Galxe (once called Project Galaxy) is a Web3 credential data network that assists developers in the creation of better communities. This article will take an overview about this platform and how it utilizes the idea of Soulbound Token.
What is Project Galaxy/Galxe?
According to its official website, Galxe (once called Project Galaxy) is the most popular platform for establishing a Web3 community. Galxe, with over 30 million users, has fueled the success of Optimism, Polygon, Arbitrum, and over 1800 partners through reward-based loyalty programs. In order to let projects access and use curated data to spur growth and keep customers, Galxe offers a credential infrastructure. Additionally, they give projects the tools to manage promotions that encourage users to donate using their credentials and stimulate growth by carrying out specific responsibilities. In exchange for their assistance during a campaign, project users can receive incentives like NFTs.
GAL tokens are a type of governance token that is used in conjunction with the Project Galaxy DAO. When new features or modifications to the governance structure are presented, token holders have the ability to define the platform’s course of action.Furthermore, when Project Galaxy rebranded to Galxe in 2022, it came with a new feature: Galxe Passport. This can be regarded as the holder’s universal identity as it safely and anonymously keeps digital identity information. Holders are able to utilize this passport across several applications and also receive the unique Galxe Passport Soulbound Token in their wallet, which allows them to be identified as a verified individual.
Application of Soulbound Token concept: How can we learn from Galxe?
As mentioned above, GAL and Galxe Passport can be seen as a practical use of the Soulbound Token concept which was firstly brought forward by the creator of Ethereum, Vitalik Buterin.
SBTs, also known as soulbound tokens, are digital identity tokens that represent a person’s or an entity’s attributes, features, and accomplishments. They function similarly to NFTs (non-fungible tokens) utilizing blockchain technology, but have the unique feature of being non-transferable. The goal of SBTs is to transform the idea of NFTs into something that goes beyond money and bragging rights to a unique and non-transferable token. They are connected to a blockchain network that stores a person’s or an entity’s unique identifying information, including personal data and history like age, qualification, education, health records, and professional accomplishments.
There are many benefits connected with the features of SBT as non-transferable and non-tradable tokens. The soulbound token can represent authentic information that can be conveyed online and on-chain, because it can never be transferred or given away. This makes it possible to confirm and store identification information in one’s digital wallet, eventually encompassing information such as a verified college degree or set of medical data. Holders are able to share significant verifiable information with others or quickly identify themselves online.
As a trading platform that is always ready to embrace new ideas, Phemex understands the huge potential of SBT. The Phemex Soul Pass (PSP) functions as a Soulbound Token which is meant to be an on-chain passport to the decentralized Web 3.0 future. As the first soulbound token to be utilized for decentralizing ownership by a major cryptocurrency exchange, the Phemex Soul Pass makes it possible for holders to own a piece of Phemex and actively participate in our platform governance. In the future, Phemex will continue to explore the compatibility of SBT with our users to build a more transparent and more secure Web3 community.