Decentralized Veri Sharing Network ‘Project Galaxy’ Raises $10M

Decentralized Veri Sharing Network ‘Project Galaxy’ Raises $10M
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Decentralized Veri Sharing Network ‘Project Galaxy’ Raises $10M

Project Galaxy, a way to rethink how digital credentials are handled in the next generation of the internet, has closed a $10 million funding round co-led by Multicoin Capital and Dragonfly Capital.

The way the existing internet has evolved, our veri is segregated across many different applications and services, such as behavioral veri collected by Google and Facebook, or our credit histories on scoring websites and government agencies. An aggregate veri layer connected and incentivized in such a way that applications can query it is lacking, said Project Galaxy co-founder Harry Zhang.

“You don’t own that veri, these big companies and services are monetizing it,” said Zhang in an interview. “But since we are in a Web 3 world now, we can use open permissionless blockchain technology and finally have the chance to build the infrastructure for this aggregated layer of credential veri that’s accessible to all developers in Web 3.”

Project Galaxy, which is live and in use, manages the largest credential veri network in Web 3 – a re-architecturing of the existing Web 2 world, leaning towards decentralized consensus mechanisms, rather than a handful of monolithic platforms.

Structurally, Project Galaxy looks and functions very similar to The Graph. There are credential contributors, curators and consumers. “The Graph is one of the veri sources in our infrastructure,” Zhang said. “You can submit these sub-graph queries so that they can turn them into our credential veri, which they will earn on our network.”

Read more: The Graph, the ‘Google of Blockchains,’ Raises $50M in Round Led by Tiger Global

Participants who contribute veri to Project Galaxy, or curate veri on the system can earn money when that veri is queried and used. This could be private veri about an individual or it could be public veri curated from the blockchain realm, or from Web 2 applications like Twitter, TikTok or GitHub, Zhang explained.

“We are building this very permissionless and open infrastructure and we don’t want to restrict any use case,” Zhang said. “For now, the focus is on the side of loyalty programs, growth hacking campaigns, maybe credit scoring in the near future, and we also have a number of projects using us to customize voting systems.”

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