On the Galaxis Platform each community can have its own independent economy.
It means that the community economy is managed by the community creator. Galaxis, the platform and the company have no way to interfere with it or access the community's funds or their economies. Galaxis provides the platform, then steps out of the way.
The core of the economy is the Community Card, the given community's membership card. Each community have their own membership cards. They all use the same technology, but their offerings and features can be very different.
Despite the differences, each community created by the Galaxis platform comes with a set of features that are designed to create healthy, sustainable communities, where the Community Creators can provide value to the Community Members, and the members can, in turn, support the Creators. All done in a way that prioritizes privacy, personal ownership, independence and responsibility.
The Membership Cards come with a set of built-in features to enable all of the above. We would like to highlight some of those below. This is not an exhaustive list, but an introduction to the platform:
Transfer Royalty is a royalty that is due to be paid when a Community Card is transferred.
This is a unique feature that fixes most of the issues with the current centralized platforms' royalties. The Transfer Royalty system -- as implemented by Galaxis -- enables royalties that are marketplace independent and does not need adoption from other platforms. So no control given to 3rd parties, and no vendor lock-in.
Transfer Royalty is usually mostly benefiting the Community Creator, but a portion of it is being split between any potential artists associated with the Membership Card's art, the community itself, and Galaxis/Engines as well (Galaxis/Engines are rewarded for being service providers. More about this later).
The part about the community benefiting is critical. A community created with the Galaxis Platform is designed in a way that the community itself benefits from long term, sustainable activities.
As mentioned, Community Cards can have utility traits that are given by the Community Creator or acquired by other means.
There is an optional fee associated with using the Utility Traits. For example in order to redeem a real painting from an artist, a Physical Redeemable Trait can be used. And in order to redeem the item, the user has to pay a fee -- the Utility Trait Fee.
This fee then can be used by the Community Creator (usually the artist) to cover shipping fees and other associated costs.
Fees can be added to any Utility Trait, and these fees are due when the Utility Trait is activated.
When there is a fee associated with the Utility Trait, that fee is being handled similarly to the Transfer Royalty discussed above. Majority of it is going to the main purpose (shipping fees, et cetera), but a certain portion is split and shared between the Community Creator, the community itself (via the Community Treasury) and Galaxis/Engines.
This again underlines the point that the whole community is benefiting from the activities of every member.
Discount Coupons, as implemented by Galaxis, can be placed on any Community Cards and can be used by anyone owning those cards.
Different Discount Coupons can be used at different parts of the Community Ecosystem: Some are universal, but some can be only used in the Community Marketplace, or in the Vaults.
Discount Coupons can be created by the Community Creator, in the Utility Trait Center. Once issued, the Creator can give it away and drop it on Community Cards, or put them in a Vending Machine or a Prize Dispenser.
Implementing a community-wide, general-purpose discount coupon posed a significant challenge, both from technical and from economic design point of view as well.
Imagine, for example, a Discount Coupon that can be used in the Community Marketplace. So I have a discount coupon for $5, and I want to buy a card from another community member, let's say Jane. The card costs $10, I apply the discount coupon, pay the remaining $5, and I complete the transaction.
My discount coupon disappears, because it was used up, and I get the card. I am happy.
But Jane is not happy, because she got only $5, instead of $10. She did not issue the discount coupon, why would she have to pay for it?
We promised universal discount coupons, so we wanted to deliver it. The implemented solution lies in the Community Treasury.
The Community Treasury is a set of Community-Owned special purpose accounts. One of those special purpose accounts is earmarked for discounts. If that account has USDT in it, then Jane will automatically get the other $5 from there. (Note: If the special purpose account or discounts is empty, then the Discount Coupon cannot be used.)
The next question we need to cover is: How does the community treasury (including the discount account) get filled up?
There are two major ways to fill up community treasuries:
Grants and the Community Treasury are huge topics in themselves, we just wanted to touch them so you learn about them. We will cover these in subsequent presentations.
Discount coupons have to be handled responsibly by the community creators and by the community, otherwise they can be easily abused. This power and responsibility will lay with the community.
Vaults are a unique concept of the Galaxis Platform.
Very simply put, they are storages that can hold digital objects (NFTs, membership cards, utility traits, badges, visual updates, art, etc). These objects can be obtained by community members. Either by paying for them or by fulfilling some other criteria (for example completing a puzzle or winning a game).
In order to better convey the concept, here are a few use cases:
Vending Machines
The Community Creator can set up a small "online shop", by creating a vault, putting in utility traits (for example "online meeting" traits) and setting the vault to dispense a utility trait every time when a community member pays $5.
There can be multiple different digital objects in the same "vending machine", just like in a real vending machine.
So as long as the "Vending Machine" still has merchandise, any community member can buy them and add the utility to their Community Card.
When a vault is set up in "Vending Machine" style, then the user can select (pick) the merchandise they want to purchase.
Reward Dispensers
The Artist / Community Creator can set up a Vault and drop prizes (NFTs, utilities, digital objects). Then they can set the vault so it will dispense one of the prizes when a specific token is presented. And that token can only be obtained by completing a Sticker Book puzzle or by winning an online tournament.
In this instance the vault operates as a reward dispenser.
Capsule Toy Machines ("Digipons")
The artist can create a secondary collection for their community (the primary being the membership card) and place that into a vault. Then any community member can get one or more items from the new collection by paying the price.
When a Vault is set up in "Capsule Toy Machine" style, then the user can not select the item, it is being randomly selected for them.
Vaults With Versatile Options
Vaults have a lot more options, and provide a very useful addition to any community. We will reveal the details for all the options soon.
Vaults are very useful, but it did occur to us that the name "Vault" might not be the best choice. We would like to ask the help of the community here and create a contest to better name this very useful feature.