API, TPS, AI, SDK, DAU… so many acronyms. Never fear! DevSpeak is here!
Welcome back to DevSpeak, the series where we try to improve your understanding of the often dense and confusing language developers use to communicate about their craft. There’s no shame in not knowing these kind of tech terms… but in case you don’t want to ask your dev friends, DevSpeak has your back.
Today, we’re talking about APIs. You’ll hear this term tossed around a lot, and with good reason! APIs are a fundamental part of how software is developed, utilized and expanded upon throughout the entire tech world!
API, Defined
API stands for Application Programming Interface, and they are one of the primary tools developers will use to integrate data, services and functionality from previously made software into their new applications. APIs allow developers to call the resources of another application so that not everything has to be built from scratch every time.
APIs are a set of rules that govern the framework by which different pieces of software communicate. These rules can be customized to only share specific information, meaning developers can create and call on a wide variety of APIs for different purposes, knowing that no one is getting full, unadulterated access to software just from this kind of connection.
Let’s say that you have your collection of non-fungible teddy bears ready to release on GalaChain. You’ve got an amazing multiplayer platformer – ”Grizzly Picnic” – developed and ready to release… but you need to access the Gala platform’s data to see how much BearPower a user has when they log in. Well, hook up that API and there’s already a pipeline made for you!
Anytime you need to get information from an existing piece of software for your software to use, there’s probably an API for that.
Without APIs, a new tool or system would need to be developed every time data needed to get from one application to another. That is simply not how tech grows. Applications are highly specialized, and rather than waste development time on building data pulling systems from the ground up, specialized developers would rather work on what they’re best at and plug in tested, standardized tools to build the foundation for inter-app communication.
This standardization is better for everyone. When someone builds new software, it’s usually because they want people to use it. Creating robust tools for other developers to integrate your app into their project is a great way to provide more utility, but also to ensure that your product is being used in the best way possible. You give people the ability to get more out of your app, while ensuring that you are still in control of the data within your application.
Have you ever wondered why you’d see “Pay with PayPal” buttons on sites that aren’t PayPal? Let’s be honest, most of us don’t even think about these anymore before we click. At first deeper thought though, this may seem a little suspicious. If you’re on some obscure store page, why would you give them your credentials? PayPal has created an API for people to verify encrypted info and initiate payments on their platform. More for retailers, more for customers… and it has been absolutely critical in PayPal’s rise to a ubiquitous payment method on all sorts of different transactions.
Ever wonder why your phone seems to know when you travel? Google Maps APIs allow tons of apps to call all sorts of data about your location and the services around you. Or sometimes the other way. You know exactly where that driver with your tacos is because their phone is sending data to an API, then the app you’re seeing it through is calling that data through an API.
APIs are ways a piece of software can be connected to, meaning they can be customized in a huge variety of ways. There are definitely APIs for specific data calls, but there are also private APIs that can only be used by specific entities or apps. Companies will often have private internal APIs just for managing and calling customer or employee data.
APIs Are Everywhere
It’s important to understand that we’ve discussed some examples, but APIs are incredibly varied. We are not exaggerating when we say that they are everywhere. Think of APIs as the nerve tissue connecting all the disparate parts of our body of technology in the modern world. The APIs are what keep our tech working together and building on the foundations created by each other.
Most apps you engage with are constantly using multiple APIs to call data. Why embed everything in the front end and bog it down when you can create a secure API for the front end to communicate with the back end?
Any upgrade to any of your programs or devices at any time is using an API to distribute those new files.
Anytime you stream, you’re being sent that information through an API.
Swipe a card? API.
Any time that two or more pieces of software are communicating with each other, you’ll find APIs behind it.
AP-Bye
That’ll do it for this DevSpeak, but we’ll be back soon to dispel the confusion around other common tech terms. If you’ve missed any of our previous editions, check them out below!
