NOTE: The following information about the future release of $TREZ is intended for informational purposes only and should not be considered investment advice.
Driven by our new “tapper” genre of Telegram mini app web3 games, Gala is ready to unveil the economy plans for $TREZ, a token dedicated to ecosystem interaction and sharing.
Gala is creating one of the largest developer-friendly web3 ecosystems in the world, powered by the speed, scalability and security of GalaChain, Gala’s L1 blockchain built for entertainment and ready for anything.
Gala was launched in 2019 with a focus on ownership-enabled gaming. Gala Games quickly rose as a web3 leader in entertainment, launching Gala Music and Gala Film. In 2024, GalaChain’s doors were opened to external developers with the release of a powerful GalaChain Creator self-service portal and a public-facing SDK.
Witnessing the recent success of Telegram’s mini app ecosystem and its ability to integrate The Open Network (TON Blockchain) for seamless web3 functions, Gala began creating Telegram mini app games in Q3 2024 as a solution for enhanced web2 user acquisition across its ecosystem. By leveraging a mobile messaging platform used by nearly a billion users worldwide, it became simpler than ever to share the empowerment of web3 with the world. Today, Telegram mini apps represent the most high-powered onboarding tools web3 has ever seen.
What is $TREZ
$TREZ is the official token created by Gala Games to enrich and incentivize its growing ecosystem of Telegram mini app “tapper” style games. With the initial publication of this litepaper, these games include Treasure Tapper and Music Coin, but this list is expected to expand in the future.
With its upcoming token generation event (TGE), $TREZ will be a fungible token initially minted on GalaChain, TON Blockchain or a combination of the two.
$TREZ will have a max supply of 100 billion tokens.
The majority of $TREZ will be allocated for distribution to users.
Getting $TREZ
$TREZ will be accumulated by accomplishing goals and tasks in Gala’s Telegram mini app “tapper” games – currently limited to Treasure Tapper and Music Coin.
While the exact details of $TREZ accumulation within the games are still in flux, we are now prepared to share more information about not only the token’s distribution, but the initial list of criteria that will determine how much $TREZ will be received by each user with each distribution.
Part 1: Seasonal Rewards
$TREZ will be released into circulation on a seasonal basis, and season length will likely vary. For each Distribution Season, a variable (TBA) portion of the total $TREZ supply will be emitted to users.
Everything from the initial launch of Treasure Tapper to the $TREZ TGE will be considered part of Season 1. The end of each Distribution Season will be marked by a $TREZ distribution, with exact quantities per user determined using a point system based on the following criteria.
Seasonal Distribution Rewards
Here are some criteria by which seasonal $TREZ distribution per user is determined:
In-game Coins Collected
Rewards per Hour
Number of Direct Referrals
Number of Secondary Referrals
Creation of Gala Account
Number of Challenges played
Gala Store Spend
Missions Plus
Future seasons could bring the opportunity to purchase mission upgrades that will reward the upgraded player with more distribution points toward the upcoming Seasonal Distribution.
In-App Purchases
In later seasons, users may get opportunities to spend $TREZ for in-app or Gala ecosystem purchases. This type of purchase would be factored into the Seasonal Distribution.
Part 2: Daily Rewards
In addition to the Seasonal Distribution, players will have opportunities to collect daily distributions of $TREZ based on in-game tasks and challenges. Allocations of daily distributed $TREZ will typically be determined by leaderboard placement, encouraging daily competition and interaction with Gala’s $TREZ associated apps.
The majority of $TREZ distribution will be included in the Seasonal rewards.
Daily distribution leaderboards may include (but are not limited to):
In-game Coins accumulated
Daily tasks completed
Daily matches and rematches
Daily referrals
Daily play time (app open)
Powering the Future of Web3 Entertainment
As we prepare to introduce $TREZ into the Gala ecosystem, we’re setting the stage for a new wave of innovation and engagement. The tokenomics of $TREZ are designed to enhance the user experience within our ecosystem, particularly in our Telegram mini-app games.
By offering both seasonal and daily rewards, $TREZ not only incentivizes interaction but also fosters a more vibrant and active community. This litepaper is just the beginning, with more exciting developments on the horizon as we continue to expand the utility of $TREZ and integrate it further into the broader Gala ecosystem. Stay tuned for more updates, and get ready to tap into the future of web3 gaming with $TREZ!
