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Galxe

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This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Galxe?

Galxe (GAL) is a decentralized web3 infrastructure and digital credential network that empowers seamless web3 experiences through modular AI, digital identity, and blockchain technologies. It provides a suite of solutions for secure and self-sovereign digital identity management, enhancing user interactions and community growth in the web3 space.

How is Galxe used?

Galxe (GAL) is the native governance token of the Galxe protocol, a Web3 credential data network. GAL is used in several ways:

  • Governance: GAL holders can vote on governance proposals, including deciding on platform fees.
  • Payment: GAL is the primary payment token for costs such as application module fees and the use of Galxe Oracle Engine and Galxe Credential API.
  • Reward: Contributors to Galxe’s Credential Data Network are rewarded with GAL when credentials are utilized in Galxe’s Application Modules, Credential Oracle Engine, and Credential API.
  • Incentivizing Ecosystem Growth: GAL is used to encourage actions that boost ecosystem growth, such as content creation and participation in community events.

Overall, GAL plays a crucial role in the functioning and development of the Galxe ecosystem.

How do I store Galxe?

To store Galxe (GAL) tokens, you can use a digital wallet that supports the Ethereum or BNB Chain networks. Here are the steps to follow:

  1. Choose a Wallet:

    • Select a wallet that supports the network you want to use for GAL staking. Popular options include MetaMask for Ethereum and Trust Wallet for BNB Chain.
  2. Download and Install:

    • Go to the app store or the official website of the chosen wallet and download it as either an app or an extension.
  3. Generate or Import an Address:

  • Create a new wallet or import an existing one. This will generate a unique address for your wallet.
  1. Fund Your Wallet:

    • Acquire GAL tokens from decentralized exchanges like Uniswap or centralized exchanges like Binance.com. Ensure you verify the token authenticity to avoid scams.
  2. Connect to Galxe:

    • Visit app.galxe.com, log in, and connect your wallet to Galxe. This will allow you to access GAL staking features.

By following these steps, you can securely store and manage your Galxe tokens.

How to buy Galxe?

To buy Galxe (GAL) tokens, you can follow these steps:

Buying Galxe (GAL) on Centralized Exchanges (CEX)
  1. Register and Verify:

    • Create an account on a CEX that supports Galxe (GAL) trading, such as Binance or Coinbase.
    • Verify your identity and secure your account with two-step verification.
  2. Buy Mainnet Cryptocurrency:

    • Use fiat to purchase a cryptocurrency supported by the CEX, such as USDT, ETH, or BNB.
    • You can use services like PayPal or Robinhood for funding via bank accounts or credit cards.
  3. Transfer and Trade:

  • Transfer the purchased cryptocurrency to the CEX that supports Galxe (GAL) trading.
  • If the CEX supports both purchasing the mainnet cryptocurrency and GAL trading, you can trade in the same platform.
  1. Buy Galxe (GAL):
    • Use the transferred cryptocurrency to buy Galxe (GAL) in the spot market.
Buying Galxe (GAL) on Decentralized Exchanges (DEX)
  1. Choose a DEX:

    • Select a DEX that supports Galxe (GAL) trading, such as Uniswap or Pancakeswap.
    • Ensure you know the mainnet the DEX is built on (e.g., Ethereum or Binance Smart Chain).
  2. Buy Mainnet Cryptocurrency:

    • Purchase the mainnet cryptocurrency corresponding to the DEX (e.g., ETH for Uniswap or BNB for Pancakeswap).
  3. Swap for Galxe (GAL):

  • Use the mainnet cryptocurrency to swap for Galxe (GAL) on the DEX.
Additional Options
  • Coinbase:

    • Create a Coinbase account.
    • Add a payment method.
    • Start a trade and select Galxe from the list of assets.
    • Enter the amount you want to buy and finalize your purchase.
  • Coinmerce:

    • Indicate the number of Galxe tokens you want to purchase.
    • Choose the type of order.
    • Complete the purchase using methods like credit cards or SEPA.
  • Galxe's Partnered Exchanges:

  • Use exchanges like Coinbase, Onramp, or Transak to fund your wallet with cryptocurrencies like ETH.

  • Deposit these funds into your wallet and set up your Galxe ID.

