplifying credit scores to qualify quickly for a loan or to be properly assessed in a job interview using curated credentials. 

Is Galxe a good investment?

Galxe GAL is a good investment for short-term trading like BTC and ETH because it’s volatile. Market prices are expected to reach past €4 following 2023. It is also great for use on its own because you can find it useful when curating your own credentials on the network. More institutions are joining the Galxe blockchain every day. It has already linked with LinkedIn, Twitter, and Snapshot, giving the network one of the biggest off-chain applications among ERC-20 tokens. 

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Words: Clarence Clarke