A new project just landed our way and this time it's a big deal! Get ready to meet the world's leading Web3 credential data network named Galxe, a project that is making a new step to a Web 3.0 future!
Down below you have the contract addresses that are ready to be introduced into your e-wallets! Get ready to pay for jobs, tasks, and offers on the HYVE platform!
Shoot for the stars, aim for Galxe!
Built on an open and collaborative infrastructure, Galxe is a blockchain protocol that allows developers and projects to profit from credential data by building better products and Web 3.0 communities. 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. In addition, the protocol enables users to finally gain a reputation for their on-chain actions. Users can leverage past posts, reputation, services, and accomplishments in a way that furthers their profits. Galxe users can complete tasks to improve their credentials which also furthers blockchain adoption and development.
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 rewards when their data is applied in application modules.
The main components of the ecosystem are:
- Galxe ID - it is suitable both for obtaining identification on different blockchains and in various 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.
And if you thought this could not get any better, guess what? You can protect your personal info by getting Galxe's passport which operates as a universal digital ID, its' purpose being to serve as your key to entering Web 3.0 applications without revealing any personal information to third parties.
This protocol is a major upgrade as today's centralized system requires users to leave valuable data with organizations that often get hacked, as you will be able to use this as your universal identity across different applications for compliance purposes. You will also get your unique Galxe Passport Soulbound Token in your wallet to be distinguished as a verified individual.
$GAL's caught your eye?
Galxe aims to build a permissionless, open, and collaborative credential data network. Therefore, $GAL is an essential component of such infrastructures as it functions as the governance token, incentivizes user participation, and serves as the primary payment token of the Galxe ecosystem. Here are the utilities of $GAL:
- Governance - 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 as each such set implies a pool of income distributed fairly among those who own the data.
- Curating Digital Credentials - curators can utilize $GAL to signal a credential data set’s values. Each credential data set will include a revenue stream that will be split between credential stakeholders pro-rata, and then curators can purchase stakes of a credential data set from its corresponding bonding curve.
What for an Outro!
We recently launched Digital Items on our platform, a section where you can get paid for letting your hobbies go international! What do we mean? Well, if you are into singing, upload your song or album on the platform, and let the magic begin! Next thing you know, you are the future David Bowie! For future surprises (because we are not stopping now) head over to our Twitter page!
PS: Make sure to regularly check out our social media channels, as we are hosting AMAs with partner project. Start asking questions and find out more about development plans - there is also a chance to earn some crypto!