Gate.io AMA with Project Galaxy -Create Impactful Experiences with Web3 Credentials

Time: Aug 24th, 2022, 13:00 UTC
Gate.io hosted an AMA (Ask-Me-Anything) session with Darren Goh,Community Manager at Project Galaxy in the Gate.io Exchange Community.
Official Website: https://Galaxy.eco/
Twitter: https://twitter.com/ProjectGalaxyHQ
Follow Project Galaxy on Discord and Telegram

Guest

Darren Goh — Community Manager at Project Galaxy

Q&A from Gate.io

Q1: Can you tell us what the mission of Galaxy is? What problems are you trying to solve?

Darren: Project Galaxy is the largest Web3 credential data network in the world.Project Galaxy helps developers and organizations leverage NFTs and digital credential data to build better products and communities in Web3.

Project Galaxy operates like Google / Facebook Ads of Web3. Project Galaxy provides tools to allow Projects to read and curate on-chain data to determine the target audience.

Data nowadays, in a web3 environment is to segregated for projects to utilize

and in a web2 environment is not easily accessible to the public

and Project Galaxy aims to be the bridge to bridge both credentials in the Web2 and Web3 Eco.

Q2: Could you elaborate on the meaning of “credential data network”? And why is it important?

Darren: Credentials live in our day-to-day life. An example of on-chain credentials would be the record that you borrowed money from Aave and Compound but never got liquidated. Your contribution to a protocol’s liquidity pool when it first launched, or your on-chain voting history are all credentials. All of your behavioral data in Web2 counts towards your credentials and companies like Google and Facebook run algorithms on your credentials so that they can send you targeted advertisements.

Credentials are important due to the high use case they provide. Applications can use your credentials to calculate credit scores, find target audiences, reward community contributors, etc. With the advance of Web3 and DAOs, there will be an explosion of behavioral data generated by Waves of new users. This will provide the necessary infrastructure to help these new users build digital credentials that will be of paramount importance.

Credential data today is segregated across closed databases that are owned and permissioned by applications, government organizations, and financial and credit institutions. This has led to a fractured landscape that is not open to the individuals who should own that data or the applications that need it. Project Galaxy aims to solve this problem using an open and collaborative credential data network which will help Web3 developers leverage credential data to build better products and more engaging communities.

Live Q&A from Gate.io Community

Q1: How did you get the community involved in developing the project? and how do you build a strong community to grow globally?

Darren: We are very community centric, which we are very proud of, we also appreciate our fellow community members that have shown their continuous support.

Our community team members constantly engage with our community members and try to understand what their needs are.

The product and campaigns are mostly built through their feedback.!

Currently we have 400K+ Twitter Followers and 250K+ Discord Members and we hope to see you there as well in the near future.

Join community - http://link3.to/gal

Project Galaxy is always looking toward the future and what’s next.

So in Q2 2022, we have achieved

1 ) Galaxy DAO Launch Governed by GAL Token Holders
2 ) Discord Bot for Auto Discord AMA Participants Credential Creation
3 ) campaign Geofencing Feature
4 ) Galaxy Website UI Upgrade

While we are working on the following

Q3 2022
Application Modules Dashboard V2 Launch
Credential Oracle Launch
Credential Data Tag Launch

Q4 2022
Permissionless Credential and campaign Creation
Private Credential Data Support
Snapshot.org OAT campaign Plugin

Q1 2023
Galaxy Credential Network V2 Launch with Credential Curation

As of now, more than 600 protocols and organizations are currently thriving via Project Galaxy’s credential data network and application modules.

In total, Project Galaxy has launched more than 3300 marketing campaigns and loyalty programs. More than 1,000,000 credential-based NFTs are minted every month.

Also, our Galaxy ID leverages Galaxy Credentials and acts as your Web3 LinkedIn. Galaxy ID can be your universal username that will represent your multichain/multi-wallet identities in Web3. You can also display the credentials collected in the Web3 world and showcase the history of your achievements and contributions. Currently, there are more than 4 million blockchain wallet users registered for Galaxy ID.

Q2: Do token holders have the right to participate in the management of other projects? Will they be able to vote on a new decision about the project?

Darren: Of course, as mentioned above, we’ve launched our first DAO voting in Q2.

Beautiful Question!

Revenue generated from application modules, Credential API, and Credential Oracle will be used to buy back $GAL tokens from the secondary market. The estimated total revenue is ~$100mm per year.

Staking mechanism will lead to locking up another 1% circulated token supply every month.
Project Galaxy credential data infrastructure will be the foundation of Web3 MarTech. It’s becoming a standard for Web3 products and communities to utilize Project Galaxy as one of their marketing channels. Current MarTech market size is $344.8bn with 5.33% yearly growth rate.

Project Galaxy is estimated to capture 30%-40% of market share by 2030. Project Galaxy credential data infrastructure will be the foundation of the Web3 credit market. Current market size is $263.47bn with 8.5% yearly growth rate. Project Galaxy is estimated to capture 20%-40% of market share by 2030.

Project Galaxy is to provide oracle for user behavior data. This is targeting a much bigger market compared to oracles like Chainlink that are providing price feed data. Chain LINK is currently priced at $11bn.

Going full permissionless and setting up standards for quality control to protect our users, the team is now working hard every single day to work with quality projects to set up standards and also showcasing what type of use cases that we will be able to provide.

The team is also working hard to make the UX experience as easy as possible.