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Breaking news: Ethereum Developer Virgil Griffith Pleads Guilty to Conspiracy Charge in North Korea Sanctions Case

RLY Holders Approve Social Token Platform’s Decentralization Plan

The proposal’s 36 voters unanimously backed Rally’s plan to spawn a venture studio, an Asia-focused affiliate and other new entities.

Aug 26, 2021 at 7:32 p.m. UTC
Updated Aug 26, 2021 at 7:32 p.m. UTC

Social token platform Rally is set to initiate a five-pronged decentralization plan after token holders voted unanimously in favor of the proposal Thursday.

Rally will now branch into a venture studio, a decentralized autonomous organization (DAO), a nonprofit, an Asia-focused entity and U.S.-based Rally.

Platform leads pitched the new structure as a “major step” toward full decentralization – a common goal in the crypto sector. The proposal was submitted last week.

Each wing will shortly receive millions of dollars in crypto-denominated funding from Rally’s treasury, according to the proposal. It’s part of Rally’s attempts to appeal to internet creators willing to experiment with tokenization – and fan engagement – in the digital economy.

“Rally offers a new frontier for creators to engage with their communities, receive meaningful value for their creative endeavors and have full ownership over their own independent economies,” said Bremner Morris, who becomes Rally’s CEO under the proposal.

Holders of Rally’s “social tokens” can use the Rally platform to create their own cryptocurrencies, and the tokens also give them access to content and products that haven’t been released.

The vote garnered 36 participants who used their RLY tokens to approve the plan. The voters committed 9.29 million RLY (worth roughly $5.5 million) for the duration of the vote.

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Danny is a business reporter at CoinDesk.

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