AMA Recap: CRYPTO MINERS X GALILEO PROTOCOL

Galileo Protocol is a peer-to-peer community platform where buyers and sellers can come together to discover, view, buy, and create indexed NFT’s for physical goods. This protocol allows the creation of “PNFTs” to encrypt, store and transfer data securely. These PNFTs are non-fungible tokens representing physical goods, issued on multiple chains (Ethereum, Polygon, Binance Smart Chain and XDC Network). Galileo aims to create a world where everything gets tokenised. A world where valuables you own transfer freely & seamlessly in a peer-to-peer, fractionalised, and decentralised yet regulatory-compliant manner. Galileo Network enables luxury brands to combat counterfeiting by accompanying their authentic, original, high-value, and quality products with immutable pNFTs, proving their ownership, condition, and origin on the blockchain.

We hosted an AMA session with Galileo Protocol on 20th December.

Mr. Ramsy was the host from Crypto Miners and Mr. Pierre, Founder and Mr. Nathaniel, co-founder of Galileo was the guests. They shared delightful knowledge and unique features of Galileo Protocol.
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Segment 1️⃣: Introduction

Ramsy | Crypto Miners:
Hello everyone 👋 Welcome to Our Another AMA session With Galileo Protocol

Today, we are very honored to invite Mr. Pierre (CEO) and Mr. Nathaniel (Co-founder), to be our guests in our today’s session to introduce Galileo Protocol

Hey Guys 👋

Pierre Beunardeau:
Hello everyone. Nice to meet you all!

Nathaniel Debache:
Hey Everyone, i’m pleased to meet you all!

Ramsy | Crypto Miners:
Welcome here guys

Thanks for bringing Us Galileo Protocol ❤️

Pierre Beunardeau:
Thank you for this AMA opportunity. We are thrilled to be here

Ramsy | Crypto Miners:
First of all Can you guys introduce yourself to us?

Pierre Beunardeau:
Yes. My name is Pierre Beunardeau. I’m 31 yo. I’m coming from France. After a career in marketing and direct sales in institutional
companies, I created with Nathaniel the Galileo Protocol.

Nathaniel Debache:
Sure. My name is Nathaniel Debache, I’m 35 years old, I live in Greece, and I’m the co-founder and Chief Financial Officer of Galileo Protocol.

After obtaining a master’s degree in finance and wealth management, I worked in a large French bank for 2 years.

Also Passionate about web development for years and years, I then decided to create my own web development agency with a developer friend, and to use my skills as a front-end developer (web development is my second passion).

For more than 5 years now, blockchain has been my passion and I think we are witnessing a real revolution, a revolution like we see every 30 or 40 years.

Ramsy | Crypto Miners:
Glad to have you both today 🤝

Now Let’s Jump in to our first part of the session — Project Introduction

Shall We Guys?

Pierre Beunardeau:
Yes :) Nathaniel will answer this one.

Ramsy | Crypto Miners:
Cool 👍

1. Can you Make a concise and brief introduction about Galileo Protocol

Nathaniel Debache:
Galileo is a multichain ecosystem connecting the digital & physical world. Layering in a global logistics system, Galileo can uniquely generate regulated digital provenance, ‘tokenising’ a real-world object. These ‘pNFT’ can interact with any blockchain, any DLT & any network through event-triggers & multi-chain smart contracts. Upon an owner’s request, the pNFT can be burned & the physical item redeemed.

This enables a new level of possibilities within the digital asset space. We’re taking NFT into the next generation!

Ramsy | Crypto Miners:
Thanks Nathaniel for this well start about Galileo Protocol:)

So What are the features of Galileo Protocol that makes it superior and special as compared to its competitors?

Pierre Beunardeau:
Our technology allows existing projects/brands to create new possibilities in Blockchain.

The Tokenisation of physical assets has revolutionised how we invest, allowing us to transfer ownership of physical assets into digital tokens on the blockchain. With its promise of increased liquidity and transparency, tokenisation offers new opportunities for investors, businesses, and economies alike.

