How To Buy Rally (RLY)?

A common question you often see on social media from crypto beginners is “Where can I buy Rally?” Well, you’ll be happy to hear it is actually quite a simple and straightforward process. 

Step 1: Create an account on an exchange that supports Rally (RLY)

First, you will need to open an account on a cryptocurrency exchange that supports Rally (RLY).
We recommend the following based on functionality, reputation, security, support and fees:

In order to sign up, you will need to enter some basic information, such as your email address, password, full name and, in some cases, you might also be asked for a phone number or address.

Note: On specific exchanges, you might need to complete a Know Your Customer (KYC) procedure in order to be able to purchase cryptocurrency. This is most commonly the case with licensed and regulated exchanges.

Step 2: Deposit funds into your account

Many cryptocurrency exchanges will allow you to purchase Rally (RLY) with fiat currencies, such as EUR, USD, AUD and others. Furthermore, they will also provide you with multiple deposit methods through which you can fund your fiat account, such as credit and debit cards, ewallets or direct bank transfers.

Note: Some payment methods will have higher fees than others, such as credit card payments. Before funding your fiat account on your chosen exchange, make sure to do your due diligence to find out the fees involved with each payment method to avoid unnecessary costs.

Step 3: Buy Rally (RLY)

This process is similar across almost every cryptocurrency exchange. All you have to do is find a navigation bar or a search bar, and search for Rally (RLY) or Rally (RLY) trading pairs. Look for the section that will allow you to buy Rally (RLY), and enter the amount of the cryptocurrency that you want to spend for Rally (RLY) or the amount of fiat currency that you want to spend towards buying Rally (RLY). The exchange will then calculate the equivalent amount of Rally (RLY) based on the current market rate.

Note: Make sure to always double-check your transaction details, such as the amount of Rally (RLY) you will be buying as well as the total cost of the purchase before you end up confirming the transaction. Furthermore, many cryptocurrency exchanges will offer you their own proprietary software wallet where you will be storing your cryptocurrencies; however, you can create your own individual software wallet, or purchase a hardware wallet for the highest level of protection.

Alternative ways to buy Rally (RLY)

Because the project is very new, it is only offered directly on a select number of exchanges. If you’re not comfortable connecting your bank account to any of these smaller exchanges, or if you cannot connect your bank account to them for geographical reasons. Then you can instead create an account on any of the major exchanges and simply transfer the funds from there.
Out of the major exchanges we recommend the following based on functionality, reputation, security, support and fees:

For more in-depth instructions, our ‘Absolute Beginner’s Guide To Cryptocurrency Investing‘ will take you through the process step-by step. In addition to providing instructions for sending and receiving your cryptocurrency.
And if you’re completely new to crypto our beginner, intermediate and advanced level articles will get you up to speed with everything you need to know about the cryptocurrency space starting out. 

Simplecryptoguide.com

What Is Rally (RLY)?

Rally.io is a blockchain project providing “crypto for creative communities” operating on the RLY network built on Ethereum. The Rally crypto content platform offers artists, brands, influencers, and individuals alike the opportunity to create their own “creator coins”. Moreover, users of Rally creator coins need no prior experience with cryptocurrency, offering a blockchain novice-friendly user experience (UX). Also, the Rally crypto project allows anyone to purchase Rally creator coins using a regular debit or credit card.

Rally.io creates a space for a decentralized content hosting platform with secure and publicly transparent interactions with users’ fanbases. Furthermore, the Rally crypto content platform offers existing influencers the ability to monetize their content. Plus, this allows their fans to earn rewards as well! This is possible thanks to the native ERC-20 Rally token (RLY). The RLY token allows true decentralization of the platform and forms the collateralization of Rally creator coins. 

Rally creator coins are artist-specific social tokens, a type of cryptocurrency representing a community, an individual, or brand. The Rally.io platform presents a new form of incentivization for engagement between creators and their fans and community. Further, artists are free to choose the utilities of their social tokens, while Rally is developing the accessibility of creator coins across the decentralized web.

What is the RLY token?

