What is Friend tech? The Social-Token Driven Decentralized Social…
If your engagement keeps increasing, the prices of your shares keep going up, and vice versa. Therefore, friend.tech aims to combine the social benefits of interaction with financial benefits. For creators, the financial benefits include incentives, and for the followers, flipping shares at higher prices — provided the creator’s popularity increases — is the way to procure monetary perks. Simply put, Friend.tech is a mobile-based social media platform with a cryptocurrency twist.
Social token-driven platforms allow users—including individuals as well as brands and businesses—to create and monetize online communities using blockchain technology. Supporters view social tokens as a probable key driver of Web3 adoption and an important way to bring newbies to the cryptocurrency world into the fold. Its ability to turn the attention economy into a game is one of the reasons why it has drawn so many users to itself. Cryptocurrency enthusiasts love tokenization, especially when there is the opportunity to earn.
Previously, Racer was involved with TweetDAO, a project that focused on running a Twitter account like a DAO, where only holders of the Tweet DAO Egg NFT collection would receive access to the account. Once your own key has been purchased, you will which are the top cryptocurrency exchanges encounter the platform’s home page. Once the deposit has been confirmed, you are prompted to buy your own key first in order to start using the platform. Visit Friend.tech via your phone browser or computer and download the Friend.tech app.
- While we shall discuss this at length, the relationship depends on the shares relevant to a given group.
- Each user on the app has a chat group akin to ones found on platforms like Telegram.
- In essence, it lets creators build a community and monetize their influence.
- Friend.tech discussions are all over Twitter (now X), with users clamoring to access invite codes and join.
- In the case of friend.tech, the price of a share in ETH follows a mathematical relationship to the supply of the shares within a given group.
This was followed by reports of its early demise, which was in turn followed by a sudden surge in popularity. However, we have seen that crazes fizzle out quickly in the crypto and web3 space. Yet, Friend.tech hinges a lot on creator economy and social tokenization, ensuring that if creators produce relatable and good content, their shares new to bitcoin read this first might remain in demand. Based on this take, some analysts have started tagging Friend.tech as a SocialFi project. The buy-sell nature of popularity or influence as community tokens or creator tokens adds the Fi or the Finance part to it. Another interesting take supporting this is how the price of creator shares is calculated.
Swell Ethereum
Do note that as friend.tech is still a very new app, do not transfer into the app more than you are willing to lose and exercise due diligence when interacting with the app. Another aspect of Friend.tech that may give some potential users pause is the fact that it was rebranded and reworked just a few months before the beta launch. Previously, the platform was known as Stealcam, a system allowing users to sell selfies and other images using a “steal to reveal” mechanism.
Building on the Base network could give it some advantage due to the high throughput the Base network claims to possess. It will be interesting to witness its evolution and that of similar applications that could emerge in the future. Even more interesting will be how decentralized social platforms perform against centralized alternatives.
Note that you must get an invite code from an existing member of the app. The best way to get an invite code is via Twitter (X) or Reddit forums. Regardless of the popularity, it’s important to understand how Friend.tech works before participating in the ecosystem. In the following section, we will explore some of Friend.tech’s core elements and features.
As your X account might be a popular interface for hackers to use, it is better to head over to the settings and security and disconnect “X” from the connected app module. Many users have also tweeted about disconnecting Twitter accounts for the sake of improved privacy. Also, buying and selling shares on Friend.tech generated 1 million in fees in less than 24 hours from its launch. That makes the $200 million figure in 6 months a realistic proposition.
That translates to more than $700,000 in ether revenue after accounting for gas fees and other costs in just a day. Crypto platform Friend.tech, launched in August 2023, has some enthusiastic supporters hailing it as the first real success story in the social crypto space. In the first two weeks after its launch, the platform reportedly gained more than 100,000 users and made about $25 million.
This attracts airdrop hunters, who are looking to claim their place as early adopters and stand a chance of benefiting from any planned rewards in the future. Speculations around the earndropped tokens being used in the project’s governance have also stirred engagement even more. As it continues to develop, the platform is expected to keep attracting users and empowering creators. There’s a lot to look out for with Friend.tech, and it will be interesting to see how it shapes up in the future. Nevertheless, the product is still new, so it’s important to do your own research when dealing with new projects. Its unique use of Keys, combined with factors like a creator’s influence and demand, creates an intriguing environment for both creators and users.
As of Aug. 21, 2023, the app has accumulated over 80,000 users, with over 1 million trades worth $50 million. FTX, the failed crypto exchange founded by Sam Bankman-Fried who currently sits in jail while he awaits trial for multiple charges of wire fraud, securities fraud, and money laundering. The crypto-centric VC fund invested $278 million in the exchange, which it setting up a python machine learning environment on windows analytics vidhya later told investors was now worthless. The team is entirely anonymous — as in, the actual identity of who’s running the app is unknown. It’s probably a good idea to know who, exactly, is behind a project if one is to invest a significant sum of money into it. Real World Assets (RWAs) in crypto have a long history, but have experienced a meteoric rise as of late.
Theta Network
The price to steal increases by 10% with every “theft”, which is distributed to the image uploader and the previous uploader. Their Twitter bio “Your network is your net worth,” encapsulates the idea behind friend.tech. Friend.tech essentially allows anyone on the app to bet on the social worth of other users on the platform, through the purchase of shares of the other user. Based on the equations, the difference between the buying and selling prices of shares should increase over time. However, the spread rate, which is equal to the (buy-sell/ selling price) x 100, should decrease.
Akash Network
Your Twitter profile will serve as the public facing profile on friend.tech. Within just a day, friend.tech has amassed more than 8.5K users and generated more than 3.2K ETH in trading volume from the trading of user shares. A look into Friend.tech, the trending social app on Base that lets you trade shares of Crypto Twitter personalities. There are a number of reasons why others in the crypto community may approach Friend.tech with caution.
Now assuming that 30% of the FDV is airdropped to the users as points, Friend.tech might give away $60 million to users. And with 100 million points to work with, each point could be valued at $0.60. Still, most funds are part of what stats aggregator Dune calls insiders, with major developers and other people related to the project being the most significant stakeholders. The usage statistics from the first few weeks of launch make a clear statement; friend.tech has successfully caused a buzz, and Crypto Twitter is excited about it. In order to use the Friend.tech app, you must first create an account.
In this early stage, the users need an invitation to start using the DApp, leading to a fear of missing out on the fever boosting the stats. Users discover Friend.tech and then have to reach out friends or other users to gain access to it. Users must install an app, log into it using their own Ethereum wallet, and deposit ETH to their Base account using a bridge. One issue is that, at this early stage, the app is still buggy, plus the bridges to deposit in Base are slow and sometimes broken. In its current form, Friend.Tech faces challenges that need to be addressed to realize its full potential. The lack of scalability and transparency issues could hinder its growth.
Post that, you need to bridge some Ether (ETH) — 0.01 ETH minimum —from the Ethereum mainnet or Arbitrum to the base wallet address that will be displayed. Notably, the base wallet addresses might take some time to reflect the ETH that you send to them from the mainnet. Instead, the build-up of shares increases the base price of joining the group. Individuals who want to leave the group can sell their shares — a method of liquidation. Friend.tech basically provides each user with their own Telegram-like chat group.