Ramsy | Crypto Miners:
Thats pretty nice 👌

Pierre Beunardeau:
Tokenisation of physical assets involves the process of transforming a real-world asset into a digital token, which is stored on a blockchain-based ledger. This process enables ownership and transfer of the asset to be securely tracked and verified on a distributed ledger. By tokenising physical assets, investors gain increased liquidity, transparency, and security benefits while trading or transact in multiple ways with digital tokens

Investors can buy pNFTs that represent objects that are stored in factories or vaults of our partners and decide to have the object delivered to their homes. The pNFTs then serve as proof of authenticity and ownership.

Ramsy | Crypto Miners:
Alright, Let’s see our next question from this segment…

Now Share about the utility token $LEOX, what are its usecases and utilities in Your ecosystem? Also provide With Us the tokenomics

Nathaniel Debache:
At the heart of our technology is the LEOX regulated utility token. LEOX is a QRC-20 utility token powered by Overledger, the cryptographic fuel for Galileo Protocol. Natively multi-chain, our token & pNFT’s can exist on many chains and DLTs (Ethereum, Polygon, XDC, Hyperledger, Corda etc.)

We are the first organization in the world to offer this technology to the public.

Powering our ecosystem is a network of enterprise-providers.

For our utility token & pNFT’s, we chose Quant Network’s multichain tokenize product as they provide enterprise-grade security, resilience & functionality.

Basically, the LEOX token has 4 major utilities within the Galileo ecosystem

The first major utility of the LEOX token is related to Marketplace & Community utility

LEOX has various utilities on the platform :
First, LEOX will be a means of exchange for minting, paying transaction fees within the protocol, and royalties when needed.

Also, It will soon be possible to stake LEOX :
and by staking LEOX:

Users can lower transaction fees when mining, buying, selling, and transferring NFT to a third party.
By staking $LEOX, users earn rewards directly from the transaction fees generated on the Galileo platform.
By staking $LEOX, users eventually have a means of participating in the platform’s governance system. This allows them to create and vote on protocol proposals.
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.

2) The second major utility of the LEOX token is related to Governance & Fair Voting

In a few years, Galileo will deploy a decentralised autonomous organisation (DAO) on the blockchain, enabling users who are
staking LEOX to exercise governance over the protocol.
By staking, users gain governance, and as a result, they can coordinate themselves in a decentralised manner through self-executing Rules.

The third major utility of the LEOX token is related to Enterprises 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 if they want to use this service or pay with LEOX.

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

The last major utility of the token is related to 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 utilise LEOX in the future. As platform usage increases, so will the demand for LEOX.
LEOX vaulting is a mechanism to permanently take coins out of circulation, reducing the total available supply.

To sum up, the LEOX token has tremendous importance within our ecosystem, and the utility attached to this token is huge

About Tokenomics, a picture is sometimes better than words

Ramsy | Crypto Miners:
Could You provide an overview About pNFTs? What are the functions of pNFTs in your ecosystem? And What are the benefits for investors from pNFTs?

Pierre Beunardeau:
Yes

pNFTs are non-fungible tokens representing physical authenticated assets issued on multiple blockchains.

pNFT is the world’s first standard for digital twins — A fully-regulated digital clone of physical items, capable of both limitless digital actions, & trusted physical redemption.

pNFT allows any brand to both create digital assets of their physical assets and amplify the capabilities of their existing digital assets.

pNFT creates trusted & secure interactions across an ecosystem of multiple blockchains or DLT.

pNFT can be any physical asset: real-estate, automobiles, luxury goods — we’re just scratching the surface!

We’re excited to bring QRC721 technology to the public, ushering in a new era of possibilities for web3!

Ramsy | Crypto Miners:
Impressive 👌

Lastly What Galileo Protocol achieved so far and What important updates and developments can we expect in the future?

Nathaniel Debache:
We launched Nebula. Nebula is our first pNFT, the genesis of the Galileo ecosystem. We’ve designed this to give our entire community access, they’ll be able to become part of our platform and redeem a variety of randomised physical/digital/utility assets.

Each Nebula pNFT will contain a series of randomised goods, ranging from MacBook’s & high-end cameras, all the way to digital assets & utility tokens.

Every Nebula pNFT will also contain a randomized utility QRC-721 platform NFT. These utility NFTs will provide various platform benefits, layering within each user’s profile. Some may want to collect them all!

