Stake GALA

What is Gala?

Gala is a web3 ecosystem powered by a layer-1 blockchain (GalaChain) built to power the Gala entertainment ecosystem that originally included Gala Games, Gala Music and Gala Film. More recently however, GalaChain has opened its doors to external developers and projects from any applicable industry, providing open source developer resources to simplify the process. On a mission to empower users and creators across multiple industries throughout the world, Gala’s goal is to become the first billion user blockchain in the world. Innovators can extend the benefits of web3 to their users and communities more easily than ever before by leveraging open source tools like the GalaChain SDK and Creator Portal. By elevating their ideas to web3 through GalaChain, developers can create custom tokens, smart contracts, reward opportunities and node networks for their communities and projects. Assets built on GalaChain can also be bridged to other blockchains, such as Ethereum, Binance Smart Chain and more. Developers who wish to learn more about getting involved with GalaChain are welcome to reach out via GalaChain.com. The core of GalaChain is powered by its DePIN (Decentralized Physical Infrastructure Network) of Founder’s Nodes, whose operators earn daily $GALA rewards for actively providing resources to the ecosystem and enjoy governance voting rights on certain core Gala decisions. In addition to the Founder’s Node network’s foundational workload, individual projects can also create Node networks on GalaChain with more specific workloads. Gala.com News.Gala.com Games.Gala.com Music.Gala.com Film.Gala.com

What is $GALA?

$GALA is the official ecosystem token of Gala, serving primarily as a utility and gas token for transactions on the blockchain. Gala never executed an ICO or other initial issuance event for the $GALA token. Instead, new $GALA entering the circulating supply is issued exclusively to Founder’s Node operators as rewards for powering the decentralized ecosystem. More in-depth information on the $GALA token and the greater Gala ecosystem can be found in the Gala Ecosystem Blueprint (PDF).

Who is the Founder of Gala?

Gala was founded in 2019 by Zynga co-founder Eric Schiermeyer, a pioneering leader in the development of social and blockchain gaming with a proven track record of success when building in new tech sectors. Joined early by leading developers in the blockchain industry and leading players in game development, Schiermeyer set the stage for Gala as a future leader in the web3 world. As of early 2024, the San Francisco based worldwide company has over 350 full time employees. This includes the core brands of Gala Games, Gala Music, Gala Film and GalaChain, but does not include the numerous contractors and external developers contributing to the growth of the decentralized Gala ecosystem.

What Makes Gala Unique?

Several key characteristics set Gala apart from other projects in the web3 space: 1. GalaChain - To power its multiple decentralized networks, beginning with entertainment brands in games, music and film, Gala built a powerful layer-1 blockchain called GalaChain. With all the empowering features of the world’s leading blockchains, GalaChain makes room for a sustainable web3 ecosystem capable of massive growth while moving further away from centralized systems as it grows. 2. Developer Friendly - Gala has put extensive resources and development toward building a chain that’s easier to use and more accessible for external development. Using tools like the open source GalaChain SDK and the ultra-simplified Gala Creator Portal, innovators and developers can easily bring their visions to life on GalaChain. 3. Decentralized - GalaChain is powered by many independent node networks, with the Gala Founder’s Node network (50,000 total Founder’s Nodes exist) at their core. With all new $GALA entering circulation as daily distribution to active Founder’s Node operators, community members are highly incentivized to provide computing power to the Gala ecosystem. Through additional node networks such as game-specific nodes, Gala Music’s Jukebox Nodes and Gala Film’s Theater Nodes, project-specific node workloads are used to fill Gala’s computational needs while rewarding operators in unique ways. 4. No ICO - Gala was formed from a vision of decentralization and user empowerment, not a funding round or ICO. This made the company extremely unique during the ICO craze that left supporters of many (now defunct) early web3 companies holding worthless token bags. Gala was funded solely by selling products such as Founder’s Node licenses and NFTs from both upcoming and already live games such as its flagship game, Town Star (now called Common Ground World). 5. Burning Tokens - When $GALA is used as gas in the ecosystem, it is burned (from totalSupply–maxSupply is unchanged). Additionally, $GALA is burned through certain purchases and other ecosystem supporting actions.More details can be found in the Gala Ecosystem Blueprint. 6. Adaptability - Gala is committed to keeping up with the speed of web3, expanding and developing solutions as quickly as new problems become known. These expansions go beyond the creation of GalaChain as a long-term solution and strategic partnerships with various crypto exchanges, to include navigation of the ever-changing landscape of crypto regulation throughout the many countries of the world.

How Much GALA is in circulation?