Tokens are fundamental components of the web3 ecosystem, revolutionizing how we interact with digital assets and decentralized applications (dApps). In simple terms, a token can be thought of as a digital representation of ownership or access rights to a certain asset or service, often facilitated by blockchain technology.
To better grasp the concept and importance of tokens in the web3 world, we’ll explore the different types of tokens and how they function within the GalaChain ecosystem.
What is a Token?
Imagine tokens as digital coupons or tickets. Just like a ticket grants you access to a concert or a coupon provides a discount at a store, tokens provide specific rights or access within the digital realm. They can represent various assets, from currencies to ownership rights, and can be transferred or exchanged on blockchain networks.
Origins and Etymology
The word “token” has a rich history and etymology, deeply rooted in the concept of representation. Its origins can be traced back to Old English and Germanic languages, where it was used to describe a sign or symbol that stands for something else.
Old English and Germanic Roots
The term “token” originates from the Old English word “tacen,” which means a sign, mark or evidence. This word itself is derived from the Proto-Germanic “taiknam,” which also denotes a sign or symbol.
Medieval Usage
In medieval times, a token often referred to physical objects like coins, vouchers or talismans, which were used to represent value or signify a promise or proof of authenticity. For example, merchants used tokens as a form of currency in trade, and tokens were also used in religious contexts as symbols of faith.
Modern Contexts
Over time, the use of tokens evolved but remained true to the idea of representation. In modern contexts before the advent of digital technology, tokens were still widely used in various forms such as subway tokens, arcade game tokens, membership tokens or game pieces, all serving as physical representations of access rights or value.
It’s interesting to consider the important role tokens have always played in gaming (player pieces, poker chips, Monopoly money, etc), especially when you consider that a large portion of today’s web3 world stemmed from the idea of gamification. This is why so many early web3 innovators like Gala used gaming as a way to express the meaning of web3 ideas like player ownership and reward economies.
The Concept of Representation
At its core, the concept of a token has always been about representation—one object standing in for another, often something more abstract like a promise, value or right. This foundational idea has seamlessly transitioned into the digital age, particularly within web3.
Check out our DevSpeak article breaking down Token and Coin roles in the web3 world for an even deeper dive!
Contemporary Web3 Definitions
Today, tokens continue to embody the essence of representation:
Digital Representation of Assets
Utility tokens, security tokens and non-fungible tokens (NFTs) serve as digital representations of various assets, rights or ownership on the blockchain. For instance, an NFT represents ownership of a unique digital item, such as a piece of art or a game character.
Access and Governance
Crypto tokens can also provide access to services, enable transactions or even represent governance rights of decentralized platforms. For example, the popular Ethereum-based decentralized exchange protocol, Uniswap, allows holders of its UNI token to vote on ecosystem decisions such as proposed changes, funding allocations and more.
The core Gala ecosystem does not tie governance to ownership of the $GALA token, but to operation of Founder’s Nodes. As the community that powers the ecosystem, owners of Founder’s Node licenses are periodically given a chance to vote on important ecosystem decisions. As the Gala ecosystem continues to expand outward from its core entertainment brands of Games, Music and Film to greater decentralization, new opportunities to introduce governance will be explored.
Community governance is an important aspect of decentralization, one which many would argue is imperative to prevent centralized control. Even large centralized corporations have traditionally checked control of leaders via powers of a governing body such as a Board of Directors. For an ecosystem, platform or protocol to be truly decentralized, the people must call its shots to some degree.
Look for another article in the near future about the importance of governance in web3.
Staying True to the Original Meaning
The contemporary use of tokens in the Web3 ecosystem has remarkably stayed true to the original definitions. Just as tokens in ancient times represented physical or abstract concepts like value, promises or rights, modern digital tokens represent ownership, access and utility within a decentralized digital framework.
By maintaining this fundamental principle of representation, tokens in the web3 world not only preserve their historical essence but also extend their utility into the digital realm, enhancing the way we interact with technology and digital assets. This continuity underscores the timeless nature of tokens as symbols of representation, evolving yet fundamentally unchanged in their core purpose.
