Problem: Currently there is a Creator Coin Application backlog.
Solution: We could create an application on the rally website where the creator can run a campaign for a new coin. The coin would be approved if certain standards are met.
For example, the creator would pre-sale the coin and there would be minimums for the number of supporters and amount. Maybe the creator needs 500 supporters to lock $25 worth of RLY.
RLY will convert to creator coin at launch if thresholds are met for the coin launch. Supports can sell the RLY if minimums are not met for the coin launch.
The existing application process will continue. This would be the second alternative method for coin launch.
• We can maintain a high threshold for the launch, but creators won’t have to rely on manual processes and backlog issues. Creators with a large following can get through the process quickly this way
• The app will expose supporters to RLY even if the launch is unsuccessful
• True fans will be able to buy creator coins in pre-sale
We would have some form of failsafe in case a specific coin launch conflicts with regulatory requirements or some other concern making the coin not appropriate for the Rally platform. This should be rare but we have to plan for it if we automate the process.
Bonus: This is for down the road but maybe an NFT for all the founding community members who support the coin launch.