Rally’s goal is to be a decentralized network for creators to monetize and align themselves with their community. As a community-owned network, the community is in charge of making the decisions for how the network evolves, not the Rally team itself.
While we built Rally with a core team of developers, we’ve built everything with the intention of decentralizing and progressively removing ourselves from its administration and evolution. Today, we’re proud to introduce Rally Governance, a governance system that will enable the community of $RLY holders to direct all major changes to Rally Network starting October 15.
Overview
The goal for governance in this first phase is to create community-run processes and management for:
- Issuing new proposals and voting
- Onboarding/removing Rally creators
- Community Treasury awards to creators
- $RLY grants.
Every community function from adding new creators, to funding developers with a grant, will be decided on by the community. Here’s how the initial system will work:
Governing Bodies
Beginning at mainnet launch on Oct 15, the Rally team will select nine (9) trusted individuals or organizations from the existing Rally community, which currently consists of the Rally team, advisors, and creators, to form a Rally Genesis Team. The purpose of this team is to provide a safe start to community governance.
Rally Genesis Team — Holds the multi-sig keys that authorize spend from the Community Treasury and administer $RLY grants to the community (⅔ quorum). Can propose creators into the Rally Registry and create proposals.
Rally Registry — Whitelist of creators and developers that can create new proposals and issue their own Creator Coin.
Future Multi-Sig Holders — The Rally Genesis Team plans to turn over all multi-sig operations to various reputable community members that emerge in the Rally Network over time.
Proposal Types
Rally Registry members must hold a minimum balance of 1,000 $RLY to create proposals. New proposals can be created by members of the Rally Registry at vote.rally.io. There are currently several types of proposals available with format templates to be published (and modified) in Discourse:
- Add Rally Registry members
- Remove Rally Registry members
- Define Community Treasury award tiers
- Propose $RLY grants from community pools
- Direct Tech/Network upgrades
1. Add Rally Registry Members (Initial quorum: 0%, requirement to pass: 51%)
Must adhere to the standard proposal format published in Discourse. If the vote fails, the proposed Rally Registry member cannot be put up for nomination for another 10 days.
2. Remove Rally Registry Members (Initial quorum: 10%, requirement to pass: 66%)
Proposals can be made to freeze a Creator Coin or outright remove a Registry Member and their Creator Coin. The Rally team will work with the community to administer the available enforcement methods.
3. Community Treasury Awards (Initial quorum: 3%, requirement to pass: 51%)
Approved creators may receive a reserve of their Creator Coins purchased by the Community Treasury to be used as they see fit (this also establishes initial collateral). Rally Registry members can choose to modify these award tiers. Initial award tiers are as follows:
- T1- $0
- T2- $250
- T3- $500
- T4- $1,000
- T5- $2,000
- T6- $3,000
4. $RLY Grants (Initial quorum: 3%, requirement to pass: 66%)
The community fully decides on token grants from the following pools: 1) Advisors / Future Collaborators, 2) Developer and Strategic Partnerships, 3) Creator, Brand and Community Partnerships.
5. Tech/Network Upgrades (Initial quorum: 3%, requirement to pass: 51%)
After mainnet launch, all major network upgrades must be approved by the community. The Rally team will serve as the administrator to the community and push releases based on managerial direction from the community. For example, network upgrades in the near-term might include administering and defining parameters for Network Usage Rewards and TBC designs.
New Types of Proposals (Initial quorum 50%, requirement to pass: 51%)
New types of proposals can be included over time but require significant quorum to pass.
Note: During the initial bootstrap phase, Rally Team may adjust quorum to find appropriate thresholds based on circulating supply.
Voting Incentive
As a one-time incentive to kickstart proposals and voting, we are distributing 5,000 $RLY retroactively to anyone with a Rally.io account prior to today. More details here on how to claim your $RLY to start participating in Rally Governance (only available until 10/20). Worth noting that all team and seed investor tokens are locked up for a year and so early governance activity will truly be in the hands of the community.
Roadmap to Community-Run Governance
This “phase one” Rally Governance framework places the majority of network control in the hands of the community. Recall that the core of Rally’s economic design is that $RLY backs all Creator Coins. As usage of social tokens on the sidechain grows, so too does the amount of $RLY being staked. Thus participating in Rally Governance and defining parameters such as network fees, network usage rewards, TBC designs, and other areas outlined above, becomes particularly exciting given the direct impact on how value accrues to the network.
Crypto governance in general is quite nascent and new ideas are emerging all the time. We look forward to working closely with the community to evolve governance along with the changing needs of the network. Over the coming years, we’ll work with the community to phase out Rally administrators as well as open source all core infrastructure and turn it over to the community, culminating in the dissolution of Rally as a traditional company altogether.
We hope you’ll join us!
Useful links:
Vote on Snapshot (coming soon)
Join the discussion on Discourse
Join the community on Discord
