Gala is a web3 platform driven by its own layer-1 blockchain, GalaChain, which serves as the backbone for the Gala entertainment ecosystem. Initially, this included sectors like Gala Games, Gala Music, and Gala Film. Recently, GalaChain has expanded its reach to allow external developers from various industries to participate, offering open-source resources to streamline development.
Gala is on a mission to empower users and creators globally, aiming to become the first blockchain to reach a billion users. By utilizing open-source tools such as the GalaChain SDK and Creator Portal, innovators can more seamlessly integrate web3 advantages into their products and communities.
Developers can leverage GalaChain to elevate their projects to web3 by creating custom tokens, smart contracts, reward systems, and node networks. Assets developed on GalaChain can also be connected to other blockchains, like Ethereum and Binance Smart Chain. Those interested in engaging with GalaChain are encouraged to visit GalaChain.com.
The foundation of GalaChain is its DePIN (Decentralized Physical Infrastructure Network) of Founder’s Nodes, whose operators earn daily $GALA rewards for contributing resources to the ecosystem and have voting rights on important Gala decisions. In addition to the core Founder’s Node network, other projects can establish their own node networks with specific tasks on GalaChain.
$GALA functions as the primary token within the Gala ecosystem, serving mainly as a utility and transaction token on the blockchain.
The $GALA token was never introduced through an ICO or similar event. Instead, it is issued solely to Founder’s Node operators as a reward for supporting the decentralized network.
Detailed insights about the $GALA token and the broader Gala ecosystem can be found in the Gala Ecosystem Blueprint (PDF).
Who is the Founder of Gala?
Gala was established in 2019 by Eric Schiermeyer, a co-founder of Zynga and a trailblazer in social and blockchain gaming. Schiermeyer, along with early partners from the blockchain and gaming sectors, laid the groundwork for Gala to emerge as a leader in web3.
As of early 2024, the company, headquartered in San Francisco, employs over 350 full-time staff, covering key brands like Gala Games, Gala Music, Gala Film, and GalaChain, excluding numerous contractors and external developers aiding in Gala's decentralized growth.
What Makes Gala Unique?
Gala stands out in the web3 landscape due to several distinguishing features:
1. GalaChain - To support its decentralized networks across entertainment sectors like gaming, music, and film, Gala has developed GalaChain, a robust layer-1 blockchain. It includes the benefits of leading global blockchains, fostering a scalable and decentralized web3 environment.
2. Developer-Friendly - Gala has dedicated significant resources to creating a user-friendly blockchain, open to external development. Tools like the GalaChain SDK and Gala Creator Portal make it easier for developers to realize their ideas on GalaChain.
3. Decentralization - GalaChain operates through various independent node networks, centered around the Gala Founder’s Node network, consisting of 50,000 Founder’s Nodes. Each day, new $GALA is distributed to active Founder’s Node operators, encouraging community members to contribute computing power to Gala's ecosystem. Additional node networks cater to specific project demands, such as game nodes, Gala Music’s Jukebox Nodes, and Gala Film’s Theater Nodes, rewarding operators uniquely.
4. No ICO - Gala's inception focused on decentralization and empowering users, rather than relying on funding rounds or ICOs. This distinguishes Gala from many early web3 companies, which faced setbacks after the ICO surge. Gala's funding came through sales of products like Founder’s Node licenses and NFTs from both upcoming and existing games, including their flagship, Town Star (now called Common Ground World).
5. Token Burning - When $GALA is used within the ecosystem as gas, it is burned, reducing the totalSupply without affecting the maxSupply. Additionally, $GALA is burned via specific purchases and actions that support the ecosystem. More details are available in the Gala Ecosystem Blueprint.
6. Adaptability - Gala remains committed to keeping pace with web3 developments, quickly addressing new challenges. This adaptability extends beyond the creation of GalaChain, involving strategic partnerships with crypto exchanges and navigating evolving crypto regulations worldwide.
How Much GALA is in circulation?
The max supply (maxSupply) of $GALA is capped at 50 billion tokens, with the daily emission rate dynamically adjusted based on the circulating supply. The circulating supply can decrease through burns when $GALA is used for gas within the ecosystem or utilized in ecosystem-supportive activities.
All $GALA tokens originate as rewards for operating Gala Games Founder’s Nodes, with the rewards currently split evenly—50:50—between Founder’s Node Operators and the Conservatorial Entity. Gala, as the Conservatorial Entity, receives a share for their role in maintaining the platform.
The $GALA emission rate is defined by a variable daily emission formula, which considers the totalSupply of $GALA on the blockchain. When more $GALA is emitted than burned, the totalSupply increases, leading to a reduced emission rate. Conversely, achieving certain totalSupply milestones triggers a halving event. If the totalSupply drops below a previous halving point, the emission rate might rise to match demand.
This mechanism of emission rate and totalSupply adjustment creates a dynamic and responsive supply system. It ensures long-term ecosystem rewards for Founder’s Nodes and applies pressure to lower the totalSupply, affecting the amount of tokens in circulation.
The basic $GALA Emission Tranches include:
- Total Supply ≤ 25,000,000,000: 68,493,150.68 $GALA distributed daily
- Total Supply ≤ 37,500,000,000: 34,246,575.34 $GALA distributed daily
- Total Supply ≤ 43,750,000,000: 17,123,287.67 $GALA distributed daily
- Total Supply ≤ 46,875,000,000: 8,561,643.83 $GALA distributed daily
- Total Supply ≤ 48,437,500,000: 4,280,821.91 $GALA distributed daily
- Total Supply ≤ 49,218,750,000: 2,140,410.95 $GALA distributed daily
- Total Supply ≤ 49,609,375,000: 1,070,205.47 $GALA distributed daily
More detailed information is available in the Gala Ecosystem Blueprint (PDF).
How is the Gala network secured?
According to auditor CertiK, $GALA is regarded as the most secure altcoin globally, ranking third overall after BTC and ETH.
The $GALA token utilizes a Gnosis multisig safe, which ensures no single team member has independent access. This system strengthens collective oversight and operational security. Furthermore, Gala is dedicated to maintaining high governance and compliance standards, working with esteemed international accounting and regulatory agencies to ensure $GALA aligns with recognized best practices.
After thorough auditing, $GALA has earned a Gold badge and AAA rating from Certik, a leading security ranking platform that evaluates and monitors blockchain protocols and DeFi projects.
Where can you buy GALA?
The Ethereum-based $GALA token is listed on numerous private exchanges worldwide, as well as various decentralized exchanges. A full list can be found under the "Markets" tab.
While $GALA is actively traded across many platforms via the Ethereum contract, most of its utility is centered on GalaChain. Initially, $GALA is distributed as rewards to Founder’s Node operators on GalaChain, after which it can be easily bridged to Ethereum for trading.
On GalaChain, $GALA can be exchanged using the ecosystem’s decentralized exchange protocol, GalaSwap.
