Today we’re 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 user’s 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; it’s 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 – 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 we’re announcing a significant update to our ecosystem— 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.
What’s Changing?
As the result of approval of this recent Founder’s 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 Founder’s 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 haven’t started swapping tokens on GalaSwap yet, we’ve 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 you’ll get a lot of use out of the $GALA awarded as a rebate for the purchase.
Create and Accept $GALA swaps – 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 – In just a few minutes, you can burn $GALA to create a brand new project token of your own on GalaChain. Once the Gala Founder’s 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 – $GSWAP is the built-in reward token of GalaSwap, distributed daily to users who create and accept swaps.
Transfer tokens – 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. You’ll 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 movie—robots 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 it’s important to note that AI doesn’t have feelings, consciousness, or self-awareness. It’s just a set of algorithms—basically, 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 answer—all in a matter of seconds. But it’s not “thinking” the way humans do; it’s 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, it’s crucial to understand that there are two main types: General AI and Narrow AI.
It’s a little more complicated than just General and Narrow. If you want to dive deeper into the types of AI, check out this video from IBM.
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. It’s very good at what it does, but it’s limited to that particular function. A facial recognition system can identify people in photos, but it can’t play chess or write a song.
These types of AI can seem deceptively intelligent, but that’s because it’s 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 it’s impressively responsive as a chat bot doesn’t mean that it has real insight or understanding of anything it’s 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 it’s not. Google’s 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, you’re likely going to think about C sometime in the next few days. This doesn’t 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 — 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) doesn’t exist yet. While there’s some disagreement about how long, we’re still definitely a long way from creating a machine that can do everything a human can do.
To accomplish this, we’d need to make algorithms that can do everything the human brain can. The problem with that is that we don’t 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 hasn’t come very close to answering.
Recent studies indicate that we may be even further from General AI than we thought. Some recent evidence suggests that human reasoning may actually be using an unprecedented macroscopic quantum system throughout our bodies, giving rise to what we think of as “consciousness”. If that or anything like it is the case, we’re orders of magnitude further from general AI that can compare to human intelligence than we thought we were.
Regarding GPT: Understanding Large Language Models
Let’s take a short digression to talk about one of the most ubiquitous forms of AI out there – 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), they’re 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, you’re essentially giving it a prompt – a piece of text that it will use as a starting point to generate a response. GPT doesn’t “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, it’ll 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 isn’t actually composing a story… it’s 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 doesn’t actually “know” anything in the way humans do.
Dependence on training data: LLMs are only as good as the data they’ve been trained on. If the data is biased or incomplete, the model’s 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 model’s training scope.
You can train a parrot to respond to specific phrases with almost conversational quips… that doesn’t 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. It’s complex, but it’s still just parroting the data it’s 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 can’t suddenly decide to become something else. Your AI-powered vacuum cleaner isn’t going to start plotting world domination… it’s 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. It’s 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 – 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 it’s just a tool.
The invention of the power drill didn’t 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 it’s 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 “AI”, and how it affects your daily life. New tech and the jargon that comes with it is often confusing, but that’s why you have DevSpeak!
This one was a mouthful for sure! Thanks for sticking with us through this deep dive on an important topic. We’ll be back soon with more explainers designed to buff your understanding of the tech world!
Stablecoins have emerged as an important part of the web3 world, playing a crucial role in providing financial stability to a typically volatile cryptocurrency market. For those new to blockchain and crypto, stablecoins might seem like a complex concept, but they’re actually quite simple.
Think of them as a “digital version of the dollar” or other traditional currencies, designed to maintain a steady value rather than fluctuating like Bitcoin or Ethereum. In this blog, we’ll break down the concept of stablecoins, why they exist, how they work and their importance in the growing web3 world.
What Are Stablecoins?
A stablecoin is a type of cryptocurrency that is pegged to the value of a stable asset, typically fiat currencies like the US dollar or Euro. Unlike Bitcoin, which can experience dramatic price swings, stablecoins aim to stay steady. It should be noted however that no financial asset is perfectly stable, but stablecoins are comparatively stable to most cryptocurrencies.
Imagine you’re traveling to a foreign country and you exchange your money for local currency. When you return home, you expect your leftover foreign currency to hold roughly the same value. This is the idea behind stablecoins—they are designed to ensure your digital assets don’t lose value overnight, especially in the often volatile cryptocurrency world.
Why Do Stablecoins Exist?
Cryptocurrency is known for its wild price swings. Bitcoin, for example, can rise or fall by thousands of dollars in just a day. While this can be exciting for traders, it’s risky for businesses and individuals looking for stability. Enter stablecoins—designed to minimize this volatility by pegging their value to more stable assets.
