Pally promises to be the world’s first decentralized “social travel ecosystem”. Find out what that means today in our review.
What Is Pally?
Pally, which uses the digital token PallyCoin, is a decentralized social travel platform that enables travelers to create friendships and access authentic experiences in new cities through local people using peer-to-peer payment.
The PallyCoin ICO is taking place throughout October and November.
Pally already has a working product in place. In April 2017, the company released a beta version of its app onto the iOS app store. In August 2017, they launched their pre-launch ICO, during which they raised $250,000. The main crowdsale is taking place throughout October.
By March 2018, Pally plans to launch a core feature of its platform: “Pally Adventures” in its second city.
What Problems Does Pally Seek To Solve?
Pally’s whitepaper explains that in the near future, there will be 370 million millennials traveling worldwide. Before Pally, these travelers had limited access to social travel communities that offered useful local interactions or affordable, high-quality, curated experiences. The whitepaper also mentions that people between ages 15 and 29 will be taking 47% more international trips by 2020 than in 2013.
Another issue is that there’s “a growing weariness of big tourist attractions.” Travelers search for authentic local experiences instead of pre-packaged tours to major sights.
That’s why Pally believes the market is a good opportunity. Obviously, companies like TripAdvisor and AirBnB have developed local experiences and tour selling platforms. However, Pally has identified three core problems with these existing sales channels:
- They take a large cut of every transaction, which leads to higher end-user prices
- There’s a tight control on the supply and pricing of experiences in order so sustain high revenues; this model incentivizes expenses and provider-centric city experiences as opposed to affordable experiences that focus on quality and on the community
- There is no incentive and no direct involvement for the user base and the public to help improve the platform
That’s where Pally sees an opportunity.
How Does Pally Work?
There are two core parts of the Pally ecosystem, including Pally Social (an iOS app currently in beta and available from the app store) and Pally Adventures, which is also in beta and available through a web app.
Overall, these two platforms provide “decentralized social travel”:
“Through the first travel-experience platform powered by decentralized technology, Pally is facilitating a tighter community with sustainably lower prices, enabled through community-mining and high-quality city experiences.”
Pally Social enables travelers who are visiting a city to connect with locals of the given city, as well as with other travelers who are exploring the same place. The beta version of the app launched earlier this year, and Pally claims that they currently have 25,000 users.
The app is not currently built on decentralized technology, although that’s expected to roll out in Q4 2017. When decentralization is complete, the app will allow users to earn and exchange PallyCoin (PAL) tokens by connecting, chatting, and meeting up with each other. This incentivizes connections between locals and visitors, bringing people together across borders.
Pally Social also sees itself as an important economic driver. Just like Uber gave people an easy way to earn money to supplement their income, or to provide a living wage, Pally Social believes it can give European youth an opportunity to access new revenue streams. The whitepaper describes how 1 in 5 young people between 15 and 24 in Europe are unemployed. Certain European destinations – like Greece, Spain, and Italy, have youth unemployment rates as high as 35% to 50%, despite the fact that these destinations are major tourist stops.
Pally Adventures is a marketplace where experiences are hosted by a selection of local hosts who have unique passions in the city.
The app, available through a web browser, is currently in private beta in London. Visitors can access experiences through the progressive web application, and can exchange and pay for experiences with PAL tokens. Users can exchange PAL tokens directly within the Pally ecosystem using the built-in exchange service, which allows them to convert fiat currency into PAL.
“Whether users take pleasure in playing tennis or eating the best ramen burgers in street markets, Pally will enable its community to do the things they enjoy with exciting local people in some of the world’s most visited cities – starting off in London and rolling out globally throughout 2018,” explains the official whitepaper.
The PallyCoin (PAL) Token
PAL is an Ethereum-based token that facilitates peer-to-peer transactions within the ecosystem. They’re ERC20-compliant tokens.
The Pally development team aims to develop a wallet in the future. In addition to the smart contract used for the ICO, Pally will release other smart contracts on the platform in the future:
- Pally Adventures: Payment of experience. A visitor books an experience with a local and pays PallyCoin when the end date of the experience is complete, unless a complaint has been raised by the visitor.
- Pally Mining: Payments to miners.
- Pally Adventure: 6 month performance rewards for top-performing hosts, with the best hosts chosen every 6 months.
- Pally Mining: A 6 month mining reward to miners responsible for introducing top performing hosts into the platform.
- Pally Social: Local engagement with visitors through messaging, with the smart contract rewarding tokens when a local has a conversation with a visitor with more than x number of exchanged messages.
The PallyCoin ICO
50% of the total supply of tokens are available through the PallyCoin (PAL) ICO. A further 10% were sold during the presale. 20% of tokens are reserved for use on the platform, and 20% are reserved for the development team. There’s a total supply of 100 million tokens.
The pre-sale took place in August 2017. The company sold 10 million PallyCoins for $250,000 in 11 minutes on August 25.
The main crowdsale is scheduled to begin on October 15 and last for 28 days.
Who’s Behind Pally?
Pally is led by co-founders Oliver Anderson (CEO), and Afiola Etomi (COO).
The conception of Pally came together in March 2016. By November 2016, they had begun private alpha testing. Pally Social and Pally Adventures were released between March and July 2017 in beta form.
The company is headquartered in London. They’re officially named Penpal Group Ltd.
Pally wants to make it easier for locals to interact with travelers. To do that, Pally is creating a decentralized platform that facilitates peer-to-peer payments between locals and travelers. Locals can advertise full-featured tours, or they can use the platform to advertise something as simple as going out for a beer. Smart contracts control the transaction, with ERC20-compliant tokens called PAL tokens used as the payment method.
To learn more about Pally, visit online today at Pally.co.