Xnect, a burgeoning crypto firm, is presently grappling with feelings of self-doubt and confusion following the recent announcement by former Binance CEO, Changpeng Zhao, of his decision to collaborate with a competitor. The firm had been nurturing hopes of playing a significant role in Zhao’s innovative “pay-to-reach” project.
In the lead-up to this unexpected development, Xnect had actively communicated with the BNB Chain team regarding launch plans. The BNB Chain had even reposted Xnect’s online video tutorial twice, praising it as “the pioneering pay-to-reach protocol.”
The pay-to-reach concept, recently teased by Zhao, is a novel project designed to eradicate spam messages by charging individuals for the privilege of communication. Upon the project’s announcement, Xnect, along with numerous other startups, hastened to join the initiative. Zhao himself had previously experimented with this model, charging individuals $120 to contact him. However, he remained unsatisfied with the quality of communication he received.
The abrupt decision by Zhao to partner with Reachme.io, Xnect’s rival firm, left Xnect feeling blindsided. The perceived snub led to soul-searching among the collaborators, who began questioning the necessity of their existence.
Xnect has also insinuated that BNB Chain’s decision to choose Reachme.io was unjust, describing the rival firm as “another yet-to-mature product.” Despite this, Xnect maintained that its statement was not a complaint, but an earnest plea for understanding and learning from its missteps.
Reacting to Xnect’s sentiments, Zhao stated, “It’s out of my control when multiple teams embark on the same idea.” He added, “I did not make it a competition, nor did I promise to work with every (or any) team that tries.”
Zhao further clarified his position by asserting, “There is no fair or unfair here.” He expressed regret for not communicating his decision earlier. Interestingly, he also revealed that he does not install extensions, possibly a veiled reference to Xnect’s decision to base its project on a Chrome extension.
In a proactive response to Zhao’s remarks, Xnect has announced that it is currently developing a web version of its project. This latest development in the crypto industry underscores the fierce competition, unpredictability, and the need for adaptability within the rapidly evolving sector.