The native multi-utility asset is crucial to the smooth-running operations and security of the RLY network and Rally.io platform. Additionally, as an ERC-20 token standard, the Rally token (RLY) can be seamlessly bridged between the main Ethereum chain and the RLY network sidechain. Further, there are four main utilities of the RLY token. 

First, holders of the Rally token (RLY) can earn a passive income with their assets through liquidity provision. As a result, RLY token holders can receive liquidity staking rewards, putting their assets to work to earn returns while they sleep. Second, RLY token holders can join Rally Discord groups (both the “Creator Coin” and “$RLY” groups). Showing consistent active engagement and participation, RLY token holders can achieve special community roles.  

The Rally token’s third and most crucial role in the operations of the Rally crypto content platform is as the medium of exchange when buying and selling creator coins. The RLY token is the only tradable cryptocurrency with Rally creator coins. Moreover, this is in addition to being able to purchase creator coins with debit/credit cards. Finally, the fourth role of the RLY token allows holders to vote on community updates and proposals on Rally.io and the RLY network.

Who Are the Founders of Rally?

Rally was founded in 2020 by a team of creators and media professionals with deep experience in these sectors. CEO Bremner Morris is a thought-leader in the creator economy that previously oversaw the development of Patreon’s go-to-market organization. At Patreon, a creator-focused donation platform, he oversaw the company’s international expansion, built partnerships, and drove creator adoption on the platform.

Morris is supported by VP Creator Partnerships Nick Millman, previously the COO and founding member of BratTV, a Gen-Z entertainment company, and Kurt Patat, a media and technology communications leader that served as YouTube’s Global Head of Consumer and Entertainment Communications.

Rally’s investors include household names like a16z, Coinbase Ventures, Balaji Srinivasan, the ex-CTO of Coinbase and Fred Ehrsam, the co-founder of Coinbase.

What Makes Rally Unique?

Rally allows each creator to create their own digital economy around their coin, thus creating a direct connection between creator and community that is independent of specific platforms. Creator coins are issued according to a token bonding curve, a linear curve with a starting price of 1% of the current price of RLY for the newly launched token. Using this mechanism, the price of RLY backs the creator coin with a maximum token supply of 21 million creator coins available. 5M are issued as the genesis amount and partially vested for three years.

Rally offers community activity rewards as an incentive to reward creator communities that actively participate on the platform. Each holder of a token earns a proportional share of the community’s rewards, meaning the community as a whole directly benefits from the activity of each individual member. In simple terms, rewards are calculated by comparing a week’s total RLY backing of a coin against the average backing for the last four weeks. Users can participate in several communities and earn rewards across the platform. Creator coins are also subject to flow controls, with only 5% of the total coin supply of any coin over 30 days being eligible for withdrawal.

Some of Rally’s most highly valued creator coins feature:

• HLTH community, a coin bringing together the most innovative minds in healthcare to launch crypto-health applications.
• Joe Pulizzi, founder of The Tilt, a media company focused on helping content creators become content entrepreneurs.
• Keisuke Honda, a former Japanese soccer player, coach, and investor.

Rally development updates in 2023

Rally (RLY) cryptocurrency has seen various developments in 2023, marking significant strides in its technological advancements and platform enhancements. Here’s an overview of the most notable updates:

• Expansion of Crypto Protocol: Rally initially operated on a private Ethereum sidechain but has now expanded its crypto protocol to support Solana as well. This expansion led to the introduction of a bridged version of the RLY token on Solana, known as sRLY, which brought new liquidity and rewards functionality for social token app developers​​.

• Decentralization and Creator Coins: Rally operates as a side chain to the primary Ethereum blockchain, allowing ERC-20 tokens to be easily converted to Ethereum and other currencies. This promotes a decentralized creator economy. Rally enables content creators to launch their own social tokens, called Creator Coins, without requiring technical expertise. These tokens come with programmable features like unlockable content and targeted loyalty programs​​.

