Web3 Leads a New Era in the Digital World: The Rise of Credential Data Networks

Preface

Web3 is creating a whole new digital world, in which credential data networks play a crucial role. This emerging technology field is fundamentally changing our relationship with data, privacy, and digital assets.

In the Web2 era, data was locked away in databases controlled by applications, government organizations, and financial institutions. As the next evolutionary stage of the internet, Web3 no longer relies on centralized entities to manage data. Instead, it is built on a decentralized foundation, utilizing blockchain technology and smart contracts to ensure data security and transparency. Credential data networks are a core component of Web3, allowing individuals to have complete control over their data, returning data ownership to users. This means that users can autonomously decide how to use, share, and benefit from their own data without relying on third-party intermediaries.

Project Introduction

A Web3 credential data network platform, formerly known as Project Galaxy, is a platform that enables brands and developers to engage with communities and build powerful products in the Web3 world. The platform has over 30 million users and is currently one of the largest Web3 task platforms and community activity platforms.

As a Web3 credential data network, this platform aims to help Web3 developers build better products and communities using credential data. At the same time, it allows data administrators to contribute to the platform's credential data network and earn rewards after the data is utilized. Its infrastructure supports credential management through multiple data sources: for on-chain credentials, curators can contribute subgraph queries or static snapshots; for off-chain credentials, the platform integrates data sources such as Snapshot.org, Twitter, and Github.

As a Web3 task platform and community activity platform, this platform has two main purposes: first, to allow project parties to use NFTs/OAT to create gamified experiences for their products, accumulating user achievements to attract new users; second, to help project parties improve user retention rates, where users can claim certificates after using the project party's products and receive rewards accordingly.

Since its establishment in 2021, the platform has accumulated a large user base, with over 2,100 partners launching more than 10,000 activities on the platform, and approximately 150,000 active users on the blockchain each month.

Team Introduction

The platform was founded by two co-founders, one of whom graduated from the University of California, Berkeley, and previously served as the co-founder and CEO of a certain live streaming platform.

Financing Situation

The financing information that can be checked on the platform is as follows:

• Financing was conducted in March, April, and May 2021.
• In August 2021, a seed round financing was conducted with a valuation of 15 million USD, raising 1.5 million USD.
• In December 2021, a second round of financing was conducted with a valuation of 50 million USD, totaling 5 million USD.
• The third round of financing was carried out in January 2022, with a financing amount of 10 million US dollars.

The total financing amount is approximately 25 million USD.

In February 2022, the platform conducted its first public sale of tokens, with an initial valuation of $300 million and an amount of $15 million.

Product Introduction

User Identity System

The platform's user identity system is designed to be the Web3 LinkedIn for users, mainly serving three purposes:

1. A universal username for users, representing their multi-chain/multi-wallet identity in Web3.
2. Users can showcase their credentials and achievement history collected in the Web3 world.
3. As a Metaverse DID, developers can integrate this identity system toolkit to provide customized features based on the user's digital credentials or enrich user profiles within the product.

On-chain Achievement Token

The platform's on-chain achievement tokens are designed to be a lightweight solution for event organizers and community managers to easily build and distribute NFT badge events using NFT infrastructure and on-chain credential data networks, while also rewarding community members. In short, these tokens are a digital record of all achievements in a user's lifetime.

Event organizers can create dedicated pages on the platform by simply submitting parameters and badge designs to create events and certificates. Users or event participants can request NFTs via email, enjoying a gas-free minting experience.

These tokens are currently only available under the ERC-721 standard on Polygon and will be natively supported on OpenSea and most wallet applications. All NFT metadata will be stored on NFT.Storage, supported by IPFS and Filecoin. In the future, these tokens will not only be limited to loyalty programs for NFTs, DeFi, and metaverse projects, but will also be applicable to real-world events and life experiences.

Digital Passport

The platform's digital passport is a universal identity for users to embark on Web3 adventures, designed to provide a secure and private data storage method. It stores users' identity information securely and anonymously, with personal information encrypted using passwords. This data is only accessible to the user, who decides where, how, and with whom to share this information. Personal identity information in the digital passport should be fully managed and kept confidential by its owner, and users' data will never be stored in plaintext; no one (including the platform) can access it without the user's explicit permission.

Users who want to obtain Soulbound tokens can achieve this through the verification process on the platform, after which they will be allowed to mint and claim digital passport tokens.

For compliance purposes, users can use it as a universal identity across different applications. Users will also receive a unique digital passport Soulbound token in their wallets to distinguish themselves as verified individuals.

The digital passport was launched in September 2022. Although it sparked controversy at the beginning due to its mandatory KYC process, the collection of user privacy information, and the certification fee process, this did not prevent it from obtaining over 80,000 KYC certifications in just 5 months after its launch.

Product Features

Compared to other credential data network platforms, the core advantage of this platform is:

1. The platform is not just a service, but a tool for project parties to help them better develop their communities. The platform provides a solution, focusing on B-end customers, ensuring that every project party using the platform can deeply feel the impact of the platform.

2. The platform supports data sources that include users' on-chain and off-chain data. Off-chain data sources include Twitter, Discord, Telegram, YouTube, and even the web pages visited by users. Project teams can freely combine, select, and upload different data sources, and users can simply confirm on the platform to claim rewards after completing tasks.

3. The certificate data protocol and on-chain certificate data network built by the platform aim to enable others to use the platform's protocol to create their own task platforms, while also allowing the development of advertising platforms, on-chain credit systems, and more.

4. Relatively speaking, the platform is more inclined towards the B2B model, but as platform traffic continues to increase, it has also started to target C-end users. To this end, the platform has specifically improved user experience and strengthened underlying applications.