In a bid to revolutionize the crypto Twitter experience, the innovative SocialFi startup Reach is set to launch its groundbreaking protocol, backed by the Ethereum-based REACH token. The platform, which has successfully raised $1 million in funding from renowned figures in the Crypto Twitter community, is determined to tackle the persistent issues of fake profiles, algorithm frustrations, and the influx of bots on the popular social media platform.
Harold Eytan, the founder known as 8an, expressed the company’s mission: “Twitter is the home of the international crypto community, yet the platform, the algorithm, and the millions of fake profiles are a constant source of frustration to people and businesses alike. We’re here to change this, and we’ve built a fit-for-purpose protocol and gathered together some of the biggest names in crypto to help us achieve this mission.”
The Challenge in Crypto Marketing
In an era where crypto marketing is more challenging than ever, artists and brands struggle to find trustworthy and effective marketing channels. Recent changes to Twitter’s algorithm have only added to the difficulties, resulting in decreased engagement. Even when engagement occurs, the prevalent issue of bots further complicates matters.
To address these industry challenges, Reach introduces its SocialFi protocol, a unique fusion of social media and decentralized finance. This protocol aims to monetize quality engagement and authenticate user activity.
Monetizing Quality Engagement with SocialFi
The SocialFi protocol empowers users to create “missions,” such as “Engage with this tweet,” and submit them to the Reach community. Participants in these missions are entered into a raffle, where the winner receives Ethereum (ETH) contributed by the mission’s creator. Funds from these missions are distributed to the community, with 80% going to the mission and 20% to the Reach treasury, redistributed as rewards for other missions. Users accumulate “points” based on the quality of their contributions, entitling them to a share of regular crypto distributions from the protocol.
Overcoming Bots: The Reach Score System (RSS)
While similar products exist, Reach distinguishes itself with its anti-farming measures implemented through the Reach Score System (RSS) and an effort-based relevancy algorithm.
Farming, the creation of multiple accounts to maximize rewards, has been a challenge for similar platforms. Reach addresses this by disincentivizing farming through the Reach Score System. Users engaging in suspicious activities see their contributions less weighted in mission raffles, ensuring that genuine contributors are rewarded.
An effort-based relevancy algorithm rates submissions based on the thoughtfulness and conversation-driving nature of comments or quote tweets. This adds an extra layer of authenticity to the platform, particularly crucial in an age dominated by AI-generated content.
NFT and crypto investor Daniel Maegaard (aka Seedphrase) emphasized the significance of this approach: “This is crucial in the age of AI where it’s difficult to verify what’s real and what’s not. With our algorithm, we’re able to verify that real people are posting and that they’re providing genuine commentary.”
Monetization Plans and the REACH Token
Central to Reach’s innovative solution is the upcoming launch of the REACH token. Users will utilize REACH to create missions and can earn tokens by holding a “minimum threshold” in their wallets. Communities using the Reach Discord bot can also reduce fees by holding specific amounts of the REACH token.
The REACH token and protocol are set to launch to the public on Monday, Dec 18, following a successful beta program that attracted 6,000 users to the platform. Reach’s ambitious goal is to extend the protocol to other crypto communities, offering it in the form of a Discord bot that enables users to issue their own missions.
Conclusion: A Bright Future for SocialFi
As Reach prepares for its full launch, the crypto community eagerly anticipates the positive impact of its innovative SocialFi protocol. By incentivizing quality engagement, combating bots, and introducing a token-based ecosystem, Reach aims to transform the crypto Twitter experience. The REACH token is poised to become a key player in this transformation, providing users with a means to contribute, engage, and be rewarded in a genuine and transparent manner. The future of Crypto Twitter looks promising with Reach leading the way towards a more authentic and vibrant social media landscape.
