Imagine an unchangeable digital ledger that records transactions across numerous computers in a way that guarantees the security and transparency of the data. This is the fundamental idea behind blockchain technology.
A blockchain is a decentralized, distributed ledger that records transactions in a way that is secure, transparent and immutable.
The Gala ecosystem has its own blockchain, built first for gaming but prepared to power projects from numerous industries beyond entertainment. It’s called GalaChain.
How Does Blockchain Work?
To understand the meaning of blockchain, let’s break down its key components and processes:
Blocks
A block is a collection of data or transactions. Each block contains a list of transactions, a timestamp and a unique identifier called a hash. The hash is like a digital fingerprint that uniquely identifies the block and its contents. No hash is identical to any other.
Chain
Blocks are linked together in a linear sequence, forming a chain, hence the name “blockchain.” Each block contains the hash of the previous block, creating a secure and chronological order of transactions. This linkage ensures the integrity and immutability of the blockchain.
Decentralization
Instead of a single central authority, a blockchain is maintained by a network of nodes (computers). Each node has a copy of the entire blockchain and participates in validating and recording transactions. This decentralized nature eliminates the need for intermediaries and increases security.
For example, the GalaChain ecosystem is largely powered by a decentralized network of Founder’s Nodes, operating through software on the home computers of community members. This is vastly different from a single warehouse that hosts all the data on centralized servers.
Consensus Mechanisms
To ensure all nodes agree on the state of the blockchain, consensus mechanisms are used. Common mechanisms include Proof of Work (PoW), where nodes solve complex mathematical puzzles to validate transactions, and Proof of Stake (PoS), where nodes are chosen to validate transactions based on the amount of cryptocurrency they hold and are willing to “stake” as collateral. We’ll dig deeper into these concepts in a future blog.
Cryptography
Blockchain uses cryptographic techniques to secure transactions and control the creation of new units. Public and private keys are used to sign transactions, ensuring that only the owner of the cryptocurrency can transfer it. The cryptography involved in public and private keys cannot be broken by any current computing methods, making it a secure and reliable way to store and transact data.
Why is Blockchain Important?
Blockchain technology offers several unique advantages, coming together to make it the cornerstone of the web3 revolution:
Security
Blockchain’s decentralized and cryptographic nature makes it highly secure. Once data is recorded in a block, it is nearly impossible to alter without changing all subsequent blocks, which requires consensus from the network.
Transparency
All transactions recorded on a blockchain are transparent and can be viewed by anyone. This transparency builds trust among participants and ensures accountability.
Immutability
A transaction cannot be altered or deleted once it has been added to a blockchain. This immutability ensures the integrity of the data and prevents fraud.
Decentralization
Blockchain operates without a central authority, reducing the risk of central points of failure and increasing the system’s resilience.
Efficiency
Blockchain can streamline numerous processes by eliminating the need for intermediaries, reducing transaction times and lowering costs.
Real-World Applications of Blockchain
Cryptocurrencies
Bitcoin, Ethereum and other cryptocurrencies like $GALA (commonly referred to as “altcoins”) rely on blockchain tech to enable secure and decentralized transactions. Cryptocurrencies use blockchain to record all transactions to transparency and prevent double-spending.
Supply Chain Management
Blockchain can enhance supply chain transparency by providing an immutable record of the journey of goods from origin to destination. This helps in verifying the authenticity of products and reducing fraud.
Healthcare
In healthcare, blockchain can securely store and share patient records, ensuring data privacy and improving interoperability between different healthcare providers.
Governance and Voting
Blockchain-based voting systems can enhance the security and transparency of elections. By providing a tamper-proof record of votes, blockchain can help prevent electoral fraud and increase voter confidence, no matter the context.
Gaming and Entertainment
Ecosystems like Gala use blockchain to manage digital assets and transactions. $GALA, the native token of the GalaChain ecosystem, facilitates secure and transparent in-game transactions and rewards.
To learn more about the GalaChain ecosystem and the $GALA token, read the Ecosystem Blueprint.
