You sit down at the breakfast table with your coffee. As the yawns squeeze out of you and you wipe the sleep from your eyes, you pull out your phone to catch up on your emails.
Just routine stuff… spam, spam, free offer, Amazon invoice – wait, what’s this? Your cuteandreallycuddlyfluffypuppies.com account has been compromised and needs your immediate attention! 😱 You click the link to reset your password, glad you caught this email before it was too late.
You follow the prompts on the next screen and fill out your new password… little do you know, your cuteandreallycuddlyfluffypuppies.com account has been compromised. By you. Right now. That was a fake link from a fake address, and they got exactly what they wanted out of you!
Sound familiar? This is one of the most common tales of how scammers find their way into someone’s defenses. As digital security continues to improve, there is still one glaring vulnerability to even the best system – the human behind it!
Welcome back to The Guardian Papers, where digital heroes can get the base training they need to thwart villains’ underhanded attacks against them across the web3 world.
Email is often where scammers have a chance at getting directly to you. One miscalculation or momentary lapse of attention to detail could cause you a lot of hassle, so you’ve got to know how to keep yourself safe.
Miss a previous edition of The Guardian Papers? Catch up below!
First off, we definitely don’t want to imply that email is inherently insecure – many email providers have excellent security protocols put in place, and there are tons of tools out there for anyone who wants to beef up the actual protections in their email. The problem with email security is the person behind the keyboard… and it’s a vulnerability that isn’t going away.
Your email is a direct line to you. No matter your security infrastructure, if you’re getting a scammer’s email in front of you, you’re probably going to read the words they wrote. This direct access is the dream of all those fake Discord admins and help desks. They want that direct line so they can exploit your trust… because your security systems work for you. If they convince you, your security isn’t an issue.
For most people, email is the height of routine. When you are checking emails, you’re performing the same ritual you’ve done thousands of times. You may have many email accounts, only adding to the volume and frequency of your email checking ritual. When you do something day in and day out, over and over, you eventually become less attentive to the process overall.
As something becomes part of your routine, you eventually sort of automate it in your mind. How many things do you automatically do throughout the day without any real conscious thought? It’s the same for email. While the part of your brain that reads and parses the information in the emails may be present, other parts of your mind have moved on to other tasks.
This leads to some easy wins for scammers that would never work on your while at full attention.
How Did They Find Me!?
Honestly, how wouldn’t they find you? It’s important to remember that our data is everywhere, and we don’t typically consider email addresses private data. If it’s ever been out there, it’s still out there probably.
Let’s say Billy has a private, personal email address that he typically only shares with family and close friends, then he has another that he uses for work. Billy’s dad is fond of forwarding emails on occasion, and so drops a long chain email forward into Billy’s inbox once in a while. Billy’s friend Sally CCs him into a monthly newsletter that she sends out for their Karaoke Club. One day, Billy starts seeing large amounts of spam coming into his personal email account! 😨
What happened? Well you see, Tyrone from Karaoke Club was trying to get his friend Trevor to come to last month’s championship, so he forwarded him the newsletter. Trevor’s email account was compromised and the inbox contained Tyrone’s address, along with the CCd address of every other member of Karaoke club. Welcome to a list, Billy.
Let’s be honest though, it’s probably not the first time Billy has gotten scam emails at that address. He used to have it visible in his Facebook about section for years, and it’s still listed on an ancient and forgotten DeviantArt portfolio along with his real name. Also, he’s had this account for a long time and emailed lots of people. Each of those is a chain that connects to his email address. If any one link is discovered by the bad guys, the whole chain is in the open.
After that they can do a surprising amount to learn your behaviors. With a full-feature email service, they can theoretically tell exactly when you open the email, your operating system, your geolocation… all sorts of stuff that isn’t exactly secret, but gives you the shivers that they could know. Once they have this, it’s not hard to generalize demographics and predict who would be receptive to what scams.
Wolves Dressed as Sheep
Many of the ways people will attack you through your email fall right in line with our previous discussion about The Impersonator. In your email they know they have you in a format that you’re likely to overlook small details. If they know they can get past your spam filter, then they know there’s a good chance that you’ll at least click on their email.
They’ll try to mimic emails that you are likely to be receiving. There are lots of ways they could get an idea about what email lists you may be on, and not all of them are data breaches. A tracker in your browser could be feeding info about your behavior without necessarily doing anything nefarious to be flagged as malware by your safeguards.
Remember, legitimate businesses and individuals assign cookies and trackers all the time without any ill intent. We all click “Accept All Cookies” once in a while. Even if there’s just a .01% chance that any of those you click on has something harmful coming across, it’s just a matter of time.
