by Gala Music | Jun 6, 2024 | Gala Music
Gala Music is a new way of looking at music that elevates the careers of artists while empowering the experiences of the fans who make it happen. This game-changing rework of the music industry wouldn’t be possible without the creation of a secure and sustainable economy, unlocking the door to real ownership and real rewards. That’s where $MUSIC comes in, powered by GalaChain.
A World of Tokens
No matter where you look in the web3 world, you’ll find a plethora of tokens. Whether fungible (each token is the same as every other token) like Bitcoin or non-fungible (each token is uniquely identified) like a Gala Music track NFT, these gamified representations of digital property have staked a massive claim in the future of the internet.
Because tokens In web3 are always tied to smart contracts, a token is defined by what it represents and what it does. This is why nearly every blockchain-based project out there has a token of its own, created on a blockchain with custom specs that perfectly fit the situation. Basically, $MUSIC was built for music, created to fuel the Gala Music ecosystem for artists, fans, collectors, record labels and more.
What is $MUSIC?
Whenever you see the word with the $ and all capital letters, there’s a good chance it’s referring to the core ecosystem token of Gala Music. We think of $MUSIC mainly as a utility token because its economy is primarily driven by what it does. However, when categorizing the different types of tokens in web3, you’ll find that $MUSIC falls into multiple categories.
- $MUSIC is a Utility Token, used to access and utilize the services offered by the platform. They can be spent in the ecosystem’s All Access store, locked to show support for artists, and used to incentivize ecosystem growth. For instance, the $MUSIC token within the Gala Music ecosystem can be used to purchase music tracks, concert passes, merchandise, and more.
- $MUSIC is a Reward Token, distributed as rewards for specific actions or participation within the ecosystem. For example, in the Gala Music ecosystem, users can collect $MUSIC tokens for a variety of actions based on their platform engagement, as well as the popularity of owned and hosted tracks.
- Governance Tokens give holders the right to participate in the decision-making processes of the platform. Holders can vote on changes, upgrades, or any other decision that affects the ecosystem’s future. While not explicitly detailed in the Gala Music Whitepaper, governance tokens are common in many web3 projects to ensure community-driven development. In the future of Gala Music, governance functions will eventually be added to the $MUSIC token, allowing holders to contribute to ecosystem decisions based on their $MUSIC held.
- Security Tokens represent ownership of an asset, and are subject to federal securities regulations. They often represent stakes in a company, real estate, or other assets and offer dividends or profit-sharing. $MUSIC is NOT a security token, nor is ownership of $MUSIC an investment of any kind.
- Non-Fungible Tokens (NFTs) are unique tokens representing ownership of a specific item or piece of content, often used in the music and art industries. Within Gala Music, tracks and All Access Experiences are often sold as NFTs, allowing fans to own a piece of their favorite artist’s work and share in the success. $MUSIC itself is considered a fungible token, meaning that a $MUSIC token is indistinguishable from any other $MUSIC token in terms of its use (similar to a US dollar).
- Stablecoins are cryptocurrencies pegged to a stable asset, such as the US dollar or gold, in order to minimize price volatility. They are typically used within ecosystems to facilitate transactions without the risk of significant value fluctuations. Examples of stablecoins include USD-T(Tether) and USDC (US Dollar Coin).
$MUSIC Contract on Etherscan
Getting $MUSIC
As a cryptocurrency that can be held on either GalaChain or Ethereum, $MUSIC can be obtained by trading on a variety of exchanges where it is listed.
On GalaSwap, users can swap other GalaChain minted tokens (such as $GALA) directly for $MUSIC with no need to bridge tokens to Ethereum and navigate an external exchange. Simply log in with your Gala account credentials and you’re free to create and accept swaps at any time.
On Ethereum, you’ll find a list of $MUSIC markets at on CoinMarketCap along with the exchange pairings offered at those exchanges. Keep in mind that not all exchanges are legally accessible by residents of all countries, so be sure to check on your local and federal regulations before using a cryptocurrency exchange.
$MUSIC Rewards
$MUSIC is first introduced into circulation as rewards to artists, listeners, owners and Jukebox Node operators.
For Artists: One of the primary ways that artists benefit from producing their music with us is the generation of $MUSIC. $MUSIC generated based on platform and app popularity is entirely in addition to the 70% revenue share Gala Music artists enjoy from NFT track sales.
For Listeners: Even free users of the platform and app can stack $MUSIC rewards for simple actions like listening to new music on a daily basis, interacting with live events, sharing their favorite artists with friends and more. Part of the new $MUSIC generated each day into the ecosystem is reserved for what the Whitepaper calls “ecosystem supporting activities,” empowering fans to become superfans and build a collection in the process.
