Bittime - In an all-digital world and increasingly connected to each other, decentralized and secure credential data is increasingly needed. Galxe, a Web3 credential data network, comes as an innovative solution to address this problem.
With an open and collaborative infrastructure, Galxe helps Web3 developers and projects leverage digital credential data and NFTs to build better products and communities. This article will comprehensively explain what Galxe is, GAL tokens, tokenomics, token distribution, how Galxe works, and its benefits to the crypto ecosystem.
What is Galxe (GAL)?
Galxe is a Web3-based credential data network designed to help developers and projects leverage digital credential data and NFTs. Galxe's infrastructure allows curators to contribute to credential data through a variety of data sources, both on-chain and off-chain. With Galxe, credential data that was previously fragmented across multiple closed databases can now be accessed and utilized by individuals and applications in need.
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What is GAL token?
The GAL token is a utility token used in the Galxe ecosystem. This token serves as an incentive for curators who contribute to the credential data network and as a means of payment to use the Galxe application module.
Curators staking GAL tokens can also hint at the value of a particular set of credential data, which will then generate revenue streams based on the utilization of that data.
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Tokenomics GAL
GAL tokenomics covers various important aspects that affect the distribution and use of tokens within the Galxe ecosystem. The total supply of GAL tokens is 200 million.
Token Type: ERC-20, BEP-20
Maximum Token Supply: 200,000,000 GAL
GAL token distribution is designed to support a variety of initiatives, including incentives for curators, ecosystem development, marketing, and community support. Here are the details of the GAL token distribution:
How Galxe Works
Galxe works by collecting and managing credential data from a variety of sources, both on-chain and off-chain. For on-chain credentials, curators can contribute data from seven different chains through subgraph queries or wallet snapshots.
For off-chain credentials, curators can easily contribute data through integrated data sources such as Twitter, Github, or Discord. Galxe also provides application modules, credential oracle engines, and credential APIs for data consumers to leverage existing credentials.
Also read: What Is DXdao (DXD)? Understanding the Decentralized DeFi Ecosystem for Beginners
Application modules include Galxe OATs (On-chain Achievement Tokens), NFT loyalty programs, growth campaigns, closed communities, and customized governance. The Oracle Credential Engine and Credential API allow developers to create more specialized use cases such as credit scoring and sybil attack prevention algorithms.
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Galxe offers innovative solutions for managing and leveraging credential data in the Web3 world. With an open and collaborative infrastructure, Galxe enables developers and projects to build better products and communities.
GAL tokens play an important role in this ecosystem, providing incentives for curators and users to participate and utilize the credential data network.
With over 4.8 million registered users and over 800 protocols and organizations using Galxe's credential data network, the platform shows great potential for future growth and innovation.
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How to Buy Crypto on Bittime
You can buy and sell crypto assets in an easy and secure way through Bittime. Bittime is one of the best crypto applications in Indonesia that has been officially registered by Bappebti.
To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. In addition, also make sure that you have enough balance by depositing some funds into the wallet. For your information, the minimum asset purchase at Bittime is IDR 10,000. After that, then you can make a crypto asset purchase in the application.
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Monitor the price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational in nature and does not constitute an offer or solicitation to sell and buy any crypto asset. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices may change significantly from time to time and Bittime is not responsible for fluctuations in crypto asset exchange rates.
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