A new SocialFi player has emerged with ambitious plans to help users and businesses navigate the latest changes to Twitter’s algorithm and fight bots.
SocialFi startup Reach announced today that its “fit-for-purpose” protocol, powered by the Ethereum-based REACH token, has launched in beta and is set for a general launch on Monday. The company also announced that it had raised $1 million in funding at a valuation of $3 million from anonymous Crypto Twitter celebrities such as: seed phrase, mischief, G moneyand Zeneca.
“Twitter is home to the international cryptocurrency community, but its platform, algorithms, and millions of fake profiles are a constant source of frustration for people and businesses alike,” said founder Harold Eytan (aka 8an). “We set out to change this, so we built a purpose-built protocol and brought together some of the biggest names in the cryptocurrency industry to help us achieve this mission.”
Why now? That’s because marketing cryptocurrency is more difficult than ever, the company says.
Whether you’re an artist trying to attract attention with your latest collection or a brand preparing to launch a product, finding reliable, effective marketing channels can be difficult. Reach says recent changes to Twitter’s algorithm have made the situation worse, leaving users less engaged than before. Even when engagement occurs, it is often related to bots, another problem with cryptocurrency.
Reach hopes to address these industry challenges by introducing the new SocialFi protocol, designed to reward quality engagement. SocialFi is essentially a combination of a social media platform and decentralized finance. In other words, it’s a way to monetize engagement and ensure that the activity is genuine.
For Reach, users can create “missions” such as “engage with this tweet” and submit them to the Reach community. Community members who choose to participate will be entered into a drawing, and the winner will receive Ethereum (ETH) donated by the mission creator as a prize. All funds submitted for a mission will be distributed to the community, with 80% going directly to the mission and 20% going to the Reach Treasury to be redistributed as rewards for other missions. Users also earn “points” based on their contributions, making them eligible to share in regular cryptocurrency distributions on the protocol.
Overcoming bots
On the surface, this may seem like a familiar product to competitors such as: I’ll go and rabbit holeWhat differentiates it is the anti-agricultural measures implemented through the Reach Scoring System (RSS) and the effort-based relevance algorithm used to score users’ missions.
A challenge similar products have faced in the past is farming mission or quest rewards, where users create multiple accounts to complete missions and maximize rewards. This undermines the value of the brand or user creating the mission, and other users lose trust in the advertised product when they see suspicious accounts interacting with the advertised product.
To solve this problem, Reach weakens incentives for farming through the Reach Score System. If a user’s account is full of retweets for giveaways, airdrops, and other promotions, their contribution will be less weighted in the mission draw. Basically, the more a user farms, the less valuable their profile becomes within the Reach network. Eitan He explained that the goal is to give cryptocurrency citizens a good reputation, not just those who make noise.
We also incorporated an effort-based relevance algorithm to evaluate submissions, assigning scores based on the thoughtfulness or conversation-inducing nature of comments or quote tweets.
“This is critical in the age of AI where it is difficult to verify what is real and what is false. Our algorithms allow us to ensure that real people are posting and that they are providing authentic commentary,” said NFT and cryptocurrency investor Daniel Maegaard (aka Seedphrase). decryption.
Monetization plans include offering the protocol to other cryptocurrency communities in the form of a Discord bot that allows users to perform their missions.
What token?
At the center of it all is the soon-to-be-launched REACH token. Users can earn REACH by utilizing REACH to create missions and holding a “minimum threshold” of REACH tokens in their wallet. Communities using the Reach Discord bot can also reduce fees by holding a certain amount of tokens.
According to Reach, both the token and protocol will be released to the public on Monday, December 18, after attracting 6,000 users to the platform through the beta program.
