Detailed explanation of the Web3 credential data network Project Galaxy operating mechanism and token model
Graduation certificates can prove the colleges we have attended, award certificates can prove our honors, professional skills certificates can prove our ability to work, these labels are connected in series enough to describe our life trajectory. Not only that, in the game we have the proof of rank, we have the proof of experience in the work, even when we swipe the video, we will be pushed by big data to meet our interests and preferences, and our mark proof is hidden behind it.
The trajectories of the lives of thousands of people constitute a string of data credentials that belong to us. However, these credentials are isolated in a relatively closed database. Our educational credentials reside in official institutions, credit records reside in financial institutions, and habits in an app are only reflected where relevant.
In addition to these scenarios that exist in our daily life, we also need such credentials on the chain. When a user makes a mortgage loan in some lending projects (such as AAVE or Compound) and returns it in time without liquidation without any bad records, the generated voucher records and proves the user's good credit. Other platforms or borrowers can also use this proof to measure the amount and risk of the loan. When a user has participated in a new project, how much he has contributed, and what kind of voting history he has, all the user's behavior data can also generate vouchers, and the community can reward contributors proportionally based on these vouchers.
However, the current inter-agency closure makes this information not available to individuals who should have the data or applications that need it, which also contributes to the current fragmented situation.
Project Galaxy wants to help users solve current problems by building an open credential data network.
What is Project Galaxy doing
Project Galaxy wants to collect credential data from multiple data sources on-chain and off-chain for network management. It pointed out that for on-chain credentials, curators can provide subgraph queries or static snapshots. Off-chain, there are integrations with data sources such as Snapshot.org, Twitter, and Github.
Through these credential data, Project Galaxy built a Web3 DID (Decentralized ID Decentralized Identity) system. As mentioned above, our current identity system is split. There are different identity systems on different centralized websites. Users need to register an account (such as WeChat and Taobao) after using a new website. Gradually increase, bring a lot of inconvenience to users. However, until now, many websites have been able to provide third-party login, but our identity system has not been unified, which means that we cannot use one account and only one identity system to log in to all websites and collect all traces.
What does Galaxy ID stand for
Project Galaxy wants to build such a system. The Galaxy ID owned by the user is equivalent to the user's common username, and the credentials are concatenated through the Galaxy ID. Form a credential data network. After users link their wallets to the official website, they can generate a Galaxy ID, which will automatically display labels such as "Uniswap V3 Trader" and "OpenSea Trader" according to the user's historical behavior, and users can also pass Galaxy ID Show credentials collected in the Web3 world, such as NFT badges, to demonstrate historical achievement.
Users control their own identity, they can authenticate and authorize themselves, rather than being controlled by an authority. The goal is similar to becoming an on-chain LinkedIn.
Users will be charged a platform fee each time they interact with Galaxy Protocol, but it is currently free during beta testing. Under normal circumstances, users need to pay gas fees to claim and mint NFTs, but Galaxy also supports event issuers to pay transaction fees on behalf of users to achieve gas-free minting.
When credentials are used in Galaxy's Application Module, Credential Oracle Engine, and Credentials API, which means that data is used by users, curators are also given certain rewards.
NFT badges can be built and distributed through the platform
Project Galaxy provides developers with application modules, a credential Oracle engine, and a credential API, and developers can leverage credential data to build more Good product and community.
In simple terms, other projects can manage community members by building and distributing NFT badges through Project Galaxy's NFT infrastructure and on-chain credential data network. Officially called the Galaxy OAT (On-Chain Achievement Token), this records all the achievements of the user.
As the author is in As mentioned in "Salad Ventures Project Introduction", Salad Ventures cooperates with Project Galaxy, so that Scholar can cast corresponding NFT badges for each achievement, show it through GalaxyID, and use it as the Gamefi universe Identity persists throughout his career. Here every achievement of the user can be minted into an NFT badge. For example, in the game, the user can cast a badge based on how much winning rate the user has achieved. In the transaction, he can cast a badge as a Uniswap V3 trader, or which concert tickets have been purchased and what activities have participated in in life. All can be cast as NFT badges and displayed. Galaxy says the Galaxy OAT is a digital record of all the achievements of a user's lifetime.
The overall creation process is also relatively simple. The event organizer only needs to submit the parameters and badge design to create events and vouchers for users to participate in. All OAT NFT metadata will be stored in IPFS and Filecoin. Supported on NFT.Storage.
Economic Model
GAL is the original Token of the project, with a total of 200 million pieces.
Ecosystem ratio: 6% Early-stage participant ratio: 2% CoinList public offering ratio: 5% First-round growth Supporter ratio : 10.63% Proportion of supporters in the second round of growth: 10.14% Proportion of investment advisors and partners: 6.23% Proportion of marketing: 15% Proportion of foundation: 10% Proportion of team: 15% Proportion of community treasury: 20 %
The following figure shows its release path:
Project Background
Project Galaxy announced the completion of $10 million in financing some time ago, including many well-known investors, led by Multicoin Capital and Dragonfly Capital, Spartan Group, Sky9 Capital, Coinbase Ventures, Binance Smart Chain Growth Fund, C-Squared Ventures, Lattice Capital, Mirana Ventures, Folius Ventures, Solana Ventures, Jump Capital, Alameda Research, etc. participated in the investment. Funds will be used to expand support for multiple data sources, continue building application modules, and grow the credential data network.
Project Galaxy was co-founded by Harry and Charles, who served as presidents of the Berkeley Chinese Entrepreneurs Association (ACE) in 2016-2017 and 2017-2018, respectively.
After entering the blockchain field, Harry served as the co-founder and COO of Lino Network, and the co-founder of DLive.tv, leading the team to build a platform that provides services for more than 10 million active users per month. product of service.
Summary
Currently, the project supports seven public chains including Ethereum, Polygon, Fantom, Solana, BNB Chain, Arbitrum and Avalanche.
The credentials formed by these user behavior data are very useful, which is equivalent to marking the user's achievements in his own personal resume. For ordinary users, it can make others understand themselves better through the user's past achievements. For developers, in addition to judging credit for granting loans and guild recruiting talents with credentials, as mentioned above, community contributors can also be rewarded. And according to the user's specific behavior, there is a basic judgment on the user, so as to accurately locate the target customer.
Web3 credential data network and DID system are rare in blockchain development projects, but we still have such needs. The emergence of such a system is undoubtedly very convenient for developers or users.
Today's DID projects such as Civic, uPort (now Veramo and Serto) focus more on anonymous verification and security, and the application scenarios are mostly in the physical world, such as anonymous age verification for vending machines , or perform KYC verification on users, etc. The experience brought by Project Galaxy is more inclined to the combination of identity authentication and NFT, coupled with its many application modules, it provides a certain infrastructure for the world on the chain, so that developers can conduct Galaxy OATs, NFT loyalty programs , custom governance, etc., more suitable for community management.
Using data provided by curators can reward curators and incentivize more curators to participate to a certain extent, which in turn will increase Project Galaxy's information coverage, prompting its Web3 credential data The network is stronger, attracting more developers to use the network data, forming a positive cycle.
But it also needs to be considered that there are many current blockchain projects, and the current credential data network is undoubtedly in a budding state in the Web3 ecosystem. If the system needs to achieve the goal, it needs to store more data and cover more. If it is comprehensive, more curators are needed to participate in exploring valuable application modules, which will bring broad development space.
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