Also consider that people are quite predictable with a large enough sample size. For every well-timed scam email you’ve ever received that seemed like they must be actually watching you, you’ve probably received two dozen weird ones that seemed to come out of left field. It’s just a numbers game. They’ll get it right sometimes.
If they’ve identified your email and the most likely services and addresses that can trick you, it’s only a matter of seeing what they can slide by.
In the case of this above example, the fake may seem obvious. After all, we’re here stretching our brains and thinking about scammers, but when someone comes across this email they may be distracted or in a hurry. Then, they could feel panicked that their MetaMask wallet has been compromised.
Notice that they color the email to draw the eyes directly to what they want you to see. The large notice at the top, and the button to “update now”. While we didn’t click that link, a quick mouseover revealed the target to be a proxy site, with a slug pointing to a long string of characters for a dAPP command. This link almost surely goes to a fake service site where you will be immediately asked to connect your wallet.
Oh, and also –“MҽtaMask”? That’s not an E. That’s an Abkhazian Che, a Cyrillic character that is entirely different from the latin “e”. If you’re not paying close attention though… it may be enough to not get them flagged for impersonation, while your eyes simply autocorrect that to “MetaMask”.
Also, check out that XM over there. That’s called a BIMI or Brand Indicator for Message Identification. These are verified trademark spaces, so a brand can submit a BIMI that won’t be copied anywhere else. This is a relatively new system that only works with some email providers, so you may notice a difference between impersonators and the emails they’re impersonating based on their mark. This isn’t always the case though, as some brands have not yet adopted BIMI… our emails here at Gala, for instance, do not ever use a BIMI.
That verification check mark doesn’t mean anything, it’s just part of the display name – like we saw with fake help admins in our imposter profile.
The dead giveaway is the return email though. Even half redacted, it should be pretty easy to tell that’s not from MetaMask. Why would MetaMask not send emails from their domain that users know and trust?
Straight to the Source
The important part here is that your email usually has your attention. If they can slide into your inbox, half their work is done. If they send out 10000 emails, what do you suppose the chances are that no one is careless enough to click without thinking?
That’s the end goal for these scammers. They know that most people in the digital world are protected in some way from bad actors, but they also know that you hold the keys to your security mechanisms. The best defenses in the world don’t mean much if you willingly click to their site and give them your information.
This is why The Guardian Papers are here. These scammers know that there is always someone to prey on because people aren’t informed. If we all know what to look for, the fruit they’re looking for gets waaaaay higher in the tree. Maybe they’ll just go find another tree to climb.
Digital Guardians
No one is going to ensure your security on the web. You have to take matters into your own hands and change behaviors if you want to be safe. While it may seem overwhelming to think of all the ways the bad guys can get to you, it’s really not that hard. If you learn the ways that they come at you, before long it’ll be easy to spot the attackers long before they breach your walls.
We learn. We teach. If everyone is equipped to deal with them, digital villains don’t stand a chance.
That’ll do it for this week’s Guardian Papers! We’ll be back though as we dive into common ways people use Discord and other messaging apps to prey on the unaware!
$GALA is the official token of the Gala web3 ecosystem. Consistently placed in the top 100 crypto tokens (by volume) on CoinMarketCap, this token acts as the fuel for a thriving and always growing web3 world, powered by GalaChain.
$GALA on Ethereum
When the development of our layer 1 blockchain had just begun, $GALA was first created as an Ethereum-based token. Even today, as GalaChain is fully operational and rapidly expanding, we strive for interoperability with the Ethereum Virtual Machine, recognizing it as the most widely used blockchain system today.
Bridging $GALA to and from Ethereum is easy, although it is no longer originally minted there. By bridging $GALA to Ethereum, users can take advantage of numerous dApps and exchanges, both centralized and decentralized.
On Ethereum’s massively popular secondary marketplace, OpenSea, you’ll find all the official Gala collections, making it easy to trade Gala ecosystem NFTs.
When your $GALA is on Ethereum, you can:
Create or fill buy and sell orders on dozens of Ethereum-based exchanges
Use it to make GalaChain purchases via your connected web3 wallet
When new $GALA enters into circulation, it is created on GalaChain as a mint allowance, letting the owner decide when the official minting event should take place. Once it is minted from allowance to its tokenized form, it can be:
Spent in the GalaChain ecosystem
Used in Gala Games
Swapped on GalaSwap
Transferred to other accounts
Bridged to Ethereum
Getting $GALA
There are many ways to get $GALA beyond simply purchasing it from a crypto exchange where it is listed.
Rewards for Founder’s Node Operation
The main way that new $GALA enters the ecosystem is as a reward for the operation of Founder’s Nodes, which power the main Gala ecosystem DePIN (Decentralized Physical Infrastructure Network).
