Andras Kristof on Galaxis’ Platform for Dynamic NFTs (Episode 250)
Andras Kristof joins us to discuss the Galaxis Platform for Dynamic NFTs.
Andras is an entrepreneur and blockchain veteran. After a successful exit with viki.com, he entered the blockchain space in 2013 when he and his team built and deployed the first bitcoin atm in Asia. Then they forked ripple and built a distributed asset management system. Then Ethereum came along, and they have been working with it from day 1. They worked with Consensys, the Ethereum Foundation, and other big names in the space.
The following transcript was created using artificial intelligence. There will be some grammatical errors below.
00:01:12:02 – 00:01:35:14
Richard Carthon: Hello, everyone. Welcome to another episode of Crytpo Current. Your host here, Richard Carthon. And today I have a special guest all the way out in Singapore, working on a cool project that I’m excited to learn more about. That actually is having some breaking news happening right now on this show. We have Andras Kristof with Ether cards, but is now rebranding to galaxies. How are you doing today, hydrogen?
00:01:35:16 – 00:01:50:23
Andras Kristof: Thank you very much for having me. I’m doing excellent. Thank you. And these are very exciting times. Today is the time when we are announcing the 3D rebranding and you might actually beat us by a couple of hours. It looks like
00:01:51:29 – 00:01:59:02
Richard Carthon: awesome. Will you all here and have your first exclusively? Appreciate you joining us today? Let’s learn a little bit more about you. Can you give us some background on yourself?
00:01:59:26 – 00:02:02:13
Andras Kristof: Sure. I’ve been a technologist
00:02:04:11 – 00:02:35:10
Andras Kristof: for more than I want to remember and been doing startups for many, many years. And I started to work, create the blockchain and cryptocurrencies back in 2013. You know, ancient times bitcoin was $30. Ethereum did not exist, and we’d be the first Bitcoin ATM in Asia. We deployed it to 14 and then we wanted to. Even then, we had an idea to to let people issue their own tokens. But then again, there was no Ethereum.
00:02:35:12 – 00:03:17:11
Andras Kristof: So we we built our own and we created the distributed asset management system, which went all right. But we learned about the auditorium and we started to work with Ethereum in 2015, from the day since the beta base because it was fundamentally better than what we built. So we have been working with Beta You, whom we work with a lot of companies in this space, and we been building smart contracts since the beginning and we got, uh, introduced to NFT is about 40 years ago, way before they became fashionable and they started to build the utilities around.
00:03:17:13 – 00:03:28:22
Andras Kristof: And these many years ago, and interguard that is not galaxies, is a company that is that is working on putting great utilities behind them. If this.
00:03:29:22 – 00:03:55:20
Richard Carthon: Now, that is a really cool back story and the fact that you’ve been building this for a long time again working on some of the first smart contracts shows that you have a deeper understanding of how, again, the true utilities around entities can be utilized. So give us some more information on what was the premise of Ether cards, a.k.a. now galaxies. Was why was it made originally and what does it evolve to today?
00:03:56:12 – 00:04:09:09
Andras Kristof: Sure. Well, originally it was made because we realized that there is a huge need in the open source open ecosystem space to to get useful projects funded.
00:04:11:14 – 00:04:42:28
Andras Kristof: If you if you if you build a traditional startup, I’m sorry to. I know I’m oversimplifying it, but many times from many VCs, you will get money if you got an obstruction. In other words, if you can sell enough customer data to them. But if you are doing it properly using open ecosystems, open technology and blockchain technology, there is no customer data to sell, even if you have a lot of customers who don’t even have email addresses and anything else.
00:04:43:03 – 00:05:16:12
Andras Kristof: And that’s the way it should be, in my opinion. So even if you are doing a useful project that doesn’t have the possible the possibility to do a hockey game or hockey stick in terms of financing, you will not be funded by VCs. And if you are working on blockchain, but you are not working on on DeFi or on financing, you are also not going to get the money from the token borrowers because there is no no go up and is nothing to it.
00:05:17:06 – 00:05:52:06
Andras Kristof: So we’ve got a lot of very interesting, very useful projects, educational projects, infrastructure projects, social good projects and other projects that could actually help tens of thousands of hundreds of thousands of people, but they cannot get monetized. So that was that was what to realize that we are not alone going to be doing a project like that. And we came up with an idea that it is actually possible to create the funding and monetization system that can be utilized as long as there is a community that is really interested in the projects that you are doing.