Types of Tokens
Tokens in the Web3 ecosystem are diverse and can be categorized into several types:
Utility Tokens
Security Tokens
Non-Fungible Tokens (NFTs)
Governance Tokens
Utility Tokens
Utility tokens are designed to provide access to a specific service or product within a blockchain-based platform. They are often used to pay for transactions, access features, or reward participants within the ecosystem.
Examples: $GALA, $MUSIC, $FILM
Within the Gala ecosystem, the $GALA token serves as a utility token. It is the core utility and gas token used for transactions, purchasing NFTs and rewarding Founder’s Node operators. For instance, gamers can use $GALA to buy in-game items, create tokens on GalaSwap and more.
Security tokens represent ownership in a real-world asset, such as shares in a company or real estate. They are subject to regulatory compliance and are designed to be investments. There are no security tokens in the Gala ecosystem.
The concept of security tokens can be applied in scenarios where investments in real-world assets are tokenized, providing holders with ownership stakes and potential dividends.
Examples: Blockchain Capital Fund (BCAP), INX Limited (INX)
Non-Fungible Tokens (NFTs)
NFTs are unique digital assets that represent ownership of a specific item or piece of content, such as art, music, or in-game assets. Unlike utility and security tokens, NFTs are not interchangeable due to their unique properties.
Gala Music and Gala Games leverage NFTs to provide unique digital assets. For instance, musicians can release exclusive tracks as NFTs, granting ownership to their fans. Similarly, in Gala Games, players can own unique in-game items or characters, enhancing their gaming experience.
Governance tokens grant holders voting rights in the decision-making processes of a decentralized platform. They enable the community to participate in governance, proposing and voting on changes or upgrades.
Examples: Maker DAO (MKR), Compound decentralized lending protocol (COMP)
$GALA is primarily a utility token, but governance will play an increasingly important role in the Gala ecosystem as it moves toward greater decentralization over time. Currently, Founder’s Node operators are able to vote on certain important ecosystem decisions. Gala Music account holders can cast votes on new artists and tracks to be added next to the platform. While these democratization methods are not directly tied to the ownership of a token, they are important aspects of a decentralized community.
Tokens are crucial in the Web3 ecosystem for several reasons:
Decentralization: Tokens facilitate decentralized governance and operations, reducing reliance on central authorities and minimizing the need for trust between parties.
Incentivization: They incentivize participation and contribution within the ecosystem, rewarding users, developers and node operators.
Interoperability: Tokens enable seamless interaction between different blockchain-based platforms and applications.
Ownership: NFTs and other tokens provide verifiable ownership of digital assets, enhancing the value and utility of these assets.
Tokens in the Gala Ecosystem
GalaChain already contains numerous tokens, especially since the GalaSwap Project Token Creation Tool has recently empowered anyone in the community with the ability to easily make a token for their own project.
Game Tokens
The Gala ecosystem features specific gaming reward tokens like Legends Reborn’s $TOLK, Mirandus’ $MTRM and Spider Tanks’ $SILK. These tokens serve as in-game currencies, rewarding players for their achievements and participation. They can be used to buy items, access special features, or trade within the games’ marketplaces.
$GALA as the Core Utility Token
The $GALA token is integral to the Gala ecosystem, acting as the primary medium of exchange and rewarding participants. It is used to power transactions on GalaChain, purchase NFTs and reward node operators who maintain the network’s infrastructure.
Here’s to a More Tokenized Future!
Tokens are the lifeblood of the web3 ecosystem, enabling decentralized applications, digital asset ownership, and community-driven governance. In the Gala ecosystem, tokens like $GALA, $TOLK, and $MTRM illustrate the diverse applications of tokens, from utility and rewards to unique digital assets. Understanding the different types of tokens and their roles helps us appreciate their significance in shaping the future of digital interactions.