Check out regular reward opportunities here.
For Track Owners: Collecting reward enabled NFT tracks with Gala Music is a fantastic way to start gathering $MUSIC rewards, especially if you’re picking the most popular tracks and snagging digital copies before they sell out. Simply host your owned tracks by pairing them with active Jukebox Nodes to enable daily rewards based on their plays. The more plays each day for your track, the more $MUSIC you’ll get.
For Jukebox Node Operators: When you’re ready to become a real force in the decentralized world of music, you may decide to get licensed to operate a Jukebox Node. It’s easier than it sounds (your computer does the hard work), and without Jukebox Nodes forming our DePIN (Decentralized Physical Infrastructure Network), none of this would be possible. As such, Jukebox Node operators are rewarded accordingly, sharing in rewards from 10+ hosted NFT tracks at a time.
Using $MUSIC
This is where it gets really exciting: Spending those rewards. Everything sold on Gala Music can be purchased for $MUSIC, from the latest Mystery Boxes and All Access Experiences to NFT tracks, exclusive merch and Jukebox Nodes.
Most items can only be purchased for $MUSIC, so it’s a good idea to hold onto some if you want to be ready for the next drop.
Tipping Artists Directly
This is exactly what it sounds like. One of the most impactful things you can do for an artist whose music you enjoy is give them a tip. Gala Music makes it easy to send some $MUSIC to artists of your choice, letting them know how much you appreciate what they do.
Holding $MUSIC to Support Artists
At Gala, even the $MUSIC you’re holding can be put to use while you’re holding it. Using the Loyalty Pools program, you can lock in specific amounts of $MUSIC to support specific artists, directly aiding in their rise to the top and unlocking exclusive access benefits for yourself. Each of the (nearly 200 at time of writing this) Gala Music artists is invited to offer special benefits for loyalty support in the form of locked tokens, including special Discord community access, VIP concerts, early sale access, discounted track prices and more.
Learn more and browse artist Loyalty Pools here.
Make Some $MUSIC
That’s it– you’re empowered in the future of music with Gala Music, so what are you waiting for? Start stacking some $MUSIC rewards of your own today!
Discover new music on the Gala Music app
Apply to become a Gala Music artist
by GalaChain | May 21, 2024 | GalaChain
MAY 21 UPDATE – Stolen Funds Returned
Following our security team’s swift, effective response and the involvement of Federal law enforcement agencies, the >$20M (in ETH) has been returned to the Gala ecosystem.
We want to inform the Gala community about a recent security incident involving $GALA on the Ethereum network. Yesterday afternoon we detected a suspicious transfer of $200 million in $GALA tokens. Within 45 minutes, all tokens in the unauthorized wallet were frozen. Our prompt response and the robust security measures in place ensured that the impact was minimized, and we want to reassure our community that assets remain secure.
Incident Overview
On the afternoon of Monday, May 20th, our monitoring systems flagged an unusual transfer of $200 million worth of $GALA tokens. This was an isolated incident on the Ethereum network, and our immediate response was to activate GalaChain’s blocklist protocol, swiftly halting any further unauthorized minting and movement of $GALA and effectively mitigating the incident.
Within 45 minutes of the unauthorized mint, approximately 90% of the minted $GALA was locked. A new Founder’s Node ecosystem governance vote will soon decide if the blocklisted $GALA will be considered burned as it relates to $GALA’s dynamic supply distribution model as described in the Gala Ecosystem Blueprint.
Swift Mitigation Measures
Using a new feature that was implemented with the $GALA v2 contract upgrade, our security team quickly blocklisted the wallet and froze the unauthorized tokens. This measure stopped any potential misuse and prevented the incident from escalating.
We immediately contacted US Federal law enforcement agencies to handle the breach. Our ongoing cooperation with authorities ensures a thorough investigation and appropriate legal action against the culprits.
We want to assure our community that the minting capabilities of $GALA on GalaChain remain secure and uncompromised. Our internal controls and multisig security protocols are designed to protect against such incidents, and we are continuously enhancing them to stay ahead of potential threats.
Plans are already in place to make reimbursements to anyone who has been subjected to unreasonably high transactional fees associated with this incident.
Commitment to Security and Transparency
We are deeply grateful to our partners for their quick response and invaluable assistance during this incident. Your support has been crucial in minimizing potential damage and ensuring our platform’s security.
Gala is committed to maintaining the highest standards of security and transparency. We will continue to provide updates as the investigation progresses and take all necessary steps to prevent future incidents.
We understand the concern this incident may have caused, but rest assured, our security measures are robust and effective.
