Learn about Project Galaxy in three minutes: have your own Web3 resume

Graduation certificates can prove the institutions we have attended, award certificates can prove the honors we have received, and professional skill certificates can prove our working ability. The series of labels is enough to describe our life trajectory. Not only that, we have proof of rank in the game, and proof of experience in work. Even when watching videos, big data will push content that meets our interests and preferences, and our mark proof is hidden behind it.

The trajectories of thousands of people's lives constitute a series of data certificates belonging to us, but these certificates are isolated in relatively closed databases. Our education certificates exist in official institutions, credit records exist in financial institutions, and the habits in an app are only reflected in the relevant places.

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 being liquidated 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 loan amount, risk and other factors. After the launch of the new project, whether the user has participated, how much contribution he has made, and what kind of voting history he has had, all the behavior data of the user can also generate vouchers, and the community can reward contributors in proportion to these vouchers.

However, the closed nature of the current interagency means that this information is not available to the individuals who should have the data or the applications that need the data, which also creates the current fragmentation.

Project Galaxy wants to help users solve current problems by building an open credential data network.

What Project Galaxy is doing

Project Galaxy wants to collect credential data from multiple data sources in two dimensions, on-chain and off-chain, for network management. It points out that for on-chain credentials, curators can provide subgraph queries or static snapshots. Off-chain, integrations have been made with data sources like Snapshot.org, Twitter, and Github.

With these credential data, Project Galaxy built a system based on Web3 DID (Decentralized ID Decentralized Identity). 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, Taobao) every time they use a new website. Gradually increasing, causing a lot of inconvenience to users. However, it has evolved to the present, and many websites can already provide third-party logins, but our identity system has not yet been unified, which means that we cannot log in to all websites and collect all traces with one account and only one identity system.

What the Galaxy ID stands for

What Project Galaxy wants to build is such a system. The Galaxy ID owned by the user is equivalent to the user's common username, and the credentials are connected in series through the Galaxy ID to form a credential data network. After the user links his wallet to the official website, he can generate a Galaxy ID. On this ID, labels such as "Uniswap V3 trader" and "OpenSea trader" will be automatically displayed based on the user's historical behavior, and the user can also pass Galaxy ID Displaying credentials collected in the Web3 world, such as NFT badges, highlighting one's own historical achievements.

Users control their own identities, they can authenticate and authorize themselves, instead of being controlled by authoritative organizations. The goal is similar to becoming an on-chain LinkedIn.

Users will be charged platform fees every 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, so as to achieve Gas-free minting.

Curators are also rewarded when the credential is used in Galaxy's application modules, credential oracle engine, and credential API, that is, when the data is consumed by the user.

Developers can integrate the Galaxy ID toolkit and provide users with customized features based on their on-chain credentials. At present, projects such as Cyberconnect, Unipass and Salad Venture have been used in their products.

NFT badges can be built and distributed through the platform

Project Galaxy can provide developers with application modules, a credential oracle engine and a credential API, and developers can leverage credential data to build better products and communities.

To put it simply, other projects can build and distribute NFT badges through Project Galaxy's NFT infrastructure and on-chain credential data network to manage community members. Officially called Galaxy OAT (On-Chain Achievement Token), this records all achievements of users.

As the author said in "Salad Ventures Project IntroductionAs mentioned in ", Salad Ventures cooperates with Project Galaxy to enable Scholar to cast corresponding NFT badges for each achievement, which is displayed through GalaxyID and used as the identity of the Gamefi universe throughout his career. Every achievement of the user here can be cast into NFT badges. For example, in the game, the user can cast a badge based on how much winning percentage they have reached. In trading, they can cast a badge as a Uniswap V3 trader, or which concert tickets they have bought and what activities they have participated in in life. All can be cast into NFT badges for display. Galaxy states that the Galaxy OAT is a digital record of all the achievements of a user's life.

The overall creation process is also relatively simple. Event organizers only need to submit parameters and badge designs to create events and credentials for users to participate. All OAT NFT metadata will be stored on NFT.Storage powered by IPFS and Filecoin.

economic model

economic model

GAL is the original Token of the project, with a total of 200 million pieces.

In its Token distribution:

Ecosystem proportion: 6%

Proportion of early participants: 2%

CoinList public offering ratio: 5%

Proportion of supporters of the first round of growth: 10.63%

Proportion of supporters of the second round of growth: 10.14%

Proportion of investment advisors and partners: 6.23%

Marketing proportion: 15%

Foundation proportion: 10%

Team proportion: 15%

Proportion of community treasury: 20%

The following figure shows its release path:

Background of the project

Background of the project

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 and others participated in the investment. Funding will be used to expand support for multiple data sources, continue to build application modules, and grow the credential data network.

Project Galaxy was co-founded by Harry and Charles, who served as Chairman of the Berkeley Chinese Entrepreneurs Association (ACE) in 2016-2017 and 2017-2018 respectively.

Harry Zhang is the co-founder and project lead of the project. Harry was the Head of Data Products at Club Factory (the third largest e-commerce platform in India at the time).

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 products that serve more than 10 million monthly active users.

Summarize

Summarize

Currently, the project supports seven public chains: Ethereum, Polygon, Fantom, Solana, BNB Chain, Arbitrum and Avalanche.

The credentials formed by these user behavior data are very useful, which is equivalent to their own personal resume to mark the user's achievements. For ordinary users, it can make others understand themselves better through the user's past achievements. For developers, in addition to the above examples of credit evaluation to issue loans and guilds to recruit talents with vouchers, community contributors can also be rewarded. And according to the specific behavior of the user, 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 it has evolved into Veramo and Serto), pay more attention to anonymous verification and security, and the application scenarios are mostly in the physical world, such as anonymous age verification for vending machines, or KYC verification for users wait. The experience that Project Galaxy brings to people tends to be a combination of identity authentication and NFT. Coupled with its many application modules, it provides a certain infrastructure for the chain world, allowing developers to carry out Galaxy OATs and NFT loyalty programs. , customized governance, etc., are more suitable for community management.

Using the data provided by curators can reward curators and incentivize more curators to participate to a certain extent, which in turn will increase the information coverage of Project Galaxy, making its Web3 credential data network more powerful and attracting more Developers use this network data to form a positive cycle.

But what needs to be considered is that there are many current blockchain projects, and the current credential data network is undoubtedly in its infancy in the Web3 ecology. If the system needs to achieve the goal of storing more data and covering more comprehensively, it needs more With the participation of curators, valuable application modules are explored, which brings broad development space.