When you get change back at the grocery store, do you tell them to hang onto it until next time? No! You put that money in your wallet where you can ensure that your property stays protected. This is the exact same in the world of blockchain. Your wallet allows you to safely store digital items like currencies and NFTs in a private place where you always have control over your property.
Welcome to our 3rd installment of The Guardian Papers – the series where we discuss how best to defend yourself from threats in the digital frontier of blockchain technology.
The revolutionary concepts of blockchain have the potential to create a better world and offer new and exciting opportunities for all its early pioneers. Just as opportunities exist for those noble individuals who champion this fledgling community, however, the villains that lurk in the shadows will also capitalize on weaknesses whenever they can.
The best defense for all of us against the thieves, scammers and general malcontents in this space is to propagate the knowledge and skills that can empower our entire community to feel empowered to defend themselves. Then we can look out for each other, serving as sentinels against all threats that may harm any citizen of the digital world.
What is a Blockchain Wallet?
The idea of a wallet seems simple enough. It’s the place where you put your money. There are certainly nuances that should go into a more formal definition, but that function is consistent with any wallet– from that leather tri-fold in your pocket to that slick hardware wallet that protects your valuable coins, tokens and NFTs.
Unlike those scraps of paper and shiny bits that people may put in a traditional wallet, however, in the crypto world your digital assets exist on the blockchain and can’t be folded up and taken with you. The blockchain itself records the history and protects the security of your transactions, and a wallet gives you your own private parking spot on the chain itself.
A place to put your stuff on the blockchain only fills half the purpose of your wallet though. As we’ve previously discussed in regards to private keys, you need your keys to be able access your assets. What good is a wallet that doesn’t open, no matter how well it protects your money? In addition to offering you an address to store your assets on the blockchain, a wallet must also offer you keys to securely access your digital hoard.
Caption: With a properly secured wallet, you can soar through the blockchain world with confidence!
What’s the Difference Between Wallet Options?
Your wallet offers you the security of having a blockchain address with public keys so you can receive and store your assets, as well as private keys so that you can securely access them.
Beyond those two points, however, there is a wide variety between different wallets and their functionality. Often people will use multiple wallets throughout their financial infrastructure for different types of assets and situations.
Supported Assets
There are many different blockchains out there, and each coin and token functions on a specific blockchain. There are certainly exceptions to this rule when dealing with more complex topics like bridges, wrapping and layer 2 solutions – but no wallet is going to support every chain and asset that exists.
The wallet provided as part of your Gala Games account is based in GalaChain and can support transactions throughout the entire Gala Ecosystem. It is also compatible with the Ethereum Network, and can bridge between the two chains using the Gala platform and hold any Ethereum assets, such as ERC-20 tokens.
It’s important to note that you can’t just send any asset to any wallet. You’ll notice that your Gala Inventory shows a different address for Ethereum and GalaChain. These are not interchangeable! Attempting to send your assets from Galachain to a blockchain address that doesn’t support them could easily result in your treasures being lost in the void of digital space.
Occasionally, you could wind up with more assets in your wallet than you realize. You’ll often need to set up support for a token on a particular wallet. In these cases, even though your items are in your wallet, you won’t be able to see them through your wallet until you follow the wallet’s procedure to add the token.
Hot vs Cold
Whether a wallet is “hot” or “cold” refers to if it has any connection to an external network. A hot wallet is any wallet that is stored on a device connected to the internet or any other network that allows it to potentially be accessed from outside the device itself. This covers most of the widely used wallets out there.
While you may only transmit public keys to sign transactions, your private keys can still be vulnerable to sophisticated attacks from outside forces. Hot wallets can certainly be secure, but also require that you pay very close attention to device security and protection and who you connect your wallet with.
Cold wallets aren’t connected to anything on any network. Your loot exists on the blockchain itself, but cold wallets store the keys to it safely offline where they can’t be accessed unless villains happen to get their hands on not only the physical device itself, but also acquire any needed passwords, PINs, seed phrases, or biometrics to open the vault. These can be set up on any unconnected device, but also includes standalone, dedicated hardware wallets that sign transactions offline within the device itself to access funds.
Features and Opportunities
Many wallets offer specific features and functionality that may make them preferable to use compared to other wallets. You may decide, for instance, that using a multi-chain wallet like Metamask is a better fit for you than another option because its browser extension is convenient to use and it can be used to hold any ERC-20 token, and it supports a ton of other networks.
You may opt instead for a more involved software wallet that offers more onboard analytics and data so that you can use it much more as a one-stop-shop for your asset management.
Just like with the management of physical assets, sometimes what works best for you has more to do with things like location and efficiency. Though the idea of location is a little different in the digital world, thinking of different blockchains as bordering countries may be a useful comparison.
There are usually ways to send your assets from their native chain to another, but it is usually far less convenient than transacting within their ecosystem within the chain. This may mean that a wallet with access to an address on a certain chain could prove more useful to you than another based on what your plans are with your digital treasures.
