An analysis of the company’s statement indicated that the GAL token can perform and play multiple roles.
In its bid to help build better products and communities, CoinList has announced the launch of its new project: Galaxy Token.
The new token, which will commence on the 17th of February, has a supply of 10,000,000 GAL and is currently available for purchase at $1.50.
Details released by the company indicated that the deadline for registration ahead of sales is February 15.
“Project Galaxy is built on open and collaborative infrastructure with the mission to help Web 3 developers use digital credential data and NFTs to build better products and communities,” a statement by the company indicated.
While providing further details, the company revealed that the project is primarily designed to provide infrastructure to help developers use credential data for their products, including Application Modules, Credential API, and Credential Oracle Engine.
Use cases of the Application Modules include Galaxy OATs (On-chain Achievement Tokens), NFT loyalty programs, growth hacking campaigns, gated community, and customized governance.
At the same time, interested developers can also use the Credential Oracle Engine and Credential API feature provided by the new token for enhanced customized use cases such as credit scoring and attack prevention algorithms.
An analysis of the company’s statement indicated that the GAL token can perform and play multiple roles.
These roles can be summed up under different areas. These include: Governance, Paying for Application Module Fee, Paying for Galaxy Oracle Engine and Galaxy Credential API, and Curating Digital Credentials.
In Governance for example, the token can help with this because it is used for voting and governance in Project Galaxy DAO.
This is possible because holders have the ability to control the amount of the platform fee collected by the protocol, and control funds held by the Project Galaxy Community Treasury.
In the same vein, Curators can utilize it to signal a credential data set’s value. Each of the credential data set in the GAL token will include a revenue stream that will be split between credential stakeholders pro-rata.
Curators can also purchase stakes of a credential data set from its corresponding bonding curve. Because of the nature of the bonding curve (the price of credential stake increases as more users purchase it), in the event a curator purchases the credential stake of a popular data set early, the cost of credential stakes will be low, so its future revenue stream will be relatively high.
Oluwapelumi is a believer in the transformative power Bitcoin and Blockchain industry holds. He is interested in sharing knowledge and ideas. When he is not writing, he is looking to meet new people and trying out new things.
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