An In-Depth Look at the Galileo Protocol AMA on Telegram

Introduction:

Welcome to a recap of the recent AMA session on Telegram with Pierre, CEO of Galileo Protocol, and Jerome, our presenter, along with the community members. This Medium article will delve into the topics discussed, insights shared, and the questions answered during the interactive session.

AMA Structure:

The AMA was organised into two parts to ensure an engaging and informative experience for all participants. In the first part, Jerome addressed questions submitted by community members via social media, covering popular topics and addressing common concerns. The second part opened the floor for live questions, allowing real-time answers and fostering meaningful conversations.

Goals and Guidelines:

The primary objectives of the AMA were to promote open communication, address concerns and questions, and provide a better understanding of the project’s progress and plans. Participants were encouraged to be respectful, ask straightforward questions, and stay on-topic during the session.

Topics Covered:

The AMA covered a wide range of topics, including:

1. Tokenisation process and benefits
2. Commercial outreach
3. Current developments and plans
4. Roadmap for adoption and expansion
5. Community engagement and partnerships
6. Environmental responsibility and sustainability
7. Listing
8. Other questions
9. Live Q&A Round Table

Highlights:

Pierre shared insights on various topics, such as the fractionalisation of assets like cars and the benefits of increased liquidity and democratised access. He also discussed the role of AI, machine learning, and human expertise in ensuring the accuracy and trustworthiness of pNFT metadata.

The Galileo Protocol aims to harness AI and machine learning to streamline asset evaluation and authentication in the future. Pierre provided a use case for the upcoming mobile app, explaining how computer vision algorithms can authenticate luxury items by comparing item images to a database of genuine products.

Commercial Outreach and Partnerships:

During the AMA, Pierre revealed that several companies had expressed interest in the Galileo platform. While he didn’t mention specific names, it’s evident that the project is gaining traction in the industry. The team is actively building partnerships and exploring collaborations to expand the Galileo Protocol’s reach and adoption.

Current Developments and Roadmap:

Pierre discussed the ongoing developments within the Galileo Protocol, emphasising their commitment to continuous improvement and innovation. The team is refining the tokenisation process, enhancing the mobile app’s functionality, and strengthening the platform’s security.

The roadmap for the Galileo Protocol includes plans for adoption and expansion, focusing on increasing market penetration and developing strategic partnerships. The team is also dedicated to community engagement and fostering a strong ecosystem around the project.

Environmental Responsibility and Sustainability:

Pierre highlighted the importance of environmental responsibility and sustainability within the Galileo Protocol. The team is committed to minimising the project’s carbon footprint and actively exploring ways to offset its environmental impact. This includes integrating eco-friendly practices, promoting green technologies, and implementing energy-efficient solutions.

Listing and Future Plans:

During the AMA, Pierre briefly touched upon the listing topic but did not provide specific details. However, the team is working on expanding the project’s reach and accessibility to a broader audience.

As for plans, the Galileo Protocol will continue to evolve and adapt to meet the industry's and its users' demands. The team is focused on delivering a secure, efficient, and reliable platform that leverages cutting-edge technologies like AI and machine learning.

Expansion and Partnerships:

Pierre mentioned that the Galileo Protocol had attracted interest from companies in the luxury goods and real-world assets sectors, particularly in Germany and Switzerland. These companies recognise the potential of NFTs for marketing and efficient asset management. The team is working on several secret projects and will announce partnerships in the coming weeks and months.

License Fee and LEOX Utilisation:

Companies using the Galileo platform are expected to pay a license fee ranging from $5,000 to $50,000+ every six months, depending on their usage scale and scope. They can also purchase Nebula from the market to access Galileo products. The licensing fees paid in LEOX will be used to support the development and maintenance of the Galileo platform, ensuring its continuous growth and feature enhancements. LEOX tokens are locked during the license, reducing the tradable supply.

Marketing and Expansion Plans:

The Galileo team will play an active role in marketing the platform, while companies utilising it will also be responsible for promoting their goods and services. There are no definite plans for expanding beyond Europe, but Pierre mentioned that they remain open to exploring other markets, such as Western and Asia, as the project evolves.

Current Developments and Future Plans:

Pierre did not provide a specific timeline for deploying Polygon and XDC tokens on the Galileo platform, but he assured us that updates on integration would be provided. LEOX will be available for trading on Arbitrum soon after the listing.

Long-term Vision:

When asked about the long-term vision for the Galileo Protocol, Pierre did not provide a direct answer. However, based on the insights shared throughout the AMA, it’s clear that the team aims to build a secure, efficient, and reliable platform that leverages cutting-edge technologies like AI and machine learning. They are focused on delivering a comprehensive tokenisation and asset management solution, fostering partnerships and collaborations, and expanding their reach to a broader audience.

Implications for the Luxury Goods Industry and Asset Management:

Pierre shared his vision for the long-term consequences of the Galileo Protocol on the luxury goods industry and asset management, which includes increased liquidity, more accessible investment opportunities, greater transparency, and improved authentication processes.

