Open Galaxy Infrastructure

Web platform, smart contracts, application, integration with other crypto projects

Realizing the goals set for the Open Galaxy DAO requires an infrastructure that provides a simple user interface and transparent management mechanism. The solution proposed in this document allows taking into account the interests of all stakeholders of the project, minimizes operating costs, and also allows in the future to easily integrate third-party decentralized applications into the project, expanding the functionality of the platform.

The infrastructure of the Open Galaxy DAO consists of components such as:

1. Web platform — a site on which:

• registration (authentication) of users is performed, their cryptocurrency wallets are connected

• the interaction of users with each other through the exchange of messages is carried out

• startups are published in the catalog

• proposals for voting on the management of the DAO get published

• users interact with smart contracts for voting, staking and management

• GLXY tokens and start-up tokens get purchased / sold

2. A mobile application that duplicates the functionality of the web platform and uses its Web API.

At the initial stage, two smart contracts will be launched: an issuing smart contract and a staking smart contract.

3. Emission smart contract creates and controls the turnover of GLXY tokens, incl. terms of their freezing, terms and tranches of their release into circulation.

The GLXY token minting smart contract is designed to create a GLXY token based on the Binance Smart Chain blockchain. The creation and launch of a smart contract for minting the GLXY token will allow to:

1. Issue a limited number (1,000,000,000) of GLXY tokens to specific addresses.

2. Accept GLXY token to addresses in BSC.

3. Send GLXY token to addresses in BSC using a private key.

The smart contract is developed in accordance with the BEP-20 standard.

For more information on the distribution and blocking of tokens, see the GLXY GLXY Tokenomics section.

4. Staking smart contract (SSC) interaction with users is carried out through a web platform or an application, and to obtain control parameters (staking rate) it uses a voting smart contract as an oracle. It accepts GLXY tokens from users, freezes them and weekly calculates a certain amount of reward depending on the amount and period of tokens freezing. The staking fund is supposed to be replenished with funds received in the form of platform commissions.

The reward is calculated according to the formula

$$Z = X * Y * k$$

where Z is the amount of reward in tokens, X is the user's current staking balance, Y is the annual percentage rate and k = 0.00019178 = (0.01/365)*7.

The staking interest rate can be changed at any time by making a transaction from the address of the owner of the SC. The interest rate is the same for all users.

A staking transaction is a transaction made from the user's address to the SC address and blocking GLXY tokens.

The contract provides for a mechanism for replacing the current smart contract with another smart contract, i.e. from a smart contract you can withdraw GLXY tokens intended for accrual of rewards to the owner's address.

It also implements the ability to activate / deactivate staking so that in an inactive state, the smart contract does not accept GLXY tokens.

Staking balance is the sum of the balance and the user's accumulated balance on the smart contract.

The user's balance is updated every time a user stakes or unstakes transactions.

Defs: S - staking balance, B - balance, A - accumulated balance.

The formula for calculating the user's balance when making a staking or unstaking transaction:

$$B(i) = B(i-1) + A(i-1)$$

When making a staking transaction, the accumulated balance is reset to zero:

$$A(i) = 0$$

The formula for calculating the staking balance:

$$S(i) = B(i) + A(i)$$

The staking balance can be obtained by the service when accessing the smart contract.

When the staking rate changes, the smart contract saves the staking rate and the timestamp of the rate change.

When calculating the accumulated balance, the IC takes into account all staking variables and their timestamp.

5. DAO goverment smart contract (GovSC) stores the parameters of the DAO functioning (staking rate, list of candidate startups to be added to the catalog, commissions and rewards) received from the voting smart contract, which are determined by voting of GLXY token holders. It does not interact with users directly, but uses the voting smart contract as an oracle.

6. Voting smart contract (VSC) receives formalized data from DAO administrators, on the basis of which voting is carried out on such issues as:

• adding startups to the platform directory to directly receive funding

• the size of commissions for successful fundraising (closing rounds)

• conditions and time of platform release for each invested startup, as well as the amount of DAO commissions from such operations

Thus, this smart contract acts as an oracle (provider of reliable trusted data) for the government smart contract and the staking smart contract.

Smart contracts can also be used as a data source for third-party decentralized applications (dapps); in the future, integration with projects such as ChainLink, Provable and Witnet will be carried out.

In addition, it is planned to integrate the platform with such insurance services from the DeFi sector as Opium and Nexus Mutual, primarily to exclude the consequences of cracks and hacker attacks on the DAO infrastructure itself, as well as guarantee a return on investment and attract experts from this industry to evaluate transactions made on the platform.