Credentials exist in people’s daily life, and one of the best examples of on-chain credentials is that users can borrow money from AAVE and Compound but never leave a record of being liquidated, not only that, users have an interest in liquidity when the protocol is first launched. The contribution of the pool, or the voting history on the chain can be regarded as a kind of certificate.
Not to mention, all the behavioral data in Web2 in the past will be counted in the credentials. Many Internet companies run algorithms on people’s credentials so that the enterprise can send accurate advertisements to people. This is the key factor that the credentials are important. Because it provides very complete user information.
But with the advancement and rise of Web3 and DAOs, the explosion of behavioral data generated by new users will also provide the necessary infrastructure to help these new users build vital digital credentials, the largest in the world. Project Galaxy, the Web3 credential data network, built on an open and collaborative infrastructure, helps Web3 developers and projects leverage credential data to build more complete products and communities.
Today’s credential data is sequestered in closed repositories owned and licensed by applications, government organizations, and financial and credit institutions, resulting in a fragmented landscape where users who own the data or applications that require it Not open. Project Galaxy came about to complete the vision of an open and collaborative credential data network that will help Web3 developers use credential data to build better products and more engaging communities in the future.
1. Project Overview
Project Galaxy is equivalent to building a system based on Web3 DID (Decentralized ID). In short, our current identity system is split, and there are different identity systems on different centralized websites. Each time a user uses a new identity system After the website, you need to register an account (such as WeChat, Taobao).
With the gradual increase of identities, it also brings a lot of inconvenience to users. Even though many websites can already provide third-party login, the user’s identity system has not been unified, which means that we cannot rely on only one account and only one identity. system to log in to all websites and gather all information and credentials.
Therefore, Project Galaxy needs to collect and manage credential data through multiple data sources in both on-chain and off-chain dimensions, aiming to build an open and collaborative credential data network that all developers in the Web3 Center can access. Network, the platform will provide the infrastructure for community members to manage and contribute digital credentials to the data network.
And the platform’s infrastructure supports managing credentials through multiple data sources. For on-chain credentials, issuers can provide subgraph queries or static snapshots, while for off-chain credentials, integration with data sources such as Snapshot.org, Twitter, and Github.
Contribute to the data network through Galaxy Credentials, issuers are rewarded when credentials are used in Galaxy’s application modules, Credential Oracle Engine and Credentials API, as there are users in the ecosystem consuming (pay-for-use) data, This will incentivize more users to manage the data network.
Just a few examples:
- Project A wants to hold an online meeting B. In order to encourage users to actively participate, all participants in this B meeting will be eligible to go to Project Galaxy to receive an event commemorative NFT to increase user participation.
- In order to reward those users who have used the C exchange, the C project party made C medals on the Project Galaxy platform. When the user’s transaction amount reaches 1,000 US dollars, they can go to Project Galaxy to receive a C medal.
- In order to encourage everyone to use the D network for transactions on Opensea, the D project party held an event on Project Galaxy: users who have traded five times can receive a mysterious treasure box NFT on Project Galaxy. The more treasure boxes you receive, the more advanced D Genesis Creator NFTs can be synthesized on Project Galaxy.
In other words, Project Galaxy is an on-chain credential foundation platform that all blockchain projects can join. In order to encourage their users to participate in their own projects, these projects will create some reward NFTs for users on the Project Galaxy platform, and users who own these NFTs can be considered active users.
2. Application scenarios
If a user has a Galaxy ID, which is equivalent to a common user name, as long as the credentials are connected in series through the Galaxy ID, a credential data network will be formed. After the user links his wallet to the official website, the Galaxy ID can be generated. , automatically generate tags such as “Uniswap V3 Trader”, “OpenSea Trader”, and users can also display all credentials collected in the Web3 world through Galaxy ID, such as NFT badges.
All processes can be controlled by the user’s own identity, whether it is for authentication or authorization, instead of being controlled by a centralized organization.
Under normal circumstances, users need to pay gas fees to claim and mint NFTs, but Galaxy supports event issuers to pay transaction fees on behalf of users, thus realizing gas-free minting. When credentials are used in Galaxy’s application modules, Credential Oracle Engine, and Credentials API, that is, when data is used by users, developers are also rewarded.
Developers can integrate the Galaxy ID toolkit and provide users with exclusive functions based on their on-chain credentials. Projects such as Cyberconnect, Unipass and Salad Venture are already using it in their products.
Build and distribute NFT badges:
Project Galaxy provides application modules, the Credential Oracle Engine, and Credentials API for developers who can leverage credential data to build better products and communities. Simply put, 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 known as Galaxy OAT (On-Chain Achievement Token), this records all the achievements of users. For example, Salad Ventures cooperates with Project Galaxy so that Scholar can mint new NFT badges for each achievement, and then pass GalaxyID As shown, let the user’s Gamefi identity throughout their Web3 career.
If applied in the game, every time the user reaches a certain winning rate, a new badge can be cast. If applied in the transaction, the badge can be cast as a Uniswap V3 trader, or which ticket has been purchased in real life , What activities you have participated in can be cast into NFT badges and displayed, Galaxy said that Galaxy OAT is a digital certificate for all achievements in a user’s life.
The developer creation process is not difficult. Event developers only need to submit parameters and badge design to get the creation event and credentials for user participation. All OAT NFT data will be stored in NFT.Storage powered by IPFS and Filecoin. superior.
3. Token model
Governance, pay for application modules, pay for Galaxy Oracle Engine and Galaxy Credential API, curate digital certificates
Ecosystem ratio, 6%, early stage participants, 2%, CoinList public offering, 5%, first-round growth supporters, 10.63%, second-round growth supporters, 10.14%, investment Consultants and partners accounted for 6.23%, marketing accounted for 15%, foundation accounted for 10%, team accounted for 15%, community treasury accounted for 20%
4. Investment institutions
Project Galaxy announces $10M funding round with a number of high-profile 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 to build application modules, and develop a credential data network.
5. Team introduction
Project Galaxy was founded by Harry and Charles, who each served as president of the Berkeley Chinese Entrepreneurs Association (ACE) from 2016 to 2018.
Harry Zhang is the co-founder and project leader. In the past, he has served as the co-founder of DLive, the co-founder and COO of Lino Network, and he has multiple roles as product manager, data scientist, and individual investor.
And Charles Wayn is the co-founder and chief strategy officer of Project Galaxy. Charles was co-founder and CEO at DLive.tv, and after DLive was merged into BitTorrent in 2019, Charles became the VP of BitTorrent Interactive Entertainment, managing games including DLive.tv, DLive Protocol and Two App in multiple streaming business units within the company.
6. Community situation
7. Chain Tea Reviews
At present, the project supports seven public chains including Ethereum, Polygon, Fantom, Solana, BNB Chain, Arbitrum and Avalanche. According to official data, more than 100 partners have launched more than 500 activities on Project Galaxy so far.
Today’s DID projects such as Civic and uPort focus on anonymous verification and security, and the application scenarios are mostly in the physical world. Whether it is anonymous age verification for machines or KYC verification for users, it is the best way to focus on user security. represent.
The experience brought to users by Project Galaxy is mostly inclined to the combination of identity authentication and NFT. Coupled with many application modules of Project Galaxy, it provides a more complete infrastructure for the world on the chain, allowing many developers to conduct Galaxy OATs and NFTs. Loyalty programs, custom governance, and more to manage communities.
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/can-did-project-galaxy-rise-with-web3-and-dao/
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