What is CZ's ReachMe platform that was teased this morning? Will it spark a resurgence of crypto social media?

Original Article Title: "What Is CZ's ReachMe Platform This Morning? Will It Spark a Crypto Social Wave?"

Original Article Author: CryptoLeo, Odaily Planet Daily

Fun times in the wee hours of the morning! Today, Binance founder CZ updated his Twitter bio to: "DM me at https://reachme.io/@cz_binance (fees go to charity)."

Prior to today, most people had not heard of ReachMe or seen any hints of it in funding news or on social media. Perplexed, I did some digging and found the project's website and X profile. ReachMe is a BNB-powered pay-to-chat application with the following key features:

A pay-to-chat app connecting Key Opinion Leaders (KOLs) with fans. Payment options include: Low (minimum 0.01 BNB), Medium (0.1 to 1 BNB), High (above 1 BNB). The app interface displays: Discover Key Opinion Leaders;

Users can connect their wallets and choose which KOL they want to message, then pay a specified amount of BNB based on the KOL's chat price. If the KOL doesn't reply within 5 days, the user will automatically receive a 50% refund;

The maximum message length is 2000 characters;

Only text is allowed, no attachments or image links (to prevent malware).

Users can also connect their X profile and complete KOL verification details, setting (as shown in the image): their username, the price to send a message, KOL category, and a description to entice others to chat (send money).

Pay to Reach, stemmed from an article CZ posted on the Binance Square

Going back to the roots, ReachMe originated from an article CZ posted on Binance Square on March 8 titled "Pay to Reach." The key points of the article were as follows:

1. A chat application aimed at filtering the most useful information, optimizing communication coverage

The emergence of Time Tokenization inspired CZ's idea of "enabling fans to truly engage with KOLs." While platforms like X and LinkedIn offer direct messaging functionality, the broad coverage of these platforms makes it difficult to filter out genuinely useful messages. The information overload leads to a flood of spam messages and KOLs suffering from a lack of attention. What CZ aims to do is not Time Tokenization but optimize the reach of communication, allowing those who genuinely need to communicate to connect with KOLs.

2. BNB for Payments and Incentives, Non-Mandatory Platform Chat — Move to Other Free Platforms After Gaining Communication Opportunity

As mentioned earlier, anyone can pay a certain amount on this platform to send a message to a KOL. If the KOL does not reply within 5 days, 50% of the payment amount will be refunded to the message sender. This mechanism helps prevent spam messages and encourages fans to write genuinely useful content.

For KOLs, 50% of the BNB payment amount serves as an incentive to respond to fans' content.

For fans, paid chat is different from regular communication (as BNB is required for each send). Fans can also choose to include their contact information in the message. If the KOL agrees, they can continue the conversation on other free messaging apps based on the contact information you provide. This way, you can pay 50% less and still have a genuine communication opportunity, all based on the KOL's willingness.

The platform charges a 10% fee for all transactions, with the remaining 90% sent to the wallet address provided by the KOL.

3. No Token Issuance Expectation with Sufficient Demand; Potential Yzi Labs Investment?

In the article, CZ clearly stated that this application does not require a token. He also hopes 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 move the conversation off the platform, refund their payment, or even provide a bounty (such as some tips related to crypto security). The price of paid chat will also be adjusted based on its popularity.

Additionally, CZ mentioned that YZiLabs may invest in a high-quality project developed using BNB/BSC as the primary payment method. (Or hinted that ReachMe may receive an investment from Yzi Labs.)

Epilogue: ReachMe's internal team members may also be involved in building another new project.

Back to ReachMe, its X account was created in March this year, with few posts that all serve as a reminder to users that ReachMe does not have an official token warning.

Interestingly, besides CZ, ReachMe also follows three other individuals: Sanya, Mihaita.eth, and Rand. The three individuals also hold positions in another project called droppod. The founder of droppod, Sanya, is also an employee of the venture capital firm Paper Ventures. RootData data shows that Paper Ventures has invested in crypto projects such as DoubleZero, Pell Network, Renzo Protocol, Sophon, Holonym, and others.

droppod is also a permissionless and socially verified tokenized distribution platform that aims to optimize project token distribution (airdrops, presales, etc.), enhance the interaction between project tokens and platforms, and make token distribution a true part of the project ecosystem. Combining the founder's position at Paper Ventures and the venture capital firm's investment in staking projects, the personal guess is that droppod will provide a new mechanism (most likely staking-related) to prevent users who receive tokens through presale and airdrop from immediately selling and crashing the token price.

Conclusion

As of the time of writing, ReachMe has attracted many users, with CZ's paid chat price set at 0.1 BNB and having completed two conversations (not visible to the public).

According to ReachMe's launch, it has been on CZ's platform for 3 weeks. Personally, as a crypto application, ReachMe may consider incorporating charts of total platform trading volume, revenue, and daily user interaction frequency into its application interface. It could also raise the threshold for KOL verification, where everyone can send messages to KOLs, but not everyone can be verified to receive messages as KOLs. Additionally, efforts should be made to prevent the entry of fake accounts. (Of course, achieving this in just three weeks is already commendable, and a new version may be coming soon.)

Finally, quoting a KOL's statement: "Renaissance? Wasn't this kind of paid Q&A platform a small trend in the internet eight years ago, and a bunch of similar entrepreneurship platforms eventually disappeared."

For ReachMe to avoid disappearing, it must first achieve Mass Adoption, as envisioned in CZ's article. In addition to its sustainable development, it must continuously make optimizations based on user needs. In the future, it may integrate X and LinkedIn as a new communication feature. We look forward to ReachMe releasing a more perfect optimized version and also anticipate it having good transactions and sustainability on the BNB Chain craze. From a small user's perspective, not issuing tokens temporarily does not mean that in the future, after the project develops smoothly, a new tokenomics model will not emerge.

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