Yahoo Finance RLY Holders Approve Social Token Platform’s Decentralization Plan
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.
Related: A16z Details Its New Approach to Crypto Governance
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.
