FAQs for $DOM Fans
When will $DOM be launched?
It will be launching on Rally on Thursday, August 19, 2021 at 12:15 PM PST!
What is $DOM?
$DOM is a cryptocurrency that I created and can be used to unlock exclusive benefits and access anywhere on the web, and even IRL. With $DOM, I have created my own, independent micro-economy.
$DOM is a little different from cryptocurrencies like Ethereum or Bitcoin because it is minted and traded by a company called Rally on their “sidechain”. This is great news for us because sidechain cryptocurrencies use a lot less processing power, which means that there are no fees and no excessive environmental impact to worry about.
What can I get with $DOM?
$DOM is like a membership or a loyalty card, where holders get special member benefits and can earn and purchase points that can be exchanged for goods or services. Sort of like the punch card at your local coffee shop, or your airline loyalty program.
$DOM holders from around the world can also send $DOM to each other and there are never any fees for trading $DOM within our economy.
What are Weekly Rewards?
When you hold $DOM, you will see that you are eligible to earn Weekly Rewards, also known as Community Activity Rewards. Rewards are paid out each week to coin communities who are actively growing and participating in their coin economy. For each community that earns rewards, each participant in a community will receive a share of $RLY proportional to their holdings of that community’s coin. Read more about Rewards here.
How do I buy $DOM?
Buying $DOM is easy! $DOM can be purchased with any credit card or debit card, as well as cryptocurrencies. All you have to do to get started is create an account on Rally.
Can I exchange $DOM for currency?
Yes. When you go through the steps of moving your money out of Rally, it is known as “bridging out.” There are some fees and limitations to complete this process, and there are some locations where it is currently prohibited.
In order to bridge out, your account must be at least 7 days old and you will have to go through a manual Know Your Customer verification process, which can take an additional 2-3 business days. There are also some fees, set-up steps, other time-based limitations, which are covered here.
The good news is that as soon as you complete these steps, it is very easy to Bridge Out via a free Coinbase account. If you aren’t familiar with Coinbase, it is a secure platform that makes it easy to buy, sell and store cryptocurrencies like Bitcoin, Etherium and RLY. It has an easy to use website and smartphone app, and works seamlessly with Rally. The interface does not require any crypto expertise—If you’ve used Paypal, you can use Coinbase.
If you’d like to simply spend down your balance, you can also spend $DOM, just check out the Campaigns on my coin page, or trade it for other cryptocurrencies on Rally.
Is buying $DOM like an investment?
No. While the price of $DOM will go up and down, the value of $DOM is in the benefits we described above and on our coin page.