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History of Galxe

Galxe, formerly known as Project Galaxy, is a digital credential ecosystem that was launched in 2020. It was co-founded by Charles Wayne and Harry Zhang. The project aims to provide a better credential and reference system for the blockchain ecosystem, making it easier for developers to leverage its services and improve their communities through incentivization.

Galxe was initially known as Project Galaxy and was renamed in September 2022. The project has a native cryptocurrency called GAL, which is an ERC-20 governance token compatible with the Ethereum blockchain network. GAL is used for governance, utility, and as an incentive for curators. It has a total supply of 200,000,000 tokens and is available on multiple blockchain networks, including Ethereum and BNB Chain.

Galxe has achieved significant milestones, including the minting of over 10,000 credential NFTs by users via the BNB chain and Ethereum by mid-2021. The project has also expanded to other networks such as Arbitrum, Polygon, Avalanche, and Fantom. Additionally, Galxe has partnered with Optimism, an Ethereum-based decentralized platform, to introduce Web3 users to their ecosystem through engaging learn-to-earn strategies.

Today, Galxe continues to grow and evolve, offering a range of features and tools for developers and users alike. Its ecosystem includes a massive network of popular projects, with over 5 million active users and thousands of credential-based campaigns.

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How Galxe works

Galxe is a web3 community building platform that operates on the Ethereum blockchain. It aims to create an open and collaborative credential data network accessible to all developers in web3. Here's how it works:

Key Features
  1. Galxe Passport: This is a powerful tool for community building that allows users to share their credentials and interests with each other. Users own their data and content, which is stored securely and anonymously.

  2. Decentralization: Galxe is not controlled by a single entity, making it more resistant to censorship and enabling easier participation.

  3. Rewards: Users are rewarded for participating in the community, including Galxe Loyalty Points, On-chain Achievement Tokens (OATs), NFTs, Exclusive Content, Voting Power, and Whitelist spots for early access to new projects and products.

  1. GAL Token: The GAL token is the governance token of Galxe. GAL token holders can vote on governance proposals, including platform fees. It is also used as the primary payment token for costs such as application module fees and use of Galxe Oracle Engine and Galxe Credential API.

  2. Credential Data Network: Galxe allows users to curate and contribute to its Credential Data Network. This network includes both on-chain and off-chain credentials, which can be integrated with external data sources like Twitter and GitHub.

  3. Galxe ID: This feature allows users to create a universal identity that can be used both on and off the blockchain. Users own their chain and wallet identities in web3, and the feature also allows them to display all collected credentials and achievements.

How It Works

Galxe Identity Protocol is designed to improve the current Galxe platform by separating its functionality into individual and interdependent pieces. There are four major roles in Galxe Identity Protocol: Credential Holder, Issuer, Verifier, and Credential Type Designer. The protocol consists of a series of smart contracts deployed on-chain and SDK tools that allow developers to build and use those contracts to issue or authenticate credentials off-chain.

  • Holders: They can selectively disclose requisite information for specific verification instances under a deterministic pseudonymous identity.

  • Issuers: They can generate revocable credentials and manage them on-chain.

  • Verifiers: They have the ability to specify a programmable trust schema and use the protocol for various applications requiring access control, both on-chain and off-chain.

Vision

Galxe Identity Protocol envisions breaking down the roles currently embodied by Galxe, enabling various independent entities to assume one or more of these roles. This decentralization allows for a more dynamic ecosystem that brings the Galxe experience beyond the core Galxe platform. For example, third parties can design their own credentials, and Galxe or other platforms can opt to support and integrate these new credential types.

Technical Details

Galxe Identity Protocol is built on the Ethereum blockchain and uses smart contracts to manage credentials. It is designed to be permissionless and decentralized, allowing for a more sustainable system. The protocol also includes SDK tools that enable developers to build and use the smart contracts to issue or authenticate credentials off-chain.

Use Cases

Galxe has various use cases, including the creation of NFT loyalty programs, gated communities, and customized governance. It can integrate on-chain as well as off-chain credentials like Discord and Twitter. Contributors to Galxe’s Credential Data Network are rewarded when credentials are utilized in Galxe’s Application Modules, Credential Oracle Engine, and Credential API.

Challenges

One of the significant challenges of Galxe is its steep learning curve. The platform offers a variety of advanced functions like credentials, the Galxe ID, the Galxe Web3 Score, and the Galxe Passport, which can be confusing for both newcomers and experienced users. The questing aspect of Galxe also introduces its own terminology and structure, complicating the user experience for some.