Pioneering in unknown territory can sometimes be a dangerous activity, but we are 100% confident that GalaChain is well equipped to handle any unanticipated challenges that web3 can throw at us. GalaChain remains a secure and reliable blockchain for all users. Thank you for your understanding and continued support as we navigate this challenge together.
by GalaChain | Apr 26, 2024 | GalaChain
Let’s face it, there’s still a lot of confusing terms and jargon thrown around in the web3 world. We don’t all have the benefit of a formal tech education, and with blockchain tech being relatively new on the scene, everyone is jumping in at a different starting point for background knowledge and context.
We get it, and we’re here to help. DevSpeak, because sometimes the basic explanation of terms and ideas in web3 gets lost under everything else.
Check out our previous DevSpeak articles to bolster your tech knowledge!
DevSpeak – Depending on DePIN
DevSpeak – What the Hack is a Hackathon?
What coins and tokens are, in the blockchain sense, may feel intuitive. After all, you can jiggle your pocket and quickly get the idea of what a token or coin is. The idea of tokens representing little bits of ownership goes back a long time. DevSpeak done, concept explained… right?
Actually it’s all a bit more complicated than that. Never fear though! We’ll walk you through the basics so you can build your web3 knowledge on a solid foundation.
What Is a Token?
A token is – put very simply – a thing. Tokens take a variety of forms, but a token at its most basic level represents the location of a thing on the blockchain. Blockchains are very similar to databases. If you’re familiar with those, think of a token as a class or trait. It indicates the specific entry (address) it falls under, has… something.
This doesn’t have to equate to monetary value, however. This is often misunderstood due to the easy comparison to something like an arcade token or a shiny coin from a national mint.
In general programming parlance, ‘token’ refers to the most basic individual element of a programming language – constants, identifiers, operators, separators or reserved words. In security, token can also refer to a digitally encoded signature that a network uses to authorize a user and allow access.
Token in chaincode has come a little from each of the above uses of the word. A blockchain token is an object that can be referenced and utilized through chaincode, but it also can be a secure authorization trigger for individual addresses throughout the network.
Tokens take a variety of forms. Some tokens are fungible (think $GALA, $MUSIC, $USDC, etc), meaning that multiple versions of identical tokens exist on the network. Non-fungible tokens (commonly known as NFTs), are unique assets. While there may be more than one identical NFT on the network, there is a limited amount of each and each NFT carries a distinct and unique identifier, which corresponds to specific metadata for that one token.
Each token is designed for a specific blockchain, where they will typically be referred to as a “native token”. Bridges can move tokens from one blockchain to another, but technically these are creating a new asset on another blockchain, while the bridge continues to hold the original version of the token.
What Is a Coin?
A coin, first and foremost, is a blockchain token. They typically follow the rules of other tokens, with some extra details for us to go over.
What makes coins different is that the blockchain would not function without them. The coin of a specific blockchain is the one that powers the blockchain and directly interacts with it. Any tokens built on the blockchain to provide additional functionality would just be tokens… but the original is a coin.
For Ethereum, this coin would be ETH. There are lots of tokens on the Ethereum Network, but none of them directly interact with block verification, proof of stake or gas fees the way that ETH does.
On GalaChain, $GALA is technically the coin. More tokens are coming onto the chain every day, but no other token interacts with GalaChain the way $GALA does.
Notably, this means $GALA can both fit the definition of a coin or just a token, depending on where it is. $GALA was originally built on the Ethereum Network, where it follows the ERC-20 token standard. On GalaChain, however, $GALA is the coin.
As we discussed above in relation to bridging, $GALA (GC) and $GALA (ETH) are technically two distinct tokens with two distinct contracts, each built for the blockchain they exist on. A bridge facilitates the exchange of these tokens, rather than translating and migrating them to an entirely different programming language and token standard.
Why Tokens?
Since tokens can be assigned to different addresses on the blockchain, and they are securely controlled by the owner of those addresses, they make an ideal way to assign ownership on a blockchain. Since they can be referenced easily by chaincode, they also fill the role of an authorization token incredibly well too.
Tokens can do a lot more than just be shiny things for people to swap around. A token is an object on the blockchain, and it carries with it its own coded properties and behaviors. This information is hard-coded into the token’s “contract” – the set of logic and traits that create the token originally and dictate how it functions.
This contract is the basis of trustless systems on the blockchain. You don’t have to take anyone’s word about how the token behaves or what it signifies — it’s right there in chain code in the contract.
Using these contracts from tokens as a starting point, blockchain builders can construct larger systems. Interactions between a token and a dApp or another token can be created using “smart contracts” – essentially an automated process that takes a specific action when its conditions are fulfilled. These smart contracts rely on the token contracts themselves as reference and verification. This idea of smart contracts creates a full trustless ecosystem, as automated actions only happen when the proper conditions are fulfilled.