The Future of Blockchain
As blockchain technology continues to evolve, its potential applications are vast and transformative. Here are a few trends to watch:
Interoperability
Future blockchains will focus on interoperability, allowing different blockchains to communicate and share data seamlessly. This will enhance the overall functionality and adoption of blockchain technology.
While nearly every blockchain innovator sees interoperability as a key piece of the mass adoption puzzle, very few have made meaningful progress toward that goal and many blockchains exist “in their own world” with stringent onboarding requirements. This is why GalaChain was built to seamlessly bridge assets to and from the massively popular Ethereum Virtual Machine.
Scalability
Improving the scalability of blockchain networks is a key focus. Solutions like sharding and layer-2 protocols aim to increase transaction speeds and reduce costs, making blockchain more practical for large-scale applications.
Decentralized Finance (DeFi)
DeFi platforms are creating a parallel financial system that operates on blockchain, offering services like lending, borrowing, and trading without traditional intermediaries. This could democratize access to financial services globally, but it presents a unique set of challenges in terms of regulation.
Non-Fungible Tokens (NFTs)
NFTs are unique digital assets stored on the blockchain. They are revolutionizing the way we think about ownership and value in the digital world, impacting industries such as art, music, and gaming. These digital assets are one of the easiest applications of blockchain to understand. Imagine a unique digital collectible with a built-in certificate of authenticity. That’s an NFT
Regulatory Developments
As blockchain technology gains mainstream adoption, governments and regulatory bodies are working to create frameworks that balance innovation with security and compliance.
Blockchain is Here to Stay
Blockchain technology is a revolutionary innovation that underpins the Web3 movement. By providing a secure, transparent, and decentralized way to record and verify transactions, blockchain is transforming industries and paving the way for a more open and inclusive digital future. As the technology matures, its applications will continue to expand, driving innovation and creating new opportunities.
Stay tuned for more blogs in our explainer series, where we’ll dive deeper into the fascinating world of Web3 and its key concepts!
Have you noticed that new tokens are popping up like wildflowers on GalaChain’s official token swapping platform? It’s true. With more than 60 unique project tokens already created by the community since the launch of the new Project Token Creation Tool, GalaSwap is becoming a veritable treasure trove of tokens.
Which of them will have a fortuitous future, and which will fizzle into meme coin obscurity? Only time will tell, but now that these tokens live on GalaChain, there are no takesies backsies!
👆 Look how easy it is to create a GalaChain token for your project on GalaSwap! In a little over 24 hours from your submission, your token can be ready to mint and listed on GalaSwap for trading, with a small portion awarded to active Gala Founder’s Node operators for powering the ecosystem.
Who will receive your token? How will you decide what it stands for? These are yours to decide, and that’s the beauty of it. To a normie unfamiliar with the capabilities of web3, this may seem like ambiguity, but for a true innovator, this is the kind of freedom that turns dreams into reality, decent ideas into brilliant visions.
Imagine building a service that integrates with GalaSwap and uses your token as a reward for subscription, engagement or any type of interaction. Imagine offering physical and digital rewards for redeeming your token, or unlocking special access to exclusive content for holding various amounts of your token. The possibilities are quite endless, and we are extremely excited to see what the most innovative GalaChain users will do with their newly created project tokens.
Here’s a list of project tokens that have been approved already and added to the ecosystem:
TENDIES
ALPHAQ
AGBT
BEATZ
BEEF
BENE
ROI
BB
CASH
CHINA
CWC
JAUM
FUND
CRYPT
CCF
DM
TWIN
FARMER
FBB
GIBBY
GUILD
GPEPE
TORY
HUAHUA
HG
LUMN
MRVS
METAL
NDCX
PITQC
QACOIN
REPS
RFKJ
ROIBOI
RONPAUL
RUSSIA
SAFEG
SERVE
SNOOP
SOON
SVR
SQUIDLPS
STAYFREE
SUBSPACE
TVB
TACO
JESUS
THOON
TIP
TIPPED
TRUMP
TUPAC
USA
MOUM
WEN
WENGAME
WOOF
MAG
That’s all for now! When you’re ready to see your project’s token on the list, just visit THIS PAGE and start creating!
