Exclusive Interview with Galxe CEO Harry Zhen: Insights on Digital Identity, AI Trading, and the Debut of Gravity L1
Hassan Shittu
Last updated:
June 13, 2024 11:19 EDT
|
4 min read
During a recent exclusive interview at Consensus 2024 in Austin, Texas, Rachel from Cryptonews had the opportunity to sit down with Harry Zhen, the CEO and co-founder of Galxe. They delved into the latest advancements and offerings from his company, discussing topics such as the importance of digital identity in Web3, the utilization of AI in trading, and the launch of Galxe’s Gravity L1 blockchain. Here are the highlights from their engaging conversation:
Formerly known as Galaxy Quest, Galxe operates on the Galaxy Identity Protocol. Positioned as the largest on-chain distribution platform, it aims to evolve into a decentralized super app that simplifies user navigation in the Web3 realm. With a user base of over 20 million and 5,000+ projects leveraging its platform daily, Galxe recently introduced its Layer 1 blockchain, Gravity. Harry Zhen expressed,
Digital Identity: A Cornerstone of Galxe’s Questing Platform
Digital identity remains a core pillar for Galxe. Built on the digital identity network, their questing platform integrates this element to authenticate user activities and task completion. Harry discussed how the identity protocol collates user credentials from both on-chain and off-chain sources, incorporating factors like NFT ownership and social media engagements. This aggregation aids projects in tracking contributions and rewarding users with airdrops, NFTs, and tokens. He emphasized the significance of digital identity in the Web3 ecosystem, contrasting it with the siloed information prevalent in Web2.
Galxe Passport, a fundamental solution in this domain, enables users to verify their identity and securely share encrypted data with third parties, bolstering security and privacy through zero-knowledge proofs. Harry highlighted,
In the Web3 landscape, digital identity addresses key challenges faced in the Web2 world, where issues like identity theft and data breaches are rampant. Utilizing blockchain technology in Web3 can significantly mitigate such risks by ensuring data immutability and enhancing privacy.
Galxe Elevates Web3 with AI-Powered Trading and Investment
Galxe’s dedication to enhancing the Web3 experience extends to trading and investment through AI. Their AI agent aggregates real-time data from various sources like social media, on-chain transactions, centralized exchanges, and macroeconomic indicators. This data fuels their Alva LLM model, offering users trading insights, signals, fundamental analysis, and social trends to aid in making informed decisions.
According to a recent report by PwC, integrating AI in financial services could potentially generate up to $2 trillion in value annually by improving efficiency and providing superior insights. The use of AI in trading is on the rise, with the global algorithmic trading market forecasted to reach $18.8 billion by 2026, underscoring the growing reliance on advanced models like Alva for making sound financial decisions. Harry elaborated,
AI’s impact on trading is transformative, with hedge funds employing AI-driven strategies outperforming traditional counterparts. According to Eurekahedge, AI and machine learning-powered hedge funds delivered a cumulative return of 32% from 2016 to 2021, surpassing the average hedge fund return of 12%.
Galxe Unveils Gravity: A Layer 1 Blockchain to Address Chain Fragmentation and Improve User Experience
One of the most captivating revelations from the interview was the forthcoming launch of Gravity, Galxe’s Layer 1 blockchain. Gravity aims to tackle the challenges of chain fragmentation and enhance user experience by connecting diverse blockchains and simplifying complex interactions. Harry announced,
While existing Layer 1 blockchains like Ethereum and Solana have witnessed significant growth, with Ethereum alone processing over 1 million transactions daily and securing billions in value across decentralized applications, the introduction of another Layer 1 blockchain like Gravity aims not to compete with established platforms but to enhance interoperability and user experience in Web3.
Interoperability remains a crucial focus, as it could unlock new opportunities for decentralized finance and beyond. By prioritizing interoperability and user experience, Gravity aims to tap into the burgeoning market, offering improved connectivity and usability.
Layer 1 blockchains play a vital role in the cryptocurrency ecosystem, as demonstrated by Ethereum in 2023, hosting over 3,000 decentralized applications (dApps) with a total value locked (TVL) exceeding $70 billion in its DeFi protocols.
Consensus 2024
Rachel Wolfson and Matt Zahab from Cryptonews were present at Consensus 2024, conducting interviews with industry leaders, pioneers, and analysts to bring you the latest updates from one of the premier crypto events worldwide.
For more insights from Consensus 2024, check out:
Consensus 2024: Crypto, Politics And More
Follow Us on Google News
