Galileo Protocol is a regulated fintech company offering services related to nonfungible tokens (NFTs). They have developed pNFTs, which represent authenticated physical assets on multiple chains. With an NFT marketplace, Galileo unlocks new possibilities in the NFT world. Their pNFTs act as digital twins of physical objects, providing traceability, immutability, and security. Their mobile app enables luxury item authentication and management using computer vision algorithms. They have plans for a future defi lending/borrowing protocol. Galileo offers B2B and B2C platforms for creating, managing, and interacting with pNFTs. However, their compliance with Shariah principles is still under evaluation as their products are in the demo phase.
| Category | Details | Status |
|---|---|---|
| Legitimacy | Galileo Protocol demonstrates legitimacy through various factors. They maintain an active presence on social media, indicating their engagement with the community. They provide clear information about their team, which adds transparency and credibility to their operations. Their genuine products, such as the pNFTs and associated mobile app, showcase their offerings. Additionally, the presence of a whitepaper with valuable information further establishes their commitment to providing detailed insights about their project. | Passed |
| Project | Galileo Protocol is a regulated fintech company that offers a range of services related to nonfungible tokens (NFTs). They have developed pNFTs, which are nonfungible tokens representing physical, authenticated assets issued on multiple chains. Galileo Protocol provides an NFT marketplace and unlocks new possibilities in the world of NFTs. Their pNFTs serve as digital twins of physical objects, offering advantages like traceability, immutability, and security. They have a mobile app that allows users to authenticate luxury items and manage their associated pNFTs using computer vision algorithms. In addition, Galileo Protocol has strategic plans to introduce a defi lending/borrowing protocol in the future. They provide B2B and B2C platforms for luxury brands, enterprises, and customers to create, manage, and interact with pNFTs. However, as their products are still in the demo phase, their compliance with Shariah principles is yet to be determined. | Grey |
| Financials | The token is not backed by any equity, thus there is no financial screening on this token. | Passed |
| Token | LEOX serves multiple purposes within the Galileo Protocol ecosystem. It can be used for payments, incentives, and governance. Users can utilize LEOX for transactions, receive token rewards for contributing to the verification process, and gain discounts on trading fees. Staking LEOX provides benefits such as lower transaction fees and participation in governance. Enterprises using the platform need to purchase licenses with LEOX tokens. The protocol implements coin-vault mechanisms to reduce the token supply and aims to deploy a blockchain-based DAO for governance. Overall, LEOX plays a crucial role in facilitating payments, rewards, and community engagement within the Galileo Protocol ecosystem. | Passed |
| Staking Method | By staking LEOX, users can enjoy several benefits such as reducing transaction fees, earning rewards, and actively participating in governance. | Passed |
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