With Friend.tech, you regain control. You decide whose posts appear on your feed and which content deserves your attention, all while preserving authenticity and privacy. Bid farewell to the echo chamber and embrace a world of diverse perspectives and enriching conversations.
What Is Friend.tech?
Friend.tech is an on-chain social networking platform built on Coinbase’s Layer 2 blockchain, Base. It empowers users to tokenize their identity by buying and selling keys (formerly known as shares) of themselves to their followers, effectively turning followers into shareholders. This unique approach allows for direct communication and personalized engagement in popular online platforms like X (formerly Twitter) and Telegram.
How Does Friend.tech Work?
Conceptually, Friend.tech resembles the stock market’s ownership principle, where owning shares represents a stake in a specific company. While on the surface, it may resemble messaging platforms like WeChat or Telegram, the core feature that sets Friend.tech apart is the ability to join and leave group chats.
Users can join groups by paying a participation fee in Ethereum, which grants them a share of that group. Later, leaving the group allows users to sell their shares, liquidating their investment. This dynamic feature combines social engagement with potential financial gains. However, it’s essential to note that the Friend.tech protocol imposes a 5% transaction fee, with the owner profiting from the trade spread.
To begin using the app, you need an invitation code and must link your X (formerly Twitter) account. Once these steps are completed, a minimum deposit of 0.01 Ethereum (ETH) into the Base network grants access to all Friend.tech features.
Friend.tech’s Funding and User Base
Friend.tech has garnered substantial attention since its invite-only beta launch on August 11, 2023. On August 19, 2023, it announced seed round funding from the crypto venture capital firm Paradigm, fueling speculation about potential airdrops and token launches.
According to Defi Llama data, Friend.tech has generated $6.64 million in fees since its beta launch. The platform boasts over $3.32 million in social platform earnings, with more than one million transactions and over 110,000 unique traders, equating to Friend.tech users, within the same time frame. This buzz surrounding the crypto social media protocol has also brought attention to the Base network it’s built upon.
Is Friend.tech Safe or a Scam?
With Friend.tech’s growing hype, people are eager yet cautious about its involvement, while industry leaders laud its advancements. David Phelps, co-founder of Jokerace and EcoDAO, commended Friend.tech’s user experience, highlighting its decentralization, simplified fund linkage, and streamlined transaction process.
However, critics have raised concerns. Decentralized finance (DeFi) researcher Ignas noted that Friend.tech’s revenue solely comes from trading fees and not from increasing shareholder numbers. This could potentially lead to controversial strategies to generate fees.
Legendary, a pseudonymous Web3 marketer, expressed doubts about Friend.tech’s longevity, drawing comparisons to BitClout, a DeSo app from 2021.
Is It Time to Embrace Friend.tech?
Regardless of the hype’s sustainability, Friend.tech’s decentralization, privacy emphasis, commitment to authenticity, and diverse content options make it a unique and promising player in the social media landscape. Decentralized social media is poised to reshape Web3 and the broader internet, although it largely remains within the crypto community.
However, the ultimate challenge any social media platform faces is attracting and retaining users. Without a user base, a platform’s success is uncertain. It’s a simple but critical factor to consider in Friend.tech’s journey.”