What is Rally?
The Rally token, or RLY, is a utility token native to Rally.io. The latter is a unique platform enabling the creation of independent tokens and, in turn, a new digital economy. It’s deployed on the Ethereum blockchain.
Some of the featured creators on Rally.io include Felicia Day, Brandon Powell, Joe Pulizzi, and many more.
RLY is based on the ERC-20 token standard and serves as a governance token. To put it simply, RLY holders receive voting rights and can participate in defining the future development of the Rally crypto project.
There is a total supply of 15,000,000,000 RLY. They have been allocated as follows:
- 70.4% - Community;
- 15.3% - Seed Investors;
- 14.3% - Rally Team Members.
The team plans to release all of the Rally coins in the span of 8 years since the genesis event, which was hosted on October 15, 2020.
You can have a more in-depth look at the Rally price history, or the current RLY price, on the graph above.
What are the Main Features of Rally?
Rally.io is a community-driven platform powered by blockchain technologies. In essence, Rally provides the necessary infrastructure to build digital economies via token creation and launch support.
These new tokens are called the Creator Coins, which are locked on a private sidechain. They are a type of social tokens that exclusively represent creators, communities, or brands. By creating an independent token, content creators can monetize their work.
RLY and Creator Coins have a relationship based on a Token Bonding Curve (TBC) mechanism. To put it simply, TBC relates the circulating supply of Creator Coins to the Rally price.
Rally does not limit the ways Creator Coins can be used. This means that the token’s utility depends on the creativity of the creator themselves. Creator Coins can be used to grant exclusive access to content, merch, events, and so much more. Moreover, they can be traded between community members and Rally users.
The price of a Creator’s Coin depends on 4 factors - the current supply and demand, the number of transactions with the token, and the current RLY price.
Creator Coins can be bought with fiat currencies directly on Rally.io or via major exchanges.
Creators and their community members are eligible to receive Rally Rewards for being part of a highly active community. Weekly Rally Rewards come in the form of RLY.
Most importantly, Rally doesn’t charge any fees for using the platform either as a creator or community member. This means that it won’t take a cut of a creator’s earnings like other social media platforms do.
The Rally ecosystem also consists of an NFT marketplace where users can find exclusive NFTs from their favorite creators. There are 3 NFT types:
- Buy Now - a pre-minted limited edition of NFTs with a limited amount of NFTs chosen by the creator;
- Open Edition - a limited NFT edition with a limited amount of NFTs;
- Auction - NFTs that are put up for auction where users must place bids for a chance to obtain them.
Community members can purchase NFTs with Creator Coins only. However, the platform has hinted at a future fiat currency payment method as well.
As discussed in the What is Rally section, the project is governed by Rally token holders. This means that whenever there’s a proposal submitted to the Rally Registry, RLY holders can vote on it. There are 5 types of proposals:
- Add members;
- Remove members;
- Determine award tiers for Community Treasury;
- Rally token grants;
- Technical upgrades.
Users who want to submit their own proposals must have at least 1,000 RLY.
Rally’s smart contracts have been audited by PeckShield and are publically available.
Who Developed Rally?
The Rally crypto project was launched in late 2020. Its co-founders are Kevin Chou and Mahesh Vellanki, Business Administration and Finance graduates who have also co-founded Forte - a blockchain-based computer game company.
The core team behind Rally.io includes:
- Rob Collier - CEO;
- Kurt Patat - Head of Communications;
- Stephanie Pereira - VP of Creator Success;
- Carol Chen - VP of Engineering;
- Johnny Tong - Head of Finance.
In addition, Rally.io has received investments from Individuals who have worked with major companies like Coinbase, Twitch, and Warner Bros.
