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The proposed roadmap would see the author’s coin platform divided into a risk study, a DAO, a Swiss non-profit organization and more.
The social token startup Rally has presented a proposal to decentralize into a set of entities, some corporate, others controlled by the community, which would be independently the RLY ecosystem.
The roadmap would see the crypto-creative platform split into a venture capital studio, an Asia-based outpost, a Swiss non-profit organization, a decentralized autonomous organization (DAO) and a Delaware-based company to be called Rally.
“Today we present our plans for the long-term network,” Rally founder Kevin Chou wrote in the proposal. Voting will end on August 25.
A “yes” from RLY holders would make Rally the latest crypto assignment to adopt self-decentralization. Some have done so in a radical way: shuttered ShapeShift’s legacy operations are now handled exclusively by FOX token holders, a DAO. plans to hand over your decentralized funding keys (DeFi) to a DAO.
The rally would be just as aggressive. Its primary entity would be led by designated executives, adding long-term CEO Bremner Morris, who is already rally’s community-appointed chief marketing officer.
Rally’s plans are roughly comparable to Blockstack’s (now “Stacks”) efforts in 2018 to split into five entities. However, there are some essential differences. For starters, Rally’s decentralization plan will first have to win community support.
“We’re looking to go a step further by building a very community-centric DAO above the ecosystem as well,” Chou told CoinDesk in an interview.
RLY token holders in the RLY DAO ecosystem would get an initial budget of 10 million RLY tokens (worth approximately $5. 4 million at current prices) to spend network votes on network development. This represents one of the smallest parts of a budget pie value of 245 million RLY tokens and $86 million in USDC.
Of this amount, Rally would get RLY 150 million and USDC 60 million, an Asian subsidiary that has yet to be named would get RLY 70 million and USDC 17. 5 million, and the superlayer risk study would get RLY 50 million (with credit lines and investments up to US$45 million). Chou and co-founder Mahesh Vellanki will direct SuperLayer.
The protocol itself would be overseen and maintained through the non-profit organization $RLY Network Association, based in Switzerland.
Rally raised $50 million in a token sale not disclosed in the past, corporate representatives told CoinDesk.
Zack Seward contributed to the report.
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