Exclusive: Galxe CEO Harry Zhang Discusses Digital Identity, AI Trading, and the Launch of Gravity L1
During a recent interview at Consensus 2024 in Austin, Texas, Rachel from Cryptonews had the opportunity to sit down with Harry Zhang, the CEO and co-founder of Galxe, to delve into the latest developments and offerings of his company. Their conversation covered a range of topics, including the importance of digital identity in the Web3 space, the role of AI in trading, and the introduction of Galxe’s Gravity L1 blockchain. Here are the key highlights from their engaging discussion:
Formerly known as Project Galaxy, Galxe operates on the Galxe Identity Protocol, positioning itself as the leading on-chain distribution platform with the goal of evolving into a decentralized super app that simplifies user navigation in the Web3 environment. With a user base of over 20 million and more than 5,000 projects utilizing its platform daily, Galxe recently unveiled its own Layer 1 blockchain, Gravity.
“We initially started as Galxe Quest, focusing on the Galxe identity protocol that powers our quest. Currently, we are the largest on-chain distribution platform, aiming to transform into a decentralized super app to guide users through Web3,” Zhang explained.
Digital identity is a core element of Galxe’s questing platform, integrating a digital identity network to validate user activities and task completion. Zhang highlighted how the identity protocol collects user credentials from various online sources, such as NFT holdings and social media interactions, allowing projects to monitor contributions and reward users with airdrops, NFTs, and tokens.
“Quest is essentially built on the digital identity network. We utilize a credential network to gather data from different online channels to track user activities and task completion,” Zhang elaborated.
Emphasizing the significance of digital identity in the Web3 ecosystem, Zhang noted the contrast between Web2’s fragmented information and Web3’s centralized, secure approach to user data management. Galxe Passport, a key solution offered by the company, enables users to verify their identity and securely share encrypted information with third parties through zero-knowledge proofs, enhancing privacy and security.
“Our identity protocol allows users to aggregate their information from various sources to prevent information silos. Users can securely share their data with third parties while maintaining privacy,” Zhang emphasized.
In the Web3 space, blockchain technology plays a crucial role in addressing identity theft and data breaches prevalent in Web2. By ensuring data immutability and enhancing privacy, blockchain technology can significantly reduce such risks, as opposed to traditional platforms.
Galxe is committed to improving the Web3 experience through AI-driven trading and investing. Their AI agent gathers real-time data from social media, on-chain transactions, centralized exchanges, and macroeconomic indicators, feeding into their Alva LLM model to offer users trading insights, signals, fundamental analysis, and social trends for informed decision-making.
“AI is integral in helping users trade, invest, and research in the Web3 space. Our Alva model compiles high-quality real-time data from various online platforms to provide insights for users,” Zhang explained.
The integration of AI in financial services, as highlighted by a recent report by PwC, showcases the potential to generate significant value annually by enhancing efficiency and providing better insights. The growing utilization of AI in trading is evident in the projected growth of the global algorithmic trading market, emphasizing the reliance on advanced models like Alva for improved financial decisions.
Galxe’s latest announcement of Gravity, a Layer 1 blockchain, aims to address chain fragmentation and enhance user experience by connecting different blockchains and simplifying complex interactions. While acknowledging the substantial growth of platforms like Ethereum and Solana, Zhang emphasized that Gravity’s goal is to enhance interoperability and user experience in the Web3 space, rather than competing with established platforms.
Interoperability is a key focus for Gravity, unlocking new opportunities for decentralized finance and beyond. By focusing on enhanced connectivity and usability, Gravity aims to tap into the growing market of Web3, offering a seamless experience for users.
As Layer 1 blockchains continue to play a significant role in the cryptocurrency ecosystem, with Ethereum hosting thousands of decentralized applications (dApps) and billions in value secured across its network, the introduction of Gravity represents a step towards enhancing the Web3 landscape.
Reporters Rachel Wolfson and Matt Zahab from Cryptonews were present at Consensus 2024 to gather insights and updates from industry leaders, analysts, and pioneers in the crypto space, providing a comprehensive overview of one of the largest crypto events globally.