Legal Notice: This litepaper is intended for informational purposes only and should not be considered investment advice. Additional information will be added to this document as it becomes available. All details are subject to change for any reason and without notice.
Some of the largest Bitcoin mining operations in the world are amplifying their efforts, even in the face of some of the steepest mining cost increases they have ever seen. This is a clear sign of their expectations for the future of the world’s first and largest cryptocurrency.
Following the recently released Q2 financial report from Singapore-based cloud mining company BitFuFu, analysts are observing some fascinating patterns that paint a bullish picture of large scale BTC mining operations’ outlooks for the future of the industry.
Even with a substantial increase in per-BTC mining cost to $51,887 per Bitcoin (compared to $19,344 for Q2 2023), BiFuFu has reported a scale up of 60% from its previous year’s operation.
While the massive increases in mining costs have required BitFuFu to spend more money per BTC, the company has experienced revenue growth of almost 70% ($76.3 million in Q2 2023 to $129.4 million in Q2 2024)
Seasonal Optimism
With the sell waves of Mt. GoX payouts now fading toward the distant horizon and the dust of the 2024 Bitcoin halving settling, some crypto analysts are concluding that BTC is headed for another season of growth.
Matthew Sigel, head of digital assets research at VanEck shed some light on the BTC situation, highlighting the growing connections and opportunities between AI and BTC mining, and discussing the aftermath of “forced selling” and seasonal patterns.
“This is a typical seasonal pattern where Bitcoin tends to struggle in one to three months after the halving, which was in April. And pre-election, as the market comes to grips with whatever candidate wins, we’re in for four more years of reckless fiscal policy. The history is that Bitcoin really hits its stride at that point. So we’re buyers here. We think it recovers.”
As the Web3 ecosystem continues to grow, so does the threat of crypto scams.
Recently in the news, the Australian Securities and Investments Commission (ASIC) reported having uncovered and shut down over 600 cryptocurrency investment scams in just one year, highlighting the increasing sophistication and prevalence of these threats. Even more concerning is the fact that the 600+ operations that were shut down comprises a mere 9% of the 7000+ total phishing and scam investment websites identified.
These somewhat alarming statistics are part of a broader trend where scammers exploit new technologies like artificial intelligence to deceive unsuspecting investors.
The Anatomy of a Modern Crypto Scam
Cryptocurrency scams today are not just about tricking individuals into sending funds to a fraudulent address. They have evolved into complex schemes, keeping up with the growth of the typical Web3 user. Today’s scams often involve fake investment websites, phishing attacks to steal personal data, false promises of AI-powered trading systems that guarantee unrealistically high returns or falsely claimed international regulation. ASIC’s crackdown on these operations is a clear indication that the landscape of financial crime is adapting quickly to the innovations within the Web3 space.
The Role of AI in Amplifying the Scam Threat
One of the most concerning developments is the use of AI by scammers. While these emerging technologies are beneficial in many aspects, they can also provide tools for criminals to automate and enhance their scams, sometimes multiplying the potential damage. This can include creating convincing fake identities, automating phishing attacks and even generating fraudulent financial reports that appear entirely legitimate to the untrained eye.
As the Gala ecosystem continues to advocate for decentralized technology and the empowerment it offers, it’s crucial that our community remains vigilant against these emerging threats. Awareness is the gateway to knowledge, and knowledge is power and safety in this new Web3 world.
ASIC’s Efforts: A Wake-Up Call for the Global Crypto Community
ASIC’s successful takedown of 615 crypto investment scams serves as both a warning and a call to action for the global Web3 community. With Australians losing an estimated A$1.3 billion to these scams in the last year alone, the scale of the issue is undeniable. This is not just a problem for regulators but for every participant in the Web3 space, including those within the Gala community.
GalaChain’s Commitment to Security and Education
At Gala, we are committed to creating a safe and secure environment for all our users. GalaChain, our purpose-built Layer 1 blockchain, is designed with security at its core. Our ecosystem includes robust measures to protect against malicious activities and ensure that users can engage with Web3 technology safely. However, technology alone is not enough. Ongoing self education and awareness are key to avoiding and preventing scams.
