SocialFi Startup Reach Crypto aims to improve Twitter with an anti-bot protocol.

There's a new SocialFi player in town with big plans to help users and businesses navigate the latest changes to Twitter's algorithm and fight bots.

SocialFi startup Reach today announced that its “fit for purpose” protocol powered by the Ethereum-based REACH token is moving out of beta and on track for a full launch on Monday. The company has announced that it has raised $1 million in funding from a host of fake Crypto Twitter celebrities at a $3 million valuation. Genealogy, Prank, GmoneyAnd Zeneka.

“Twitter is the home of the global crypto community, but the platform, algorithm and millions of fake profiles are a constant source of frustration for people and businesses,” said founder Harold Ethan (8an). “We're here to change that, and we've built a fit-for-purpose protocol and assembled some of the biggest names in crypto to help us achieve this mission.”

why now Because crypto marketing is more challenging than ever, the company says.

Whether you're an artist trying to get attention for a recently released collection or preparing to launch a product, finding effective marketing channels that you can trust can be difficult. Recent changes to Twitter's algorithm have exacerbated the situation, says Rich, leaving users less engaged than ever. Even when engagement does occur, it often involves another crypto issue: bots.

Reach hopes to address these industry challenges by introducing its new SocialFi protocol designed to reward quality engagement. SocialFi basically refers to the integration of social media platforms and decentralized finance—a way to monetize participation and validate activity.

In Rich's case, users can create and submit tasks to the Rich community, such as “engage with this tweet.” Community members who choose to participate are entered into a lottery, with the winner receiving Ethereum (ETH) donated by the creator of the mission as a reward. All funds raised for missions are distributed to the community, with 80% going directly to the mission and 20% to Reach's treasury, to be distributed as rewards for other missions. Users earn “points” based on the quality of their contributions to share in the protocol's regular crypto distributions.

Defeat the bots

On the surface, it may look like a familiar product with its competitors. Garage And RabbitholeWhat makes it unique is the Reach Score System (RSS) and its effort-based relevance algorithm, which are anti-farming measures applied to record users' missions.

A challenge faced by similar products in the past is mission farming or mission rewards, where users create multiple accounts to complete missions and maximize rewards. This undermines the value they create for brands or consumers, and other users lose trust in the advertised product when they see dubious accounts interacting with it.

To address this, Reach scores agriculture through the Reach Score System. If a user's account is flooded with retweet giveaways, airdrops, and other promotions, their contribution will carry less weight in the mission raffle. Basically, the older the user, the less valuable their profile is in the destination network. Ethan He explained that the aim is not to reward those who make noise but those who are in good standing.

They also include an effort-based relevancy algorithm, assigning a score based on the thoughtfulness or conversation-driving nature of comments or mentions of tweets.

“This is critical in the age of AI, where it is difficult to ascertain what is real and what is not. With our algorithm, we've been able to make sure that real people are posting and commenting real,” said NFT and crypto investor Daniel Maggard (via his seedphrase). Decrypt.

Monetization plans include making the protocol available to other crypto communities in the form of a Discord bot that allows users to issue their own missions.

WHEN TOKEN?

At the heart of it all is the soon-to-be-launched REACH token. Users use REACH to create missions and can earn REACH by holding the “minimum level” of REACH tokens in their wallet. Communities using the Reach Discord bot can also reduce fees by holding a limited amount of tokens.

The token and protocol will go public on Monday, December 18, according to Reach, after a beta program attracted 6,000 users to the platform.