RYT is the utility and governance token for the Ready ecosystem. The issuance of RYT supports the user-centric incentive structure that we design to benefit all participants. Besides the natural social pull, Ready will have a powerful economic attraction to both existing and prospective users. In other words, by aligning the behavior of the ecosystem and its product with users’ interests, we can build network effects as well as drive adoption organically and sustainably.
We take into consideration the incentives of all users to design RYT utility. In general, RYT is required for certain features of Ready such as buying sticker sets or joining the channels that ask for subscription fees. Therefore, Ready can better fulfill users’ needs and offer a satisfying experience.
Rewards in RYT also encourage activities that bring value to the Ready ecosystem. For example, users can be rewarded with subscription fees in RYT for their content creation in groups and channels; this helps build a strong and active community where high-quality content is available to members.
Another role of RYT is to facilitate some simple yet effective solutions to improve privacy and security; the anti-spam mechanism by requesting a deposit of RYT is one such solution (this feature can be customized to each user’s preference).
In addition, RYT enables users to possess a real stake in the Ready ecosystem and have a say in the development direction. Their RYT can serve as their voting power for proposals.
More details on how RYT can be typically used in the Ready ecosystem are available in the RYT Utility section. More use cases will be updated over time.