We encourage our community to stay informed about the latest threats and to always verify the legitimacy of any opportunities in the Web3 space. Remember, if something sounds too good to be true, it probably is.
Building a Safer Web3 Future Together
The fight against crypto scams is a collective effort. As we continue to build and expand the Gala ecosystem, we must all remain vigilant and proactive in protecting ourselves and each other. By fostering a well-informed and cautious community, we can mitigate the risks and continue to enjoy the benefits of decentralized technology without falling victim to fraudulent schemes.
The content of this article is not investment advice.
As we continue to explore the many avenues that can lead to the widespread adoption of blockchain tech, one financial instrument has been making waves in both traditional finance and the emerging Web3 space—Exchange-Traded Funds (ETFs).
With vastly increased attention over the past few months, it’s clear that ETFs will play a significant role in driving mainstream acceptance of blockchain and Web3 technologies. But what exactly are ETFs, and why are they so crucial to the mass adoption of Web3? Let’s dive in.
What Are ETFs? Breaking It Down
An Exchange-Traded Fund (ETF) is a type of investment fund and exchange-traded product that holds assets such as stocks, commodities or bonds. ETFs are traded on stock exchanges like individual stocks. This means they can be bought and sold throughout the trading day at market price, which fluctuates with the value of the underlying assets within the particular ETF.
The Appeal of ETFs
In the more traditional world of finances, ETFs have gained popularity because they offer investors exposure to a wide array of assets without requiring them to buy each asset individually. For instance, an investor can buy shares of an ETF that tracks the performance of the S&P 500, thereby gaining exposure to the top 500 companies in the U.S. stock market with a single purchase. This convenience, combined with generally lower fees compared to mutual funds, makes ETFs an attractive option for both novice and seasoned investors.
ETFs and the Web3 Ecosystem: A Perfect Match?
Bridging Traditional Finance and Blockchain
The connection between ETFs and crypto is becoming increasingly significant. As blockchain-based assets continue to steadily gain traction, the introduction of ETFs that track some of these assets allows traditional investors to gain exposure to the blockchain space without directly buying or managing cryptocurrencies.
In the same way that the traditional financial system can appear mysterious and daunting to many early adopters of web3, it can be difficult for traditional investors to dive directly into the web3 pool. ETFs present a shallow end with easier entry, allowing those investors to first get their feet wet without becoming overwhelmed by the less regulated deep end.
Essentially, ETFs are particularly appealing to those who are curious about blockchain but wary of its volatility and technical complexity.
Accessibility: ETFs provide a familiar and regulated investment vehicle for traditional investors to explore the world of blockchain. This ease of access is crucial for onboarding new users to the Web3 space, where unfamiliarity has consistently proven itself a significant barrier.
Institutional Interest: The approval and adoption of blockchain-based ETFs by regulatory bodies signal a growing institutional acceptance of blockchain. As large financial institutions enter the space through ETFs, legitimacy is lended to the entire Web3 ecosystem, encouraging a community of increasingly more conservative investors to participate.
Market Stability: By providing a diversified and regulated way to invest in blockchain technology, ETFs can help stabilize the market. This can reduce the extreme volatility often associated with cryptocurrencies, making the Web3 space more attractive to the general public. As more traditional money flows into these markets, they generally will become more difficult for whales to manipulate.
The Road Ahead: ETFs as Catalysts for Mass Adoption
Looking back several years from now, ther’s a good chance that 2024 will be remembered as the “year of the ETF” in the same way that 2018 was all about ICOs and 2021 centered around NFTs.
ETFs represent a bridge between the traditional financial system and the emerging world of Web3, and bridges are incredibly important when it comes to mass adoption. By offering a regulated, accessible and relatively low-risk entry point into blockchain, ETFs are likely to play a pivotal role in bringing blockchain technology into the mainstream.
As we continue to develop the GalaChain ecosystem, we recognize the importance of such instruments in shaping the future of Web3. By keeping an eye on these trends, we position ourselves—and our community—at the forefront of the blockchain revolution.
