TOKEN2049 Singapore, one of the most anticipated crypto events of the year, is taking place on September 18th and 19th, 2024. This prestigious gathering brings together the leading minds and companies in Web3 to discuss the future of the blockchain industry, and we’re thrilled to announce that key Gala team members will be there to represent our growing ecosystem!
What is TOKEN2049?
TOKEN2049 has earned its place as a premier event in the crypto calendar, held annually in Singapore and Dubai. This event serves as a global hub for blockchain enthusiasts, developers, investors, market makers and key industry leaders. TOKEN2049 shines a spotlight on the latest trends, technologies, and ideas in the Web3 space, creating unparalleled opportunities for networking and innovation.
With thousands of participants from across the globe, TOKEN2049 is a melting pot of ideas that are shaping the future of blockchain. Founders, entrepreneurs, investors and developers converge to exchange insights, form partnerships and explore the immense potential of decentralized technologies.
Why Gala is Excited to Attend
For Gala, TOKEN2049 is an exciting platform to showcase our vision for a decentralized future, one that goes far beyond gaming and entertainment. As we continue to evolve, the opportunities presented by TOKEN2049 couldn’t come at a better time.
Partnerships and Collaborations
In addition to giving us a chance to make plans and build with existing strategic partners, the event provides us with the perfect opportunity to explore new partnerships that align with our mission of empowering communities through blockchain. As the global Web3 industry rapidly expands, we’re looking forward to engaging with potential partners who share our vision and can bring fresh ideas to our growing ecosystem.
Expanding Our Mini-App Gaming Ecosystem
Our recent success with the Telegram Mini-App gaming ecosystem has opened doors for even more growth and collaboration. TOKEN2049 is the ideal venue to discuss how we can expand this ecosystem even further, offering more opportunities for developers and gamers to engage with Gala-powered experiences while collecting awesome rewards.
$TREZ and Potential Announcements
TOKEN2049 could also be the stage for an exciting announcement regarding $TREZ, our latest venture in the world of decentralized gaming and assets. Get ready for $TREZ to enter the wider crypto community, creating excitement and momentum for our newest projects.
What We Bring to the Table
At Gala, weâve always believed in the transformative power of decentralization and community-driven innovation. Our presence at TOKEN2049 will focus on highlighting the capabilities of GalaChain, our Layer 1 blockchain designed to handle the high transaction volumes demanded by modern applications, especially gaming. GalaChainâs versatility, efficiency and low fees make it a cornerstone for scaling Web3 industries beyond entertainment, including healthcare, finance, supply chain managementâ and more.
TOKEN2049 is the perfect platform to demonstrate how GalaChain, powered by multiple DePINs and our growing node ecosystem, is setting new standards for scalability and security in the blockchain space. Weâre eager to connect with like-minded innovators who are ready to collaborate on this revolutionary journey.
Looking Ahead
As we prepare for TOKEN2049, weâre energized by the possibilities this event will bring. The connections, ideas and partnerships formed here will shape the next steps in Galaâs evolution, pushing us closer to realizing our vision of a decentralized world powered by GalaChain.
Today weâre announcing a huge milestone in the evolution of GalaSwap, designed to revolutionize the way users and developers interact with GalaChain.
GalaSwap now empowers users to easily swap, create and manage GalaChain tokens through on-chain dApps without the need for a Gala account.
New Ways to Connect
GalaSwap is growing, and the broader Gala ecosystem is evolving toward greater decentralization than ever. This latest update has the potential to massively boost the GalaChain user base, opening access to the wallet features of GalaChain without requiring the creation of a Gala account.
Users can now create a GalaChain wallet and interact with GalaChain tokens using an existing Ethereum wallet, enabling a smoother experience that is more intuitive and less centralized.
For some time Gala has offered users the ability to connect an Ethereum wallet to their account, simplifying processes like bridging and interaction with Ethereum-based secondary markets like OpenSea.
Users can now establish an initial connection using their Ethereum wallets alone. By signing a transaction in Metamask, you can create a brand new accountless GalaChain wallet.
This new system will be especially beneficial for third party GalaChain creators building dApps from a variety of industries, giving them the freedom to customize their user experience more deeply and interact with their audiences without Gala (the company) acting as an intermediary. They will enjoy the power and function of GalaChain, wrapped in a user interface that they are free to customize as they see fit.
New Features
Features included in the recent update will enhance any web3 userâs experience and access to GalaChain tokens, whether or not they have a Gala account.
Existing Gala accounts can create a new web3 wallet via Metamask.