The maximum supply (maxSupply) of $GALA is set to 50 billion tokens, and the daily emission rate is dynamically adjusted based on the Circulating supply. The circulatingSupply is subject to decrease (burn) when $GALA is used as gas within the Gala ecosystem or when it's expended in ecosystem-supportive activities. The genesis of all $GALA tokens occurs as a reward for the operation of Gala Games Founder’s Nodes. This reward mechanism is structured such that it is evenly distributed, for the time being, with a 50:50 split between the Founder's Node Operators and the Conservatorial Entity. Gala, as the Conservatorial Entity, receives a portion of the distribution for their role in curating and maintaining the platform The current emission rate of $GALA is determined by a variable daily emission formula, which takes into account the totalSupply of $GALA on the blockchain. An increase in the totalSupply (indicating more $GALA emitted than burned) results in a reduced emission rate. Conversely, when certain milestones in totalSupply are achieved, a halving event is triggered automatically. If the totalSupply dips below a previously reached halving point, the emission rate may increase to align with demand. This interplay between emission rate adjustment and totalSupply reduction establishes a dynamic, responsive supply system. This system not only ensures long-term ecosystem rewards for the Founder’s Nodes, instrumental in supporting the ecosystem, but also imposes a balancing effect on the totalSupply, exerting a downward pressure on the token quantity in circulation. The basic $GALA Emission Tranches are as follows: Total Supply ≤ 25,000,000,000 = 68,493,150.6849315 $GALA distributed daily Total Supply ≤ 37,500,000,000 = 34,246,575.3424658 $GALA distributed daily Total Supply ≤ 43,750,000,000 = 17,123,287.6712329 $GALA distributed daily Total Supply ≤ 46,875,000,000 = 8,561,643.83561644 $GALA distributed daily Total Supply ≤ 48,437,500,000 = 4,280,821.91780822 $GALA distributed daily Total Supply ≤ 49,218,750,000 = 2,140,410.95890411 $GALA distributed daily Total Supply ≤ 49,609,375,000 = 1,070,205.47945205 $GALA distributed daily etc. More in-depth information on the $GALA token can be found in the Gala Ecosystem Blueprint (PDF).

How is the Gala network secured?

According to auditor CertiK, $GALA is the most secure altcoin in the world with the number 3 leaderboard spot, with BTC as #1 and ETH as #2. The $GALA token employs a Gnosis multisig safe, a secure arrangement ensuring that no single team member has unilateral access. This system reinforces the principle of collective oversight and enhances operational security. Furthermore, $GALA is committed to maintaining the highest standards of governance and compliance. Additionally, Gala actively collaborates with several esteemed international accounting and regulatory agencies, ensuring that $GALA consistently aligns with internationally recognized best practices. After extensive audit, $GALA has received a Gold badge and AAA rating from Certik, the leading security-focused ranking platform that analyzes and monitors blockchain protocols and DeFi projects.

Where can you buy GALA?

The Ethereum-based $GALA token is listed on many private exchanges throughout the world, as well as many decentralized exchanges. A complete list is available in the “Markets” tab. While $GALA is traded in large volume on numerous exchanges via the token’s Ethereum contract, the majority of the token’s utility lives on GalaChain, to which $GALA is initially emitted as Founder’s Node operator rewards and from which the token can be easily bridged to Ethereum for trade. On GalaChain, $GALA may be traded using the ecosystem’s decentralized exchange protocol, GalaSwap.

What is Blockchain?

Blockchain is a decentralized and distributed ledger technology that securely records transactions across multiple computers in a verifiable and permanent way. It forms the underlying technology for cryptocurrencies like Bitcoin and enables transparency, security, and immutability.

What is Cryptocurrency?

Cryptocurrency is a digital or virtual form of currency that uses cryptography for security. It operates on decentralized networks, typically based on blockchain technology, and facilitates secure and transparent peer-to-peer transactions.

What is Bitcoin?

Bitcoin is the first and most well-known cryptocurrency, created in 2009 by an anonymous person or group known as Satoshi Nakamoto. It operates on a decentralized peer-to-peer network and is used for secure, transparent, and censorship-resistant transactions.

What is the difference between Bitcoin and Altcoins?

Bitcoin is the original and most widely recognized cryptocurrency, while altcoins refer to any other cryptocurrencies besides Bitcoin. Examples of altcoins include Ethereum, Ripple (XRP), Litecoin (LTC), and many others.

What is Staking?

Staking involves participants locking up a certain amount of cryptocurrency in a wallet to support the operations of a blockchain network. It is commonly associated with proof-of-stake (PoS) and delegated proof-of-stake (DPoS) consensus mechanisms, where participants receive rewards for helping secure the network.

How Can I Stake Cryptocurrency?

To stake cryptocurrency, you typically need to choose a platform or network that supports staking. Transfer your tokens to a compatible wallet, follow the staking instructions provided by the platform, and lock up the desired amount of cryptocurrency. Once staked, you may start earning rewards.

What Are Staking Rewards and How Are They Calculated?

Staking rewards are incentives provided to participants who lock up their cryptocurrency to support the network. The amount of rewards varies and is influenced by factors such as the network's inflation rate, the total amount staked, and the specific rules of the staking protocol.

Can I Unstake My Cryptocurrency at Any Time?

The ability to unstake and withdraw your cryptocurrency depends on the specific staking protocol and network. Some platforms may have lock-up periods or unbonding periods during which your staked tokens are inaccessible. Always check the terms and conditions of the staking service.

What are the Risks of Staking?

Staking comes with risks, including the potential loss of staked funds if a participant behaves maliciously or fails to fulfill their responsibilities. Market volatility can also impact the value of staked tokens. It's crucial to thoroughly research the staking protocol and understand the associated risks.

Can I Lose Money by Staking?

While staking is designed to be a rewarding activity, there is a risk of losing money, especially if the value of the staked cryptocurrency decreases or if the staking protocol encounters security issues. It's important to consider both the potential rewards and risks before participating in staking.