Frequently asked questions
FAQs for Fans
Creator Coin Basics
What are Creator Coins?
Creator Coins are digital currencies that represent the brands of Creators. Creator Coins are the first in the long line of customizable, Creator-branded blockchain tools on the Rally Network.
Are Creator Coins real cryptocurrencies?
Yes, Creator Coins are actual cryptocurrencies that live on Rally’s private Ethereum sidechain. Creator Coins are not mined, but rather they are minted and backed by $RLY, the Rally Network’s ERC-20 token. When a Creator Coin is minted, a certain amount of $RLY is essentially embedded within that Creator Coin.
Why should I trust Creator Coin?
Creator Coin is a tool for Creators to provide unique intrinsic value to their fans. Rally’s design for Creator Coins focuses on maximizing liquidity from real demand, and there are a number of measures taken to provide a safe and secure environment for all users. With this tool it’s ultimately up to the Creator to use Creator Coin responsibly and respectfully with their communities.
How do I purchase Creator Coin and what can I do with it?
Any user with a Rally.io account can make purchases of any Creator Coins that are publicly available on the Rally Network. Users can pay with credit/debit as well as select cryptocurrencies. They may also transfer Creator Coins to other users that have an account on Rally.io as well as donate back to Creators. Creator Coins can be used as a form of payment as with other traditional payments or monetization systems, but the real power lies in the offerings that Creators provide to fans for being a part of their network. As an example, fans who hold Creator Coins may earn access, recognition, and other rewards designed by their favorite Creators, as well as the chance to participate in exclusive content from that Creator without having to spend coins.
What determines each Creator Coin’s value?
A Creator Coin’s value denominated in $RLY is based on an automated pricing function that looks at the $RLY backing each Creator Coin. This means every Creator Coin has a communal pool of $RLY that maps to the growing or shrinking community demand. A Creator Coin’s value in dollars is then subsequently based on that pricing function multiplied by the current market price of $RLY.
Creator Coin Pricing / Supply
How does Creator Coin pricing work?
All the funds from Creator Coin purchases for a particular Creator are used to purchase $RLY, which is then used to mint the Creator Coins. This $RLY goes into a reserved pool for that specific Creator Coin. This means that all Creator Coins are backed by real world value. A Creator Coin’s value denominated in $RLY and its supply is determined by financial instruments called token bonding curves (TBCs). These curves assign a Creator Coin value in $RLY, algorithmically determined based on the total supply of the coin - the less coins that exist and are used, the less $RLY is required to mint a new coin. By contrast, the more coins that exist, the more $RLY is needed to mint a new coin.The token bonding curves determine a Creator Coin’s value denominated in $RLY. Subsequently, to determine its value in dollars, the current market price of $RLY is used.
Why do some Creator Coins have different prices from other Creator Coins?
Because Creator Coin prices are algorithmically determined by supply based on the token bonding curve, and different Creators may have different amounts (ie, total coins) of their Creator Coins in circulation at any time, different Creator Coins will have different prices at any given time.
What is the total Creator Coin supply for a given Creator?
Currently, new Creators receive 50,000 genesis coins to start. As fans and users purchase a Creator’s coin and become a part of the Rally Network, more of a Creator’s coins are minted thereby increasing the overall supply. As users sell a Creator’s coins, the coins are taken out of circulation thereby reducing supply. There is no total max supply for a given Creator Coin.
Are Creator Coins guaranteed to appreciate in value?
No. Creator Coins are not investment instruments and are not intended to be used for speculative purposes. Creator Coins are designed as cryptocurrencies around which Creators can build fan experiences. Creators create intrinsic value in each Creator Coin through unique fan engagements for their coin-holding community, customized offerings for fans to spend or redeem their Creator Coins, and the ability for their fans to support them through donations and holding of Creator Coins, without the tax of high platform fees. As with any digital currency, Creator Coins may fluctuate in value due to changes in volume, demand and other reasons, and the value of Creator Coins may increase or decrease.
Does Rally keep track of all the holders of a particular Creator Coin?