Great battles have been fought. Some won, some not. In Elysium, however, neither victory or defeat are forever. The paradox goes on, and great warriors must once again vie for power and the Ring itself.
What will you change this time? How will your strategy differ? Will you rise or fall?
Alex: I’ve always been more of a fan of rising than falling… but maybe that’s just me.
Emma: Yes, success is sweet. I will choose that one.
Alex: Wise as always Emma. You have any epic battles worthy of song this time?
Emma: Certainly, pyromaniacal one. Most interesting to you would probably be me bringing down your friend Torsten in one hit at the Dimension Ruins.
Alex: Ooh ho! Indeed, worth of a shanty! Just let me warm up my pipes BWAHAHAHA!!!
Emma: Singing for later, boom man. It is time to review the greatest Captains of Season 4!
Conquest: The Victorious
All great fights across Elysium always end with The Ring. Captains fight across the whole of the world for control of the strange ruins that seem to trap us within this paradox. Warriors leave it all on the field, knowing that every Conquest of The Ring is a do or die moment… their one chance to hold the great power at the heart of Eylsium.
PalafinHF
Anti91
PasinduDE
Bianca
Alp_Er_Tunga
Most Powerful Captains
The true warlords across Elysium build their forces deliberately, steadily and constantly. They cultivate skilled Mercenaries, craft and improve the best gear, and develop their fortress to an impregnable level. Unlike the victorious at conquest, this measure of a Captain’s worth doesn’t take their team into account. Battle Power doesn’t lie. Here’s the top Captains in Season 4:
PalafinHF
DubstepRod
Bianca
HelloWorld
Nerdalicious
Arena Victors
Elite soldiers and numbers may protect you in the field, but the Arena leaves nowhere to hide. Your Mercenaries must fight it out with only their skill, gear and squad tactics. How did your team fare this season? Did you favor the correct warriors, or did you languish in defeat?
PalafinHF
Anti91
PasinduDE
Bianca
Alp_Er_Tunga
Most Honorable Mentions
This season, there were 3 Captains that succeeded against all odds to land in the top 10 of all three competitive metrics. We salute you!
PalafinHF
Bianca
Alp_Er_Tunga
Season 5 Is Coming!
Alex: 🎼I sailed the great sea, searching every wave…
Emma: I still don’t believe that it is singing time pirate.
Alex: 🎶 but there never was enough thrill for me.
Emma: –I see that my opinion does not change yours.
Alex: 🎵But then I saw mighty Emma melt down Tor-sten, in bat-tle… in…stant…ly!!!🎶
Emma: Indeed. This song is fair enough, explosion pirate.
Alex: Well thank you Emma. I was a bit concerned that the disembodied voice wasn’t going to give me enough time to fin–
You’re right Alex! That’s all we have time for before we have to get ready for the start of Season 5!
Emma: Shall we place wagers on who vanquishes Torsten first Alex?
Alex: Ohhh, I REALLY like your style Emma. Let’s talk numbers.
Thanks for a great Season 4 everyone! We’ll see you on the field of battle for Season 5 tomorrow!
Attention, Common Ground World players! We have an exciting new challenge lined up for you. While our Town Halls have switched to a bi-weekly schedule, we’ll still provide updates and answer your questions during the off weeks.
The next Common Ground World Town Hall is this Friday, June 21st. Get your questions in here!
🏆 Competition Details
Start: June 18, 2024, 8:00 AM PT End: June 21, 2024, 8:00 AM PT
This week’s challenge: Craft and sell Marine Ravioli filled with Salmon, Shrimp, and Eel. It’s a fantastic opportunity to showcase your culinary skills and outshine the competition!
Event: Ravioli Rumble Objective: Sell Marine Ravioli Trade Time: 20s & 1 Gasoline Biome: Plains N Edges: Plains N, Ocean E, Plains S, and Plains W
Rewards
Earn standard $GALA rewards and a special Blueprint: Hasty Italian Restaurant.