Conclusion

Galxe is a powerful platform that aims to revolutionize digital credentialing in the web3 space. Its decentralized and permissionless nature, along with its focus on community building and rewards, make it an attractive option for developers and users alike. However, its complexity and steep learning curve may present challenges for some users.

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Galxe's strengths

Galxe (GAL) has several strengths that make it a promising cryptocurrency and a valuable investment:

  1. Decentralization: Galxe operates on a decentralized blockchain network, ensuring transparency, security, and preventing censorship. This decentralized structure allows for community governance, where GAL holders can participate in decision-making processes through voting on proposals.

  2. Scalability: The Galxe blockchain is designed to handle a large number of transactions per second, making it suitable for both small and large-scale applications. This scalability is crucial for widespread adoption and meeting the demands of a growing user base.

  3. Privacy: Galxe incorporates advanced privacy features, including zero-knowledge proofs, ring signatures, and stealth addresses. These features ensure that transactions are private and untraceable, enhancing user security and confidentiality.

  1. Low Fees: Galxe transactions have low fees compared to traditional banking systems, making it an attractive option for individuals and businesses looking to save on transaction costs. This low-fee structure promotes widespread usage and adoption.

  2. Fast Confirmation: Galxe transactions are processed and confirmed quickly, ensuring that users do not have to wait long for their transactions to be completed. This speed makes Galxe suitable for use in a wide range of applications.

  3. Community Governance: The Galxe community plays an active role in the decision-making process through a decentralized governance model. This ensures that the cryptocurrency evolves in line with the needs and desires of the community, fostering a sense of ownership and participation.

  1. Developer-Friendly: Galxe offers a range of benefits for developers, including scalability, security, smart contract support, developer-friendly tools, and low fees. These features make it an attractive choice for building decentralized applications (DApps).

  2. Utility and Governance: GAL tokens serve as both a utility token and a governance token. Holders can stake their tokens to earn passive income, participate in governance decisions, and access various features and services within the GalaxEcosystem.

  3. Web3 Infrastructure: Galxe is a leading web3 infrastructure and digital identity network, empowering seamless web3 experiences through modular AI, digital identity, and blockchain technologies. This comprehensive infrastructure supports the development of next-generation Web3 applications.

  1. Growing Community: Galxe has a vibrant community of over 18 million active users and partnerships with 5,000 brands, demonstrating its ability to foster community growth and enhance user interactions.

These strengths collectively contribute to Galxe's potential for future growth and adoption, making it a promising investment opportunity.

Galxe's risks

Galxe (GAL) is associated with several risks, including:

  1. Volatility Risk: GAL's price can fluctuate significantly, leading to potential losses for investors.
  2. Liquidity Risk: Insufficient liquidity in DeFi protocols can affect positions and make it difficult to enter or exit.
  3. Smart Contract Vulnerabilities: Bugs, malicious intent, and other deficiencies in smart contracts can cause financial losses.
  4. Short History Risk: GAL has a relatively short history, which can make it difficult to assess its long-term performance.
  5. Demand Risk: Changes in demand can impact GAL's value.
  6. Forking Risk: GAL's underlying technology can be forked, potentially affecting its value.
  7. Code Defects: Errors in GAL's code can be exploited, leading to losses.
  8. Regulatory Risk: Changes in regulations can negatively impact GAL's use, transfer, exchange, or value.
  9. Electronic Trading Risk: Technical issues with trading platforms can affect GAL's value.
  10. Cybersecurity Risk: GAL is vulnerable to cyber attacks, which can compromise user funds.
  11. Slashing: In PoS networks, validators who behave inappropriately can be penalized, potentially affecting GAL users.
  12. Price Disparity: The price of GAL can diverge from the underlying asset, leading to losses.

These risks highlight the importance of conducting thorough research and due diligence before investing in GAL.

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Galxe's ecosystem

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Galxe’s team

  • Mr. Kane: Founder
  • Yan Bee: Co-Founder
  • Zazuki: CTO
  • Ora Hen: COO
  • Billy: BDM
  • KONO: CM
  • Gabi Musayev: Employee
  • Yifei Zhou: Employee
  • Zhongtian Wang: Employee
  • Mathieu Samson: Employee

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