Fundrs’ Latest Seeker Galileo Protocol Streamlines Asset Tokenization for Top Industries
In August 2022, AllianceBlock launched Fundrs, a fully-decentralized peer-to-peer funding protocol based on reputation and merit. Its mission is to build an inclusive, transparent, decentralized platform that enables Funders (capital providers) to play a role in the Seeker’s (startups raising capital) entire lifecycle. Since then, the protocol has hosted successful capital-raising rounds for multiple businesses with millions of active users and euros in managed assets. These Seekers include. dua.com’s $DUA Token and, of course, FLUUS — which sold out in four hours.
Today, AllianceBlock is proud to introduce Galileo Protocol — the latest Seeker raising capital on Fundrs. We will look at the project, the $LEOX token, its utility, how its governance processes work, and how its unique technology creates a practical use case for NFTs in some of the most vibrant industries — music and luxury goods included.
Galileo Protocol’s listing will soon go live on AllianceBlock Fundrs. Funders can participate in the capital-raising round on Fundrs by staking their $NXRA and earning rALBT. Staking $NXRA is available on several chains, including Ethereum, Avalanche, Polygon, and Arbitrum, which Galileo has chosen for its capital raise due to lower transaction fees and faster processing speeds.
Revolutionizing Asset Ownership and Authentication With Galileo Protocol
Galileo Protocol is a cutting-edge tokenization platform that aims to transform how luxury goods and real-world assets are owned and authenticated. The protocol is built on the Quant Network Overledger. It utilizes advanced AI and machine learning algorithms to provide a secure and transparent way for collectors and investors to verify the authenticity of their valuable assets.
Streamlining Asset Tokenization with Galileo Protocol’s pNFTs and B2B Platform
Galileo Protocol’s pNFTs are digital twins of physical objects, providing all the advantages of an NFT, such as traceability, immutability, and security while abstracting much of the complexity involved in trading a physical asset. The protocol includes a mobile app for iOS and Android devices that enables users to authenticate luxury items and manage their associated pNFTs. The app utilizes computer vision algorithms to analyze the physical features of luxury items and compare them to the metadata stored in their associated pNFTs.
Galileo Protocol also provides a dedicated B2B platform that allows luxury brands and enterprises to create and manage pNFTs for their products. This platform streamlines the tokenization process, enabling businesses to ensure the authenticity and traceability of their luxury goods throughout their lifecycle. Additionally, the Galileo Protocol offers a B2C platform that facilitates communication and interaction between enterprises and their clients.
The protocol leverages advanced AI and machine learning algorithms to streamline the tokenization process and ensure the accuracy of pNFTs. The Galileo Protocol also integrates with various NFT marketplaces and blockchain networks to ensure compatibility and interoperability, allowing users to seamlessly interact with their pNFTs and access associated metadata, regardless of the market or network they are using.
The Galileo Protocol offers incentives to encourage user participation in the verification process, promoting community engagement and helping maintain the accuracy and trustworthiness of pNFT’s metadata.
Luxury Goods and Music Industry — Upcoming Use Cases for Galileo Protocol’s pNFT Technology
The non-fungible token (NFT) market has grown exponentially over the past few years, with many digital artists, content creators, and collectors embracing this novel form of asset ownership. Physical non-fungible tokens (pNFTs) extend this concept to tangible assets, including luxury goods, fine art, and other valuable items. The rising demand for pNFTs highlights the need for a comprehensive solution to bridge the gap between physical assets and their digital representation on the blockchain. Galileo Protocol gives us a glimpse of the potential use cases for their pNFT technology and how it can be harnessed.
Enhancing Consumer Confidence by Tracking Authenticity and New Ownership of Luxury Goods
By using blockchain and tokenization, luxury goods can be linked to a unique identifier that can be used to track authenticity and ownership. This helps customers feel more confident in the product they are buying, as they can verify that it is genuine and not counterfeit. The following are some of the ways this technology can provide customers with the assurance of authenticity:
- Unique identifiers for each product
- Tracking authenticity through digital records on the blockchain platforms
- Verifying ownership and value through NFTs
- Increased consumer confidence in purchasing real products
- Traceability throughout the entire supply chain processes
- Improved transparency between companies, customers and suppliers
The Benefits of pNFT-Backed Tokenization for the Music Industry
Tokenization has already had a significant impact on the music industry. It has enabled artists to use blockchain technology to promote their music and increase access to streaming services worldwide. There is now also improved communication between musicians and fans due to greater transparency in the industry. Moreover, enhanced security measures against piracy have been established by tokenizing music recordings. This has allowed musicians to bolster their content’s security while giving them more control over its use and distribution.
