Galxe to release alpha mainnet of Layer 1 blockchain in June using Arbitrum Nitro
Web3 credentials platform Galxe plans to launch a new Layer 1 blockchain named Gravity, aimed at streamlining cross-chain interactions. The alpha mainnet, using the Arbitrum Nitro stack, is targeted to launch in June 2024 for preliminary testing. A fully operational mainnet is expected in the second quarter of 2025.
Galxe, a Web3 credentials and rewards platform, plans to introduce a new Layer 1 blockchain named Gravity.
Gravity will be designed to streamline cross-chain interactions, utilizing zero-knowledge proofs for efficient verification, according to a statement.
The blockchain will facilitate multi-chain asset management and abstract underlying complexities of cross-chain transaction settlements.
This proof-of-stake blockchain will be compatible with Ethereum Virtual Machine (EVM) and will utilize Reth as its execution layer along with the Jolteon (AptosBFT) consensus algorithm.
Gravity will be incorporated into Galxe’s existing suite of products — including Quest, Compass, Passport, and the Galxe Identity Protocol — to maximize its large user base.
The deployment of Gravity will occur in two main phases. The alpha mainnet, built with the Arbitrum Nitro stack, is scheduled to launch in June 2024 for preliminary testing. A fully operational mainnet is projected for release in the second quarter of 2025.
In 2022, Galxe raised $10 million in funding, with contributions from Multicoin Capital and Dragonfly Capital.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
The Next "Black Swan": "Tariff Refund Mega Deal", Wall Street and Individual Investors Are Placing Bets
Individual investors are participating in this game through emerging prediction markets such as Kalshi and Polymarket.
Since the U.S. legislation in July, stablecoin usage has surged by 70%!
After the "Genius Act" was passed in the United States, stablecoin payment volumes surged, with August transactions exceeding 10 billion USD. Nearly two-thirds of this amount came from inter-company transfers, making it the main driving force.
BlackRock Shifts $500 Million Funds to Polygon Network
In Brief BlackRock transfers $500 million to Polygon, enhancing blockchain integration in finance. The move shows increased trust in blockchain-based financial structures. It indicates a trend towards decentralization and long-term structural change in finance.
XRP Eyes $27 Target After Breakout Confirms Multi-Year Bullish Pattern
Trending news
MoreCrypto prices
More