Purchasing Goods and Rights with LEOX:

Users can buy luxury goods and real-world assets (RWA) directly with LEOX on the platform. Galileo also plans to integrate ETH, BTC, USDC/USDT, QNT into the payment process and add CBDCs once they become available.

Integration with NFT Marketplaces and Blockchain Networks:

The Galileo Protocol can integrate with various NFT marketplaces and blockchain networks through APIs and smart contracts, enabling seamless interoperability and asset transfers. This allows users to easily trade pNFTs across different platforms, improving liquidity and accessibility.

User Incentives for Verification Process:

The Galileo Protocol plans to offer incentives to encourage user participation in the verification process, such as earning LEOX tokens for contributing to asset authentication or participating in staking. This fosters a community-driven approach to ensure the accuracy and reliability of the platform’s tokenised assets.

Marketing Efforts and Partnerships:

Pierre confirmed that there would be ongoing marketing efforts to promote the Galileo platform after the listings. The team also manages various marketing campaigns to raise awareness, drive adoption, and engage the community. In addition, they are exploring partnerships with other companies to promote specific brands in certain regions, such as Germany, Italy, and Switzerland.

Future Innovations and Ideas:

The Galileo team continuously explores innovative solutions and ideas to enhance the platform’s capabilities and user experience. As the project evolves, new features, partnerships, and integrations may be introduced. Some future areas Galileo is interested in include NFTs for tickets, renting, intellectual property, and identification.

Environmental Responsibility:

The Galileo Protocol ensures environmental responsibility in its tokenisation process by utilising energy-efficient blockchain networks and adopting sustainable practices. Moreover, pNFTs can reduce environmental impact by proving ownership and authenticity of physical assets without physical documentation.

Security and Privacy of User Data:

The Galileo Protocol prioritises the security and privacy of its users’ data by adhering to European data protection regulations, ensuring that users’ sensitive information remains secure and private.

LEOX Listing on Uniswap and LCX:

Pierre officially announced that LEOX will be listed on Uniswap and LCX this week, specifically Thursday at 2pm CET. Users can buy LEOX on Uniswap by connecting their wallets to Uniswap, entering the LEOX token address into the Uniswap engine, and executing a trade. On LCX, users must register, complete KYC, and trade directly on the platform. The Galileo team will provide detailed instructions closer to the listing date.

LEOX Token Address:

The Galileo team will share the LEOX token address before the listing. For user protection, it will be shared close to the listing time, and the information will be communicated officially on their website, Twitter, and Telegram.

Tokenising Other Assets:

While the primary focus of the Galileo Protocol is on luxury goods and real-world assets, the platform can potentially tokenise other types of purchases, such as music, courses, and tickets, impacting various industries.

Real Estate Tokenisation:

Pierre explained that real estate tokenisation in France faces challenges due to slower blockchain technology adoption. Implementing real estate tokenisation requires up-to-date regulations that involve various third parties. Galileo is actively working on relocating the company to Switzerland, which offers a more conducive environment for real estate tokenisation and fractionalisation. The move is expected within the next 60 days.

Targeting End Users:

The Galileo Protocol targets end users, as they are the ones who will ultimately purchase and engage with the pNFTs. Their vision for users is to use pNFTs in their daily lives to replace traditional paper documents.

QR Codes vs. NFTs:

Companies using QR codes for payments don’t necessarily need to switch to pNFTs, as these technologies serve different purposes. QR codes facilitate payments and store information, while NFTs focus on representing unique physical assets with verifiable ownership. Adopting pNFTs can enhance digital marketing, customer experiences, loyalty programs, and digital asset management.

AI Solution and Development:

A community member asked about the robustness of the AI solution proposed by Galileo, its current stage of development, and whether it will be submitted for a patent. Pierre explained that the genesis app is currently in development, following a 4-year roadmap to efficiently implement AI into their logistics. The robustness of the AI solution will be confirmed through extensive testing, and it may be submitted for a patent upon completion.

UI/UX Improvements:

Regarding UI/UX improvements for new and non-crypto users, Pierre mentioned that Galileo would focus on front-end development and user experience design. They will incorporate community feedback through beta testing to ensure a smooth and accessible user experience.

Educating Luxury Goods Market:

To educate and convince potential users in the luxury goods market of the benefits of using the Galileo app for authentication and metadata management, the team will use targeted marketing, partnerships, and educational resources.

Audit Certificates:

Galileo Protocol uses Quant’s audit standards for their QRC20 and QRC721 standards, employing multiple auditors. The team also verifies their smart contracts with their team members and other partners to ensure the security and reliability of the project.

Business Model and Revenue:

Galileo Protocol generates revenue by selling licenses to enterprises for its tokenisation platform and from transaction fees. The community member also asked if they plan to launch their mainnet, but Pierre still needs to address this question in his response.

Conclusion:

The AMA session concluded with the Galileo team expressing their gratitude for the active community and their excitement for the project's future. They encouraged the community to follow the latest news and updates as the project progressed.

As Galileo continues to develop, innovate, and expand, it remains poised to revolutionise the luxury goods industry, tokenisation of various assets, and reshape how digital assets are managed and traded. With the support of a growing community, Galileo Protocol is on track to become an influential player in blockchain technology and asset tokenisation.