00:05:52:19 – 00:06:28:15
Andras Kristof: So if there is a project, if there is a community and you can actually provide value to the community, then that community will give you money. It’s not going to be tens of millions of dollars. It’s not going to be instant retirement, but is going to be bootstrapping and sustained operation. So we wanted to build a system utilizing and these that enables this kind of projects. To create a sustained operations, create a create a sustained economy that can be and will be sustained by their interests, that community around them.
00:06:28:20 – 00:06:48:20
Andras Kristof: So that was the original premise. We were actually working with an educational system that that incentivized people to create high quality to create and maintain high quality learning material on the blockchain for others to learn, and we could not get it funded. So that was the original
00:06:50:11 – 00:06:51:21
Richard Carthon: push to create this project.
00:06:52:14 – 00:07:26:21
Richard Carthon: I see. OK, so just so I can make sure I understand this correctly, you are having a way for these large organizations that want to be able to provide value back to their communities and be able to pay them in the way that they’re able to do that is by using ether cards to launch NFTs, in which by providing value back to the community, they can provide them. With these, I guess, NFTs back to the community that will give them a piece of value that kind of rewards them for their sustained engagement and within that community.
00:07:27:11 – 00:08:01:11
Richard Carthon: Yes, but we are not talking about not necessarily talking about large organizations. The thing is that it will work with individuals or small organizations or startups or small groups of people from from YouTubers to artists to actors to to athletes to cosplayers to whatever. As long as there is a community interested in the person, that person or entity or group, we will be able to monetize their creativity and provide value to their community.
00:08:02:24 – 00:08:38:27
Richard Carthon: Got it. OK. And then there’s basically the sum of the missing things that has been and this is what we realized and learned when we actually deployed our project back in March last year that this could actually solve the one of the big problems of the internet that creative people, when the internet happened, suddenly gained a worldwide three and a half billion over the years by lost, but lost their ability to monetize their own creativity unless they were paying 30 percent to a third party or tattooing advertisement on their foreheads for Google.
00:08:39:27 – 00:08:53:17
Richard Carthon: So what the platform as a service that we are building provides is a direct way for them to do and engage their community and create and then monetize their own creativity.
00:08:54:26 – 00:09:17:03
Richard Carthon: So you’re giving power back to the individual creatives to monetize their community so that you could walk me through. So walk me through. So for example, if I were to come on to galaxies and I have my cryptocurrency community and I want to be able to use use galaxies. Walk me through like how that would work.
00:09:17:21 – 00:09:50:16
Richard Carthon: I give you a couple of examples from different points of views of different projects. For example, you want to build an online service. You want to be a, let’s say, a distributed VPN. OK. Because you think it would help and you actually have, you are loaning the space. You have a community that is interested in death camps, their privacy and they can they can do that to their websites from different from different countries. So you say, all right, I’m going to build this distributed VPN.
00:09:51:23 – 00:10:23:03
Richard Carthon: Or you need to. I’m going to issue these 100 nephews, if you buy one of these and if these, then rest of the service is up this whole thing, these NFT will give you a constant 50 percent discount on the service, on the VPN service. So if you buy it now, that’ll give me enough money to bootstrap the project and actually get the development done. And once the service is up, you will have an NFT that has an actual utility.
00:10:23:19 – 00:10:59:02
Richard Carthon: All you need to do is to keep it in your wallet when you connect to the service and you will get charged half. And if the services indeed are so I actually deliver on my promise and I and I build this VPN. Then you wanted to use a VPN anyway. You might as well use it with your card and you can get a 50 percent discount or if you decide that you are not going to use this VPN anymore because for any reasons, the service is good, but you, you, you move to move and move on to something else.
00:10:59:25 – 00:11:32:18
Richard Carthon: Then you have an NFT that you can sell in the open market. And if it’s an actually actual service that is in demand, then the NFT will get you a good price. I mean, it’s a it’s a constant 50 percent discount, on the other hand. Now I have these service and I run it. Obviously, I see I cannot keep issuing 50 percent discount cards. That makes no sense for a business. But I can issue a different dimension this time from now on that I have, I don’t think.