Based on the current total supply of $GALA in circulation, a set amount is allocated for distribution each day to all active Founder’s Node operators. This total distribution amount is distributed to active operators based on a daily point system that rewards each node based on the total amount of time they were active for the previous day. The greatest number of distribution points that can be attained by an operator in a day is 4– 1 for each 6 hour period in which their node was active.
Gala Founder’s Node licenses can be acquired here. They are easy to set up and run in the background of a user’s home computer through the Gala Node software, and they will generate $GALA rewards for every active day.
Rewards for Gameplay
Many of our games offer ways to receive $GALA for gameplay. Here’s a quick rundown of your options:
Champions Arena
When you compete in the PvP Arena against other players and play with NFT Champions, you are eligible for Victory Points, which convert once daily into $GALA rewards that are delivered directly to your account. Even players who do not own NFT Champions can take advantage of the Nexus feature to borrow and play with NFTs owned by others for a share of the rewards!
By participating in Legacy’s Design competition events of various leagues, players can win Legacy Tickets, which are converted daily to $GALA prizes based on a reward allocation determined by the amount spent in the game.
In the 4X space adventure game Echoes of Empire, players build and defend their home bases while scouring celestial bodies in search of Stardust, an extremely rare and rewarding resource. Every day, 50% of the Stardust held by each player is systematically burned and $GALA is given as a prize from a reward allocation.
Gala’s strategic sim game of town and city builders is centered around a meta-shifting weekly competition in which players from all over the world try to make the most Stars, crafting and selling the flavor of the week! Don’t let the relaxing and adorable feel of the game fool you. It’s an intensely strategic battle for the leaderboards, but winners are well rewarded with $GALA prizes.
Our casual browser-based poker game hosts tables of Texas and Omaha Hold’em. Every day, players win as many chips as they can in the free-to-play game, collecting Sweepstakes entry tickets as they go. Each week hosts a handsome $GALA prize pool in which multiple winners are drawn and each Entry Ticket is a new chance to win!
Every token available on GalaSwap may be swapped for $GALA. This includes project tokens that have been created by community members via the Project Token Creation Tool, as well as in-game currencies from games (like $TOLK, $MTRM and $ETIME) and wrapped versions of cryptos from other blockchains and GalaChain-based stablecoins (GUSDC and GUSDT). It only costs 1 $GALA to create or accept a swap. To start using GalaSwap, just log in with your Gala account credentials.
Trading on External Exchanges
Ethereum-based $GALA is available on dozens of exchanges in lots of different exchange pairs, making it accessible in almost every locality of the world. For a list of $GALA exchange pairings on both centralized (privately owned) and decentralized (open source, anonymous) exchanges, visit the Markets page of CoinMarketCap.
Sending or receiving $GALA is very simple, whether on Ethereum or GalaChain.
On GalaChain
To send $GALA to another GalaChain account, follow these steps:
Acquire the recipient’s GalaChain address – It will look like this:
client|5f64659d468267207aaf7982
In you account’s Balances area, select $GALA (GalaChain) and choose Send $GALA (GalaChain).
Enter the amount you’d like to send, along with the recipient’s address.
Finalize the transaction with your Transfer Code and you’re all set. They should see their $GALA within a couple minutes.
To receive $GALA from another GalaChain account, follow these steps:
Select Get GALA (GalaChain) in your account’s Balances page.
Share either the provided QR code or your GalaChain address with the sender.
On Ethereum
Sending and receiving $GALA on Ethereum works the same way as any other token on that blockchain. This should be self-explanatory within your preferred Ethereum wallet, such as Metamask. For added convenience, you can also conduct Ethereum transfers within your Gala account when your Metamask wallet is connected to your account.
Bridging $GALA
Moving $GALA from Ethereum to GalaChain (or vice versa) is easy through your Gala account with a connected Ethereum wallet such as Metamask. If your Ethereum wallet is not connected, you can connect it easily through your account’s Settings under Linked Accounts.
Bridging Fees:
Keep in mind that when bridging from one network to another, you are required to pay transactional fees for the network from which your tokens are departing.
Bridging from GalaChain to Ethereum costs a variable fee in $GALA.
Bridging from Ethereum to GalaChain costs a variable fee in $ETH.
Cryptocurrencies and blockchain tech aren’t going anywhere soon, and people who take the time to learn the basics now will be glad they did when the rest of the world catches on.
With all the excitement surrounding the Telegram blockchain-based app (tApp) craze, mass adoption is closer than ever. Speaking of rewarding and exciting Telegram tokenization, have you played our awesome new tap-for-rewards game, Treasure Tapper? You can play absolutely free through your Telegram account, and the rewards you win will soon be minted as real crypto on both TON and GalaChain, onboarding a million (or many more) users to the empowerment of blockchain tech!
