Deep Dive into Project Galaxy: Web3 Credential Data Network

Source: Project Galaxy Blog

Compiled by: Hu Tao, Chain Catcher

It has been nearly 9 months since we launched Project Galaxy in May 2021. The past 9 months have been incredibly crazy, and our achievements have far exceeded our expectations. During this time, we have had 150,000 unique on-chain users from 6 different blockchain ecosystems. The Galaxy Credential Data Network now has over 500 digital credential sets, covering more than 3 million users in Web3. More than 100 projects and organizations have initiated over 500 activities using Galaxy's digital credential data. Today, we would like to take this opportunity to talk more about our mission, future plans, and some highlights from the past.

Our Mission

At Project Galaxy, we are building the infrastructure to support an open and collaborative credential data network. We help Web3 developers leverage credential data to build better products and communities. At the same time, data managers contribute to our credential data network while earning income after the data is used.

What are Digital Credentials

Credentials exist in our daily lives. An example of on-chain credentials is the record of borrowing money from AAVE and Compound without ever being liquidated. Your contributions to liquidity pools when the protocol 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 they can send you targeted ads.

Credentials are important because they provide high utility. Applications can use your credentials to calculate credit scores, find target audiences, reward community contributors, and more. With the advancement of Web3 and DAOs, the behavioral data generated by new users will explode. This will provide the necessary infrastructure to help these new users establish crucial digital credentials.

What are the Problems with Current Credential Systems

Today's credential data is isolated in closed databases owned and licensed by applications, government organizations, and financial and credit institutions. This has led to a fragmented landscape that is not open to individuals who should own the data or applications that need it. Project Galaxy aims to address this issue with an open and collaborative credential data network that will help Web3 developers leverage credential data to build better products and more engaging communities.

Galaxy's Planned Solutions

Project Galaxy aims to build an open and collaborative credential data network accessible to all developers in Web3. We provide infrastructure for community members to manage and contribute digital credentials to our data network. Our infrastructure supports managing credentials from multiple data sources. For on-chain credentials, curators can provide subgraph queries or static snapshots. For off-chain credentials, we have integrated with data sources such as Snapshot.org, Twitter, and Github.

By contributing to Galaxy's credential data network, curators will be rewarded when credentials are used in Galaxy's application modules, credential oracle engines, and credential APIs. Because there are users in our ecosystem consuming (paying for) data, this will incentivize more users to manage our data network.

So far, over 100 partners have initiated more than 500 activities on Project Galaxy. Here are some case studies for more information:

• Guiding Communities: How Hashflow Used Project Galaxy to Increase Trading Volume to $600 Million
• Custom Voting Systems: How Project Galaxy Supports Custom Voting Strategies for the MVB Program
• Loyalty Programs: Yearn Finance Introduces Woofy NFT on Project Galaxy
• Growth Hacking Activities: Project Galaxy Year-End Rave 2021

Galaxy Credentials

With Galaxy Credentials, we will be able to build a Web3 DID system that not only provides you with a multi-chain identity but also allows others to learn more about you through your past achievements/certificates. Projects like Cyberconnect, Unipass, and Salad Venture have already integrated Galaxy Credentials into their products, and we look forward to exploring this further in the future.

Building with Galaxy

If you want to contribute credentials to the Galaxy data network or use Galaxy credentials in our products/communities, you can apply for closed Beta access here. We are also hiring! If you are interested in being part of the history of building the Web3 credential data network, please check our job openings here.