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Friend.tech offers content creators a new way to monetize through engagement tokenization. However, this development comes with certain privacy and security risks.
Friend.tech uses a unique key system and allows content creators to monetize their popularity by giving other users access to exclusive content.
Despite the challenges, Friend.tech's innovative approach to content monetization has the potential to completely transform the way social media interacts with blockchain.
What is Friend.tech and how does it work
Friend.tech is a token-based decentralized social app built on top of Base. It allows you to monetize your content or knowledge. To do this, authors must use tokens, which allow them to interact with the online community through “keys.” When a creator provides a key to a user, they gain access to exclusive private chats, tips, or other benefits associated with the creator's account.
The Friend.tech app was launched on August 10, 2023 and has since gained quite a bit of attention. As of October 4, 2023, the app has over 317,000 unique buyers, 314,000 unique subjects, and over 11,000 ETH in revenue. These metrics indicate that Friend.tech is well positioned to become an influential SocialFi app.
Source: Dune Analytics dashboard by Cryptokoryo, accessed October 5, 2023.
Despite the popularity of Friend.tech, it is important to understand the features of this application before joining its ecosystem. In the next section, we will talk about the main elements and characteristics of Friend.tech.
1. Invitation code
To get started with the Friend.tech application, you will need an invitation code. You can get it from friends, on Reddit forums, or find it in X. Once you have the code, you can create an account with Friend.tech (more on this in the next section).
2. Using Friend.tech
After creating an account and depositing funds, users can receive 1 free key linked to the account. In addition, each registered user receives three invitation codes, which can then be sent to friends to join the application.
3. Friend.tech keys
After purchasing a key, users can use the app to purchase keys from content creators they like and access related benefits. These benefits include participation in private chats and prize draws, as well as the use of other privileges of this account.
The cost of such keys depends on the demand for them and the popularity of the creator: the more people who own the key, the higher its value. If a person decides to leave the community, they can do so by selling their key.
4. Commissions
The cost of the keys consists of the costs of using the platform and the commission for creators. Each stock purchase/sale transaction incurs a 10% commission, half of which goes to the seller and the other half to the Friend.tech fund.
For example, if someone buys John's key for 1 ETH, then John gets 0.05 ETH and Friend.tech gets the remaining 0.05 ETH.
5. Bally airdrop
The Friend.tech app has an airdrops tab. Currently, as part of airdrops, users receive points, which are awarded weekly on Fridays. According to the information in the application, in the future these points can be used in Friend.tech to earn tokens. However, this information may not be accurate: check the official Friend.tech accounts for updates.
Creating a Friend.tech account
To use the Friend.tech app, you must first create an account. To do this, you must perform the following steps.
1. Visit Friend.tech via your phone or computer browser and download the Friend.tech app. Please note that you must receive an invitation code from an existing user to register. The easiest way to get the code is through Twitter (X) or the Reddit forums.
2. After opening the application, log in and link your X (Twitter) account to the application using your phone number or Google account.
3. Next, link your X (Twitter) account to your Friend.tech account and grant access to X.
4. Now you can deposit Ether into the main network and transfer from 0.01 to your Base wallet account. Alternatively, you can make a mainnet deposit through the Friend.tech platform, which is much more convenient.
5. Once the deposit is confirmed, you will be able to purchase your own key and start working with the platform.
6. After purchasing the key, you will be redirected to the main page of the platform.
8. Now you can start exploring Friend.tech and purchasing keys.
Benefits of Friend.tech
Among the main advantages of Friend.tech are the following:
1. Monetization channel
Friend.tech offers a unique and effective way to monetize content. Users earn income by offering exclusive content and privileges to buyers of their keys.
2. Simplifying work in the Web3 space
Friend.tech offers beneficial benefits by streamlining Web3 workflows, making it more convenient for a wider audience.
After logging in and making a deposit, users have seamless access to the platform without having to repeat lengthy authentication and transaction creation procedures. This significantly improves the convenience of performing transactions on the blockchain.
In addition, the application is very easy to use: it is available for download on Google Play and the App Store, allowing users to freely control directly from their smartphone.
3. Social capital
In the Web3 realm, social capital refers to the power and influence that comes from having a large or active community. Friend.tech allows you to capitalize on social networks, connections and community participation, transforming them into economic assets.
Disadvantages of Friend.tech
Among the main disadvantages of Friend.tech are the following:
1. Privacy issues
Mandatory linking of Friend.tech to the X (Twitter) account poses a potential risk. Given that X is a favorite target for hackers, users need to remain vigilant. To reduce this risk, it is recommended that you disable app access through X (Twitter) settings to prevent unwanted data access and protect your digital identity. In addition, an additional layer of protection will allow you to use Friend.tech on your computer and configure settings using developer tools.
2. Security issues
The crypto community often voices concerns about security. The fact is that wallet keys are stored on the Friend.tech server, which is partially custodial. As a result, security risks arise due to possible hacks and the need to access third-party systems.
In addition, Friend.tech's architecture lacks bot protection, which means increased vulnerability. This makes it easy to create bots that regularly check Friend.tech servers for new accounts. Using this information, bots can quickly take away new users' keys after their first on-chain purchase, thereby giving themselves an unfair advantage.
3. Problems with profitability
Friend.tech users who want to monetize their popularity may have problems making money due to the lack of a sufficient audience: the larger your audience, the higher the potential earnings from sharing exclusive content or offers.
In conclusion
Since its launch, Friend.tech has shown considerable potential. The use of keywords, combined with factors such as the popularity and relevance of the content creator, provides many opportunities for both creators and users.
Despite the existing difficulties, such as privacy and security, the platform views them as opportunities for development and improvement. It is likely that Friend.tech's approach, based on the simplicity and efficiency of the system, will change the nature of interaction between social networks and blockchain.
As it matures, the platform is expected to continue attracting users and empowering content creators. Friend.tech offers quite a few benefits and will likely introduce even more useful features in the future. However, this is still a relatively new product, so you should do your own research before using it.
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