The GAL cryptocurrency is one of the rising tokens at the start of the year. The project is developing in a niche that should grow in the coming years: Web3.
How does Galx work? How can your GAL token be mined? Let’s look into it together.
What is Galx?
Galxe, formerly known as Galaxy, is a cryptographic project totally oriented towards solutions related to Network 3.0.
It is the first Web3 credential network based on a collaborative identification infrastructure with, in particular, plug-and-play NFT modules.
In other words, Galxe is a tool fordata analysis dedicated to a free and decentralized Internet.
It offers a win-win solution for all stakeholders.
On the one hand, users have the ability to create your own digital identity and keep control of it at all times.
This data includes cryptographic protocol activity, such as capital borrowed on a loan protocol, contribution to a liquidity pool, or even a user’s governance activity.
On the other hand, Galxe allows brands and developers to do thisinvolve communities and of create suitable products to user profiles.
In between are data curators. These help protect credentials while earning revenue once the data is used.
The goal is therefore for Galxe collect decentralized behavioral data.
The tokenomics of the LAG
In this innovative system that redistributes the cards, the token DELAY serves as a focal point.
It is a standardized ERC20 and BEP20 token distributed on the Ethereum and BNB Chain networks.
Launched in June 2022, the project envisages a total offer a 200 million tokens with a deployment planned as follows:
It has multiple roles:
Galxe has its own DAO and the holders of the GAL cryptocurrency have the power to decide on the distribution of the platform’s earnings.
In order to use the tools available on Galxe, its Oracle and its APIs, developers must pay fees payable in GAL. These costs are split between the data custodians and the Treasury.
- Digital Data Preservation
The LAG thus plays to its high utility and its central position in the Galxe ecosystem allows it to exert upward pressure on its value.
What solutions does the Galxe network offer?
Today these identification data already exist. They are collected on Web2 by entities such as Google, Facebook, government or financial institutions.
This causes several problems:
- The too much centralization the risk of losing such data increases;
- A loss of control users on their own data;
- L’Limited this data deprives some developers who may rely on this information to build innovative tools and create engaged communities.
In this way it erases the fracture traced by the current building system an open and collaborative network usable by Web3 developers.
There are many use cases offered by Galxe, some of which have already been successfully implemented.
Polygon used solutions from Galxe, including Galaxy OATSto increase the number of NFT creators and buyers in its subsidiary Polygon Studios.
polygon and Galxe then launched an interactive campaign to promote the network.
Rewarding users and creators with an NFT forge system, the Polygon Network has appealed 9,060 unique users. Near 15,000 NFTs they were forged and resold.
Another example, the BNB chain of Binance has partnered with Galxe to implement a custom governance system in its MVB (Most Valuable Builder) program.
The MVB program hosts many crypto projects and thus attracts more and more participants.
To elect the 10 best projects, the media, academics and even investors exercise the voting power. These fall into 5 categories.
To show more transparency and fairness on votes, Galxe made it possible to reorganize the selection system. This is thanks to the issuance of NFTs which offer a simplified and weighted voting scheme by category.
Galxe offers a wide range of solutions that can be adapted according to the objectives and needs of the developers.
In reality, Galxe doesn’t know Without limits and can meet the needs of different facilities.
LAG crypto: is it worth investing?
As we have seen, Galxe has already partnered with multiple entities, including BNB Chain or Polygon. Its users also include Solana and CoinGecko.
In total, Galxe currently has more than 760 associations And 5,000 campaigns performed based on credentials.
The project has established itself in a niche that will tend to develop in the years to come.
Its various possible use cases do as well a major Web3 player and the world of tomorrow.
Despite a bear market and some mistrust from cryptocurrency users, 4.2 million Galxe ID users on its platform in 2022.
In just a few years, Galxe has built an entire ecosystem that can be used across all sectors of blockchain technologies, transitioning from DeFi to NFT without difficulty.
So the project has a lot of potential and its future looks pretty bright.
Especially since the year 2023 starts auspiciously.
In fact, its crypto LAG knows about it a 103% increase from January 1st
A big breakthrough that erases the dark hours after the FTX crash.
The $2 level is likely to be an interesting level to watch in the days to come with a next resistance around $2.5.
Finally, Galxe knows it too community growth important both on-chain and off-chain.
This finding is particularly visible with the number of people following the project on Twitter, which has tripled in less than a year.
Galxe can therefore count on a rather rosy future with projects that continue to pile up.
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