Nebula is designed at its core to act as the genesis for the Galileo ecosystem. Beyond the initial benefits/utility, further functionality & incentives will be revealed for the genesis collection. We’d like to invite you all to become a part of what we’re building.

Our roadmap for the next 6–9 months is particularly exciting.

The public sale of the LEOX token is underway via our partner LCX (https://www.lcx.com/galileo-token-sale/), and will be completed by the end of January 2023.

About Galileo Marketplace:

We are currently focusing on finalising our MVP (Minimum Viable Product).

This is scheduled for January 2023, and we can’t wait to share it with our community and our first customers.

We plan to launch our Galileo Marketplace a few weeks after the release of our MVP.

At the same time, we will start hiring sales people in Switzerland, France, and Italy to approach luxury brands and sign the first licenses!
https://shop.galileoprotocol.io/

Ramsy | Crypto Miners:
Thanks guys for this well detailed introduction about Galileo Protocol

That’s the wrap up of our the first part of the AMA session ✅

Pierre Beunardeau:
Thank you :)

Ramsy | Crypto Miners:
Let’s now proceed to our Twitter Questions section

I hope you guys are ready for that!!

Segment 2️⃣: Twitter Questions

1.I read that Galileo Protocol wants to start a new era of possibilities for web3 through its services. What are some of the shortcomings that you currently see within web3 and what kind of integrations has your platform developed to create this new era of possibilities?

Here is our first question from Twitter

Pierre Beunardeau:
We are developing a redemption system for pNFTs. This is a cutting-edge feature of web3

Users can purchase a pNFT from the market and leave the physical asset at the Galileo partners’ storage facilities for as long as they desire.

They can also utilise the redemption system to take physical ownership of the underlying asset, by using the “redemption system” which has several benefits:The holder of the pNFT can redeem their asset at any time, whether it’s a watch, a car, or a piece of art, and have it delivered to their home via a Galileo-mandated partner to ensure the security of the asset during delivery.

The pNFT remains in existence for the lifetime of the underlying asset, regardless of the asset’s location.

A certified partner can appraise the underlying asset, and the owner can update the pNFT data accordingly.

Ramsy | Crypto Miners:
2.Galileo protocol aims to fulfil authentication and logistics roles in the luxury goods market. What was the primary reason to choose luxury market segment? Will the team explore other markets also?

Nathaniel Debache:
Globalisation and the rise of ecommerce have accelerated the production of counterfeit goods, a significant problem for consumers and the global economy. Most luxury items seized by law enforcement are luxury watches and leather goods.

Therefore, we can identify the potential applications of blockchain to the luxury industry: firstly, authentication of luxury products; second, a detailed product history; and finally, a more transparent supply chain. This should help solve some key issues facing the luxury industry today.

Ramsy | Crypto Miners:
3: I read that pNFTs can interact with any DLT and with any network using event triggers. What is a DLT about and how does this relate to pNFTs? How useful are event triggers and what impact do these products have in relation to the events carried out by Galileo?

Pierre Beunardeau:
Quant Network, our enterprise blockchain solutions provider, allows us to create native QRC-721 non-fungible tokens (NFTs) and deploy them on the Ethereum, Polygon and XDC core networks.

Our developers can work with QRC-721 through Overledger Tokenise, one of Quant’s premium APIs, which enables the creation, deployment and management of the next generation of secure, interoperable tokens and digital assets across supported networks.

QRC-721 tokens operate like their standard Ethereum counterpart (ERC-721). While ERC-721 tokens are only intended to be managed on the Ethereum network, QRC-721 tokens are secure to operate on multiple distributed ledger technologies.

And that is a game changer.

Ramsy | Crypto Miners:
4.User security is a top priority in this field. How strong is your security put in place? Has it been audited, how secure are Galileo Protocol free from vulnerabilities and attacks?

Nathaniel Debache:
Security is at the heart of our concerns, and it is in this sense that we are building the Galileo Protocol ecosystem.

LEOX is a QRC-20 token, it will be generated through the Tokenise product, the solution offered by Quant Network.

This solution has many major benefits, and the smart contract will be de facto audited as part of the token creation process.

Ramsy | Crypto Miners:
Let’s hear our last question from Twitter

5.What are you focusing on right now? Building and developing products or engaging customers and users? Could you please share it with us?