The first Bitcoin ETFs were approved by the US Securities and Exchange Commission (SEC) in the first weeks of 2024, with a total of 11 BTC ETFs approved, opening the floodgates.
In mid July, Ethereum-containing ETFs were finally approved for market trading. “We’ve now fully entered the ETF era of crypto. Investors can now access more than 70% of the liquid crypto asset market through low-cost ETPs,” said Matt Hougan, Chief Investment Officer at Bitwise.
There is a constant flow of news in the financial sector about crypto-related ETFs. Such extensive intersection of crypto and traditional finance is unprecedented.
At Gala, we’re not looking to make any predictions or speculations about token prices, and we’re not offering financial advice of any kind. We support the empowerment that comes with adoption of blockchain technology, regardless of how that empowerment interacts with markets. When we see the mainstream financial world (and its most trusted regulators) paying more attention to cryptocurrency, we recognize that global awareness of web3 is on the rise.
We encourage our readers to stay informed and try to keep up with the latest developments at the intersection of centralized and decentralized finance. Knowledge is empowerment, especially in the web3 world.
The intersection of ETFs and blockchain is a powerful indicator of how traditional finance and emerging technologies are beginning to converge. As we look to the future, ETFs could very well be the key that unlocks widespread adoption of Web3 technologies. At Gala, we are excited to be part of this journey and are committed to leading the charge in integrating these financial innovations into our ecosystem.
In the simplest terms, a hash is like a digital fingerprint for data.
Imagine you have a piece of information—a document, a photo or even a piece of text. When you run this information through a hash function (a specific type of algorithm), it generates a unique string of characters called a hash. No matter the size of the original data, the resulting hash is always of a fixed length. This is a key feature of hash functions: They condense data into a fixed-size output.
Think of it like shredding a document and then encoding the resulting pile of shredded paper into a fixed-sized box. No matter how long or short the original document was, the box is always the same size, and it’s nearly impossible to reconstruct the original document from the box alone. Similarly, it’s computationally infeasible to revert a hash back into its original data.
Hashes are foundational to many blockchain technologies, including cryptocurrencies like Bitcoin and Ethereum. They are integral to how blockchain ensures the integrity and security of data. Here are some key reasons why hashes are so important in Web3:
Data Integrity: Hashes ensure that the data hasn’t been altered. When data is hashed, even the slightest change in the input (like changing a single letter in a text) will produce a completely different hash. This makes it easy to detect tampering or corruption.
The decentralized internet as we know it is possible through the use of hash functions, as demonstrated by the Interplanetary File System and its distributed hash table. IPFS uses hash functions to verify the integrity of all data shared to what has become known as the decentralized internet. In fact, Gala Founder’s Nodes power a large portion of this data, giving the Gala ecosystem a large share in the responsibility of web3’s future.
Blockchain Security: In blockchain, hashes are used to link blocks of data together. Each block contains the hash of the previous block, forming a chain. If someone tries to alter the data in a block, the hash of that block changes, which then changes the hash of the subsequent block, and so on. This makes it extremely difficult to alter any information in the blockchain without detection.
Efficient Data Storage: Hashes allow large amounts of data to be represented by a small, fixed-size string. This makes storing and verifying data in blockchain systems much more efficient.
Proof of Work: In cryptocurrencies like Bitcoin, hash functions are used in the mining process. Miners compete to find a hash that meets certain criteria (e.g., it must start with a certain number of zeros), which requires computational power. This process, known as “proof of work,” secures the network and adds new blocks to the blockchain.
How Hashes Work
To dive a bit deeper, let’s explore how a hash function works. A common hash function used in blockchain is SHA-256 (Secure Hash Algorithm 256-bit). When you input data into SHA-256, it generates a 256-bit (or 64-character) hash. No matter what data you input—a single letter or an entire book—the output is always 64 characters long.
For example:
The text “Hello, World!” might hash to something like a591a6d40bf420404a011733cfb7b190d62c65bf0bcda32b575a0f76c6e53a2e.
If you change it to “Hello, world!” (note the lowercase ‘w’), the hash could be 64ec88ca00b268e5ba1a35678a1b5316d212f4f366b247724e663cd0da0927d5.
