Inside Friend.Tech: Discovering Web3's Social Media Gem

What if you could turn your online presence into a valuable asset that you can own and trade? That’s the vision behind Friend.tech, a revolutionary Web3 social media app that lets you create and exchange tokens based on your social media presence. Friend.tech is more than just another decentralized social network. It’s a new way of connecting with people and expressing yourself in the Web3 era.

Friend.tech is the result of a bold and creative effort by a team of developers who wanted to challenge the status quo of social media. They envisioned a platform where you can monetize your popularity, your network, and your likeness, and where you can interact with others in a transparent and democratic way. Friend.tech blurs the line between online and offline relationships, giving you more control and freedom over your digital persona.

But Friend.tech’s path to success has not been smooth. The platform has faced its share of challenges and controversies, from outperforming Uniswap and Bitcoin in fee generation in just 24 hours to facing backlash for its transaction costs and performance issues. Friend.tech has been in the spotlight for both good and bad reasons, attracting praise and criticism alike.

In this blog post, we’ll take a closer look at Friend.tech, exploring its fascinating origins, its innovative features, and its potential to transform the way we communicate online. Join us as we discover the story of Friend.tech, the Web3’s social media sensation that’s taking the digital world by storm.

What is Friend.tech?

Launched in August 2023, Friend.tech is a Web3 social media app where you can own and trade your online identity as a token. It was created by Twitter users oxRacerAlt and Shrimppepe, who are also behind projects like Stealcam. Basically, it is a revolutionary dApp that combines blockchain technology and social media in a new way. Unlike any other social network, it’s a platform where you can monetize your influence and connect with others in a transparent and decentralized way.

Friend.tech has been interpreted differently by different users. Some see it as a social media hub for crypto enthusiasts, while others see it as a place to create and discover the next generation of creator tokens. Typically, Friend.tech is all about creator monetization. It lets you buy and sell shares (keys) of your favorite influencers, giving you direct access to their exclusive groups where they interact with their audience. You can think of the shares as the entry fee to join the group, and you can also sell them when you want to leave. It’s a unique way of engaging with influencers and their fans.

Friend.tech is built on the Base Network, a blockchain platform that supports DApps and other Web3 development services. However, it is important to note that the platform is still in its beta phase, and only invited users can join. The platform is expected to launch officially soon, with more features and capabilities to be revealed.

How is Friend.tech different from other social media platforms?

In a world awash with decentralized social network offerings like Damus and Mastodon, Friend.tech stands out as a genuine game-changer. What sets it apart? The answer lies in its ability to let users tokenize their very presence, transforming the digital landscape in profound ways. Unlike conventional platforms, where an expanding influencer group often dilutes the value of shares, Friend.tech flips the script. Here, the more shares you have, the higher the price of joining their exclusive groups, where you can chat and interact with them. You can also sell your shares anytime, making it easy to switch groups or cash out.

Essentially, the platform lets you tokenize friendships, where you can invest in shares of your friend's profile, boosting their popularity. The initial share purchase occurs at a base price, a value determined by factors like follower count, engagement metrics, and overall influence. For creators, Friend.tech presents an opportunity to sell shares (keys) of their social presence. As their engagement metrics soar, the value of their shares follows suit, creating a symbiotic relationship between the social and financial aspects of the platform. Creators reap financial incentives, while followers can potentially profit by flipping shares at higher prices, contingent on the creator's rising popularity.

So, what makes Friend.tech truly stand out from the crowd?

• Decentralization: Friend.tech operates on the blockchain and IPFS (InterPlanetary File System - to store and distribute content in a decentralized way), eliminating any single point of failure or centralized authority. You don’t have to worry about account bans, data leaks, or hackers, as you own and control your digital identity on Friend.tech.

• Democracy: Friend.tech is governed by its users, not by corporations or algorithms. You can have a say in how the platform evolves and operates. You can propose changes, vote on them, or delegate your votes to others. You can also create your own communities with custom rules and governance models.

• Diversity: Friend.tech is a place where you can discover new ideas, cultures, and perspectives that you might not find on mainstream platforms. You can customize your feed to suit your interests and preferences, and explore different topics and viewpoints.

• Rewards: Friend.tech pays you for your participation, not for your data or attention. You can earn tokens by creating content, engaging with others, and giving feedback. You can use these tokens to support other users or projects that you like, creating a positive cycle of online interaction.

How Does Friend.tech Work?

At its core, Friend.tech operates on a refreshingly simple premise. Whether you're a user or a follower, you can buy shares that grant you access to exclusive influencer groups. These shares act as your direct ticket to connect with your favorite influencers and unlock private group chats. But let's dive deeper into the mechanics of this unique platform.

Step 1: Joining Friend.tech

Getting on Friend.tech is a straightforward process, but it requires a few specific steps.

• iOS Update and Safari Browser: Ensure your iOS is up to date, then open Safari on your iPhone.

• Access Friend.tech: Visit "Friend.tech" using Safari. Tap the "share" button at the bottom.

• Add to Home Screen: Choose "Add to Home Screen" to create an icon for easy access.

