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What is Gala Crypto?
Luis Clark
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Luis Clark
What is Gala (GALA)?
GALA is the native token of the blockchain gaming platform Gala Games. The currency is an Ethereum token used as a medium of exchange between participants of the Gala Games network. A common use of the token is the purchase of in-game assets.
Players who participate in the Gala Games ecosystem also have voting power concerning governance using the GALA token, the platform’s utility token. This means that users can make decisions that concern the platform. The Gala gaming network features a mechanism called The Founder’s Nodes that regulates user involvement and dictates funding requirements for each game
So far, Gala Games has released 2 games VOX and Town Star. But a tower defense sci-fi strategy game is in the works for fantasy RPG game enthusiasts.
Currently, the project functions on Ethereum but intends to migrate to a native blockchain in the future.
Who is the Founder?
Gala Games was developed by Michael McCarthy and Eric Schiermeyer in 2019. The idea behind creating the platform was to build a gaming ecosystem that gave users complete control and ownership over all game assets. Michael was previously the creative director at Zynga where he built Farmville 2. Eric was the co-founder of Zynga and CRO of Intermix Media, the brand behind Myspace.
How Does GALA Work?
The Gala ecosystem is currently on the Ethereum blockchain and the Founder’s Nodes lay the foundation of the network. Founder’s Nodes can also be bought directly from Gala Games. At the moment, there are only 50,000 nodes.
These Founder’s Nodes help give players ownership of their content and assets and provide rewards in NFTs, GALA, and governance power.
When GALA is received by Founder’s Nodes it is kept in a treasure chest. Node Operators are then responsible for paying the necessary gas fees to mint those tokens to the blockchain. The Founder’s Nodes also use a see-saw algorithm to know if the network requires storage or processing power. This allows for an on-the-fly adaptation.
That said, the Founder’s Nodes approach was implemented to boost decentralization.
Key Features
Gala Games provides blockchain-powered gaming experiences with multiple games currently undergoing development. Certain features make the Gala network stand out from other games in the gaming industry. Below are some of these key features.
Binance Smart Chain
Gala Games was originally built on the Ethereum blockchain but recently, using the leverage of the p.Network Bridge DApp, it bridged the GALA token to the Binance Smart Chain as a BEP-20 asset.
The advantage of this is that the amount users pay in transaction fees when using their GALA tokens has drastically reduced.
The platform is capable of accommodating various games belonging to different genres. Moreover, it comes with a convenient marketplace where players can effortlessly trade in-game items, either buying or selling them.
NFT Collection
Gala Games has its NFT collection known as VOX. It also has an active market where interested parties can buy and sell their NFT collections. Since its inception in 2019, over 26,000 NFTs have been sold on the platform. One of its NFTs was sold for 3 million dollars in 2021.
Community-Powered
Gala Games has over 1.3 million active monthly users. The GALA ecosystem is heavily dependent on the player-owned Node Ecosystem because Gala Nodes are operated by ordinary gamers from their personal computers. In view, of this, the Gala Games developers constantly solicit feedback from the player community regarding important issues such as the types of games that GALA should develop. The team tests out these ideas and implements the viable ones.
People in the gaming community have recommended various types of games, including tower-defense games, role-playing fantasy experiences, and sci-fi strategy games.
Weakness of GALA
Despite its desire to revolutionize the gaming industry, Gala Games has certain weaknesses. A major weakness of GALA is supply inflation. Only 14% of GALA tokens are in circulation, this isn’t good especially when you consider the fact that every day over 17 million new tokens enter circulation.
Other weaknesses associated with GALA come from the Gala Games Network. Out of the 8 games listed by Gala Games, only 2 are available to play. Other games like Mirandus a fantasy RPG game and Last Expedition are still in the works. It is therefore hard to accurately determine how successful they will be.
Also, the developmental road map for the ecosystem seems hazy as the whitepaper does not provide important details concerning the ecosystem like when new games will be released.
There is also a lack of transparency about Gala’s tokenomics. Very little documentation is available on how the GALA token works.
This lack of adequate information and a scanty game gallery has made a lot of investors in the gaming industry put a hold on their decision to invest in GALA. Most investors are waiting for new games to be released and for the network to be improved on before they invest in it.
How is GALA Created?
GALA crypto is created by running Gala Nodes. Gala Nodes are a more efficient way of setting up a mining operation for the Gala Games ecosystem governance token GALA. There are only 50,000 Gala Nodes and the Gala Games team states that these will be the only nodes ever released. At the moment, over 22,000 nodes have been used, which means there are only about 28,000 nodes left for “mining”.
Mining GALA
As already mentioned above you can only mine GALA through nodes. To carry out the operation you’ll need to purchase a node. Gala Nodes help secure the Gala Games ecosystem.
Node operators receive daily distributed points and GALA coins, TownStar coins, NFTs, and game items are added to your Gala Games treasure chest.
To get a node you’ll need to create a Gala account and then purchase ETH or GALA crypto from any crypto exchange that offers them like Coinbase or Binance.
Next, you have to buy your node license from the Gala Nodes menu in your Gala Games account. After purchase, you can then download the node files.
Now you can install your Gala node files and run them on your personal computer but the con here is that whenever you turn off your PC it’ll stop running. So the recommended approach is to use a VPS. You can create one on platforms like Vultr.