Here’s why stablecoins are essential:
1. Price Stability for Transactions:
In a world where cryptocurrencies are becoming more common as payment methods, having a stable unit of currency is vital. Imagine buying a coffee for $5 worth of Bitcoin in the morning, only for that Bitcoin to lose value by the time your payment processes. With stablecoins, the value of your purchase remains consistent, making them ideal for everyday transactions. Depending on many variables (complexity, blockchain, amount), web3 transactions can take time. Vendors must rely on knowing that the price paid for a product or service is consistent with their asking price, even if the purchase takes a variable amount of time to fulfill.
2. Cross-border Transactions:
Traditional banking systems often charge high fees for international transfers and can take days to process. Stablecoins make cross-border payments faster, cheaper and easier. Since stablecoins are based on blockchain technology, you can send money across the world in minutes without worrying about the value changing dramatically during the process.
3. DeFi (Decentralized Finance) Applications:
Stablecoins have become an integral part of the decentralized finance (DeFi) ecosystem, where people can lend, borrow and trade assets without relying on traditional banks. In these systems, having a stable currency to work with makes it easier to manage risks and avoid the extreme price swings common in other cryptocurrencies.
How Do Stablecoins Work?
There are a few different types of stablecoins, each using different methods to maintain their stable value. Here are the three main types:
1. Fiat-collateralized Stablecoins:
These stablecoins are backed by actual reserves of fiat currency (like US dollars) held in a bank. For every stablecoin issued, there’s an equivalent amount of fiat currency sitting in reserve. One of the most popular examples is Tether (USDT), which is pegged 1:1 to the US dollar. So, for every USDT in circulation, there should be a dollar in reserve.
Example: If you have 100 USDT, theoretically, the company behind it holds $100 in a bank somewhere to back up your digital assets and allow your tokens to maintain their precise value.
Instead of being backed by fiat money, these stablecoins are backed by other cryptocurrencies, often over-collateralized to account for the volatility of crypto. This means for every $1 of stablecoin, there might be $2 worth of cryptocurrency backing it. DAI, created by the MakerDAO platform, is a well-known example of a crypto-collateralized stablecoin.
Example: If you want to create $100 worth of DAI, you might have to lock up $200 worth of Ethereum. If the price of Ethereum falls, the system will liquidate your assets in order to keep the value stable.
These stablecoins are not backed by any collateral. Instead, they use algorithms to control their supply, automatically increasing or decreasing the number of tokens in circulation to maintain a stable value. When the demand for the stablecoin rises, the algorithm issues more coins to bring the price down. If demand falls, the supply is reduced to increase the price back to its pegged value.
Example: TerraUSD (UST) was one of the more well-known algorithmic stablecoins before it collapsed in 2022 due to its inability to maintain its peg to the US dollar, highlighting one of the most important risks associated with this type of stablecoin.
Stablecoins have become indispensable in the broader Web3 ecosystem because they serve as the bedrock for many financial activities on the blockchain. Here’s why:
Liquidity and Trading
Stablecoins are often used as a medium of exchange on decentralized exchanges (DEXs). Traders use stablecoins to quickly move in and out of more volatile cryptocurrencies like Bitcoin or Ethereum without needing to cash out into traditional fiat currencies.
Decentralized Finance (DeFi)
DeFi platforms rely heavily on stablecoins. Lenders and borrowers use stablecoins as collateral, ensuring that their loans or savings won’t lose value overnight due to market volatility.
Onboarding to Crypto
Stablecoins offer a familiar value system for people new to crypto. Instead of having to understand complex pricing of volatile assets, newcomers can start by using a digital currency that mirrors traditional money.
Safety from Market Crashes
During significant market downturns, investors often convert their holdings into stablecoins to protect their portfolios. This acts like a “safe haven” during turbulent times.
Popular Examples of Stablecoins
Let’s take a look at some of the most widely used stablecoins in the cryptocurrency space:
Tether (USDT): The largest and most popular stablecoin, pegged to the US dollar.
USD Coin (USDC): A highly regulated stablecoin backed by US dollar reserves, known for its transparency.
DAI: A decentralized stablecoin backed by crypto assets, primarily used in DeFi applications.
Because of their proven stability, both USDT and USDC are accepted as payment methods for many products sold in the Gala ecosystems. Additionally, payments are also accepted in both GUSDT and GUSDC, the GalaChain-bridged versions of these Ethereum-based stablecoins.
Each of these stablecoins offers unique benefits depending on the use case—whether it’s transparency, decentralization, or regulatory compliance.
Stablecoins are the unsung heroes of the cryptocurrency world, bringing much-needed stability to a notoriously volatile market. They are an essential bridge between the traditional financial system and the world of Web3, facilitating everything from day-to-day transactions to more complex decentralized financial activities. Whether you’re new to blockchain or a seasoned crypto trader, stablecoins play a pivotal role in making digital assets more accessible and usable.