• Enter Invite Code: Open the Friend.tech icon and enter an invite code obtained from a Friend.tech member. (Each registered member has the privilege of sharing three invite codes. The best way to obtain these codes is by scouring platforms like Reddit or Twitter (X))

• Log In and Link Accounts: Use your Google account to log in and link your Twitter (X) profile.

• Bridging Ether (ETH): To activate your account, bridge a minimum of 0.01 ETH from the Ethereum mainnet or Arbitrum to the base wallet address displayed.

• Use Orbiter.Finance: Complete the ETH transaction using Orbiter.Finance, but note that it may take some time for your base wallet to reflect the sent ETH.

Withdrawal Notes: Keep in mind that withdrawals require a third-party wallet where your Friend.tech crypto wallet should be imported. Be prepared for gas fees.

Step 2: Tokenize your social connections

Next, you can create shares of yourself. These are tokens that represent your social connections. You can use them to trade with other users or join their groups.

Step 3: Trade your shares

Then, you can start trading your shares with other users. You can buy shares of influencers or friends that you want to connect with or sell shares of yourself to monetize your online presence. You can also switch groups or cash out anytime.

Step 4: Enjoy premium features

By trading shares, you can unlock premium features that enhance your Friend.tech experience. You can chat privately with other users, access exclusive content, and join communities that match your interests.

Paying the transaction fee

Finally, you should know that every trade on Friend.tech has a 10% transaction fee. This fee helps the platform run smoothly and encourages user engagement. Half of the fee goes to the user who sells or buys the share, while the other half goes to the Friend.tech treasury, which supports the platform’s growth and development.

Furthermore, Friend.tech offers features that allow you to actively engage with the platform and potentially reap rewards.

For instance, you can help Friend.tech grow by inviting your friends to join the platform. You can generate invite codes, share them with your friends, and earn points for doing so. These points can help you qualify for the Friend.tech airdrop, where you can get tokens and rewards. 

Moreover, if you want to trade shares on Friend.tech, you can use the FriendMEX platform. It gives you various options and strategies to trade with other users.

Noteworthy Friend.tech Features

Imagine your friend is a creator new to Friend.tech. You can invest in their journey by purchasing "Keys" (formerly known as "Shares") of their account or simply follow them. As their network grows, the value of these Keys appreciates, benefiting both the creator and you as a shareholder.

Friend.tech isn't limited to supporting your friend; it's a place where someone can invest in your account, too, based on the value your network provides. In this ecosystem, your network's worth reflects your overall influence.

How Are the Share (Key) Prices Determined?  

Friend.tech has a unique feature that makes the share prices go up exponentially. It’s called the bonding curve, and it’s a mathematical formula that links the share price to the share supply. The more shares are bought, the higher the price goes.

Here’s how the bonding curve works:

The Buying Price Formula: The price you pay to buy a share in ETH is based on this formula: (n ^ 2) / 16000. Here, n is the total number of shares in the group, and 16000 is a constant chosen by Friend.tech.

The Selling Price Formula: The price you get to sell a share in ETH is based on this formula: ((n-1) ^ 2) / 16000. Here, n is the same as before, but minus one.

The interesting thing is that the buying price and the selling price are not the same. They get further apart as more shares are bought and sold. However, the difference between them, as a percentage of the selling price, gets smaller as Friend.tech grows. This means that those who have more shares can make more profit by selling them.

The bonding curve is a clever way to make the share prices rise and create incentives for users to invest in Friend.tech. It’s also a complex way that requires some understanding of math and economics. If you want to make the most of your Friend.tech experience, you should learn how the bonding curve works and how it affects your share value.

While the bonding curve presents exciting opportunities for share price appreciation on Friend.tech, it's essential to be aware of its flipside. As the platform grows, the spread rate—indicating the difference between buying and selling prices—decreases. This means that as Friend.tech expands, it becomes more challenging for smaller accounts to profit, favoring those with larger holdings.

Here's a valuable tip for Friend.tech users: You can calculate the "supply" function if you know the current share price of a creator. This information is conveniently displayed below the creator's name. It's a useful tool for gaining insights into share prices and supply dynamics on the platform, helping you make informed decisions.

Driving Factors Behind Friend.tech's Price Surge

While the bonding curve is a key player in boosting share prices on Friend.tech, there are other pivotal factors at play:

• Possible Bot Activity: Automated bots may be influencing initial "key" purchases and impacting prices.

• Increased Purchases: A higher number of purchases leads to more outstanding shares, driving supply up and raising the buy roof price.

• Airdrop Anticipation: The promise of rewarding airdrops is drawing more users to the platform.

• Celebrities on Board: Friend.tech boasts a roster of notable names, including trading influencer RookieXBT and NBA sensation Grayson Allen, further fueling interest.

These elements, combined with external factors like Paradigm's recent funding round, contribute to the revenue surge on Friend.tech. The platform's growth is evident in increased buyer and seller activity, as highlighted in a discussion thread reacting to Paradigm's funding news.