00:11:33:12 – 00:12:11:18
Richard Carthon: I have this 100 orgy people with the one hundred fifty percent discontent of these and they are the lucky ones. From now on, I’m going to issue an that will give you a five percent discount for three three months of of commitment. So you get it. You get the five percent discount and I can put two randomly or not randomly utility rates on those fees, for example. Or you can you may have a utility trade that you can burn for a meeting with me where you can ask me about the privacy practices.
00:12:11:20 – 00:12:43:01
Richard Carthon: You can ask me about the the the feeling that I’m most interested in and most, most well known about. So you will get an NFT that will operate like your user account. You then get discounts on that and other benefits. And that was just an actual technical online service. We are working with next example. We are working with researcher, academic researchers that give you that they will issue their own of these.
00:12:43:08 – 00:13:03:08
Richard Carthon: And for example, they working with Zika, snarks or other very advanced features so you can support them by buying the NFT, and you will be able to connect them directly and ask for their services for a limited period of time because you bought that NFT. Next example We are working with
00:13:04:24 – 00:13:43:28
Andras Kristof: an indie film studio, creating a movie for and about autistic children. So what they do? They issue these narratives and the utility trades. You can actually change some of the plot elements. You can be part of the creative process of creating the movie. And also, there are physical redeemable traits on the NFT that will get you that will enable you to to get some of the some of the props from the from the movie scene basically being part of the process and getting something from the movie for your support.
00:13:45:03 – 00:14:17:06
Andras Kristof: Another, obviously, we also work with a lot of artists, but artists are much easier in this case. They are the driving force behind this whole thing. What you do is make sense there as well. We’ve got NFT is created by artists where there is a utility trade on it that you can burn. And when you do so, you will be taken to a website where you can put in your name and shipping address and get a high quality print with the artist signature number of the of the art of the NFT.
00:14:17:16 – 00:14:50:23
Andras Kristof: So in this way, you can actually get something, something physical out of Iran. But you also damage your NFT because once you did that, that utility trade is going from that NFT. Another read that we are also that is being used right now is that you can you can set up a meeting, you have to be the artist. Let’s say you buy an expensive NFT from a well-known artist. And there is a utility to it that enables you to set up a meeting and talk with artists for one hour.
00:14:50:27 – 00:15:22:03
Andras Kristof: And that can mean much more than money. You can get a direct connection with the artist that you that whose work you admire. And of course, it’s good for the artists as well because they can get a connection with somebody who paid a lot of money for their art. So we are also working with I cannot. I cannot. And this is just simple. We are also working with a very high level athletes that are part of a national team of a certain country.
00:15:22:11 – 00:15:59:21
Andras Kristof: Hopefully, I can. I can disclose it by Friday. And they want to set up a fund that can help them and the future generations of artists to get funded by the community and the utility trades on the NFT. And if these will help that well, for example, you can get for the utility if you can get the two hours training, but we can only be premier. So this kind of frees anything from art, these to all the way to open source projects, you can combine the appropriate utility that makes sense for your community.
00:16:00:21 – 00:16:27:02
Richard Carthon: Right, and thank you for all those different examples, I think that’s going to resonate with quite a few different people. Now let’s talk about the platform itself. So in order to support that, does that mean? All right. I, ABC company or individual have no idea how NFT work or how to make these utilities. Is it that when I come on and use galaxies that there’s like a user interface that helps walk me through how to create these with these utilities are like, how did how does this all work?
00:16:29:21 – 00:16:57:17
Richard Carthon: Hey, cryptocurrency, true, this is Steve Miller, and I’m the host of CC Live Show that keeps you up to date with what’s popping off in crypto in every episode of CSI Live brings you. The latest news keeps you updated on the top projects in decrypts. Everything you need to know to get ahead in the wild world of Web three. So if you really want to stay cryptocurrency, join Richard, Chris and I every Tuesday and Friday at seven p.m. Eastern, only on YouTube Live. So what are you waiting for? Subscribe to cryptocurrency YouTube channel today! And as always, stay cryptocurrency.
00:17:01:00 – 00:17:37:05
Richard Carthon: Yeah, that’s correct. Right now, one of our biggest problem is that we don’t have that ready yet, so we need to work with each and every project. So what we are working on is this self-service platform, and we are planning to release it on the 1st of March in about a month from now. And that will enable anybody to design their needs, both visually and bought from the utility point of view. And in addition to to deploy a community space.