This dramatic change in the hash output despite a minor change in input is known as the “avalanche effect,” a property that makes hash functions extremely secure, reliable and suitable for blockchain technology.
Hashes are used in various Web3 applications beyond just cryptocurrencies:
Smart Contracts: Smart contracts often use hashes to verify the integrity of data or ensure that certain conditions have been met.
Digital Signatures: When sending transactions on a blockchain, digital signatures use hash functions to securely sign and verify the authenticity of messages.
Non-Fungible Tokens (NFTs): NFTs often include metadata that is hashed to ensure the data related to the token (like the digital artwork it represents) remains unchanged.
In the world of Web3, hashes are like the glue that holds everything together. They ensure data integrity, provide security, and allow for efficient data handling. Whether you’re dealing with cryptocurrencies, smart contracts, or NFTs, understanding hashes is crucial to grasping how the blockchain works.
Hopefully this quick explainer article has helped you advance your understanding of the tech behind the web3 world. Until next time!
Learn about nodes, the essential building blocks of decentralized networks, and discover the unique role of Gala Founder’s Nodes in the Gala ecosystem.
Discover the benefits of Proof of Stake, a greener, more efficient blockchain consensus mechanism that ensures security and decentralization in the web3 ecosystem.
Discover the world of cryptocurrency mining and how it powers the blockchain ecosystem. Learn about the different mining methods and how GalaChain rewards Founder’s Nodes with $GALA tokens.
Learn about Proof-of-Work, a key consensus mechanism in blockchain technology that ensures security and decentralization by requiring miners to solve complex puzzles to validate transactions.
Discover the diverse types of tokens in the Web3 world and their importance, with examples from the Gala ecosystem, including $GALA, NFTs, and gaming tokens.
Imagine that you were a scammer trying to target a particular group of people… let’s say people who like to spend their days at the lake relaxing with a fishing pole hanging in the water. Who knows why – maybe you are trying to sell counterfeit lures? Coordinate putting out some AI-enabled fishing rod that’s collecting fingerprint data while they laze their days away? Motivations are rather inconsequential for this example.
You could pay for a big list of dark web data, but you could also just insert yourself into that community. You can hop on message boards, join chat groups, heck you could even go hang around local bait shops. Before long, you’ve got a lot of useful demographic data on people that are part of that group. Maybe all you have is some emails and IP addresses… but that’s enough to start refining your list and getting more information.
The same is true with Discord. The Gala community is a great place for the latest news and robust conversation about every aspect of the Gala Ecosystem. The popularity and richness of social connections that are forged on our Discord server or Telegram channel, however, also make them a popular destination for another type – scammers. It’s important to know and understand the tactics of these digital miscreants to keep your digital assets safe while still participating in any digital community.
Welcome to the 8th installment of The Guardian Papers, where we try to impart the wisdom that everyone should have to start a successful journey through the world of digital ownership. The blockchain world is still in its infancy. We here at Gala believe that empowering each and any member of our community makes us stronger as a whole.
Miss an issue of the Guardian Papers!? Check out past editions below!
It is our hope that this series has and will continue to present foundational information that will not only provide a base understanding of how to keep your blockchain footprint secure, but will also help inform your journey through this digital adventure so you can ask better questions, do better research, and make better decisions to help guard your entire community.
The Dark Side of Community
Discord was originally made for gamers. As the scope of the platform has grown to include countless massively popular communities, however, it has also attracted the riffraff that stalks digital space for the opportunity to steal from the unwitting. Because Discord servers categorize people into common interests, it’s easy for scammers to get inside groups and represent themselves as just another member – or even an authority figure – within that community.
The same is true for Telegram or other messaging apps where people commonly gather in like-minded groups. In these spaces, the community itself has already done the work to compile victims for all the villains in the cryptoshadows. Communities are welcoming because that’s the point of community. By simply being in these groups, however, you’ve done part of the scammers research for them… they know that you are part of their target audience.
Make sure you customize your privacy settings in Telegram… or else you’re about to get a whole hornet’s nest of attention from all the wrong people!
Community messaging apps like Telegram and Discord are third-party platforms that are utilized by Gala, but these can have their own security issues that are simply beyond any community’s ability to control. The scammers thoroughly know the shortcomings of these apps, and can exploit them to attempt to scam thousands of members of a community within minutes. Even one success will show them this pond is well-stocked with easy catches for their future fishing endeavors.