Key Insights About Friend.tech Airdrop

Friend.tech is planning to launch its own token and airdrop it to its users. This has created a lot of excitement and demand for the platform. Here are some key facts and tips to help you understand and join the Friend.tech airdrop:

Key Facts and Setup:

• Friend.tech has nearly 93,000 unique buyers as of August 23, 2023.

• Friend.tech raised $50 million from Paradigm in a Series A round, with token warrants included. This suggests that a token launch and airdrop are coming soon.

• Friend.tech announced that it would give out 100,000,000 points to beta app testers over six months, starting from August 15, 2023. These points might be related to the token and airdrop.

Possible Airdrop Value:

• The value of the airdrop depends on the value of the platform. If Friend.tech reaches a fully diluted value (FDV) of $200 million in the next six months, which is possible given that it generated over 3 million in fees in less than two weeks, then each point could be worth around $0.60.

• The airdrop could distribute 30% of the FDV to the users as points, which would amount to $60 million.

Eligibility and Process:

• To be eligible for the airdrop, you need to be on Friend.tech.

• You need to buy shares of other users, which will also let them buy more shares. You will get 5% back from each share purchase.

• You need to trade shares with other users to increase your transaction volume.

• You need to share three invite codes with your friends to earn more points.

The Unique Advantages of Friend.tech

Beyond the financial incentives, Friend.tech offers a streamlined and user-friendly experience in the Web3 space. Here are a couple of notable benefits:

• Simplified Web3 UI: Friend.tech simplifies the web3 user interface. After making a deposit, you're spared from the hassle of requiring signatures for every transaction. Entering the app once is all it takes to navigate seamlessly.

• Effortless Access: Unlike traditional apps that require downloads from the Play Store or the App Store, Friend.tech operates as an app without the need for elaborate installations. It's a hassle-free way to engage with the platform.

These advantages are reflected in Friend.tech's impressive daily transaction numbers, comparable to the popularity of Ethereum's layer-2 network, Optimism. The platform combines the allure of Web3 with user-friendly accessibility, making it an enticing option for both newcomers and seasoned blockchain enthusiasts.

Concerns Surrounding Friend.tech

While Friend.tech offers enticing opportunities, it's crucial to be aware of certain security and privacy considerations:

Privacy Issues:

• Twitter (X) Connection: Linking your Twitter (X) account to Friend.tech could expose you to hackers. You can disconnect “X” from your settings to be safer.

• Database Leak False Alarm: Friend.tech was accused of leaking its database, but the DeSo platform clarified that there was no leak, and all the data was public anyway.

• Mobile-Only Access: Friend.tech can only be used on mobile devices for now, which might make you uncomfortable about sharing your personal information. There is a workaround for Mac users who want to use it on a PC.

Security Issues:

• Co-Founder Scandal: Some people have doubts about the co-founder’s credibility, especially Shrimppepe’s alleged involvement in security fraud.

• API and Bot Issues: Cygaar found some problems with the API and the lack of bot protection on the backend, which could affect the share prices and the security of the platform.

• Server Custody: Friend.tech still keeps your wallet keys on its server, which means it has some control over your assets. This could be risky if the server gets hacked.

• No Privacy Policy: Friend.tech does not have a privacy policy on its website, which might make you wonder how it handles your data.

Tips to Avoid Scams

Here are some essential tips to avoid falling victim to scams or compromising your privacy.

Disconnect Twitter Accounts: Start by disconnecting your Twitter accounts from the app to enhance privacy and security.

Desktop Usage: For added privacy, consider using Friend.tech on your desktop by changing the user agent to Android. This safeguards your information.

Trade Wisely: Before buying or selling shares, carefully examine the spread, the number of shares outstanding, and the buy and sell rates. Being diligent can help you avoid scams.

Beware of Other Digital Assets: With the platform's popularity, other digital assets may surface. Exercise caution and focus on the official user shares listed on Friend.tech.

Gas Fees Awareness: Friend.tech operates on the Coinbase-specific Base chain, a layer-2 network of Ethereum. Be cautious of scams offering zero gas fees for onboarding to layer 2 networks. Such offers are often fraudulent.

Anonymous Email: Consider using an anonymous email for registration to enhance your privacy.

Fresh Wallets: Fund the base wallet from a new and fresh wallet to minimize risks associated with older wallets.

Conclusion

Friend.tech presents an intriguing concept, but it's essential to remember that trends in the crypto and web3 space can fade quickly. However, Friend.tech's focus on the creator economy and social tokenization could provide sustained demand for shares if creators consistently produce valuable content.

Looking ahead, it will be interesting to see if Friend.tech introduces new features, such as tipping, to enhance utility. Despite some skepticism about the share pricing model, investing in creators appears promising and forward-looking.

As with any emerging platform, vigilance and informed decision-making are your best allies when exploring the potential of Friend.tech. 

Nonetheless, you can certainly give it a shot and embrace the power of Web3 with Friend.tech. And when you’re ready to explore its potential for your business, consider Codezeros, your trusted Web3 App Development company. Explore limitless possibilities with us!