Why Rya did not ICO — A letter to the community

The goal of this letter is not to bash ICOs in general — there are many legitimate projects out there that raised funds through ICO — but rather to share the reason an ICO did not seem appropriate for Rya. Hopefully, this will help the community better understand the long term goals of the project and how we can reach them together.

When the ambitious idea of a holistic monetary system built on blockchain was first conceived it was immediately obvious that a passionate group of ideological early adapters would be necessary in order for it to succeed.

Unlike the myriad blockchain based products out there, Rya is a true currency. This means that Rya as an organization is not trying to sell anything. It’s simply trying to introduce a better type of money to the world.

The purpose of an ICO is to raise funds from a diverse pool of investors in order to build a decentralized product. If successful, the tokens used within the product’s ecosystem will have value. But as a currency, Rya’s ecosystem is the real world, and therefore, the value of Rya coins is strongly connected to usage in the real world as a medium of exchange.

For this reason, it made more sense for us, the earliest members of the community, to focus on the code and help grow the community by distributing the coins through a series of airdrops. It felt like the best way to ensure natural growth and long term success for Rya.

As Rya comes closer to launch, the goals of the community haven’t changed at all. We are excited to see new faces take on new roles and have no doubt that they will impact the project in unexpected and positive ways.

Learn more about the Rya project and how it proposes to create a better type of money at https://ryacoin.io/

Hit up the community on telegram at https://t.me/RyaCommunity

if you have any questions and stay up to date on Twitter at https://twitter.com/RyaCommunity