Start tapping for treasure today if you haven’t yet!
In the simplest terms, a web3 wallet is your digital wallet for the decentralized web. Think of it as a special app that lets you store, send, receive, and manage your cryptocurrencies and digital assets. But it does more than just hold your “money.” A web3 wallet can interact with decentralized blockchain applications (dApps), making it a crucial tool for navigating the web3 world.
Typically, a person will only have a single IRL wallet, holding important items like driver’s licenses, credit cards and maybe some cash. One notable difference with web3 wallets is that it’s rather common to have more than one. For people dabbling in cryptocurrency through a mainstream exchange such as Coinbase, they may look no further than their Coinbase wallet, which will include all the functions they’ll need to trade and own on that platform. However, once users are interested in exploring new platforms and different blockchain ecosystems, they’ll quickly find that a new wallet will often optimize organization and convenience.
Wallets on GalaChain
Gala’s wallet approach is fairly simple due to the fact that GalaChain was built for the Gala ecosystem. Therefore, your GalaChain wallet is connected to your free Gala account. Having a wallet on GalaChain is as simple as having a Gala account.
Please note that while your GalaChain wallet is closely connected to your GalaChain account, it is yours and yours alone. Gala is a non-custodial wallet, meaning that it does not have access to your wallet or its private keys.
Tokens on GalaChain are built to interoperate with Ethereum, allowing you to bridge NFTs, crypto and in-game items to and from the Ethereum blockchain with ease. This is also accomplished by integrating one of the supported Ethereum-based web3 wallets with your Gala account. This connection can be made in your account’s Settings menu. For a quick guide on how to make this connection, check out this support article.
Our recommended external web3 wallet for the Ethereum blockchain is Metamask, the most widely used and trusted web3 wallet software in the world today.
Why Are Web3 Wallets Important?
Web3 wallets are essential for several reasons to anyone looking to experience the full range of opportunities and interactions available in web3:
Ownership and Control: Unlike traditional banking, where a third party holds your funds, web3 wallets give you full control over your assets. You own your private keys, which means you have complete control over your funds and transactions.
Security: Web3 wallets use advanced cryptography to secure your assets. As long as you keep your private keys safe, your funds are secure.
Decentralized Access: Web3 wallets allow you to interact with decentralized applications without needing to create multiple accounts. This is akin to having a universal login for all dApps, making the user experience seamless and efficient.
Innovation and Flexibility: With web3 wallets, you can participate in new financial systems, like DeFi (Decentralized Finance), and access unique digital assets like NFTs (Non-Fungible Tokens).
How Do Web3 Wallets Work?
Public and Private Keys
At the heart of every web3 wallet are two types of keys: Public and private keys. These keys are not literal keys, but strings of cryptographic codes that play different roles:
A Public Key is like your bank account number. It can be safely shared with others and used to receive funds.
A Private Key is like your PIN or password. It’s used to sign transactions and access your funds. Keeping this key secure is critical because anyone with your private key can control your wallet.
There are several types of web3 wallets, each offering different features and levels of security:
Software Wallets are applications or browser extensions, like MetaMask, that you can install on your computer or smartphone. They are convenient and easy to use but can be vulnerable to malware and phishing attacks. This is why it’s important to lock or log out of your software wallet when not in use.
Hardware Wallets: These are physical devices, like Ledger or Trezor, that store your private keys offline. They offer enhanced security by keeping your keys away from internet-connected devices, making them immune to online attacks.
Paper Wallets: These are simply printouts of your public and private keys. While they can be very secure (if stored safely), they are not practical for everyday use and can be easily lost or damaged.
Custodial Wallets: These wallets are managed by a third party, like an exchange, which holds your private keys for you. While they offer convenience and easy access, they also require you to trust the third party with your assets.
In the Gala ecosystem, as described in the Gala Ecosystem Blueprint, wallets play a pivotal role. GalaChain, the purpose-built blockchain for the Gala Games, Film and Music ecosystems, integrates with web3 wallets to provide users with seamless access to their digital assets and interactions within Gala dApps. Whether it’s buying in-game assets, participating in community votes, or collecting rewards through node operations, a web3 wallet is your gateway to these activities.
Looking for a deeper dive into web3 wallets and the security behind them?
Gateway to Web3
Beyond digital piggy banks, web3 wallets are your personal keys to the decentralized world of web3. By giving you full control over your assets and enabling seamless interaction with dApps, web3 wallets empower you to take full advantage of the innovative opportunities within the blockchain space. As the Gala ecosystem and the broader web3 landscape continue to grow, understanding and utilizing web3 wallets will be essential for anyone looking to participate in this new digital frontier.
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.