Existing Metamask users can generate a GalaChain wallet address with no Gala account.
GalaChain tokens can be viewed and managed within GalaSwap.
Evolution of GalaSwap
As part of this exciting development, GalaSwap will soon rebrand to GalaConnect, further emphasizing our commitment to connectivity and ease of use. As it continues to evolve with more streamlined features, this platform will serve as the new hub for all your GalaChain interactions.
Empowering Users and Developers
GalaSwap is more than just a platform for swapping tokens; itâs a gateway to freedom for our users and developers. By allowing third parties to develop their own GalaChain dApps with easy onboarding, we are fostering a more inclusive and expansive ecosystem.
For Users
No GalaChain Account Needed: Start interacting with GalaChain tokens immediately with your existing Ethereum wallet.
Complete Web3 Portfolio Management: Easily manage your digital assets with a comprehensive portfolio interface for GalaChain tokens.
For Developers
Easy Onboarding: Develop and deploy dApps on GalaChain with simplified processes.
Robust Tools: Utilize our powerful features to create innovative solutions on GalaChain.
FAQ
Is a new GalaChain wallet created when I login to GalaSwap with my Ethereum wallet for the first time?
Yes, GalaChain wallet creation is required when using the web3 wallet login option.
Can I log into Gala Games, Gala Music and Gala Film with the GalaChain wallet created via web wallet login?
No â The GalaChain wallet created in this way is only for GalaSwap. To use the core Gala platforms you will need to create an account.
If I log into GalaSwap using the same web3 wallet that is already linked to my Gala account, will it still create a new GalaChain wallet?
Yes. Even if you log into GalaSwap with a web3 wallet that is currently linked to your Gala account, a new GalaChain account will be created for use on GalaSwap.
Join the Revolution
The vision of GalaConnect is a leap forward in our mission to empower users and developers and expand the GalaChain ecosystem. By simplifying interactions and enhancing possibilities, we are paving the way for a more connected and decentralized future.
Join us as we embark on this exciting new journey as GalaSwap evolves into the new-and-improved GalaConnect. Together, we are creating a new paradigm of freedom and innovation in the blockchain world.
Today weâre announcing a significant update to our ecosystemâ the rollout of a new gas fee system on GalaChain. As part of our ongoing commitment to enhance the efficiency, security and sustainability of our network, we are implementing gas fees for various transactions and actions across our platforms, including Gala Games, Gala Music, Gala Film and GalaSwap.
Whatâs Changing?
As the result of approval of this recent Founderâs Node governance vote, fees will now be applied to the following actions on GalaChain:
GalaChainToken Transactions:
BatchFillTokenSwap
BatchMintToken
BurnTokens
FulfillMint
FulfillMintAllowance
MintToken
MintTokenWithAllowance
RequestTokenBridgeOut
RequestTokenSwap
TerminateTokenSwap
TransferToken
User Actions (1 $GALA fee per action):
Minting currency from mint allowance
Minting NFTs from mint allowance
Bridging out currency (note: existing fees apply, future dynamic fees are in development)
Sending currency
Sending NFTs
Paying for orders by transferring funds
Paying for orders by burning funds
Why Introduce Fees?
The implementation of transaction fees serves multiple objectives:
Ecosystem Health: By increasing the amount of burnt $GALA, we aim to ensure the long-term health and sustainability of our ecosystem.
Resource Allocation: Efficient allocation of network resources encourages optimal and responsible usage, crucial as we expand the ecosystem to include greater numbers of third party developers.
Spam Prevention: Deterring spam and other undesired behaviors helps maintain the integrity of individual channels and the GalaChain network as a whole.
Channel Founder Incentives: Founders of new GalaChain channels will receive a portion of fees collected within their channels.
Node Operator Incentives: Providing ongoing benefits for node operators supports the decentralization and robustness of GalaChain.
Referral Incentive
As approved by the Gala Founderâs Node ecosystem in THIS VOTE, all $GALA burned as gas fees qualifies for a direct referral incentive reward. The direct referrer receives 8-10% of the burnt $GALA as a mint allowance, and the 2nd degree referrer (referrer of referrer) receives 2%.
Initial Launch and Future Rollout
The initial launch of the new system will apply only to transactions on the asset channel. This means many game NFTs and $MUSIC, which are not currently on the asset channel, will not have fees at first. However, it is essential to mention that fees for these channels are coming soon, ensuring a comprehensive rollout across the entire Gala ecosystem.
