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 sat down with Harry Zhang, the CEO and co-founder of Galxe, to delve into the latest advancements and offerings of his company. The conversation covered topics such as the importance of digital identity in Web3, the role of AI in trading, and the launch of Galxe’s Gravity L1 blockchain. Here are the highlights from their enlightening discussion:
Galxe, previously known as Project Galaxy, operates on the Galxe Identity Protocol, positioning itself as the leading on-chain distribution platform with ambitions to evolve into a decentralized super app that simplifies user navigation in the Web3 realm. With a user base of over 20 million and more than 5,000 projects utilizing its platform daily, Galxe recently introduced its own Layer 1 blockchain, Gravity.
“We began as Galxe Quest, focusing on the Galxe identity protocol that powers the quest,” Zhang explained. “Currently, we are the largest on-chain distribution platform and our aim is to transform into a decentralized super app by assisting users in navigating all aspects of Web3.”
Digital identity is a core component of Galxe’s questing platform, integrating the digital identity network to validate user activities and task completion. Zhang detailed how the identity protocol collects user credentials from various sources, both on-chain and off-chain, such as NFT holdings or social media interactions. This aggregation enables projects to track contributions and reward users with airdrops, NFTs, and tokens.
“Quest is essentially built on the digital identity network,” Zhang elaborated. “To monitor user activities or task completion in a quest, we have a credential network that gathers data from different online channels.”
Furthermore, Zhang highlighted the pivotal role of digital identity in the Web3 ecosystem, contrasting it with the fragmented information landscape of Web2. Galxe Passport, a key solution, empowers users to verify their identity and share encrypted information with third parties, enhancing security and privacy through zero-knowledge proofs.
“Our identity protocol enables users to consolidate their information seamlessly, eliminating information silos,” Zhang pointed out. “Users can also securely share their information with third parties while maintaining privacy.”
In the Web3 landscape, digital identity addresses prevalent issues faced in the Web2 world, such as identity theft and data breaches. By leveraging blockchain technology, Web3 enhances data immutability and privacy, significantly reducing risks.
Galxe is at the forefront of enhancing the Web3 experience with AI-driven trading and investing. Their AI agent gathers real-time data from various sources, including social media, on-chain transactions, centralized exchanges, and macroeconomic indicators. This data feeds into their Alva LLM model, providing users with trading insights, signals, fundamental analysis, and social trends to aid in informed decision-making.
The integration of AI in financial services, as per a recent report by PwC, has the potential to generate up to $2 trillion in value annually by improving efficiency and insights. The global algorithmic trading market is projected to reach $18.8 billion by 2026, underscoring the growing reliance on advanced models like Alva to enhance financial decision-making.
“AI is instrumental in empowering users to trade, invest, and conduct research effectively in the Web3 realm,” Zhang emphasized. “Alva compiles high-quality real-time data from social media platforms, on-chain data, and centralized exchanges.”
The transformative role of AI in trading is evident, with hedge funds utilizing AI-driven strategies outperforming traditional funds. According to Eurekahedge, AI and machine learning hedge funds delivered a cumulative return of 32% from 2016 to 2021, surpassing traditional funds.
A noteworthy announcement from the interview was the forthcoming launch of Gravity, Galxe’s Layer 1 blockchain. Gravity aims to address chain fragmentation and enhance user experience by connecting various blockchains and simplifying complex interactions.
“The Gravity Alpha mainnet is set to launch in two weeks, and we are thrilled about it,” Zhang revealed. “Gravity is designed to be a layer one blockchain for mass adoption, connecting all existing chains.”
While introducing another Layer 1 blockchain, Galxe’s goal is not to compete with established platforms like Ethereum or Solana but to enhance interoperability and user experience in the Web3 space. Interoperability is crucial as it could unlock new opportunities for decentralized finance and beyond.
Layer 1 blockchains, such as Ethereum and Solana, have witnessed substantial growth, with Ethereum processing over 1 million transactions daily and securing billions in value across decentralized applications.
As Cryptonews reporters Rachel Wolfson and Matt Zahab covered Consensus 2024, engaging with industry leaders, pioneers, and analysts, they bring the latest updates from one of the premier crypto events worldwide. Stay tuned for more insights from Consensus 2024.