Imagine owning a unique digital collectible, like a piece of art, a video clip, or an in-game item, that you can prove you own and can trade securely. This is made possible by non-fungible tokens, or NFTs. An NFT is a type of digital asset that represents ownership of a unique item or piece of content, verified through blockchain technology. Unlike cryptocurrencies such as Bitcoin or Ethereum, which are fungible and can be exchanged on a one-to-one basis, NFTs are unique and cannot be exchanged on a like-for-like basis.
Gala Games first started creating NFTs in 2020, such as playable items for Town Star (now known as Common Ground World), building and land deeds for Mirandus and more. The unique capabilities of NFTs is especially demonstrable in gaming, where players want the freedom to own the gaming items they collect. For the Gala ecosystem as it continues to grow, the endless possibilities of NFTs have already been extended far beyond gaming.
How Do NFTs Work?
To understand NFTs, let’s break down their key components and processes:
1. Tokenization
Tokenization is the process of creating a digital token on the blockchain to represent an item (digital, physical or conceptual). Ownership of the token is then ownership of whatever the token represents. For example, the owner of a Mirandus Homestead NFT will also be the owner of a piece of real estate in the world of Mirandus – specifically, a Homestead to use as their home base in the game.
2. Blockchain Technology
NFTs are typically built on blockchain platforms such as the widely known Ethereum Virtual Machine. Each NFT is recorded on the blockchain, ensuring transparency and immutability. This means the ownership and transaction history of the NFT are publicly verifiable and cannot be altered. Another term for this is immutability.
3. Smart Contracts
NFTs use smart contracts to define the terms of ownership and transfer. These contracts automatically execute when certain conditions are met, ensuring secure and transparent transactions. Smart contracts allow NFTs to have functions, utilities and behaviors, or special unlocked perks for owners.
4. Metadata
NFTs include metadata that describes the unique properties of the token, such as the creator, description, and any associated media files. This metadata is stored on the blockchain and often includes a link to the digital asset.
Why are NFTs Important?
NFTs are transforming the way we think about ownership and value in the digital world. Here are some key reasons why NFTs are important:
Proof of Ownership
NFTs provide indisputable proof of ownership of a digital asset. This is particularly important for artists, musicians and creators who want to authenticate their work and ensure they are recognized and compensated for their creations. Additionally, it is important for collectors interested in maintaining the value of their collected asset.
Scarcity and Value
NFTs can represent scarce digital assets, creating value through rarity. Collectors and enthusiasts are sometimes willing to pay significant amounts for unique digital items, much like rare physical collectibles. One clear (but often overlooked) benefit to collecting digital items versus physical items is that there is no deterioration of quality over time. For example, a digital trading card has no need to be properly stored or protected from the sun. There is no need for quality or conditional grades in terms of digital collectibles. No matter how much they are used or traded, the quality and integrity of the item will remain the same, unless a degradation mechanic is programmed into the associated smart contracts.
Interoperability
NFTs can be used across different platforms and applications. For example, an NFT representing an in-game item can be traded or used in various games or virtual worlds, enhancing its utility and value. In the more recent web3 world, this has been demonstrated by numerous bridges, which allow tokens to migrate from one blockchain to another. The bridge is an appropriate analogy for this action, as different blockchains are typically divided by rivers of variation in how they operate.
Royalties and Revenue
Smart contracts enable creators to earn royalties every time their NFT is resold. This ensures that artists and creators can continue to benefit from the increasing value of their work. This is simply demonstrated on Ethereum’s most popular secondary marketplace, OpenSea, where NFT collectors list collections that can then be traded peer-to-peer among blockchain users. Whenever an item is traded, the original creator receives a portion.
On Gala Games, smart contracts can enforce revenue shares with second and third party creators whenever NFTs are sold in primary sales. On Gala Music, artists can arrange their track’s NFT sales to automatically split revenue with parties of their choice, making it easy for them to work with an agent, producer or collaborator.