Aligning with Traditional Practices
While GalaChain is a permissioned blockchain and does not use miners like Ethereum, our fee structure borrows from traditional practices to streamline operations and provide ongoing opportunities for node operators. This hybrid approach allows us to maintain the benefits of decentralization while we continue to grow, ensuring the efficiency and reliability of our network.
Looking Ahead
Our commitment to innovation and community engagement remains steadfast as we continue to develop and refine our platform.
We appreciate your support and understanding as we implement these changes to enhance the Gala ecosystem. Together, we are building a more sustainable, efficient and secure future for all GalaChain users.
Stay tuned for more updates, and thank you for being a part of our journey!
If you havenât started swapping tokens on GalaSwap yet, weâve got the perfect incentive to get you into the action.
A recent GalaSwap update brought in a new Starter Pack item called the Trader Profile Badge.
After purchasing this NFT Badge for $1 using a credit card, users will instantly receive 95% of the purchase price back as $GALA, giving them a tidy little pile of tokens they can use to create or accept swaps.
While the NFT Badge has no utility or intrinsic value, we think youâll get a lot of use out of the $GALA awarded as a rebate for the purchase.
Create and Accept $GALA swaps â Every token in the GalaChain ecosystem can be swapped to and from $GALA. Create offers or fill offers swapping either to or from $GALA for any other ecosystem token, including the numerous project tokens that have been created by the community.
Create Project Tokens â In just a few minutes, you can burn $GALA to create a brand new project token of your own on GalaChain. Once the Gala Founderâs Node operators (who get a portion of the token as an operator reward) approve your project token via governance vote, your token will be available on GalaSwap and it will be yours to distribute as you please.
Collect $GSWAP â $GSWAP is the built-in reward token of GalaSwap, distributed daily to users who create and accept swaps.
Transfer tokens â Using the Transfer interface, users can easily send or receive GalaChain tokens, including $GALA, $MUSIC or any other token held in a GalaChain wallet.
Start Swapping
Everyone is eligible to buy the Trader Profile Badge and receive the $GALA rebate. Youâll find a purchase option at the top of the GalaSwap page.
Watch the project token markets and get swapping on GalaSwap, where each swap only costs 1 $GALA to create or accept. This is the power of DeFi on GalaChain, delivering endless possibilities and rewards.
Artificial Intelligence (AI) often sounds like something straight out of a science fiction movieârobots taking over the world or computers that think and act like humans. But the reality of AI is much different and far less scary. AI is already a significant part of our lives, helping us in ways we might not even realize.
Artificial Intelligence, Defined
At its core, Artificial Intelligence is simply the ability of a machine to perform tasks that would normally require human intelligence. These tasks can include things like understanding language, recognizing patterns and solving problems.
AI is just a tool designed to mimic certain aspects of human thinking or behavior. But itâs important to note that AI doesnât have feelings, consciousness, or self-awareness. Itâs just a set of algorithmsâbasically, step-by-step instructions for processing data and making decisions based on that data.
For example, when you use voice commands to ask your smartphone for the weather, AI is at work. It understands your question, searches for the information, and provides you with an answerâall in a matter of seconds. But itâs not “thinking” the way humans do; itâs following a programmed sequence of actions based on the input it receives from you⌠a thinking, creative human.
General vs. Narrow AI
Now that we know what AI is, itâs crucial to understand that there are two main types: General AI and Narrow AI.
Narrow AI
This is the type of AI we interact with daily. Narrow AI (often referred to as weak AI) is designed to perform a specific task or a set of related tasks. Itâs very good at what it does, but itâs limited to that particular function. A facial recognition system can identify people in photos, but it canât play chess or write a song.
These types of AI can seem deceptively intelligent, but thatâs because itâs trained to be incredibly proficient at one thing. As humans, we tend to recognize someone who is really good at something as very capable. AI is not a human. Just because itâs impressively responsive as a chat bot doesnât mean that it has real insight or understanding of anything itâs been trained on.
Search engine algorithms are a great example of this. Google seems like it knows everything about you sometimes. It places ads at the exact right time. Have you ever gotten an ad on YouTube for something that you were just thinking about but never voiced aloud? Spookily insightful, huh?
Only itâs not. Googleâs algorithm has sampled terabytes of data on literally billions of people. It is excellent at seeing the patterns and knowing that if you searched for A and you purchased B, youâre likely going to think about C sometime in the next few days. This doesnât mean it knows you, it just knows what humans are likely to do.
General AI
This is the kind of AI you see in movies â machines that can think, learn and apply knowledge across a wide range of tasks, just like a human. However, General AI (referred to as strong AI) doesnât exist yet. While thereâs some disagreement about how long, weâre still definitely a long way from creating a machine that can do everything a human can do.
