Gala has been hard at work for several years empowering users in any new way we can devise. At some point we realized that in order to onboard a billion users to our L1, GalaChain, our philosophy must expand outward in every direction. This mission was simply too big for the core Gala company to accomplish alone. Besides, we’re stronger together.
This outward expansion of our mission fueled not only the original idea of creating an L1 blockchain of our own, but also the recent upgrades that opened it up to external developers and innovators. With the recent releases of the GalaChain SDK and GalaChain Creator Portal, brilliant developers all over the world are starting to share our vision of a decentralized multi-industry haven of empowerment that brings the best and brightest ideas to the tech forefront.
In this blog, we simply want to highlight the incredible progress of an external team within the community who’s hard at work to make this shared vision a reality with a strong focus on community and developer education: Meet HottoShotto.com.
HottoShotto for Blockchain Explorers
While not everyone is always interested in the real-time workings of a blockchain, explorers are an essential part of the web3 experience. Blockchains are distributed ledgers of cryptographic data, and explorers play the crucial role of making that data accessible to normal users.
Search by transaction hash, client address and more, or view block number data hour by hour.Inspect specific blocks for the past 30 days by individual channel.
The Connect Wallet feature is not yet available, but coming soon.
We’d like to extend a huge thank you to HottoShotto and team for creating this robust GalaChain blockchain explorer for the decentralized GalaChain ecosystem.
If you’d like to show your support to HottoShotto, you’re welcome to “buy coffee” directly using the link in the upper right of HottoShotto.com.
HottoShotto for Gala Community Members
HottoShotto.com also recently emerged as a useful resource for anyone in the Gala community, especially to find price and NFT marketplace listing data in one handy location.
Soon, HottoShotto has plans to host an NFT sale of its own, selling multiple rarities of limited membership NFTs.
“Collectibles provide owners with unique perks in the HottoShotto ecosystem. Collections come limited in supply, rare, legendary, exotic rarity levels and beautiful artwork.”
If you’re an aspiring web3 developer looking to build something within the GalaChain ecosystem, you’ll find a treasure trove of valuable resources on the HottoShotto Developers page. From the basics of relevant programming languages to specialized web development guides, this page is a fantastic reference for newcomers who are not afraid to dive in!
While Gala is not affiliated with HottoShotto, we wanted to showcase this outstanding resource project and highlight its focus on empowerment and education. Chances are you’ll be seeing a lot more of them in the future!
As the original anonymous forefather of web3 himself showed us with the revolutionary Bitcoin Whitepaper on October 31st, 2008, supply is important in the world of digital currency. Satoshi Nakamoto is still considered the most brilliant creator and foremost innovator in the web3 world, even after more than 15 years of blockchain evolution that has given way to over a thousand different blockchains and tens of thousands of different altcoins. This is because he outlined and described the most important aspects of a successful peer-to-peer digital currency.
For Bitcoin, this is a halving year, meaning that block production rewards for miners will be reduced by half. Technically, this halving occurs every 210,000 blocks. The April of 2024 halving is the 4th Bitcoin halving, taking place once 840,000 total blocks have been created on the blockchain.
$GALA’s Supply
As a gas and utility token for the rapidly growing GalaChain ecosystem, the $GALA’s supply is regulated in an entirely different way. Still, similar to BTC, the purpose is to ensure long term sustainability of that token and its ecosystems as they grow. Also similar to the Bitcoin blockchain, $GALA utilizes a halving mechanic, but the halving is dynamic based on totalSupply rather than block height. Here’s how it’s written in the recently released Gala Ecosystem Blueprint (Consult that document for more details):
“The maximum total supply cap for $GALA is set at 50 Billion tokens. The daily emission rate of $GALA is dynamically adjusted based on the Circulating Supply. This Circulating Supply is subject to decrease when $GALA is used as gas within the Gala ecosystem or when it’s expended in ecosystem-supportive activities, like purchasing specific NFTs.
The current emission rate of $GALA is determined by a variable daily emission formula, which takes into account the totalSupply of $GALA on the blockchain. An increase in the totalSupply (indicating more $GALA emission than burning) results in a reduced emission rate. Conversely, when certain milestones in totalSupply are achieved, a halving event is triggered automatically.
If the totalSupply dips below a previously reached halving point, the emission rate may increase to align with demand. This interplay between emission rate adjustment and totalSupply reduction establishes a dynamic, responsive supply system. This system not only ensures long-term ecosystem rewards for the Founder’s Nodes, instrumental in supporting the ecosystem, but also imposes a balancing effect on the totalSupply, exerting a downward pressure on the token quantity in circulation.”
The Big Burn
In mid May of 2023, a powerful decision was made by Gala’s leaders. In a massive commitment to community trust, a total of about $620 million in $GALA was burned from company owned wallets, and a new vision was put forward regarding the future supply regulation of the ecosystem token.
You’ll find more information about this event from when it happened in THIS BLOG. Essentially this big $GALA bonfire went alongside a pledge to our community that we’re in this together, and for the long haul. With so many untrustworthy characters in this space who have betrayed their communities’ trust, we couldn’t allow our own beloved community to remain uncertain about our loyalties.
With the yearly $GALA Founder’s reward halving looming on the horizon at the time (according to the previous supply tokenomics of $GALA), we implemented the new dynamic supply-based halving described above just in time for Founder’s Node rewards to increase, rather than decrease.
At the same time, we committed to a new primary purpose for the $GALA token, as the gas token for the ecosystem. GALA is burned from totalSupply whenever it is used as gas on the blockchain.
Keep in mind that we’ve only just begun to onboard external developers to GalaChain, which is finally ready for massive growth. While the projects and products on GalaChain are set to increase in number, the number of Founder’s Nodes (max 50,000) will not increase, and the max supply of $GALA will never increase (max 50B). As you may have noticed, we’ve been busy releasing tools to make it easier than ever for new developers to join our ecosystem and develop their own projects on our versatile L1.
For you earliest adopters, it may seem like a long journey looking back, but we’re here to remind you that this thing is just getting started. Before you know it, we’ll be the first billion user blockchain in the world, and that too will just be a single chapter of the story. Thanks for the part you’re playing in this adventure.
