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How does Project Galaxy solve the current voucher system problem?

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Project Galaxy aims to build an open and collaborative credential data network that is accessible to all developers in Web3

Source: Project Galaxy blog

Hu Tao, Chain Catcher

It's been almost nine months since we launched Project Galaxy in May 2021. The last nine months have been crazy, and we have achieved far more than we ever expected. During that time, we had 150,000 unique on-chain users from six different blockchain ecosystems. Galaxy Credential Data Network now has over 500 digital Credential sets covering over 3 million users in Web3. More than 100 projects and organizations have launched more than 500 campaigns using Galaxy's digital credentials data. Today, we want to take this opportunity to talk more about our mission, our plans for the future, and some of the highlights of 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 and earn revenue after the data is used.

What is a digital voucher

Vouchers exist in our daily life. An example of an on-chain certificate is a record of you borrowing money from AAVE and Compound but never being liquidated. Your contributions to the liquidity pool when the agreement was first activated, or your on-chain voting history, are evidence. All of your behavioral data in Web2 goes into 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 use cases. Apps can use your credentials to calculate credit scores, find target audiences, reward community contributors, and more. As Web3 and DAO advance, the amount of behavioral data generated by new users will explode. This will provide the necessary infrastructure to help these new users establish their vital digital credentials.

What's wrong with the current voucher system

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

Project Galaxy 解决方案

Project Galaxy aims to build an open and collaborative credential data network that is accessible to all developers in Web3. We provide community members with the infrastructure to manage and contribute digital credentials to our data network. Our infrastructure supports the management of credentials across multiple data sources. For on-chain credentials, curators can provide subgraph queries or static snapshots. For off-chain credentials, we've integrated with data sources like Snapshot.org, Twitter, and Github.

By contributing to Galaxy's credential data network, curators will be rewarded when credential is used in Galaxy's application module, credential Oracle engine and credential API. Because there are users consuming (paying for) data in our ecosystem, this will incentivize more users to manage our data network.

To date, more than 100 partners have launched more than 500 events on Project Galaxy. Here are some case studies to provide more information:

Guiding the community:How did Hashflow use Project Galaxy to increase transaction volume to $600 million

Custom voting system:How does Project Galaxy support custom voting strategies for MVB applications

Loyalty program:Yearn Finance introduces Woofy NFT in Project Galaxy

Growth hacking:Project Galaxy 2021 Year-end extravaganza

The Galaxy id

With Galaxy Credentials, we will be able to build a Web3 DID system that not only gives you multi-linked identity, but also lets others know more about you based on your past achievements/Credentials. Projects like Cyberconnect, Unipass, and Salad Ventures are already using Galaxy Credentials in their products, and we look forward to exploring them more in the future.

Build with Galaxy

If you want to contribute credentials to the Galaxy Data Network, or use Galaxy credentials in our product/community, you canHere,Request closed Beta access. We're hiring too! If you are interested in being part of the history of building the Web3 credential data network, pleaseHere,Check out our job openings.