Summary

  • Friend.tech offers a new way for content creators to monetize their content by converting attention into tokens, but it faces privacy and security challenges.

  • Friend.tech uses a unique system of “keys” that allows content creators to monetize their influence and gives users access to exclusive content.

  • Despite the challenges Friend.tech finds a promising future for this innovative approach to content monetization, changing how social media and blockchains interact.

What is Friend.tech and how does it work?

Friend.tech is a token-based, decentralized social app built on Base that allows content creators to monetize their content or experiences. Content creators communicate with their online community through coded attention, where the content creator's influence is represented by “keys” (arrows). Keys are basically arrows that give you access to a user's exclusive private chats, tips, or any other feature associated with the account.

Friend.tech has been extremely popular since its launch on August 10, 2023. As of October 4, 2023, the app has seen over 317,000 unique buyers, 314,000 unique topics, and has generated over 11,000 ETH in revenue. These numbers are proof of Friend.tech's ability to be a leading social and financial application.

Source: Cryptokoryo's Dune Analytics dashboard, as of October 5, 2023.

Regardless of popularity, it is important to understand how Friend.tech works before participating in the ecosystem. In the next section, we'll explore some of the key features and elements of Friend.tech.

1. Invitation codes

To start using the Friend.tech app, you need an invitation code. The easiest way to get this code is through friends, Reddit forums, or searching on Twitter. Once you have the code, you will be ready to set up your Friend.tech account (see next section).

2. Access Friend.tech

Once the account is set up and funds are successfully deposited, users will be required to purchase one free “key” associated with their account. In addition, each person who creates an account receives three invitation codes to give to their friends to join the app.

3. Friend.tech keys

After purchasing a Key, users can use the app and purchase Keys from their favorite content creators to benefit from the privileges associated with that account. These benefits include access to private chats, as well as gifts or any other account-specific feature.

The value of these keys is tied to the influence and demand of the content creator, so the more people who hold the key, the higher the value of the 'keys'. If an individual decides to leave the group, he can do so by selling his key.

4. Fees

When you purchase Keys, the money spent includes platform and content creator fees. For each stock-related buy/sell transaction, there is a 10% fee, half of which goes to the person you are buying from, while the other half goes to Friend.tech's treasury.

For example, if someone buys “John's key” for 1 ETH, John will get 0.05 ETH and the Friend.tech vault will get 0.05 ETH as well.

5. Free distribution points

In the Friend.tech app, there is a tab dedicated to freebies. Currently, free giveaways consist of “points” that are distributed free to users every Friday on a weekly basis. The app indicates that the points will have future uses at Friend.tech, which could translate into free token distribution in the future. However, this is just a guess, so follow the official Friend.tech accounts for information related to the project.

How do you create an account on Friend.tech?

To use the Friend.tech app, you must first create an account. To do this, follow these steps.

1. Visit Friend.tech via your phone or computer browser and download the Friend.tech app. Note that you must get an invite code from an existing member of the app. The best way to get the invite code is via the Twitter (X) or Reddit forums.

2. Once you access the app, you must log in and link your Twitter account to the app through your phone number or Google account.

3. The next step is to link your X (formerly Twitter) account to the Friend.tech app and allow access to X.

4. You can now deposit Ethereum on the mainnet and link at least 0.01 to your Base wallet account. Alternatively, you can deposit on the mainnet through the Friend.tech platform, which is the most convenient method.

5. Once the deposit is confirmed, you will be required to purchase your private key first in order to start using the platform.

6. Once you have purchased your private key, you will find the platform's home page.

7. Now it's time to explore Friend.tech and buy some keys.

What are the advantages of Friend.tech?

The main benefits associated with Friend.tech include:

1. Monetize the channel

Friend.tech offers a unique and effective way to monetize content. Users generate income by offering exclusive content and perks to users who purchase one of their keys.

2. Simplify the web process 3

Friend.tech offers notable advantages when it comes to simplifying some of the processes associated with Web 3, making it more user-friendly for the general public.

Once you log in and deposit funds, you have uninterrupted access to the platform, bypassing repetitive authentication and transaction procedures. This reduces the complexity typically associated with blockchain-based operations.

Furthermore, the app is incredibly easy to access as it is available for download on both the App Store and iOS, allowing users to easily manage their activities from their smartphones.

3. Social capital

In Web3, social capital refers to the power and influence that comes from having a large or engaged community of supporters. Friend.tech offers an application that enables you to benefit from your social networks, relationships, and community participation, and turn them into real economic wealth.

What are the limitations of Friend.tech?

The main limitations associated with Friend.tech include:

1. Privacy concerns

The mandatory link between Friend.tech and Twitter poses a potential risk. Because Twitter is a favorite target for hackers, it is essential to be careful. A recommended measure for users to mitigate this risk is to revoke app permissions via Twitter settings, which will remove any unwanted data links and secure their digital identity. Alternatively, using Friend.tech on a computer and modifying settings through developer tools can also provide an additional layer of protection.

2. Security concerns

Individuals in the cryptocurrency community have raised several security concerns. One such concern is that the wallet keys are located on the Friend.tech server which is partially custodial. This poses security risks due to potential hacks and reliance on third-party access.

Another risk associated with Friend.tech is the lack of bot protection in the backend. The absence of bot protection indicates a major security vulnerability because it simplifies the creation of bots that constantly check Friend.tech servers for new account creation activity. These bots can exploit this information to quickly capture shares of new users after their first on-chain purchase, thus providing an unfair advantage to the bots.

3. Profitability concerns

Earning a significant income on Friend.tech can be difficult without a large social media following due to the platform's design, which monetizes influence, meaning the larger your audience, the more potential you can earn from exclusive content or offers that are shared.

Concluding thoughts

Friend.tech has shown great potential since its launch. Its unique use of keys, combined with factors like creator influence and demand, creates an interesting environment for both content creators and users.

Despite challenges such as privacy and security concerns, the platform sees them as opportunities for growth and improvement. Looking to the future, the simplicity and effectiveness of Friend.tech's approach could change the way social media and blockchain technology interact.

As it continues to develop, the platform is expected to continue to attract users and empower content creators. There are a lot of things to look forward to with Friend.tech, and it will be interesting to see how they shape up in the future. However, the product is still new, so it's important to do your own research when taking on new projects.

Disclaimer: This content is provided to you “as is” for general information and educational purposes only, without any representations or warranties of any kind. It should not be construed as financial, legal, or professional advice, nor is it intended as a recommendation to purchase any particular product or service. You should seek specialized advice from specialist consultants. If the article is provided by a third party, please note that the article expresses the opinions of that third party and does not necessarily reflect the views of Binance Academy. Please read our full disclaimer here for more details. Digital assets may be subject to price fluctuations. The value of your investment may increase or decrease, and you may not get back the amount you invested. You are solely responsible for your investment decisions and Binance Academy is not responsible for any losses you may incur. This article should not be construed as financial, legal or professional advice. For more information, please see our Terms of Use and Risk Warning.