Rally (RLY) is a decentralized network that enables groups and communities to launch social tokens. The goal of the project is to empower these organizations to interact with their followers in a more meaningful and impactful way. Notably, Rally provides creators with a variety of unique options to collaborate with their followers.
What Problems Does Rally (RLY) Attempt to Fix?
Rally (RLY) helps to reduce technical barriers associated with blockchain adoption. Large online communities gain a lot from integrating cryptos into their strategy. However, this approach can prove to be costly since it requires someone with advanced blockchain programming skills. Rally eliminates these issues through the creation of an easy-to-use interface that streamlines these processes.
Fans are eager to connect with content creators on a personal level. The issuance of social tokens empowers creators, artists, athletes, and businesses to fulfill this desire and opens the doors for new ROI opportunities on both sides of the equation. For example, an NBA team could issue social tokens to reward loyal fans for online engagement. These tokens could then allow users to access benefits like unreleased content or merchandise.
Another vital use case would be enabling groups to better decide vital characteristics such as fee schedule and fund allocation. Specialty groups can leverage tokens to limit certain areas of their group to approved members. Imagine a rock group that offers a free digital or live concert to fans that hold a particular token or a preset amount of tokens. All of this and more become possible using Rally.
Missed Revenue
The use of blockchain technology allows influencers to unlock new forms of revenue generation. The Rally (RLY) system supports full crypto functionality including P2P transactions, exclusive access to products and services, and the issuance of unique NFT memorabilia.
Benefits of Rally (RLY)
Rally (RLY) provides creatives with a plethora of features and services not found on other blockchain platforms. The entire project focuses on the creation of independent digital economies. These micro-economies can be structured in a way that makes them sustainable and profitable.
Zero Fees
One of the biggest advantages of Rally (RLY) is its zero fee structure. The network doesn’t charge fans for conducting transactions with creators and vice-versa. This strategy enables communities to get the most out of the crypto integration. It also makes it feasible to use the tokens as part of a community governance mechanism.
Sustainability
The developers behind the Rally concept wanted to ensure their project was green. They utilized protocols that have a low environmental impact as part of this strategy. Rally is far more energy-efficient than early Proof-of-Work (PoW) networks like Bitcoin.
Interoperability
Another major advantage of Rally (RLY) is its interoperability. The network was built from the ground up to work with social media channels and other popular avenues in which creators and fans communicate. For example, a Reddit group could create a cryptocurrency to provide specialized services to their most valued content providers and more.
How Does Rally (RLY) Work
Rally (RLY) is an open network that lives on the Ethereum blockchain. The protocol enjoys the full guarantees of the largest DeFi ecosystem in the world. This technical structure also means that Rally users can interact with the vast Ethereum DeFi ecosystem in a seamless manner.
Social Tokens
Social tokens are created on the Rally network. These tokens can be set up in a variety of ways to meet the needs of the community they are meant to serve. Users can input vital data such as the total amount, value, and technical specifics. Smart contracts encode the data and embed it in the token’s core protocol.
NFTs
Anyone can create NFTs using Rally. The NFT minting process is simplistic using the network’s NFT dashboard. Creators have a lot of flexibility with these digital assets. They can enter vital data such as NFT title, issuance data, royalty amount, sales prices, and method.
NFT Release
There’s also a multitude of ways to launch your NFT. The platform supports direct sales and auctions. There are also some unique strategies like the Open Edition Drop. This feature puts time constraints on when people can purchase your collectibles. There is also various giveaway options that help you to drive fan engagement as well.
Creator Resources
Content creators can gain valuable insight into the entire token issuance process and launch strategies using the creator resources feature. This section includes in-depth documentation, videos, and tutorials. The creator resources section can help you decide what’s the best launch strategy for your token and other vital details surrounding the project.
RLY
RLY is the main utility token of the Rally ecosystem. This token can function as a standalone cryptocurrency. Its main purpose is to allow users to interact with Rally’s features and services securely. RLY is an ERC-20 token based on Ethereum’s most popular standard. As such, you can store RLY in any ERC-20 compliant wallet. It’s also available on a variety of DEXs like Uniswap.
RLY Network Association
The RLY Network Association is the nonprofit responsible for promoting and expanding the adoption of the Rally network. The group provides both technical and financial support to projects that have the potential to improve the user experience. Notably, The RLY Network Association is located in the financial capital Switzerland.
Bottom Line
For large communities, there is so much to gain from blockchain integration. The opportunity to take instant consensus over large groups is a powerful way to help ensure the community remains cohesive. It also provides new opportunities to drive innovation and engagement. Both content creators and fans gain more ROI opportunities when using Rally (RLY). As such, the network continues to see rising adoption across the market.
