Pally is a decentralised social travel site that connects travelers with locals to enjoy unique experiences through the Pally iOS app and website. The presale, which intends to raise $250,000 will occur in August 2017 through the sale of 10 million Pallycoins at $0.025 The main sale, capped at $3.75 million dollars (50 million PAL tokens) is scheduled for October 2017. Pally’s targeted beta launch in London has developed a community of more than 25,000 users.
What is the Project?
Pally focuses on connecting travelers with locals to enjoy unique experiences outside of mainstream touristic activities. Spending PallyCoins, the sole means of payment within the system, will allow travelers to arrange unique experiences and adventures with locals offering to share a range of insights about their homes. Smart Contracts will provide an escrow function for peer to peer transactions, with coins released upon participant confirmation of a completed experience. The Pally Whitepaper does not mention how dispute resolution will be addressed on the network.
Locals will earn Pallycoins while sharing the favorite elements of their cities with travelers or helping visitors plan their travels by chatting with them within the Pally app. Pally argues that its use of blockchain technology will allow fees to be lower and for more of the fees to remain in the hands of hosts, compared to similar programs hosted by leading commercial travel sites such as Airbnb. Pally will also allow young people to supplement their earnings by sharing their local knowledge–many of the most popular tourist destinations in Europe also have some of the highest instances of youth unemployment–while promoting interaction between travellers and locals.Pally intends to integrate Ethereum Name Services in order to ease the introduction to cryptocurrencies by allowing users to interact with and send payment to names rather than hexadecimal addresses.
The PallyCoin (PAL)
Running on the Ethereum blockchain, the convertible ERC20 based PallyCoin will be used as a payment token within the network as travelers interact with local guides. There are three ways that users of the Pally app can earn rewards on the newtork.
Locals can earn coins from chatting with travellers and helping them get acquainted with their surroundings on the Pally App.
- Pally Adventures: locals who guide adventures and experiences with travellers earn PAL via smart contracts that release payment upon confirmed completion of the experiences.
Users who introduce new hosts into the Pally system earn coins as a function of the popularity of the hosts they referred.
20 million PAL tokens will be allocated from the 100 million premined tokens for rewards, with another 20 million being retained by the team. The balance of tokens will be sold during the pre-ICO and ICO, with no new coins to be emitted afterwards. Pally has a reward engine that will allocate extra coins to the most active chat users and most highly rated local guides on a semiannual basis.
The Pally Team
Cofounders Oliver Anderson and Afiola Etomi have blockchain, consulting and fintech experience. Pally also has an in-house technical team, led by CTO Dario Ceccoli who, while having a wide range of experiences, does not have a background in blockchain projects.
|Incorporation status||Penpal Group Ltd.|
|Team openness||No links to external profiles|
|Technical Lead||Dario Ceccoli|
|Technical White Paper||Not available|
|Available Project Code||Not available|
|Role of token||Access rights|
|Token supply||100 million|
|Distributed in token sale||10 million in Presale and 50 million in main sale|
|Emission rate||No new coins created|
|Consensus method||Proof of Work|
|Sale period||Aug 25th, 2017 to Sep 15th, 2017|
|First price||0.025 USD|
|Token distribution date||2 weeks after crowdsale|
|Min investment goal||None|
|Max investment cap||375000|
|How are funds held||Smart contract|
|Minimal Viable Product||Yes|
|Bonus schedule||No Bonus|