Innovation and Creativity
NFTs are driving innovation and creativity in various fields, including art, music, gaming and sports. They offer new ways for creators to monetize their work and engage with their audience. Over the past several years, the overall quality of digital art has been elevated by the existence of non-fungible tokens, and artists have enjoyed new ways to monetize their creativity.
Real-World Applications of NFTs
Digital Art
Artists can create and sell unique digital artworks as NFTs. This allows them to reach a global audience and receive direct compensation for their work. High-profile sales, like Beeple’s “Everydays: The First 5000 Days,” which sold for $69 million, have brought significant attention to NFTs in the art world.
Music
Musicians can tokenize their music, offering exclusive tracks, albums, or concert tickets as NFTs. This provides a new revenue stream and a way to connect with fans. Gala Music has already been pioneering in this field for some time, giving artists new ways to interact with their fans and monetize their art.
Gaming
On Gala Games, smart contracts make it easy to work with second and third party creators whenever NFTs are sold in primary sales. On Gala Music, artists can arrange their track’s NFT sales to automatically split revenue with parties of their choice, making it easy for them to work with an agent, producer or collaborator.
Film
Earlier this year, Gala film hit the ground running with a solid plan to revolutionize the film industry through tokenization and web3 tech. Creating a way for viewers to watch exclusive content freely with no subscriptions or fees while also receiving rewards for their activity, Gala Film is taking filmmakers and film fans deeper into the stories.
Sports
Sports franchises and athletes are leveraging NFTs to create unique fan experiences. Collectible NFTs, such as digital trading cards and highlight reels, offer fans a way to own a piece of sports history. NBA Top Shot, a platform for buying and selling officially licensed NBA collectible highlights, has become incredibly popular.
Virtual Real Estate
NFTs are also used to buy, sell, and trade virtual real estate in digital worlds and metaverses. Platforms like Decentraland and The Sandbox allow users to own and develop virtual land, creating new opportunities for investment and creativity.
Gala Games has already explored many forms of digital real estate, such as the Taverns in TCG Legends Reborn that allow players to host PvP matches for a share of the rewards, buildings and estates in Mirandus, or even entire planets in Echoes of Empire.
GalaChain and NFTs
The GalaChain ecosystem, powered by the $GALA token, is at the forefront of integrating NFTs into gaming and entertainment. Here’s how GalaChain utilizes NFTs:
In-Game Items
GalaChain allows players to own and trade many of their in-game items as NFTs, providing true ownership and the ability to monetize their gameplay.
Interoperability
NFTs on GalaChain can be used across various games and applications throughout the ecosystem, making it possible for creators and owners to enhance their utility.
Creator Tools
Through the GalaChain Creators Portal, GalaChain provides tools for creators to develop and deploy their own NFTs, fostering innovation and expanding the ecosystem’s offerings.
The Future of NFTs
As NFTs continue to evolve, their potential applications and impact are vast and far-reaching. Here are some trends to watch:
Mainstream Adoption
As awareness and understanding of NFTs grow, we can expect to see broader adoption across various industries. More artists, musicians, brands and businesses will explore NFTs as a way to engage with their audiences and monetize their digital items.
Enhanced Utility
Future developments will focus on enhancing the utility of NFTs, enabling more complex and interactive applications. This could include NFTs that evolve over time, integrate with physical items or offer access to exclusive experiences and communities.
Interoperability and Standards
Improving interoperability between different blockchain platforms and establishing industry standards will make it easier for NFTs to be used across various applications and ecosystems. Interoperability has always been a cornerstone of Gala’s approach to web3 empowerment.
Sustainability
The environmental impact of NFTs, particularly on energy-intensive blockchains like Ethereum, is a concern. Future developments will focus on creating more sustainable and energy-efficient blockchain solutions for NFTs such as GalaChain.