Any community where the digital villains see opportunity isn’t going to get rid of them without a fight, however. We can only turn the tide against the scammers by making sure that each and every one of us is ready to defend against them.
Don’t forget to customize your exceptions as well! By default, any member of Telegram’s premium subscription can contact you regardless of your settings 😱
Don’t forget to customize your exceptions as well! By default, any member of Telegram’s premium subscription can contact you regardless of your settings! 😱
How Scammers Prey on Communities
It’s hard to build and feel community if you’re always suspicious of your neighbors. The scammers are counting on this, because that’s not how defenses work. When you perceive yourself as ‘among friends’ your defenses naturally go down. You want to be helpful – after all, that’s what building community is all about.
That’s why they’re here. Community is a group trust that we build up over time with likeminded people. We can’t simply turn it off and on. It’s not like we recognize every member of the community, we just recognize that they are part of the community.
We’ve discussed impersonation before, so you’re all very well aware that there are people out there who will pretend to be Gala customers or community support. You need to stay vigilant for these types of things… these apps are where the scammers find their marks.
This isn’t to say that community itself is bad. In fact, it’s very very good. Community standards and best practices are how we combat these scammers. Building a community is too important to let scammers stop us. We have to build a better community to make it outlast the villains.
Trust is Earned
Just because someone is part of your community does not mean they’ve earned trust, and it’s not an insult to tell them so. Caution is admirable… and part of the point of web3 is to establish systems that don’t rely on trust.
First off, please adjust your privacy settings on Telegram, WhatsApp, Discord or similar apps if you have not. In Telegram, for instance, you can be contacted by anyone by default. If you don’t change that it’s only a matter of time before you are getting blown up with spam and scams. Similarly WhatsApp will show your personal phone number to anyone who comes looking if you don’t change the security settings… make sure to get this done or you’re wide open to an attack from a crytpovillain.
Even on Discord you can customize your security settings to control who can reach out to you. As we’ve discussed before, don’t trust a display name… that can be easily changed. Put people you trust on your friends list. Consider changing your settings so friends can message you. That way any new friend requests are where you know you need to be vigilant, and anyone on your friends list has already been vetted.
Trust, but verify
-Old Russian proverb
Don’t trust these security measures to be the end all be all of your defenses, however! People can get hacked or lose access to their accounts. Sometimes the attack could come from someone you know… albeit not them actually sitting in front of their keyboard.
Community Strong
With so many threats among communities you trust, the fight against bad actors in digital spaces can seem hopeless. Fortunately, community is also the cure to this malady.
⬆️ Not a great way to seek help from the community. Not only does anyone watching now know this user’s needs, but also their urgency. I bet their DMs blew up.
⬅️This is a great way to utilize the knowledge of the community. Tons of eyes can get on the deceptive scam attempt right away to verify if it’s legitimate or not. HINT: This one was not legitimate.
No one person can be entirely vigilant all the time. We get tired. We get distracted. Our guard comes down for a moment here and there… and that’s when attacks happen. Talk to your community. Educate each other and call out the tactics that scammers are using so that everyone can learn to avoid them. Alone an attack is inevitable. Together we’re strong.
If you see something sus, reach out! Ask the community you trust whether you should be engaging. Don’t be embarrassed. A simple question could save you a lot of hassle.
Guarding Each Other
When we work together, the community really shows its strength. Those who seek to exploit communities of common interests in the web3 space are counting on us not following through with our commitment to a solid community. If a victim doesn’t use the community resources at their disposal to help themselves, what can a community do to help?
That’s why it’s so important to share tips and educate fellow community members about security culture. If we all get a little better at spotting bad actors, we’ll all be a little less likely to get scammed. If we all get a little better and share a little more of that culture with each other, we’ll be exponentially more protected from those who seek to do us harm.
That’ll do it for this week’s Guardian Papers, but we’ll be back! Next time, we’ll be breaking down multi-factor identification and how it can help protect your digital sovereignty in this new age.
Stay safe Galaxians… and always have your shield ready!
