Galxe (GAL) Review | Notum
Nov 10, 20224 min read
What Is Galxe?
Galxe is a blockchain protocol and open infrastructure that allows developers of Web 3.0 solutions to collect and use user credentials. For example, a credit protocol can embed Galxe to track whether a user has outstanding loans in Aave, Compound, or another system. There are a lot of use cases, from calculating credit potential to analyzing behavioral data. Thanks to the solutions of the Galxe, application developers will be able to create the most effective products and like-minded communities.
The main problem of the credentials sector is that users’ credentials are distributed across closed databases, which makes it impossible for developers to openly and transparently use the necessary credentials. The Galxe team intends to restructure the credential distribution and storage model by creating a shared, secure and open credential database that can be easily accessed. The role of credential providers is played by curators who supply them from several sources, both on-chain and off-chain.
For their contribution to the project, curators receive income every time the data they curate is used in the modules of Galxe applications, Credential Oracle Engine, and Credential API. This incentive encourages curators to supply quality data, attracting more developers (data consumers) and motivating more curators to contribute credentials.
How Does Galxe Work?
The platform offers an infrastructure within which community members (curators) can earn by delivering virtual credentials into the network, and developers of DeFi applications can use this information. Curators can expect to be rewarded whenever their data is applied in application modules.
- Galxe ID
- Oracle Engine
More than 8,000 credential-based campaigns from more than 1,000 ecosystem partners have already been launched.
The main components of the ecosystem:
- Galxe ID. It is suitable both for obtaining identification on different blockchains and in different applications and for letting others know more about themselves. The mechanism is already being used in Unipass, Salad Ventures, and Cyberconnect. Galxe ID can be a universal name used in any application on the blockchain.
- A network of interconnected credentials. The ecosystem supports the ability to curate data through several different sources. Curators contribute using snapshots or subgraph queries. Integration with data providers such as GitHub, Discord, or Twitter is possible.
- Oracle application modules and APIs for developers who can use credentials to improve their products.
Credentials are in demand, considering the degree of application and convenience. Program creators can use the information to solve the following tasks:
- Checking credit history using decentralized protocols such as Compound and Aave.
- Analysis of behavioral factors to find the target audience, as in traditional advertising networks.
- Remuneration of certain community members (for example, those who have committed an action), etc.
GAL is an important component of the infrastructure. This token is used to vote on protocol management and pay for all functional actions: application integration, API payment, data curation, etc. The GAL token has the following main use cases:
- Governance. It is used for voting in the Galxe DAO. Token holders have the right to vote for protocol parameters such as payment for the use of the system or the use of funds from the Treasury.
- Payment for modules. Developers who want to use the Galxe credential system are charged in GAL. Moreover, payment is required for each activity related to the protocol. Most of the funds received are allocated to data curators. The rest goes to the Treasury.
- Payment for oracles and API. By requesting data through the Galxe engine, developers also have to pay GAL. In addition, the curators use the token to form a set of credentials. Each such set implies a pool of income distributed fairly among those who own the data.
Galxe is a project offering something new for the crypto industry. Although there have already been similar solutions, everything looks more broadly thought out and functional in this case. Galxe is formed on an open and compatible infrastructure to assist Web 3.0 developers in using user credentials to improve products and build effective communities. The project has already attracted more than 1,000 ecosystem partners and more than 8 million users.