What is the Bloomberg Galaxy Crypto Index?

Could you elaborate on the Bloomberg Galaxy Crypto Index? I'm curious to understand its purpose, composition, and how it is utilized within the cryptocurrency and finance landscape. Specifically, I'd like to know what cryptocurrencies it includes, how often it is updated, and what role it plays in informing investors about the performance of the crypto market. Additionally, is it a widely recognized index in the industry, and how does it compare to other similar indices? I'm interested in gaining a deeper understanding of this index and its significance in the crypto world.