As a seasoned researcher with a knack for deciphering the intricacies of blockchain technology, I find the recent developments at Galxe both intriguing and promising. The unveiling of the Gravity blockchain’s EVM upgrade and the $50 million ecosystem fund are moves that underscore Galxe’s commitment to fostering a vibrant and innovative ecosystem for developers.
Galaxy, a platform for Web3 identities and rewards, recently announced an update to its Gravity blockchain using a new Ethereum Virtual Machine (EVM), along with a $50 million investment for its network’s ecosystem.
In conversation with CryptoMoon, Galxe co-founder Charles Wayn mentioned that the $50 million fund was created with the intention of fostering development on their newly launched Gravity network. This is a layer-1 network that shares compatibility with EVM (Ethereum Virtual Machine) and is designed to assist developers in launching innovative user-focused applications, as well as secondary blockchains.
“We’ve put together a $50 million ecosystem fund alliance to support native use cases, developers, and applications built on Gravity.”
Wayn mentioned that our goal was to establish a conducive environment for more developers to join us in development, and by doing so on Gravity, they would immediately tap into the 1 million daily active users of Galxe,” (or)
Wayn said Galxe was also offering a further $5 million in developer grants for the network.
The ecosystem fund features backing from venture capital firms including Dragonfly Capital, HashKey Capital, DAO5, and Lattice.
In conjunction with the ecosystem fund, Galxe’s Chief Technical Officer, Yumin Xia, announced the debut of Grevm 1.0 – an open-source parallel Ethereum Virtual Machine (EVM) developed using “revm”, which is an EVM written in the Rust programming language. This new EVM aims to be simpler and more efficient compared to traditional EVMs.
Blockchain companies and cryptocurrency initiatives could leverage GalaXE as a platform where they can create challenges and assignments for their users to accomplish. According to Wayn, this approach supports these firms in growing their communities and offers their users opportunities to earn incentives and airdrops.
Moving off centralization
Prior to the debut of Gravity, Wayn noted that Galaex was primarily centralized, with its client and third-party project operations heavily relying on automated systems to facilitate quest creation, task assignments, and development of community-building applications.
In August, GalaXE deployed the main network for Gravity, which marked the transition of all GalaXE applications such as Passport, Quest, Compass, and its native Identity Protocol to be blockchain-based.
Wayn explained that not only Galaxy requires the blockchain, but also the various projects and brands using our platform do. Those who construct and expand their applications on Galaxy also desire a decentralized infrastructure capable of managing their own traffic without being overly dependent on us.
Gravity represents a layer-1 blockchain that has been developed using the Arbitrum Nitro framework. This blockchain is compatible with the Ethereum Virtual Machine (EVM), making it suitable for use with EVM-based applications. The underlying execution of transactions on this blockchain is handled by Reth, while Jolteon (AptosBFT) serves as its consensus algorithm, ensuring the security and reliability of the network.
Besides striving for achievements and incentives, Xia envisions grand ambitions for the Gravity network. The aim is to develop it into a versatile platform accommodating numerous projects, and facilitate consistent payment for gas fees across its 70 interconnected blockchain networks using the project’s native G token.
The core of this goal rests on Gravity SDK, which is an open-source toolkit that he says will one day be “ten to 100 times better” than Cosmos SDK.
In the future, according to Xia, the Gravity SDK will empower developers to initiate their very own layer-1 and Ethereum Virtual Machine (EVM) counterparts on the Gravity platform.
Moreover, the SDK provides enhanced speed capabilities, enabling faster than one second execution, which Xia emphasizes as crucial for a network handling numerous micro transactions each day.
In the days ahead, we’re eagerly anticipating that many people will adopt the Galechain SDK. Our ultimate goal is to surpass the Cosmos SDK when it comes to abstracting chains.” (added by Xia)
The full launch of the Gravity Mainnet is currently slated for the second quarter of 2025.
In 2022, Galxe raised $10 million in a round led by Multicoin Capital and Dragonfly Capital.
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2024-12-10 09:00