When Is a Wallet not a Wallet?
Your wallet and the keys that access it are your personal sovereignty in the blockchain world. There are many different types of wallets out there, but it is always important to remember that if you do not control it, it’s not your wallet.
Blockchain technology was founded on the pursuit of trustless systems. While that manifests as a spectrum across different platforms and ecosystems, if it’snot your keys, it’s not your crypto!
While having assets intertwined in curated ecosystems like centralized exchanges happens sometimes, the private keys to these coins and tokens are held by the company who runs the exchange.
A centralized exchange may have a native wallet that allows you control over your keys, but anything on the exchange itself is simply a representation of your share of ownership over the exchange’s wallet. This is often functionally the same… but in a pinch, a corporation is less worried about your interests than their own.
Reinforce Your Wallet
Your wallet is your personal treasure trove in the blockchain world, so you need to fortify it as best as possible. As we’ve discussed previously, this starts with protecting your private keys. If your most valuable treasures are stored in your own private vault, how fervently should you protect that one key?
Protecting your wallet isn’t just about keeping the bad guys out, but also ensuring that you can always get in. Recovery phrases should always be stored offline– preferably in non-digital, non-perishable formats. Getting fancy with spy-like security can be fun, but what good is your super-secure hard drive storing your recovery phrase when you spill your coffee on it?
We’ve covered a lot already in The Guardian Papers, but we’re not through yet. If you’ve missed anything that we’ve covered in our past installments, catch up below:
In our next few installments, we’ll be diving into the mind of a digital villain and breaking down some of the most common scams in the crypto world and their variations. It’s easy to think that you’ll never be fooled by those kinds of shenanigans – countless blockchain warriors have thought the same. Many have fallen to these same tactics.
More knowledge about how these enemies of personal, on-chain sovereignty can only improve your arsenal to both defend yourself and to fight back by helping to educate your fellow citizens of this new world. If you’d like to get started exploring how to get more out of your wallet, you can check out our support article on how to import your Gala Wallet into Metamask so that you can seamlessly tie your GalaChain assets into your profile on multiple chains. While you’re there, check out some other topics. Buffing your knowledge buffs your security, and none of us can let our guard down until everyone is informed enough to be secure!
Gala Film has hit the ground running with an incredible and gritty dystopian sci-fi series from the mind of creator David Bianchi. If you haven’t caught the first two episodes of RZR yet, what are you waiting for? Login to Gala Film right now and watch for free. The story will keep you on the edge of your seat, and you’ll qualify for Mystery Box rewards simply for viewing the first episodes!
Crack open Mystery Boxes to assemble unlockable Director Cuts by collecting Shards, or purchase Premiere Mystery Boxes for $3.99 for a chance at additional exclusive prizes.
Looking to get in on the ground floor of web3 entertainment ownership with RZR NFT Moments? Getting rewarded for participating in Gala Film is easy and there are lots of ways to get involved!
Paths to Rewards
Today we’re happy to announce that following a successful platform launch, platform distribution rewards are officially live.
If you’re participating on any level in the Gala Film ecosystem, you’re likely to start seeing POPCORN! rewards in your account. When the $FILM token launches within the coming months with its initial Token Generation Event, you’ll gain the ability to convert all your POPCORN! to $FILM, and from then on you’ll start receiving $FILM directly for all the actions described below.
Check the Gala Film Litepaper for additional information about Gala Film rewards, including allocations, long term plans and reward boost opportunities for owning various early adopter NFTs!
You can now get rewarded for…
Supporting the Ecosystem
In the decentralized world of entertainment, anyone’s success is everyone’s success, so rewarding platform support is paramount to Gala Film. Whether you’re bringing new audience members by sharing your favorite episodes with friends and family, watching the latest episodes of your favorite series, or unlocking exclusive content through Mystery Boxes, you deserve to be rewarded for your time and attention.
According to the Gala Film Litepaper, a portion of $FILM is allocated to a pool called “Ecosystem Supporting Behaviors.” With launch, this pool will consist of 12.5% of total $FILM, but each year as the platform grows toward total decentralization, this pool will increase by ~1%.
This reward pool observes a point system to allow certain actions to qualify the user for a greater share in the pool. The list below includes the initial qualifying actions that will result in $FILM rewards from this pool.
Owning Moments
When you hold Moment NFTs from a Gala Film production, expect regular rewards that are dependent on the number of platform views for your content. When you own a RZR NFT Moment (no matter the episode), you’ll be qualified for rewards whenever any episode from the RZR series is viewed!
Because Moments are pieces of curated Scenes, when you complete a Scene, you’ll get a reward boost for all the Moments within that scene.
If you manage to collect all completed Scenes from RZR, you’ll get the MAX Boost for all your Moments.