Pierre Beunardeau:
The developers are making good progress on the tokenisation platform and marketplace. I’m thrilled with the result and the flow the app gives.

Everything is working great. The features are innovative and are going to be a game changer.

Non-crypto businesses now have a turnkey solution to offer their customers NFTs that prove authenticity and ownership.

The brand tokenises its products easily, with no code needed. They are autonomous on the blockchain. They can give the attributes they want on the NFT minted.

Brands can manage the tokenisation of their products and can designate resellers anywhere in the world.

We will test with our Nebula Holders the Tokenisation App in early January and the pNFT Marketplace end of January.

I would also like to announce that we are setting up a DAO in which Nebula holders can propose and vote on strategic decisions for Galileo Protocol.

Ramsy | Crypto Miners:
That’s the wind up of our twitter segment

Pierre Beunardeau:
Congratulations on the questions that were selected! 👏👏

Ramsy | Crypto Miners:
Now Moving on to our last segment — Live Q&A

Are you ready guys?

Pierre Beunardeau:
Dear community. Do you have any questions for Galileo or was everything clear?

Ramsy | Crypto Miners:
I think the have 😄
Lets us go

Segment 3️⃣: Live QnA
(In this segment group was opened for 60 seconds and Miners sent hundreds of questions. Guest choose some best to answer)

1) Mr. Frank:
If anyone want to create NFT on Galileo, what they have to do and how much money we have to pay for each NFT?

Pierre Beunardeau:
Yes, anyone can create NFTs on our platform. In the first moments of the roadmap only partner companies will be able to do so. Companies and individuals will be able to create NFTs easily and assign them the features they want. Simply, without code. We sell our solution with an enterprise license.

2) Jibson:
Is your project a community only for English speaking an countries or for users not of other languages ?

Nathaniel Debache:
Our community is growing day by day, and Galileans live in Europe, America, Oceania, Africa and Asia. We already have several Telegram Galileo groups of non-English speaking members!

3) Jasmine:
Can we RENT our ASSET’S on GALILEO PROTOCOL,
if yes, then what is the way to do it and what benefits I will get for that?

Pierre Beunardeau:
Yes, tokenisation opens the door to many possibilities: NFTs for IDs, medical records, diplomas, and rentals.

Galileo envisions a world where we will be able to rent a physical asset through NFT technology.

4) Dino Vasishtha:
How are you going to Decide the Price of PHYSICAL NFTs, is there any Technology to Decide the PRICE or it will be Depend on MARKET VALUE?

Pierre Beunardeau:
Yes, the price of NFTs will be identical to the price of physical objects, according to the law of supply and demand.

We are talking with partners to associate by smart contract the price of a physical object with the NFT.

This is the utility of Oracles :)

5) who can create NFTs on Galileo protocol?

Pierre Beunardeau:
Very good question. At the beginning of the application’s life, only authenticated partners can create NFTs and sell them on the platform. This way, we will be able to leverage the logistics and security of our partners .

*This segment ends here*

Ramsy | Crypto Miners:
Thankyou So Much Pierre Beunardeau Nathaniel Debache For your valuable answers and information about Galileo Protocol ❤️

It was a great informative session With you Guys

Is there anything else you would like to share or you want us to know?

Nathaniel Debache:
Thank you. It was a real pleasure to participate !

Pierre Beunardeau:
Thanks to you, Crypto Miners — it was a very well-organized AMA. Bravo for your professionalism.

Stay tuned on updates coming soon from Galileo — You won’t want to miss what we’ve got prepared!

Ramsy | Crypto Miners:
On Behalf of Miners Community Wish all the very best for Galileo Protocol And The Entire team behind the project❤️🤝

Pierre Beunardeau:
We are at the beginning.
I am excited to continue this collaboration in the future. 👏

Ramsy | Crypto Miners:
With Pleasure ❤️

Time To Conclude Our AMA Section

Community, If you would like to learn more about Galileo Protocol , here are some useful links for you:

Website: https://www.galileoprotocol.io/
Twitter: https://twitter.com/galileoprotocol
Telegram: https://t.me/galileoprotocolcommunity
Discord: http://discord.gg/r66cbRhYZx
LinkedIn: https://fr.linkedin.com/company/galileo
Medium: Galileo Protocol