Original Author: Hao Tian
The high-profile Project galaxy web3 head project has been launched on Binance, and many people are looking forward to its currency price performance. I hope that Project Galaxy can give the web3 a sigh of relief. But what does this project mean for web3? How to calmly view the value of this project?
Because I have studied DID for a period of time, I think I can briefly comment on it.(Objectively express opinions, not investment advice).
1. This is a long-term project. It is unrealistic to think of a short-term web3 summer based on this project. There are three reasons:
1) The project is aimed at To B developers, playing the ecological card, no one knows how far it will develop in the future and how long it will be in the future. Just like Ethereum and EOS in 2018, EOS has been popular for more than half a year and was eventually beaten down by Ethereum with a more profound ecology.
2) The project is a lightweight solution. "Lightweight" means that the output of the project is more of a template for writing stories. Some technical details, such as how to efficiently apply IPFS behind NFT.storage, are handed over to Filecoin, while How to discover the value of the NFT token behind Galaxy OAT is handed over to the DAO in the web3 wave and you and me;
3) The project introduces the DID (Decentralized Identity System) solution, and it is also a combination of the on-chain identity system and the off-chain identity system. The on-chain identity is difficult in the decentralized and anonymous blockchain environment. Off-chain It is even more difficult to bind the identity to the account system of the web2 Internet, the identity certificate of the government agency, and the private key generated by the physical fingerprint iris.
Therefore, we must look at this project with a long-term perspective and perspective, and refrain from short-term speculation and gambling.
2. So, what does Project Galaxy mean for the arrival of the web3 era? The answer is also simple: a thought experiment. There are also three reasons:
1) The DID decentralized identity system of the project card is equivalent to mastering the entrance of all user traffic in web3. To a certain extent, although the soul of the current DeFi and NFT projects is web3, most of them are still operating with the thinking of the web2 era. Because these projects have no way of judging whether their users are humans or dogs, just like in the QQ era, we don’t know if the beautiful women on the other side of the network are uncles who pick their feet. So now DeFi can only fight TVL and APY, and NFT can only fight mint whitelist and floor price wars, but such data dimensions are too coarse and granular, and they are cheap for scientists. The emergence of DID has a high probability that the agreement can be realized with " People-oriented vision;
2) Although Ethereum is very successful as a public chain, it is a representative of a fat protocol after all, which is too heavy and too slow. The web3 era requires a lighter-weight protocol. Project Galaxy empowers existing blockchain ecosystem projects through application modules (not competing with you), and provides source power for almost every DAO community through the NFT loyalty system (frictionless Parasitic), such a move is very clever. Just like Ethereum is based on smart contracts and EVM, with DeFi and NFT finally prospering, Project Galaxy is based on the Galaxy ID and Galaxy OAT chain contribution measurement system, which can be more open, more inclusive, and faster to stand on the shoulders of giants and do whatever they want. After all, every project under the Web3 appeal needs to solve the problem of stimulating data generation and rational distribution of rewards;
3) The key to the growth of the DeFi and NFT markets lies in the money-making effect, while the growth of the web3 market relies on the DAO fission effect of the distributed governance model to create higher economic benefits and allow more people to distribute benefits in a fairer way. Therefore, a project like Project Galaxy has a web3 pattern. From its airdrop incentive method and a series of growth hacking activities, it has set the main tone for projects in the web3 era. The more loyal you are, the more you contribute Value, in order to get greater incentives and rewards.
In short, I prefer to regard the protocol technology empowerment of Project Galaxy as another thought experiment in the web3 era, and it is a new paradigm to escape the gravity of DeFi and sail further into the deep space of the universe.Obviously, the chess game of web3 has already started, and the chess player is not the Project Galaxy project party alone, but also every project party and every you and me in the web3 torrent.
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