In the Gala Film Litepaper, the reward portion allocated to owners of Moment NFTs is called the “Content Incentivization Mechanism.” This portion of $FILM is divided among publishers/creators and viewers of Gala Film content.
With the initial platform launch, 17.5% of $FILM rewards are allocated to this reward pool, and each year as Gala Films grows toward total decentralization, that percentage will increase by ~2%.
Rewards for Filmmakers
Filmmaker $FILM rewards are also considered part of Content Incentivization, with a portion of this allocation used to reward the visionary creators and artists who make Gala Film productions a reality.
With the future Gala Film Pitches update, it will become possible for anyone in the community to submit film projects or ideas, calling the Gala Film community to gather in support with their $FILM and essentially crowdfunding the future of decentralized cinema!
Operating a Theater Node
The Gala Film DePIN is powered by the operators who contribute computing power in exchange for rewards. Video content is delivered in real time using a state-of-the-art DCDN (Decentralized Content Delivery Network) with Theater Nodes at its core.
As described in the Gala Film Litepaper with the initial platform launch, active operators of Gala Film’s Theater Nodes share in 17.5% of the total $FILM rewards allocated. As the platform continues to grow toward total decentralization, this percentage will increase by ~2% per year.
Additionally, 2.5% of $FILM is awarded to Gala Founder’s Node operators for their role in supporting the backbone of the entire Gala ecosystem.
If you are interested in Theater Node operation to enhance your potential rewards while supporting the growing Gala Film ecosystem, you can purchase a license here.
Join the Next Generation of Film
After many months of tireless work from across the various Gala teams to make this all possible, we’re extremely excited to finally see the fruits of our labor enjoyed by the community. Not only can we offer awesome exclusive film and series content absolutely free, but we can promise a rewarding and gamified experience that will take you deeper.
If you haven’t started watching RZR yet, check out the first two episodes now and we think you’ll be just as hooked on Grimm’s dark story as we are.
As we continue pioneering the music industry into uncharted web3 territory, Gala Music is excited for tomorrow’s release of Daisy Gray’s latest track, “Almost to the Moon.”
This song is an emotional odyssey that delves into the very essence of human connections—love, loss, and the fragility of life itself.
“Almost to the Moon” is Daisy Gray’s personal reflection on the highs and lows of relationships. It beautifully captures the emotional journey of loving deeply, the heartache of loss and the profound introspection that follows. Its poignant lyrics and haunting melodies convey the delicate balance of love’s strength and vulnerability, making it a powerful anthem for anyone who has ever loved and lost.
At just 24 years old, Daisy Gray has already made a significant mark on the music industry. Her journey began with viral success on YouTube, where her unique covers captivated millions, and has since evolved into an innovative force in pop music.
Daisy’s ability to infuse her personal experiences into her music, creating vulnerable and unforgettable sounds, sets her apart as a true artist. Her electrifying writing not only entertains but resonates and connects on a deeply human level.
Daisy’s official “Wicked Game” Tribute video has amassed an astounding 26M+ views on Youtube and it’s easy to see why. Her famed cover of Chris Isaac’s classic and haunting melody has also been released as a Signature Edition NFT on Gala Music and if you hurry you can still snag a reward enabled copy.
“Almost to the Moon” serves as a mirror to our own experiences, reflecting the universal themes of love’s transformative power and the personal growth that comes from embracing its trials.
Experience Daisy Gray’s “Almost to the Moon” now and get ready for its exciting (limit 100) Signature Edition NFT drop tomorrow at 12pm PT. This track promises not only to enrich your music collection but also to touch your heart and soul, reminding us all of the profound journey that love can take us on.
Prepare to be captivated once again as the sensational Canadian DJ group, EpicFail, returns to Gala Music with their latest progressive festival track, “Tonight” Following their hit release, “Another Night,” which took the platform by storm earlier this year, EpicFail is ready to elevate your playlists with another electrifying track.
The talented trio consisting of Fez, Mike Beatz, and Zaahir has continually dazzled the Canadian EDM scene and beyond with their dynamic blend of trance, house, electro, and progressive styles. Known for their high-energy performances and innovative soundscapes, EpicFail delivers music that not only moves the crowd but also pushes the boundaries of electronic dance music.
“Tonight” is sure to get you psyched for festival season, encapsulating the essence of progressive house EDM and characterized by its rhythmic and driving beats. It’s designed not just to be heard, but to be experienced—making it the perfect addition to any quality Gala Music NFT collection.
Listen to “Tonight” now on Gala Music and be ready for the Signature Edition track drop tomorrow, April 18th. Whether you’re a die-hard fan of EpicFail or a newcomer to their sound, this track is sure to enrich your musical landscape and keep you dancing all night long.
When you pair your own NFT tracks with an active Gala Music Jukebox Node, you’ll get daily $MUSIC rewards based on the track’s platform plays.
