First there was Bitcoin, Ethereum and several other alternate coins up until 2019. Then there was the birth of Decentralized finance coins. These coin are expected to revolutionize the banking industry. Raoul Pal has been a major influencer in the cryptocurrency industry and has focused his attention at first on Bitcoin, but now on Ethereum. In a recent interview with him on YouTube, he stated that social tokens were going to be even bigger than Bitcoin, Ethereum, alternate coins, and decentralized finance. This is a fairly bold statement, but let me take a moment to describe Metcalf’s Law and how it relates to social tokens.
Metcalf’s Law states the value of a network is proportional to the square of the number of connected users of the system (n^2). Users are those persons that have an equal interest or shared value in the network of nodes. Similar ideals, interest or love for a specific purpose, brand, etc. Social tokens could be used for a public figure, band, entertainer, etc. Each social token would provide a value to those holding social tokens could receive various perk. There is a social and economic value associated with these coins.
This is a very brief introduction to social tokens, but wanted to now focus on Rally Token. This is not financial advice but just for educational purposes only. For full disclosure, I also own some Rally tokens.
According to Coinbase, Inc, Rally Token (RLY) is Ethereum based and is the backbone of the Rally network. Creators, Brands, communities can develop their own cryptocurrencies. These social tokens can then be used for fans to acquire perks such as limited content and merchandise. This allows for an additional form of revenue for creators to tap into with their audience or customers. Disney could take this to a new level with their various theme parks and franchises such as Star Wars and Marvel. If you are a content creator, this may be an option to tap into to expand your service to fans and customers. Medium.com provides greater detail into the leadership team and their respective experiences. Specifically, RLY allows creators to develop one on one interaction to take a deep dive into their community and build stronger connections and increase the value of their respective social tokens.
I see the value buying Rally Token now sitting at $0.60 per token as of the time I am writing this article. Rally Token powers the Rally Network of other social tokens created within the Network. If you are not set on buying a specific social token, do your own research and determine if the Rally Token would be a good fit for your overall portfolio of cryptocurrency. My goal over the next articles will be to cover other social tokens to gain a better understanding of the niche for myself and share the knowledge.
