What is the ReachMe on the CZ platform this morning? Will it trigger a resurgence of encrypted social interaction?

Author: CryptoLeo, Odaily Planet Daily

There is so much joy at night! In the early hours of this morning, Binance founder CZ changed his X account profile to: "DM me at https://reachme.io/@cz_binance (fees go to charity)" (DM me on ReachMe, the fees will be used for charity).

Before today, most people have not heard of ReachMe and related financing news or clues on social media. When I was confused, I followed the clues and checked the project's website and X account, and found that ReachMe is a paid chat application paid by BNB, with specific features including:

• For paid chat applications connecting KOLs and fans, the payment prices are divided into: low (minimum 0.01 BNB), medium (0.1 to 1 BNB), high (higher than 1 BNB). The application interface displays: Discover Key Opinion Leaders;
• After connecting to the wallet, users can choose the KOL they want to send private messages, and choose to pay a certain number of BNBs according to their chat price to send messages. If the KOL does not respond within 5 days, the user will automatically receive a 50% refund;
• The maximum length of the input message is 2000 characters;
• Only text is allowed, no attachment connections or images are allowed (preventing Trojan viruses).

Of course, users can also connect X and complete the information of KOL verification, set it (as shown below): their own username, the price to be paid for sending information, the KOL classification and the description of their own, and wait for others to flirt (making money).

Pay to Reach, originated from an article published by CZ in Binance Plaza

Tracing the root of the source, ReachMe originated from an article titled "Pay to Reach" published by CZ on Binance Plaza on March 8. The focus of the article is as follows:

1. Optimize the chat application that communicates with the most useful

information filtering

The emergence of time tokenization inspired CZ's idea of ​​"making fans truly contact KOLs effectively". Although many platforms such as X and LinkedIn provide private messages with others, these coverage is too wide, and it is difficult for the platform to screen out truly useful private messages. Information torrents will lead to problems such as spam flying in the sky and KOLs' lack of attention. What CZ wants to do is not to tokenize time, but to optimize the coverage of communication, so that those who really need to communicate can contact KOLs.

2. BNB is used as payment and incentive, non-mandatory platform chat -you can also move to other free platforms after you get the opportunity to

communicate.

As mentioned earlier, anyone can pay a certain amount on the platform to send a message to KOLs, and if the KOL does not respond within 5 days, a 50% payment amount will be refunded to the sender of the message, a mechanism that can prevent spam and encourage fans to write truly useful content.

For KOLs, 50% of BNB paid amounts will inspire them to reply to fans’ content.

For fans, paid chat is different from daily communication (you need to pay BNB for each sending). You can also choose to attach your own contact information to the sent message. If KOL is willing, he can also move to other free message applications to continue talking to you based on the contact information you provide. (This way you can pay 50% less and get real communication opportunities, everything is based on the will of KOLs.)

The platform charges a 10% fee for all transactions, and the remaining 90% of the platforms will send it to the wallet address provided by KOL.

3. No expectation of issuing coins under sufficient demand; potential

investment in Yzi Labs?

CZ made it clear in the article that the app does not require tokens, and hopes that the platform has enough demand to support its sustainable development. He will donate the BNB he receives to charities, and for users who can provide truly useful content, CZ may move the conversation out of the platform, refund their payment amounts, and even provide bounties (such as some tips related to encryption security), and its paid chat prices will also adjust as they are unpopular.

In addition, CZ also said YZiLabs may invest in a quality project developed using BNB/BSC as the main means of payment. (Or implying that ReachMe will get investment from Yzi Labs.)

Extra: ReachMe internal personnel may also participate in the construction

of another new project at the same time

Back to ReachMe, its X account was created in March this year, and there was not much information released, all of which were warnings to users that ReachMe did not have an official token.

Interestingly, in addition to CZ, ReachMe also followed three other people: Sanya, Mihaita.eth and Rand. The three also hold another project position called droppod. Sanya, the founder of droppod, is also an employee of the venture capital Paper Ventures. According to RootData data, Paper Ventures has invested in encryption projects such as DoubleZero, Pell Network, Renzo Protocol, Sophon, and Holonym.

droppod is also a platform for tokenized allocation without permission and social verification. The project is committed to optimizing the token allocation (airdrop, pre-sale, etc.) model of project parties, improving the interaction between project tokens and platforms, and making token allocation truly part of the project ecosystem. Combined with the founder's employment as Paper Ventures and the staking projects invested by the venture capital, I personally speculate that droppod will provide a new mechanism (most likely to be a staking) so that users who obtain tokens through pre-sales and airdrops will not immediately sell and smash the market, causing the token to plummet.

Conclusion

As of the time of publication, ReachMe has already entered many users, and CZ's paid chat price is 0.1 BNB, and two sets of conversations have been completed (not visible to the outside world).

It has been 3 weeks since ReachMe was launched since the CZ platform. Personal opinion: As an encryption application, ReachMe should include the platform's total transaction volume, revenue and daily user communication charts into its application interface, or it can also raise the threshold for KOL verification. Everyone can send messages to KOLs, but not everyone can receive messages as KOLs through verification. In addition, it is necessary to prevent false accounts from entering. (Of course, the platform made in just three weeks is already good, and the new version may arrive soon.)

Finally, to quote a certain KOL, "Renaissance? Isn't this kind of paid Q&A platform a small trend on the Internet eight years ago? There are also a bunch of similar entrepreneurial platforms that basically disappeared in the end."

If ReachMe wants to avoid disappearing, it can only achieve Mass Adoption first. As the CZ article predicts, under its sustainable development, it must continue to optimize based on user needs. In the future, X and LinkedIn may be integrated as a new communication function. We look forward to ReachMe making a more perfectly optimized version, and we also look forward to ReachMe having good transactions and sustainability under the BNB Chain craze. From the perspective of small users: not issuing coins for the time being does not mean that a new token economic model will not appear after the smooth development of the future project.