00:17:38:06 – 00:18:10:01
Richard Carthon: A Web-Based community space where those NF these can be immediately utilized. So we give you a platform where you can design you, and I have these you can we give you the platform where you can send you lefties. We will deploy the contracts for you will be deployed the fee just for you. So basically, it’s a full service. Plus, we give you a utility space where your community can log in with the NFT, you know, username, no password. They use that NFT as their as their passport technically.
00:18:10:19 – 00:18:18:28
Richard Carthon: And then there will be online chat and a lot of other ways to actually start engaging and utilizing the utility trades.
00:18:20:04 – 00:18:32:04
Richard Carthon: It’s pretty cool. Would you mind me asking, so is this a layer one protocol that you all built this on top of a layer one protocol? What’s the underlying protocol that’s been used for all this at launch?
00:18:32:12 – 00:19:03:05
Richard Carthon: We the plan is that we you will have two choices you either deploy it or layer one interview or you deploy it or on Politico later on. In the next step, we will and other EVM compatible chains to eat like Plato and others that are easy because they are basically using the same same technology. And the last step that we are planning is to do hybrids, hybrid meaning you can actually deploy NFT on atrium layer one.
00:19:03:29 – 00:19:24:27
Richard Carthon: But the utility trades is going to be on on layer two. So as they’re buying, the NFT is only around. So it gives it’s a certain value. But when you interact with the utilities that say you need to do this, redeem your physical redeemable or to set up a meeting, you don’t need to pay $200 in gas costs. Right.
00:19:25:18 – 00:19:34:18
Richard Carthon: And I think that’s a that’s an interesting and unique play because, like you said, to redeem some of those traits, it could get pretty costly very quickly.
00:19:34:26 – 00:19:35:28
Richard Carthon: And yeah.
00:19:37:15 – 00:19:57:24
Richard Carthon: It’s good thing you can actually use Polygon’s So. So what are you going to be? You’ll be on auction. And obviously the first version of the platform will not cater to all the possibilities that we can do. It’s going to be a simplified version, which will be improved continuously to roll out more and more features.
00:19:59:03 – 00:20:16:28
Richard Carthon: Sure. And, you know, as we kind of walk through this a little bit more, how do you see the future of of a galaxy? So I know that you said you’re rolling out the feature where people will be able to self-service back in March. But do you have any other things on the roadmap that you’re able to talk to us about on on some that are coming out soon?
00:20:19:10 – 00:20:52:25
Richard Carthon: This is the most important and often so basically the whole what we are betting on the next, these are the perfect tool to enable creative people to monetize death gratuity as long as it is as it is combined with the appropriate utilities. So what we what we build is we call it a platform as a service. So we are not building a centralized marketplace. We are not building a new centralised platform. We will give you everything.
00:20:52:28 – 00:21:22:08
Richard Carthon: So if you decide that you want to self-serve, we will give you the the necessary backend necessary front frontend. You can actually run it yourself, even if you the code for that. And the end of smart contracts as well. We provide you with the platform so you can build and engage and and improve your connection with your community. But we don’t want to become the next Google or Amazon from the from the centralization point of view.
00:21:23:02 – 00:21:58:01
Richard Carthon: Right. And I think that’s a good way of looking at it, so finding a way to keep the platform decentralized, so it still speaks to everyone. But also, you know, as we kind of look at the greater. Crypto NFT landscape, you’re starting to see more and more, you know, Fortune 500 and larger corporations try to enter into this space. How do you think that galaxies is positioned to be able to bring a lot of benefits to these creatives who are trying to get out here, understand how everything works, but there’s just there’s just so many different places that they can go.
00:21:58:05 – 00:22:04:21
Richard Carthon: How how is it that galaxies is going to be that like one stop shop to like, make it easy for them to just do all the things that they’re imagining?
00:22:07:03 – 00:22:51:12
Richard Carthon: I think the most difficult thing when you want to deal with Amnesty is is that a good smart contract program are now worth their weight in gold. So getting somebody who who can do the and the good for you, it can be extremely expensive. So what we are doing, we are creating all the necessary boilerplate and and templates from which a set of well, well written scripts and and frameworks can actually be the right pieces, fill in the variables and deploy it automatically.
00:22:51:17 – 00:23:33:01
Richard Carthon: So all you need to do is to operate optimally. Are web interface, right? And that is necessary to actually get people into this space. The next thing is that. I foresee a lot of pain with large companies entering this space. I think the same misunderstandings are here that we have seen. At least I did. A few are probably too young for that. For the early 2000s, when we had the dotcom boom and every big company and their grandmother, they’re deploying websites for meaningless stuff like the canonical example is dot com.