Looking at these basic functions of tokens, you can start to see how contracts and smart contracts can build out a robust ecosystem over time through interconnected relationships and innovative applications. Tokens are fully transferable and secure objects… and anything that can maintain that on an open and shared, global network is far more valuable than a simple database.
You don’t have to be the one with the chops to build a blockchain yourself to imagine how one smart contract and dApp over another begins to take shape into something bigger than the sum of its parts over time.
Coin You Feel It?
Now we know that this information doesn’t make you some blockchain whiz… but we also know that a lot of times people don’t start from the beginning with new tech.
We want you to have all the context and knowledge you need to not only be enthusiastic about web3 but to thrive in this new landscape!
Thanks for reading! We’ll be back soon with more devspeak to simplify more tech arcanity and keep transferring you these small tokens of knowledge!
by GalaChain | Mar 21, 2024 | GalaChain
The Gala Ecosystem, powered by the revolutionary GalaChain, stands at the forefront of blockchain innovation, offering a versatile and secure platform for gaming, entertainment, and beyond. While building the blockchain infrastructure of our core entertainment brands of Gala Games, Gala Music and Gala Film, our team of web3 experts built something that was way beyond entertainment.
GalaChain is a developer-first blockchain that is fast, scalable and extremely easy to use. With the recently revealed and Typescript integrated GalaChain SDK, we now have tons of aspiring web3 enthusiasts making plans to build on our blockchain. This is why we couldn’t help hosting a massive GALAthon hackathon event during GDC 2024. We wanted to be where the innovators were, right in the thick of it with $1M in prizes for brilliant developers.
A pivotal element underpinning this dynamic ecosystem is the $GALA token, designed with a strategic tokenomics model to foster growth, sustainability, and community empowerment. This blog delves into the intricate tokenomics of $GALA as detailed in the Gala Ecosystem Blueprint, elucidating its operational framework, supply dynamics, and its pivotal role within the Gala Ecosystem.
The Essence of $GALA
$GALA serves as the foundational utility token within the expansive Gala Ecosystem, facilitating seamless payment, settlement, and incentivization among participants. Operating under a Gnosis multisig safe for enhanced security and governance, $GALA upholds the highest standards of operational security and regulatory compliance, distinguishing itself as a beacon of trust and reliability in the blockchain realm.
Genesis and Distribution
The genesis of $GALA tokens is intrinsically linked to the operation of Gala Games Founder’s Nodes, marking a departure from conventional ICO-founded projects. This innovative reward mechanism ensures a fair and equitable distribution, with a 50:50 split between Founder’s Node Operators and the Gala Conservatorial Entity. This structure not only incentivizes the maintenance and growth of the ecosystem but also lays the groundwork for its future decentralization.
Supply Dynamics
$GALA is capped at a maximum total supply of 50 billion tokens, with a daily emission rate that is dynamically adjusted based on the circulating supply. This responsive supply system is designed to balance ecosystem rewards with a mechanism that exerts a downward pressure on the total token quantity in circulation, ensuring long-term sustainability and value.
Token Burns and Supply Types
A significant aspect of $GALA’s tokenomics is its approach to token burns, which do not affect the maxSupply but impact the totalSupply, thereby refining the economic model of the ecosystem. Understanding the distinctions between maxSupply, totalSupply, and circulatingSupply is crucial for grasping the full scope of $GALA’s tokenomics strategy.
Emission Tranches and Decentralization
$GALA’s emission tranches are carefully structured to align with milestones in the totalSupply, facilitating automatic halving events that modulate the emission rate based on demand. This approach underscores Gala’s commitment to decentralization and community-driven growth, empowering Founder’s Nodes operators to shape the ecosystem’s future.
A Visionary Framework for the Future
The $GALA tokenomics model is more than just a mechanism for distribution and reward; it’s a visionary framework designed to propel the Gala Ecosystem into the future. By aligning incentives with the ecosystem’s health and growth, $GALA ensures a vibrant, sustainable, and decentralized future for gaming, entertainment, and beyond. As we journey together into this exciting new era of blockchain technology, the $GALA token stands as a pillar of innovation, empowerment, and community engagement within the Gala Ecosystem.
In conclusion, the $GALA tokenomics outlined in the Gala Ecosystem Blueprint presents a robust and forward-thinking approach to managing the ecosystem’s economic model. With a clear focus on sustainability, decentralization, and community empowerment, $GALA is poised to drive the Gala Ecosystem towards unparalleled growth and innovation.
Build on GalaChain
