Platform Uses of Pally's Cryptocurrency, PallyCoin

in #cryptocurrency4 years ago

With the impending introduction of PallyCoin into the Pally Ecosystem, we thought we would spell out the intended community use cases of the token.

PallyCoin will allow for a deeper product integration between Pally Social, our iOS social travel application and Pally Adventures, our experience marketplace. The currency will provide a means for Pally to promote engagement and usage within the ecosystem whilst driving up the intrinsic value of the currency through active use rather than as a mere means of speculation and trading.

Why a token in the first place?

There are three key benefits of using a platform specific token:
It allows to provide direction to the currency and to transfer tokens from the Pally Reserve Pool into users’ hands based on users’ engagement
It allows a higher degree of user autonomy than centralised travel platforms do, placing users’ needs higher than profitability
It makes it possible to reward Pally miners who bring in new hosts to the ecosystem through a community-driven commodity
It allows Pally to introduce several ecosystem-engagement initiatives that will reward locals and visitors in PallyCoins in exchange for useful input and an active effort on our platform

How will I specifically be able to use PallyCoin within the Pally Ecosystem (and beyond)?

There will be several ways to spend and earn PallyCoins within the ecosystem:

Spending Pally Coins

  1. Purchasing Adventures: The primary use of Pally Coins will be to purchase curated experiences on the Pally Adventures page. These Pally ‘adventures’ will be hosted by our growing community of local hosts, who are keen to share the culture, food, nightlife and sport in their home cities. Take the example of Alexander’s adventure below
    ​​

Unlocking pallies in new cities: PallyCoins will enable new users of the Pally Social app to unlock Pallies in cities. When Pally users seek to connect with people in the new cities they intend to visit, they can use PallyCoins to unlock certain cities in the system, which will provide them with the ability to message other Pallies. For Pallies who have not have been within the ecosystem for long enough to accumulate Karma, Pallies will be able to use PallyCoins to unlock a new city.

Earning Pally Coins

  1. In-app engagement incentivisation through awarding PallyCoins to locals who engage in conversation through Pally Social. Moreover, if a local meets up with a visitor through Pally Social, PallyCoins will be deposited into the local’s wallet once the meetup has been confirmed by the visitor.

  2. Adventure hosts with ratings within the highest rated tier will be rewarded every 6 months. The hosts with the highest experience rating from visitors will receive PallyCoins as will the miners who initially introduced the hosts into the ecosystem.

  3. Incentives for visitors to review the quality of an experience they have attended. This will provide an opportunity for visitors earn PallyCoins whilst increasing community transparency and casting light on the given experience, in turn holding the experience hosts accountable for the quality of the experience, down voting bad experiences and sending good experiences straight onto the radar of other visitors looking for an experience in a given area.

  4. Additional uses of PallyCoins include miner rewards and cryptocurrency exchange liquidity and tradability.

We look forward to introducing the currency into the Pally Community and hope you are as excited about changing the social travel industry as we are! :-)

We move.
Team Pally.

Pally is a decentralised community that enables its members to have authentic travel experiences. The Pally ecosystem is comprised of Pally Social, an iOS application available in beta on the Apple App Store which connects travellers with like-minded locals in new cities, and Pally Adventures, a community marketplace where visitors can immerse themselves in new cities through unique experiences curated by local hosts.

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