Spend 0.1 BNB to chat with CZ, how to play the encrypted social new product ReachME?

Original Article Title: "What is CZ's ReachMe Displayed on Stage This Morning? Will It Trigger a Crypto Social Surge?"

Original Article Author: CryptoLeo, Odaily Planet Daily

Good evening, everyone! In the early hours of today, Binance's founder CZ changed 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 any related funding news or social media clues. In a state of confusion, I dug around to check the project's website and X account, discovering that ReachMe is a BNB-based pay-to-chat app with the following features:

It is a pay-to-chat app for connecting Key Opinion Leaders (KOLs) with their fans, with payment options ranging from: Low (minimum 0.01 BNB), Medium (0.1 to 1 BNB), High (above 1 BNB). The app interface displays: Discover Key Opinion Leaders;

Users who connect their wallets can choose which KOL they want to DM and pay a certain amount of BNB based on the chat price. If the KOL does not reply within 5 days, the user will automatically receive a 50% refund;

The maximum message length is 2000 characters;

Only text is allowed, and no attachments or images can be added (to prevent malware).

Of course, users can also connect their X and complete KOL verification information, set up (as shown below): their username, the price for sending a message, KOL category, and a personal description, and wait for others to engage (send money).

Pay to Reach, Originating from an Article CZ Posted on 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 are as follows:

1. A chat app optimizing communication coverage through filtering the most useful information

The emergence of Time Tokenization inspired CZ's idea of "enabling true and effective connection between fans and KOLs." While platforms like X, LinkedIn, and many others provide direct messaging features, the broad coverage of these platforms makes it difficult to filter out truly useful messages. The information overload leads to a flood of spam messages and KOLs suffering from attention deficit. CZ's goal is not time tokenization but to optimize the reach of communication, enabling those who genuinely need to communicate to connect with KOLs.

2. BNB for Payment and Incentives, Non-Mandatory Platform Chat — Transition 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 prevents spam messages and encourages fans to write genuinely useful content.

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

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

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 Token Issuance Expected with Sufficient Demand; Potential YZi Labs Investment?

In the article, CZ clearly stated that the app does not require a token and hopes the platform has enough demand to support its sustainability. He will donate the BNB he receives to charitable organizations. For users who can provide truly useful content, CZ may move the conversation off the platform, refund their payment amount, or even provide bounties (such as some cryptocurrency security tips). The price of paid chat will also be adjusted based on its popularity.

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

Extra: ReachMe Internal Staff May Also Be Involved in Building Another New Project

Returning to ReachMe, its X account was created in March of this year, with few posts that all serve to notify users that ReachMe does not have an official token.

Interestingly, apart from CZ, ReachMe also follows three other individuals: Sanya, Mihaita.eth, and Rand. All three 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, among others.

droppod is also a permissionless and socially verified tokenized distribution platform that aims to optimize project token distribution models (such as airdrops, presales, etc.), improve the interaction between project tokens and platforms, and make token distribution a true part of the project's ecosystem. Combining the founder's position at Paper Ventures and the VC's investment in staking projects, it is speculated 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 causing a price crash.

Conclusion

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

ReachMe has been live for three weeks now on CZ's platform. In my humble opinion, as a crypto application, ReachMe may consider incorporating charts of total platform transaction volume, revenue, and daily user interaction frequency into its application interface. It could also raise the threshold for KOL verification, allowing everyone to send messages to KOLs but only allowing verified users to receive messages from them as KOLs. Additionally, measures should be taken 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, to quote a certain KOL: "Renaissance? Wasn't this kind of paid Q&A platform a small trend in the internet eight years ago, and a bunch of similar startups all 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, continuous optimization based on user needs is also necessary. In the future, ReachMe may even integrate X and LinkedIn as new communication features. We look forward to a more perfect optimized version of ReachMe and hope that ReachMe can achieve good transaction volume and sustainability in the BNB Chain frenzy. From the perspective of small users: Not issuing coins for now does not mean that in the future, after the smooth development of the project, a new tokenomic model won't emerge.

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