5. Regulatory Frameworks
As NFTs gain popularity, regulatory bodies will develop frameworks to protect consumers and ensure fair practices. Clear regulations will help legitimize the NFT market and encourage responsible innovation.
NFTs Aren’t Going Anywhere
NFTs are revolutionizing the concept of digital ownership and creating new opportunities for creators, collectors and users. By leveraging blockchain technology, NFTs offer secure, transparent and verifiable proof of ownership, transforming industries from art and music to gaming and sports.
Ecosystems like Gala are at the forefront of this revolution, integrating NFTs into gaming and entertainment in innovative ways while facilitating the development of NFT capabilities across multiple world industries. As the technology continues to evolve, NFTs will play an increasingly important role in the digital economy, driving innovation and creating value in the web3 era.
Stay tuned for more blogs in our explainer series, where we’ll dive deeper into the fascinating world of Web3 and its key concepts!
It’s only been a short time since the Project Token Creation Tool was released on GalaSwap, but some big things have been happening.
Since opening up the floodgates to new tokens on GalaSwap, 70 new tokens have been created on GalaChain. Over 420,000 total $GALA has been burnt in the token creation process, and we’ve seen some people really dive into new tokens on GalaSwap!
We just wanted to pop in today to highlight that one new token on GalaChain hit over $1m in market cap after only a few weeks! $WEN!
This was snipped on July 3rd, around 2pm PT on galacoins.xyz!
“$WEN is initially a memecoin based on a famous joke about delays. Within a few days, I started leveraging my knowledge of Galachain’s tools to decentralize the holdings and gamify the trading. Now it aims at becoming a token with utility, the first of which is to access to features on galacoins.xyz”
Lukabylie, $WEN
WEN?
$WEN is a token created by a community member you may know as Lukabylie on Discord. They also happen to be the owner of galacoins.xyz!
WEN was first created at the beginning of June, but it’s taken off within the community with amazing speed! As of the time of writing this article, $WEN is showing a $600k market cap on galacoins!
More Than a Memecoin
As promised, here is the Litepaper for $WEN! It goes through the basics of coin creation on Gala, the specifics of our coin and most importantly our vision and what we already built to achieve. Share it & tell us what you think! https://t.co/mE0xHMM7Ga
We here at Gala are absolutely thrilled to see the community embrace a grassroots token like this. What’s even greater to see is that it’s not just the meme that’s making WEN desirable… just a few weeks in and the team is already providing actual utility for holding WEN!
Add in the robust transparency that they have diligently performed with distributions and allocations, and it’s pretty clear why the community has placed so much trust in $WEN!
“We are thrilled with the community’s interest in the token and in galacoins.xyz. What I’m personally surprised about is the magnitude of the interest and support our project received. With that in mind, we intend to expand on galacoins.xyz and create new projects if possible.“
We could not be happier to see WEN gaining steam in the ecosystem. GalaChain is a place for creativity and ingenuity, and we want people to build their projects here and leverage the power of this chain to achieve success.
Congratulations to the $WEN team on early success! Thanks for being a part of GalaChain!
Gala Games and Animoca Brands collaborate to enhance the $GALA token experience for users
Animoca Brands will receive $GALA tokens from Gala’s Treasury in order to provide liquidity provisioning services to Gala Games, with the goal of facilitating orderly trading of the $GALA token. Animoca Brands is already an operator of 9 of Gala Founder’s Nodes and plans to serve as a GalaChain Validator in the future.
Gala Games and @animocabrands collaborate to enhance the $GALA token experience for users 🤝
Animoca Brands will receive $GALA tokens from Gala’s Treasury in order to provide liquidity provisioning services to Gala Games, with the goal of facilitating orderly trading of the…
Gala Games and @animocabrands collaborate to enhance the $GALA token experience for users 🤝
Animoca Brands will receive $GALA tokens from Gala’s Treasury in order to provide liquidity provisioning services to @GoGalaGames, with the goal of facilitating orderly trading of the…