New Craft Alert! Marine Ravioli is a new recipe introduced this week.
Crafting Recipe:
3 Flour
2 Butter
2 Eel
1 Salmon
3 Shrimp
Crafting Time: 60s Crafted in: Italian Restaurant Stored in: Storehouse
Standard Values:
Cash: $85,690 (meta value this week: $14,280)
Stars: 1,837 (meta value this week: 50k)
Boosts
Cash Boosts
Worms: $1,000 ➡️ $3,000
Butter: $20,000 ➡️ $50,000
Risotto: $44,000 ➡️ $100,000
Star Boosts
Marine Ravioli: ➡️ 50k
Upcoming Event Schedule
Note: All events are subject to change.
June
Free Storage NFT: Cheese Storage
June 11-14: Four-Cheese Pizza
June 18-21: Marine Ravioli (Blueprint Reward Week: Hasty Italian Restaurant)
June 25-28: Kimchi
July
Free Storage NFT: Coffee Bean Storage
July 2-5: Starlight Market Box (new craft ingredients)
July 9-12: A mystery Ice Cream flavor
July 16-19: A tasty new Cake
Important Reminders
Offline Mode: Log back in before the event ends to ensure fast forward happens.
Fast Forward: Check in often; prolonged offline periods slow down updates.
Browser Tips: Keep the game as the only tab in the browser and avoid covering it with other windows.
Lite Paper Feedback: We are still taking feedback on our lite paper. Check it out here and provide your feedback here.
Explore the massive selection of NFTs in the Common Ground World store to enhance the gameplay experience and supercharge your build. We have something for every type of strategy!
This distinguished Italian Restaurant features an expert pizzaiolo Chef, which besides being significantly faster, needs less Cheese to produce his magnificent creations, while inspiring all Italian Restaurants in your Town for increased Crafting Speed, including itself! (un-stackable). You can place this on a Dirt Road instead of a Paved Road.
See You at the Town Hall!
Don’t miss our live Town Hall on YouTube this Friday at 8 AM PT. It’s a great opportunity to stay updated and ask questions.
Guild Competitions
If you haven’t joined a guild yet, now is the perfect time! Participate in guild competitions for a chance at greater rewards.
Get ready, chefs! Let’s make waves in the kitchen and see who can rise to the top in this week’s challenge. Happy cooking!
Each day, new tokens are being submitted by the community. Some are connected to in-development projects at various stages, some are linked to guild membership and others are just meme tokens that are deserving of a quick and hearty belly laugh.
WEN: Because Waiting is the New Hype! Introducing WEN, the token for those who know the struggle! Inspired by legendary delays in the ecosystem, WEN is here to make waiting worthwhile. Embrace the joke, join the fun, and let’s turn the wait into something great. With WEN, you’re not just able to have a coin—you have the community’s laughter. Because hey, good things come to those who wait… and wait… and wait!
-Token description submitted with Founder’s Node vote
The creator of WEN Coin has gone even further by integrating GalaSwap API into a WEN Coin tracking site called GalaCoins… Check it out!
This fun meme token is a great example of how the GalaSwap Project Token Creation Tool can be used, whether yours is a serious project, a big idea or nothing more than a humorous prank.
Burning $GALA for Ecosystem Health
By creating community tokens like WEN Coin (and dozens of others already approved), creators are supporting a healthy GalaChain ecosystem by demonstrating the chain’s power.
Every token submitted for Founder’s Node vote requires a non-refundable $100 $GALA fee (burned), plus an additional amount of $GALA set aside by the creator as a burn allowance, to be burned once the token is approved.
Rewards for Gala Founder’s Nodes
All tokens created via the Project Token Creation Tool must be approved by popular vote in the Gala Founder’s Node ecosystem. When new tokens are submitted, node operators have 24 hours to decide if the new token is worthy of being added to the ecosystem. So far, all submitted tokens have been approved.
Here’s to a new wave of epic and tradable meme tokens on GalaChain!
