Original｜Odaily Planet Daily ( @OdailyChina )
Author: CryptoLeo ( @LeoAndCrypto )
Happy night! In the early hours of this morning, Binance founder CZ changed the profile of his X account to: DM me at https://reachme.io/@cz_binance (fees go to charity) (DM me on ReachMe, the fees will go to charity).
Before today, most people had not heard of ReachMe and its related financing news or social media traces. I was confused and looked up the projects website and X account, and found that ReachMe is a paid chat application paid with BNB. The specific features include:
A paid chat app that connects KOLs and fans. The payment price is divided into: low (minimum 0.01 BNB), medium (0.1 to 1 BNB), and high (higher than 1 BNB). The application interface shows: Discover Key Opinion Leaders;
After connecting the wallet, users can select the KOL they want to send a private message to and choose to pay a certain amount of BNB to send the message based on their chat price. If the KOL does not respond within 5 days, the user will automatically receive a 50% refund;
The maximum length of the message that can be entered is 2000 characters;
Only text is allowed, no attachments, links or images are allowed (to prevent Trojan viruses).
Of course, users can also connect to X and complete the KOL verification information, set (as shown below): their own user name, the price to be paid for sending information, KOL category and personal description, and wait for others to flirt (pay).
Pay to Reach, from an article published by CZ on Binance Square
Tracing back to its origins, ReachMe originated from an article titled “ Pay to Reach ” published by CZ on Binance Square on March 8. The key points of the article are as follows:
1. Chat applications that filter the most useful information and optimize communication coverage
The emergence of time tokenization inspired CZs idea of enabling fans and KOLs to truly connect effectively. Although many platforms such as X and LinkedIn provide the function of private messaging with others, these platforms have too wide a coverage, and it is difficult for the platforms to filter out truly useful private messages. The flood of information will lead to problems such as spam flying everywhere and insufficient attention of KOLs. What CZ wants to do is not time tokenization, but to optimize the coverage of communication and allow people who really need to communicate to get in touch with KOLs.
2. BNB is used as payment and incentives, and it is not mandatory to chat on the platform - after getting the opportunity to communicate, you can also move to other free platforms
As mentioned earlier, anyone can pay a certain amount of money on the platform to send a message to a KOL. If the KOL does not respond within 5 days, 50% of the payment amount will be refunded to the message sender. This mechanism can prevent spam and encourage fans to write truly useful content.
For KOLs, 50% of the BNB payment amount will incentivize them to reply to fans’ content.
For fans, paid chat is different from daily communication (BNB is required for each message). You can also choose to attach your contact information in the message you send. If the KOL is willing, he can also move to other free messaging apps to continue the conversation with you based on the contact information you provided. (This way you can pay 50% less and get a real communication opportunity, everything is based on the KOLs wishes.)
The platform charges a 10% fee on all transactions, and the remaining 90% is sent to the wallet address provided by the KOL.
3. No expectation of coin issuance under sufficient demand; potential Yzi Labs investment?
CZ made it clear in the article that the application does not need tokens and hopes that the platform will have enough demand to support its sustainable development. He will donate the BNB he receives to charity. For users who can provide truly useful content, CZ may remove the conversation from the platform, refund their payment amount, or even provide a bounty (such as some tips related to encryption security), and the price of paid chats will also be adjusted according to the unpopularity.
In addition, CZ also said that YZiLabs might invest in a high-quality project that uses BNB/BSC as the main means of payment. (Or it may imply that ReachMe will receive investment from Yzi Labs.)
Extra: ReachMe internal staff may also be involved in the construction of another new project
Back to ReachMe, its X account was created in March this year. Not much information was released, all of which were warning users that ReachMe did not have an official token.
Interestingly, in addition to CZ, ReachMe also follows three other people: Sanya , Mihaita.eth and Rand . The three also hold positions in another project called droppod . Sanya, the founder of droppod, is also an employee of venture capital Paper Ventures . RootData data shows that Paper Ventures has invested in crypto projects such as DoubleZero, Pell Network, Renzo Protocol, Sophon, Holonym, etc.
Droppod is also a permissionless and socially verified token distribution platform. The project is committed to optimizing the project token distribution (airdrop, pre-sale, etc.) model, improving the interaction between project tokens and the platform, and making token distribution a real part of the project ecosystem. Considering that its founder works for Paper Ventures and the staking projects that the venture capital has invested in, I personally speculate that Droppod will provide a new mechanism (most likely staking) to prevent users who get tokens through pre-sales and airdrops from selling them immediately and causing the tokens to plummet.
Conclusion
As of the time of writing, ReachMe already has many users. CZ’s paid chat price is 0.1 BNB, and two conversations have been completed (not visible to the public).
It has been three weeks since ReachMe came out and CZs platform. My humble opinion: As a crypto app, ReachMe should perhaps include charts of the platforms total transaction volume, revenue, and daily user exchanges in its app interface, or raise the threshold for KOL verification. Everyone can send messages to KOLs, but not everyone can pass verification to receive messages as a KOL. In addition, fake accounts must be prevented from entering. (Of course, a platform built in just three weeks is already good, and a new version may be coming soon.)
Finally, I would like to quote a KOL: Renaissance? Wasnt this kind of paid QA platform a small trend on the Internet eight years ago? A bunch of similar startup platforms basically disappeared in the end.
If ReachMe wants to survive, it can only achieve Mass Adoption. As CZs article predicts, it needs to continuously optimize based on user needs under its sustainable development. In the future, it may integrate X and LinkedIn as a new communication function. I look forward to ReachMe making a more perfect optimized version, and I also look forward to ReachMe having good transactions and sustainability under the BNB Chain boom. From the perspective of small users: not issuing coins for the time being does not mean that there will not be a new token economic model after the smooth development of the project in the future.