00:23:33:28 – 00:24:08:18
Richard Carthon: Trying to sell best online makes no bloody sense. But but they did, and they failed. And what I see is that the same thing will happen here because large companies will not understand that in order to actually gain the benefits of the platform, they will need to give up some control and they need to fundamentally change how they interact with users because users of this era. We’ll be deterred, even if you are, ask them for your username and password.
00:24:08:27 – 00:24:21:08
Richard Carthon: And that is a fundamental change that larger companies may not understand. So I am actually afraid that many of the big guys may not make it. If this thing becomes successful
00:24:22:03 – 00:24:54:26
Richard Carthon: right now, that is a really good point. Everyone go back and listen to that because there’s a lot of really good takeaways. And the big one for me in that is just because large corporations coming in with money doesn’t mean that they are going to make it and that they’re going to be in touch with the current users and Web3 and what they’re looking for. And even as mass adoption comes with a new audience, we’ll be looking for as well. So address, I really do appreciate the conversation, all the really great information you’ve been able to drop on us always like to wrap up with two fun questions.
00:24:55:02 – 00:25:03:21
Richard Carthon: The first one being with all the information that you have right now, if you could go in part one or two pieces of wisdom to yourself when you first got started building this project, what would you tell yourself?
00:25:05:23 – 00:25:06:22
Richard Carthon: Don’t trade.
00:25:09:12 – 00:25:10:04
Richard Carthon: OK, that’s cool.
00:25:10:15 – 00:25:21:06
Richard Carthon: I would say don’t trade if I would just have my first purchase. I would I don’t want to say but, but
00:25:22:24 – 00:25:23:09
Richard Carthon: but
00:25:25:14 – 00:25:39:20
Richard Carthon: that would be a very different, very different world for someone what is military research by and. And and forget, that’s that’s what I that’s what I suggest that is that is the most important thing in this space, I think.
00:25:41:06 – 00:26:04:28
Richard Carthon: And I appreciate that it’s a it’s a sentiment heard a lot on here, and I think it’s always good to hear it from a different viewpoint. A lot of people come in thinking that they’re traitors and instead of, they should think of themselves as investors. And if you think of yourself as an investor, you typically do a lot better in the long run. So thank you for that. So what is the final thought that you want to leave with all of the listeners here today?
00:26:07:29 – 00:26:22:02
Richard Carthon: I think with this space we have, we have our we have a unique opportunity like an opportunity of a lifetime. And many of many of us and many and most of the worse still, doesn’t see it. And
00:26:23:28 – 00:26:43:20
Richard Carthon: I think we need to we need to understand how this space is working and what the people want in this space and build upon that. And if we can do that, we can actually. Make the world fundamentally better, and that’s that’s what my belief is, and that’s what I I would like to work on as long as I can.
00:26:45:01 – 00:26:54:18
Richard Carthon: Awesome. It’s a great final thought. Thank you for that. And again, thank you for your time. What are ways that people can connect with you and learn more about galaxies for now?
00:26:55:00 – 00:27:00:05
Richard Carthon: Because I don’t want to announce the the new website. Please come to eat or load cards
00:27:02:28 – 00:27:13:13
Richard Carthon: or come to Twitter on either underscore cards and you will find all the information there that you need to to get in contact with us.
00:27:14:14 – 00:27:47:12
Richard Carthon: Perfect. And we’ll make sure to keep all the links in the show notes as well. So again, thank you so much for spending time with us and for everyone listening. Stay cryptocurrency. Hey, cryptocurrency crew, we want to give a quick shout out to all of our faithful listeners out there. It’s been an amazing journey and we really appreciate your support throughout the years as we’ve been growing as a community. Each episode, we decided that we would start sharing some of the reviews that you were leaving for us for today. We would like to share this review. Today’s review comes from Krypto the Superdog. I was curious about cryptocurrency, and when I found this podcast, it really taught me a lot in a way that wasn’t overwhelming.
00:27:47:17 – 00:28:19:01
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00:28:19:24 – 00:28:53:25
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00:29:09:10 – 00:29:22:06
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00:29:31:22 – 00:29:33:27
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00:29:38:27 – 00:30:13:17
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