Key Takeaways:
- Project Galaxy, a way to reimagine how digital credentials are managed in the next generation of the internet, received a $10 million financing round led by Multicoin Capital and Dragonfly Capital.
- Project Galaxy allows users to create unique campaigns utilising plug-and-play modules to issue credential-based NFTs that achieve a variety of objectives.
- Project Galaxy aims to solve this problem by establishing an open and collaborative credential data network that will allow Web3 developers to construct unique products and communities using credential data.
Multicoin Capital and Dragonfly Capital led a $10 million investment round for Project Galaxy, a means to redefine how digital credentials are managed in the next generation of the internet.
Due to the sheer way the internet has evolved, our data is now spread over a variety of applications and services, such as Google and Facebook’s behavioural data, or our credit histories on credit scoring websites and government organisations. According to Project Galaxy co-founder Harry Zhang, an aggregate data layer connected and motivated in such a way that apps may query it is absent.
Developers curate Project Galaxy, which creates an open, decentralised credential data network using plug-and-play NFT modules. When credentials are used in Galaxy NFT infrastructure and Credential Oracle Engine, curators are compensated for contributing to Galaxy’s Credential Data Network.
Users can utilise Project Galaxy to develop customised campaigns using plug-and-play modules to issue credential-based NFTs that meet a variety of goals.
“You don’t own that data, these big companies and services are monetizing it,” stated Zhang in an interview. “But since we are in a Web 3 world now, we can use open permissionless blockchain technology and finally have the chance to build the infrastructure for this aggregated layer of credential data that’s accessible to all developers in Web 3.”
What are digital credentials?
Today, credential data is stored in closed databases owned and controlled by applications, government agencies, and banking and credit institutions. This has resulted in a fragmented landscape that is closed to the people who should own the data as well as the applications that require it.
The idea that you borrowed money from AAVE and Compound but never paid it back is an example of on-chain credentials. Credentials include things like your early contributions to a protocol’s liquidity pool or your on-chain voting history. All of your Web2 behavioural data contributes to your credentials, and firms such as Google and Facebook use your credentials to run algorithms that give you targeted adverts.
Credentials are significant because of the wide range of applications they enable. Your credentials can be used by apps to generate credit ratings, discover target audiences, and reward community contributors, among other things. There will be an explosion of behavioural data generated by waves of new users as Web3 and DAOs gain traction.
The largest credential data network in Web 3 — a re-architecting of the existing Web 2 world, leaning towards decentralised consensus processes rather than a few monolithic systems – is managed by Project Galaxy, which is online and in use.
Project Galaxy is structurally and functionally extremely similar to The Graph. Credential contributors, curators, and consumers are all present. “The Graph is one of our infrastructure’s data sources,” Zhang explained. “You can submit these sub-graph queries so that they can turn them into our credential data, which they will earn on our network.”
When data is queried and used, those that provide data to Project Galaxy or curate data on the system might receive money. This might be personal data or public data selected from the blockchain or Web 2 services like Twitter, TikTok, or GitHub, according to Zhang.
“We are building this very permissionless and open infrastructure and we don’t want to restrict any use case,” Zhang commented. “For now, the focus is on the side of loyalty programs, growth hacking campaigns, maybe credit scoring in the near future, and we also have a number of projects using us to customize voting systems.”
Project Galaxy attempts to overcome this challenge by creating an open and collaborative credential data network that will allow Web3 developers to use credential data to create special solutions and communities.