Once you’ve created your VPS you can install the node files and run them for 6 hours or shorter depending on your machine.
Currently, running 1 node generates about 1,200 to 1,400 GALA tokens daily. And at the moment, you can earn 1 point if you run your node for 6 hours in 24 hours. If you own more than a single node license you can earn more points as long as the nodes are running at least for 6 hours. That said, the GALA smart contract reveals that there will be about 50 billion GALA tokens minted.
What happens after all nodes have been purchased? Well, Gala Games hinted that the node may be used for Proof of Storage or Proof of Stake after it has been used in minting tokens. Also, the node is a license so it will eventually be sellable like NFTs on the open market.
What Blockchain does GALA Use?
GALA is a utility that runs on the Ethereum blockchain.
How to Use GALA
The GALA token is an ERC-20 token. GALA powers Gala Games Network. It enables users to create, play, own and trade within the GALA gaming platform. Users can buy NFT games and in-game assets using GALA. It is the medium of exchange between Gala Games participants and can be used to pay for in-game items.
They can also buy licenses for nodes like the Founder’s Nodes on the GALA Games store. Users are also rewarded for running a Founder’s Node using GALA.
As already stated, GALA coin holders on the GALA Games network can use the coin for in-game assets purchases, and upgrades. Gamers who hold large quantities of GALA can take part in the governance of the ecosystem. They can cast votes to pitch their opinions concerning the platform’s protocol.
How to Buy GALA
GALA can be purchased on different exchanges. These exchanges use the Ethereum network for GALA. Here is a list of exchanges that support GALA: Binance, Bitexen, BKEK, BtcTurkPRO, Bitrue, Bitmart, CoinEx, Bybit, crypto.com, Coinbase, Coinbase Pro, Decoin, Gate.io, FMFW.io, HitBTC, Gemini, Hotbit, Hoo, Huobi, Kucoin, Lbank, Nominex, MEXC Global, OKEx, Poloniex, Polyient DEX, Uniswap, TokyoCrypto, and XT. COM.
GALA is also available on Pancake Swap. This exchange uses the Binance Smart Chain Network for GALA.
Buying GALA on any of these exchanges is simple. The procedure for purchase on the different exchanges is often similar.
You can buy GALA on any of the listed exchanges with these simple steps:
- Open an account on your preferred exchange.
- Select your preferred payment method. You can buy the GALA token using fiat currency or another cryptocurrency. If you are using fiat currency, you choose to pay via bank transfer, credit/debit card, or a third-party payment system.
- Start a trade
- Select GALA from the list of assets
- Enter the amount you wish to buy
- Crosscheck your order and finalize your purchase.
How To Store GALA
GALA can be stored on both hardware and software wallets.
Hardware wallets are the best places to store GALA because they are more secure. They use high-end encryption techniques that keep crypto assets safe from phishing scams and any type of sophisticated network attacks. If your hardware wallet is stolen, you can recover your funds using a mnemonic seed phrase. This is not the case with software or online-based wallets.
Hardware wallets like Trezor and Ledger support the offline storage of GALA.
While software and online wallets may be susceptible to hacking attacks or phishing scams, some have strong security and have been able to protect customers’ assets even when faced with a hacking attack. You can store GALA on such wallets with a good security reputation.
Not all software wallets support the storage of GALA. You can store GALA tokens on any Wallet that is supported by Binance and those that support ERC20 and BEP2 tokens. Examples of such wallets include Atomic Wallet, TrustWallet, Binance, Huobi, Kucoin, etc.
Best Place to Stake GALA
GALA is a gaming coin and there is currently no means to out rightly stake your GALA tokens.
What You Need to Know about the Future of GALA
In the future, Gala Games intend for the Gala Nodes to power its native blockchain as a solution to scalability and transaction fees. GALA will then be used as a medium of payment for network fees on the new GalaChain Blockchain.
Also after all Founder’s Nodes licenses have been sold, Gala Games will start selling game-specific nodes that will form a localized network for all games released via Gala. This would be to aid scalability as new games are added to the Gala ecosystem.
For instance, game-specific nodes would enable users to run their towns in Town Star without having to leave their browser tab open. They would then generate rewards that would be specific to the game supported. So it won’t be GALA tokens they’d receive or any Founder’s Nodes rewards.
Conclusion: Should You Put Your Money in GALA?
GALA is a cryptocurrency token. And like all cryptocurrencies, it is volatile as well as dependent on the success of the blockchain game. So before investing in GALA you must understand the objective of the game and if it is a sustainable goal in the long run.
Risk in Investing in Cryptocurrencies
Cryptocurrencies are high risk. This means that there’s the potential that you lose your investment in the worst-case scenario. However, like any other investment, ensure you are well educated about the coin you intend to invest in and that you have a high-risk tolerance.
Our extensive analysis of the different Cryptocurrencies doesn’t stop here. You can also check out our “What is Arweave?” guide to know more about another huge project.
FAQ
Most frequent questions and answers
Yes, you can buy GALA on Binance.
Yes, Gala is a Metaverse coin.
No, you cannot stake GALA at the moment.
Yes, GALA is listed on Coinbase.
Gala games conservatorship is the network’s treasury. It is used to support the development of games within the ecosystem.
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