• Monetization Opportunities for Creators: Rally provides monetization opportunities for content creators. As fans use Creator Coins to purchase services, it offers a direct financial incentive for creators. The value of Creator Coins can potentially increase as more people invest in them, enhancing the creator’s revenue stream​​.

• Building a Community-Focused Ecosystem: Rally is a community-driven project that empowers creators and artists to build micro-economies. This approach encourages collaboration and participation, allowing members to influence the community’s direction and evolution​​.

• Technological Layer and Tokenomics: Rally acts as a technology layer, equipping application developers to create a large number of social tokens. The RLY Crypto Protocol leverages token bonding curves and supports multiple blockchain chains, including Solana and Ethereum. Additionally, RLY’s tokenomics allocate 50% of its total supply for network rewards, with the remainder distributed among seed investors, the team, advisors, and others​​.

• Proposal for Decentralization: Rally has submitted a proposal to decentralize itself into various entities, including a venture studio, a DAO (Decentralized Autonomous Organization), and a Swiss non-profit. This move is aimed at expanding the “creator coin” platform in a more community-controlled manner​​.

• Promotion and Market Movement: Rally is known for its no-fee approach, low environmental impact, and user-friendly platform, primarily targeting creatives for creating their digital economies. The market movements of RLY are often influenced by broader trends in the cryptocurrency market, such as movements in Bitcoin and Ethereum prices​​.

These updates signify Rally’s commitment to enhancing its platform, focusing on decentralization, community engagement, and technological advancements. This progress is expected to fortify Rally’s position in the digital economy, offering a more collaborative and accessible ecosystem for creators and users alike.

Official website: https://rally.io/

Best cryptocurrency wallet for Rally (RLY)

There are plenty of different crypto wallets available. The best one for you depends on your general trading habits and which provides the most security in your situation. There are two main types of wallets: hot storage wallets (digital) and cold storage or hardware wallets (physical). Both have their pros and cons, and there is not necessarily a right or wrong answer when it comes to figuring out which crypto wallet is best for you.

HOW DO I DECIDE WHICH cryptocurrency WALLET TO USE for Rally (RLY)?

Deciding which type of wallet to use depends on a variety of factors, including:

• How often you trade. In general, hot wallets are better for more active cryptocurrency traders. Quick login ability means you are only a few clicks and taps away from buying and selling crypto. Cold wallets are better suited for those looking to make less frequent trades. 
• What you want to trade. As mentioned earlier, not all wallets support all types of cryptocurrencies. However, some of the best crypto wallets have the power to trade hundreds of different currencies, providing more of a one-size-fits-all experience.
• Your peace of mind. For those worried about hacking, having a physical cold wallet stored in a safe deposit box at the bank or somewhere at home, provides the safest, most secure option. Others might be confident in their ability to keep their hot wallets secure.
• How much it costs. It is important to investigate the costs associated with each wallet. Many hot wallets will be free to set up. Meanwhile, cold wallets, like any piece of hardware, will cost money to purchase.
• What it can do. While the basics of each cryptocurrency wallet are the same, additional features can help set them apart. This is especially true of hot wallets, many of which come with advanced reporting features, insights into the crypto market, the ability to convert cryptocurrencies and more. Security features can also be a good differentiator.

For a more in-depth overview of cryptocurrency wallets visit our “Cryptocurrency Wallets Explained” guide.

If you’re going to be dealing in larger volumes of crypto, investing in cold storage might prove advantageous.
Most widespead examples of this being the Ledger Nano and the Trezor.

Ledger manufactures cold storage wallets designed for users who want increased security. Their wallets are a physical device that connects to your computer. Only when the device is connected can you send your cryptocurrency from it. Ledger offers a variety of products, such as the Ledger Nano S and the Ledger Nano X (a bluetooth connected hardware wallet).

Trezor is a pioneering hardware wallet company. The combination of world-class security with an intuitive interface and compatibility with other desktop wallets, makes it ideal for beginners and experts alike. The company has gained a lot of the Bitcoin community’s respect over the years. Trezor offers two main models – The Trezor One and Trezor Model T (which has a built in touch screen).