Tokenization in the music industry allows for a new digital world where anyone can create and distribute music more securely and transparently. Artists can now monetize their work and gain greater control over their rights and brand. The future of the music industry is bright, and thanks to tokenization, the potential for growth and creativity is even more promising. The benefits of tokenization in the music industry include increased transparency, more control over rights and royalties, the ability to create novel revenue streams, and enhanced security against piracy. Ultimately, tokenization is revolutionizing how musicians interact with fans and gaining traction as a new way to monetize music. The introduction of pNFT technology introduces even more tokenization use cases to the music industry, including the on-chain verification of physical records, merchandise, and artist memorabilia.
Luxury Watch Industry: Enhanced Accessibility, Increased Liquidity, Improved Security, and Greater Transparency
Luxury watches are high-end, mostly hand-crafted timepieces known for precision, the use of premium materials, and the craftsmanship that goes into making them. Watchmakers generally use traditional and manual techniques to craft each luxury watch by incorporating unique features and designs, helping them stand out from the crowd.
As a token represents a particular asset or utility, the tokenization of luxury watches is replacing sensitive information, including their serial numbers or ownership records, into unique tokens on a secure blockchain platform. Doing so ensures that unauthorized individuals cannot access or manipulate sensitive information. Some advantages of tokenizing luxury watches include enhanced accessibility, increased liquidity, improved security, and transparency.
Supporting Community Platforms and DAO Governance with $LEOX
The utility token that powers the Galileo Protocol ecosystem is called $LEOX. The $LEOX token is used to access the Galileo Network’s service and is not an investment vehicle by design.
$LEOX is a QRC-20 utility token issued on a multichain protocol (currently supporting Ethereum, Polygon, and XDC). Galileo aims to create a digital currency that its community can use online to interact with physical assets and their pNFTs.
The $LEOX token is used within the Galileo ecosystem to provide users with discounts on trading fees, access to new NFTs launched, pay enterprises’ licenses, and, eventually, fair voting on decisions concerning the protocol’s future.
Driving $LEOX Utility: A Closer Look at the Benefits and Mechanisms
Community Platform
Users can use $LEOX to pay for pNFTs and services, settle transaction fees on the Galileo marketplace, and in the future, vote on decisions concerning the protocol’s future, participate in exclusive pNFTs sales, and more. $LEOX has different functions for the community, such as; a means of exchange for minting, paying transaction fees within the protocol, and royalties.
By staking $LEOX, users can lower transaction fees when mining, buying, selling, and transferring NFTs to a third party, earn rewards directly from the transaction fees generated on the Galileo platform and participate in the platform’s governance system, which allows them to create and vote on protocol proposals.
Enterprise licenses
To use the platform, brands, resellers, and enterprises must purchase bi-annual licenses with $LEOX tokens. The license fees are denominated in FIAT, and enterprises can choose whether to use this service or pay with $LEOX. Naturally, the number of tokens needed will vary depending on the price of $LEOX. The Galileo Treasury converts the licensing fees paid into the equivalent amount of $LEOX. Thanks to the treasury conversion service, enterprises don’t have to worry about purchasing $LEOX directly from exchanges, as the treasury handles that for them. An Oracle solution provides the current rate for USD/EUR to $LEOX conversion.
The $LEOX purchased for the bi-annual licenses are locked up in a smart contract for six months, reducing the tradable supply and token velocity of $LEOX. After six months, the license expires, and the locked $LEOX moves to Galileo’s Treasury. This creates a constant demand for $LEOX as the platform grows.
