Galxe, formerly known as Project Galaxy, is a Web3 credential data network that aids developers in cultivating improved communities. We will be exploring this platform in this article, focusing on its unique application of the Soulbound Token concept.
So, what exactly is Galxe/Project Galaxy? As stated on its official website, Galxe, formerly Project Galaxy, has grown to become a leading platform for constructing a Web3 community. With a massive user base of over 30 million, Galxe has been instrumental in driving the success of numerous partners, including Optimism, Polygon, Arbitrum, and around 1800 others through reward-oriented loyalty schemes. To aid projects in accessing and utilizing curated data to stimulate growth and maintain customer relationships, Galxe provides a credential framework. Moreover, it equips projects with resources to orchestrate promotional initiatives that inspire users to contribute using their credentials and promote growth by fulfilling particular tasks. In return for their participation in a campaign, project users may be rewarded with perks like NFTs.
GAL tokens, a form of governance token, are utilized in conjunction with the Project Galaxy DAO. When proposals for new features or alterations to the governance structure are introduced, token holders possess the power to shape the platform’s trajectory. Additionally, in 2022, when Project Galaxy transformed to Galxe, it introduced a novel feature – the Galxe Passport. This can be seen as the holder’s global identity as it securely and anonymously stores digital identity data. Holders can use this passport across various applications and receive the exclusive Galxe Passport Soulbound Token in their wallet, which verifies their identity.
Understanding the Soulbound Token concept through Galxe: As previously noted, GAL and the Galxe Passport provide a tangible demonstration of the Soulbound Token concept, which was first proposed by the Ethereum creator, Vitalik Buterin.
Soulbound Tokens (SBTs) are digital identity tokens symbolizing an individual’s or an organization’s characteristics, achievements, and traits. They function in a manner akin to NFTs (non-fungible tokens), leveraging blockchain technology, but possess the distinctive quality of non-transferability. The objective of SBTs is to advance the concept of NFTs beyond monetary and boasting rights to a distinctive and non-transferable token. They are linked to a blockchain network that holds unique identifying information of an individual or entity, such as personal data, history, qualifications, health records, and professional milestones.
The non-transferable and non-tradable nature of SBT offers numerous advantages. A Soulbound Token can encapsulate genuine information that can be relayed online and on-chain, as it can never be transferred or relinquished. This enables the affirmation and storage of identification data in a digital wallet, potentially containing information like a verified academic degree or medical records. Holders can share verifiable important information with others or rapidly authenticate their identity online.
Embracing this innovative concept, Phemex recognizes the enormous potential of SBT. The Phemex Soul Pass (PSP) serves as a Soulbound Token, acting as an on-chain passport to the decentralized Web 3.0 future. As the first Soulbound Token implemented for decentralized ownership by a prominent cryptocurrency exchange, the Phemex Soul Pass allows holders to claim a stake in Phemex and actively engage in platform governance. Phemex plans to continue investigating the compatibility of SBT with our users to develop a more secure and transparent Web3 community.