Yes! An important part of the Rally Network is transparency around Creator Coin ownership. All transactions are recorded on the Rally blockchain and a transaction log can be viewed on Rally.io. Rally’s goal is to provide maximum transparency on how Creator Coin is moving around within a given Creator Coin community and will be constantly introducing more ways for communities to build trust around their Creator Coins.
Creator Coin Liquidity
Can I buy Creator Coins with other cryptocurrencies?
Yes. Creator Coins can be purchased not only with credit or debit cards, but also with select cryptocurrencies - Bitcoin, Bitcoin Cash, Dai, Ether, Litecoin, and USDC. They can also be purchased with $RLY, the ERC-20 governance token on the Ethereum mainnet.
Can I redeem my Creator Coins for value?
Yes, There are currently two methods.
Redeem: Creator Coins are redeemable for a common cryptocurrency stablecoin called USDC, subject to certain restrictions.
$RLY Bridge Out: Creator coins can also be converted to sidechain $RLY which can then be moved to the Ethereum mainnet using the Bridge Out feature.
How does the Redeem process work?
Rally is currently using a 3rd party service called Uphold to redeem Creator Coins for USDC. Since USDC is an Ethereum-based cryptocurrency, users must provide a valid Ethereum wallet address that accepts USDC (i.e. creating an account using a service like Coinbase or MetaMask) in order to receive USDC. Once this is setup, users can simply click Redeem on Rally.io and confirm the transaction. After receiving USDC, it’s up to the user on whether they want to redeem it for USD, other cryptocurrencies, hold it, or use it to purchase more Creator Coin.Head to the Rally Wiki entry for more information about Redeem.
How does the $RLY Bridge Out process work?
The $RLY Bridge Out feature allows sidechain $RLY to be moved to the Ethereum mainnet where it can then be held in any wallet that supports ERC-20 tokens. For a more detailed description of the Bridge Out process, please see the Rally Wiki entry.
What is Rally Token ($RLY) and how does it work?
$RLY is an ERC-20 governance token on the Ethereum blockchain that enables governance and supports transactions on the Rally Network. Each Creator community in the Rally Network has its own unique Creator Coin, and all Creators Coins are backed by $RLY.
What else can I use $RLY for?
Users that hold $RLY on the Ethereum mainnet can vote on community proposals on Snapshot, earn more $RLY through various liquidity mining pools, If the $RLY is Bridged In to the sidechain, it can be converted to a Creator Coin.
What is the Rally Network?
The Rally Network is an open network for creators and brands to create easier, better, more aligned token economies and communities. The Rally Network is providing Creators with tools to build virtual economies that extend their brands while also providing community benefits and new economic incentives for fans to engage with their favorite Creators.The Rally team is made up of seasoned technology executives from companies such as Kabam, Twitch, GenG, Disney and YouTube.
Does Rally charge any fees or require revenue sharing?
Apart from third party payment and transaction processing fees, the Rally Network will not collect fees for profit from transactions or seek revenue from Creator economies.
How do I contact Rally?
We’re here to help! If you want to get started on the Rally Network, have any questions, or need assistance with making or completing a transaction, please visit the support page.
Blockchain / Security
Can I view the Rally contracts on Ethereum?
Creator Coins are deployed on an Ethereum-based private chain for now and are not yet currently available for anonymous viewing. The plan is to make all the common tooling like etherscan and block viewers available for use on Rally at a later date. The $RLY mainnet token contract can be found here. Rally also offers a yield generating and liquidity mining program which can be found here.
Who should I trust messages with regards to Creator Coin?
Never give your Creator Coins to anyone you don’t know! Rally and its employees will never ask you to send us Creator Coins. Join us on our Discord and get to know the Rally community, including staff.
How can I further secure my Rally account?
To make sure your Creator Coin wallet is secure, here’s a few things we highly recommend: 1) Use a strong password and 2) (if you use Twitch connect) add two-factor authentication (2FA) on your Twitch account.You can follow the steps in these Twitch help articles to better secure your Twitch account. Link 1 and Link 2.
Introduction to Creator Coin
How to Launch a Creator Coin
Top 5 Things to Know about Rally Network