To accomplish this, weâd need to make algorithms that can do everything the human brain can. The problem with that is that we donât really understand how our brain does its thing entirely. Even if we can simulate the number of neurons and interconnections in a human brain (a BIG task), will that equate to learning, insight and creative thinking? Is a brain just a computer or something more is a question that science hasnât come very close to answering.
Regarding GPT: Understanding Large Language Models
Letâs take a short digression to talk about one of the most ubiquitous forms of AI out there â the Large Language Model (LLM), used in programs such as GPT (Generative Pre-trained Transformer). Since these specialize in one of the cornerstones of civilization (communication), theyâre easy to overestimate or misunderstand. After all, we typically see the ability to communicate well in humans as a sign of intelligence.
Large Language Models (LLMs) are a type of AI designed to understand and generate human-like text based on the input they receive. They are trained on vast amounts of text data, allowing them to learn patterns, grammar and even some aspects of reasoning. When you ask GPT a question or give it a prompt, it analyzes the input and generates a response that seems coherent and relevant, often mimicking human language quite convincingly.
How GPT Forms Responses
When you interact with GPT, youâre essentially giving it a prompt â a piece of text that it will use as a starting point to generate a response. GPT doesnât “think” or “understand” the way humans do. Instead, it uses the patterns it has learned during training to predict what text is likely to come next based on the input it received.
If you ask GPT to write a story about a cat, itâll use the knowledge it has about cats, stories and language structure to craft a response. The more detailed your prompt, the more focused and accurate its response will be. It isnât actually composing a story⌠itâs just giving a response that sounds like something a human may say.
Limitations of LLMs
While LLMs like GPT are incredibly powerful, they have significant limitations:
Lack of understanding: LLMs do not possess true understanding or consciousness. They generate text based on patterns, not on any deeper comprehension of the world. This means that while GPT can produce text that seems intelligent, it doesnât actually “know” anything in the way humans do.
Dependence on training data: LLMs are only as good as the data theyâve been trained on. If the data is biased or incomplete, the modelâs responses may also be biased or inaccurate. Additionally, GPT cannot create entirely new knowledge; it only recombines and reinterprets what it has already been exposed to.
Inability to think critically: GPT and other LLMs cannot critically evaluate or verify information. They can sometimes generate responses that are factually incorrect or nonsensical, particularly if the prompt is ambiguous or outside the modelâs training scope.
You can train a parrot to respond to specific phrases with almost conversational quips⌠that doesnât mean the parrot is carrying on a conversation with you. LLMs are similar to that in lots of ways. The AI is learning what responses to a prompt are likely to be appropriate based on the data it is fed. Itâs complex, but itâs still just parroting the data itâs been given.
Apocalypse, Not
One of the biggest myths about AI is that it will eventually become so intelligent that it will take over the world, causing an “AI apocalypse.” This idea is more fiction than fact.
Remember, Narrow AI is designed to do specific tasks. It canât suddenly decide to become something else. Your AI-powered vacuum cleaner isnât going to start plotting world domination⌠itâs just going to keep cleaning your floors. Even if we one day develop General AI, the idea that it would turn against us is highly speculative and far from a present concern. Itâs also likely that generations of sci fi writers have been assigning scary, but fundamentally human characteristics to a theoretical, inhuman system.
In reality, AI is just another tool. As people understand more of this, another alarmist point of view has become prevalent â the idea that AI will replace all of us. Again, this goes a little far. There are parts of life that AI has already made more efficient, but itâs just a tool.
The invention of the power drill didnât replace carpenters. Often human expertise is still required to get the best work out of these AIs. Writing from GPT will feel choppy and generic if itâs not edited by an expert. Images generated by non-artists from Midjourney often still lack the composition and cohesion that an artistic eye with experience can bring.
You could give me (a writer) a powerful data aggregation algorithm, and I would be totally lost and would probably just waste time on it. To a data analyst, it can be a super power for tedious and mundane tasks that previously sucked their time dry. The expertise from a real human is still required to get the best work out of AI.
Human Intelligence Boosted
Hopefully this DevSpeak gives you a lot more insight into the very broad term âAIâ, and how it affects your daily life. New tech and the jargon that comes with it is often confusing, but thatâs why you have DevSpeak!
This one was a mouthful for sure! Thanks for sticking with us through this deep dive on an important topic. Weâll be back soon with more explainers designed to buff your understanding of the tech world!