LBank AMA Recap with GALAXY
On 18 July we held an AMA with the GALAXY team, hosted on LBank official telegram channel. If you missed this telegram session, here’s another chance to get a full transcript of the AMA event.
Yes my name is Matthew Johnson I founded Galaxy coin with my wife Christina. Together with a team of 7 people we form the Galaxy team.
What encouraged you to initiate this project? Could you share three main killer advantages that make you more competitive than others?
Great question, thank you. We saw the potential in blockchain & wanted to be a more significant part of the crypto community. We created Galaxy coin to help bridge the gap between traditional businesses/institutions and tokenization.
One of our main advantages over other crypto projects is that we are built on the XRP ledger. The protocol and network are secure and reliable, and our coin inherits many characteristics that XRP has. Galaxy coins can transfer value across the XRPL in seconds and with meager fees.
Another big advantage is the XRP community. XRPL development is at an all-time high, and new features will be released on the XRP Ledger, further enhancing our products.
Of course, the Galaxy team is also a significant advantage due to our diverse backgrounds and experience. Many of us came together through a start-up aerospace company that demanded attention to detail and dedication to get to a successful launch. We have carried these values into Galaxy coin and make every effort to provide the best services and products on the XRPL.
What are your major goals to archive in the next 3–4 years? Where can we see your ecosystem in this period? What are your plans to expand and gain more adoption?
Excellent question. Our company goals include an aggressive road map that starts with NFT services and extends into the metaverse. First, we want to remove the barriers to entry for traditional entities to enter the blockchain space by offering NFT services from concept to selling.
Our XRPL marketplace will offer NFTs and blockchain services and expand to provide more as tokenization proliferates. In parallel, we are also working on crypto education to inform the next generation of students about crypto and help them adopt this new technology as it emerges.
The metaverse lets us reach people from around the world, and we can help respected colleges and universities offer their services in the way of metaverse classrooms and venues. This results in eliminating barriers and expanding the reach of our clients.
Tell us about your ecosystem. What other than tokens are included in your ecosystem and what are you working on right now? Will there be a platform release soon?
Our marketplace is one of the biggest focuses for the team right now. The marketplace will feature exclusive Galaxy coin content such as our Galaxy Guard comic book and 3d character NFTs. These NFTs will also come with a bonus file allowing you to 3d print a perfect replica at home.
We also have the Galaxy Goddess collection, which will grow as Galaxy coin grows. We are starting with 5,000 unique NFTs depicting a finite amount of goddesses and traits. The best part is that the royalties for these NFTs will be donated to organizations that support women’s rights. Plans include an add-on mint to make them compatible with a real-time strategy game that uses the unique traits of each goddess to help one succeed in the game.
The Galaxy team is working with a high school in Texas that has agreed to let us provide NFT services for their sports programs this coming fall. We will scale this model to include universities and other institutions. We are also working with a school in California to allow us to introduce their students to the educational content we are working on.
What are the benefits of holding your token as a long-term investment? And can you tell us about the motivation and benefits for investors to keep your token in the long run?
Yes, the Galaxy team is working on building a wallet that will unlock certain rewards. We are also implementing code to recognize the Galaxy Guard NFTs and allow holders access to particular areas on the XRPL marketplace and our website.
Coin holders will also receive similar rewards and a ranking based on how long they have been holding X amount of Galaxy Coin. We have many great products in development, and we are always looking for new ways to reward our supporters. We will add more value to the brand as we grow and reward our holders repeatedly.
Could you brief a Lil bit about your tokenomics? Are they inflationary or deflationary, fixed finite supply, or flexible issuance? What are the incentives for token investors and holders and how do you see an increase in token value happening?
Sure thing, we started with a fixed supply of 1 quadrillion coins and have burned 65% of those coins, leaving 349.8 trillion in existence. Three hundred seven trillion of those coins are in circulation, and the remaining 42 trillion can be burned.
The XRPL marketplace will add a deflationary mechanism for Galaxy coin tokens. When minting NFTs through our marketplace, the Galaxy spent will be burned and thus reduce the total and circulating supplies. As more tokenized products are developed, we intend to offer more than NFTs on the XRPL market. With the market up & running and the token burn completed, we will see added value to the Galaxy brand and incentives to keep holding Galaxy coins.
Where can I buy your tokens right now what is your current contract and how can I buy them??
You can get Galaxy Coin right here on Lbank and if you would like more info about us, including our social links please go here: https://linktr.ee/galaxycoins
Since NFT is popular nowadays, is there a plan for NFT integration?
Absolutely, we see NFTs as a critical part of the blockchain ecosystem. We intend to tokenize assets and offer them as the technology and adoption make it possible. Adding utility to NFTs and Galaxy coin is one of our prime objectives.
Is your project a community only for English-speaking countries. Or for users not for others languages? Do you have any community for non-English speaking users too? Please tell me, sir?
We currently have several social accounts and a robust community of followers. Most of the Galaxy team is English first language but we are open to partnering with people around the world to help translate content and reach more consumers. If someone would like to start a non-English community they can reach out to our Telegram team to discuss.
How does project increase the token’s value, liquidity, and utility? So that it can lead to an increase in token prices? What is your plan to make your project stable and provide the highest return for investors in the long term?
Blockchain as a service is a growing sector and our NFT services work well to fulfill that need. Along with the NFTs, working with schools, and entering the metaverse we believe the market will respond favorably to our ever growing brand and company value.
What strategy will you implement to bring non-crypto-natives into your ecosystem? How do you keep a balance between developing the technology and also improving the value of your token?
We believe the best way to foster crypto adoption is to increase common knowledge about how the blockchain works. We also believe that the next generation of students will help adoption levels immensely. Thus we are hoping our efforts to educate the youth and young adults regarding crypto are successful in increasing adoption overall.