What is GAL? The full name of GAL is Project Galaxy, which aims to build a permissionless, open, and collaborative credential data network. GAL is an important part of such infrastructure because it acts as a governance token, incentivizes user participation, and serves as the main payment token for the Project Galaxy ecosystem.

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The following are the utilities for GAL:

  • Governance: GAL is used for voting and governance in the Galaxy DAO project. GAL token holders have the ability to control the amount of platform fees collected by the protocol and control the funds held in the project's Galaxy Community Treasury.

  • Paying Application Module Fees: Developers aiming to use Galaxy Credential Data via application modules will need to pay a platform fee charged in GAL. The platform fee is set up so that every interaction with the Galaxy protocol incurs a fee in GAL. The majority of the fee will go to curators, with the remainder collected by the Galaxy Community Treasury. Currently, all application module fees are waived during the Beta testing period.

  • Paying for Galaxy Oracle Engine and Galaxy Credential API: Developers pay GAL to query our credential data through the Galaxy Oracle Engine and Galaxy Credential API. All query fees are currently waived during the Beta testing period.

  • Curating Digital Certificates: Curators can leverage GAL tokens to represent the value of a credentialed dataset. Each credentialed dataset will include a revenue stream that will be distributed proportionally to credential holders. Curators can purchase shares of a credentialed dataset from its corresponding bonding curve. Due to the nature of bonding curves (the price of credentialed equity increases as more users purchase it), if a curator purchases credentialed equity for popular datasets in advance, the cost of the credentialed equity will be low, and therefore its future revenue stream will be high. Curators can also choose to sell credentialed equity back to the bonding curve in exchange for GAL as the price of credentialed equity rises along the bonding curve.

  • Therefore, this incentivizes curators to help identify valuable credential data sets by using GAL to exchange credential stake through the bonding curve. In the long run, the more credential data there is in the network, the more GAL will be locked in the bonding curve for data signaling.

The total supply of GAL is 200,000,000 tokens. Here is a breakdown of how these tokens will be distributed.

BNB Chain is working with Project Galaxy to generate NFT badges for committee and MVB participants.

Back in November 2021, BNB Chain partnered with Project Galaxy to generate NFT badges for committees and MVB participants. The MVB program exists to accelerate top dApps and builders in the BSC ecosystem. In the past 3 seasons of MVB, BSC has welcomed more than 900 projects, dozens of hackathons and events.

The committee members consist of different categories including BNB Chain Fund, all-time MVB top players, media and influencers, top investment institutions, and world-class universities. Each committee member is given an exclusive NFT badge and they can vote for the top projects based on their careful evaluation. The selection is based on a weighted voting model. The committee is divided into 5 categories, each with a different percentage of voting rights. Each member will be asked to vote for 10 projects of their choice from the 41 MVB Monthly Star winners.

In the future, BNB Chain will continue to use Project Galaxy in the MVB project and dilute the voting power of the committee to increase decentralization and ensure a fairer and more democratic choice.

 

The strength of Project Galaxy is that we are able to join forces with multiple partners. This is how the ImToken team and the Project Galaxy team created joint activities between ImToken and 4 major protocols: Perpetual Protocol, XY Finance, Hakka Finance, and Project Galaxy. Leveraging all four protocols provides better products for our users and community, and helps each protocol achieve more growth.

imToken held 4 joint community events with each protocol, and users could claim OAT (on-chain achievement tokens) after each event, with a maximum of 3 per person. The more OAT badges a user holds, the higher their chances of winning 200 xDai / imKey Pro hardware wallet.

 

Galaxy OAT (On-Chain Achievement Token) is a creative solution for distributing NFT badges to the community as a record of participation. Brands and projects can use Project Galaxy's infrastructure to create their own personalized OAT to reward their users. This includes anything from live events, various online interactions, and even AMAs.

Galaxy OAT is used to verify that a user has performed an action or participated in a specific event. You can transfer or sell your OAT, but a record of that action is stored in the Galaxy Credential Data Network. Available on Polygon and BNB chains.