$LEOX Vaulting
A percentage of all exchange fees collected by Galileo Protocol, is used to buy $LEOX and put them into the vault. More products and services will utilize $LEOX in the future. As platform usage increases, so will the demand for $LEOX.
$LEOX vaulting is a mechanism to permanently remove coins from circulation, reducing the total available supply. Many cryptocurrency projects perform periodic coin vaults to create a deflationary effect.
Fair voting system for permissionless Galileo’s DAO
In a few years, Galileo will deploy a decentralized autonomous organization (DAO) on the blockchain, enabling users staking $LEOX to exercise governance over the protocol. By staking, users gain governance, and as a result, they can coordinate themselves in a decentralized manner through self-executing rules.
The specific problem that Galileo Network will focus on is the voting procedure within DAOs and how it can be made democratic or equalize everyone’s vote weight as much as possible.
Galileo Network will use a voting system based on Quadratic Voting to solve these problems. Quadratic voting is a fascinating and effective solution because it drastically reduces the voting power of a significant $LEOX staker compared to a smaller $LEOX staker. $LEOX stakers will vote on a proposal, and the longer they keep their voted stakes, the more their voice will grow, and they will show a greater conviction towards the proposal.
A few simple examples of how this would work:
• 1 $LEOX token = 1 vote.
• 25 $LEOX tokens = 5 votes.
• 100 $LEOX tokens = 10 votes
Tokenomics of $LEOX
The Galileo Protocol token distribution is designed to allocate tokens fairly among different investors, ensuring the project’s growth and development are well-supported. The Galileo Protocol will issue 150 million $LEOX tokens, with an initial circulating supply of 28.9 million. The allocations, as well as locking and vesting schedules, can be found in the graphics below.
AllianceBlock-Powered Luxury Asset Tokenization: Galileo Protocol’s Upcoming Capital Raise on Fundrs and Arbitrum
The Galileo Protocol is at the forefront of a new era in luxury goods and real-world asset tokenization, providing a comprehensive and efficient authentication, ownership, and management solution. Through its innovative features, commitment to regulatory compliance and responsible operations, and vision for the future, the Galileo Protocol is poised to revolutionize the market.
With the protocol already listed on Fundrs, capital providers can prepare for the upcoming raising round by staking $NXRA on Fundrs to earn rALBT — a participation requirement. Staking $NXRA is available on Ethereum, Avalanche, Polygon, and, more recently, Arbitrum.
Users can access different Fundrs Tiers with multipliers depending on the amount of $NXRA they stake. Alternatively, they can lock their $NXRA staking for different periods to earn their rALBT up front.
Galileo Protocol is launching its capital raise on Arbitrum, taking advantage of the layer-2 network’s lower transaction fees and faster processing capabilities. Funders can stake their $NXRA tokens on Arbitrum using the AllianceBlock Bridge and start generating rALBT today.
We are excited at AllianceBlock to have this innovative protocol listed on Fundrs. We look forward to the partnership and establishing the project as a leader in their mission of creating a world where everything gets tokenized.
You can check out the Galileo Protocol website or follow them on Twitter and LinkedIn. You can join their community on Telegram.
Stay tuned for more announcements on AllianceBlock’s Twitter and Telegram Announcement channels, to be the first on when the Galileo Protocol listing is live, and for more product, ecosystem, and development updates.
Are you a builder interested in integrating Fundrs, or do you want to talk about the potential to launch on the platform? Reach out to our business development team here.
About Galileo Protocol
Galileo Protocol is a cutting-edge tokenization platform that aims to transform how luxury goods and real-world assets are owned and authenticated. The protocol is built on the Quant Network Overledger and utilizes advanced AI and machine learning algorithms to provide a secure and transparent way for collectors and investors to verify the authenticity of their valuable assets.
About AllianceBlock
AllianceBlock is an infrastructure provider for decentralized tokenized markets. It empowers businesses with liquidity provisioning and allows them to compliantly issue, manage, and trade tokenized, digital assets including real-world assets (RWAs).
The AllianceBlock ecosystem of partners, clients, and ventures consists of top stakeholders from the financial industry, as well as the decentralized finance (DeFi) sector. Their unique product suite complies with global regulations and seamlessly integrates with legacy systems.
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