In brief

  • Friend.tech offers a new way for creators to monetize content through tokenized attention, but faces privacy and security challenges.

  • Using a unique 'Key' system, friend.tech allows creators to monetize their influence while also providing users with access to exclusive content.

  • Despite the challenges, Friend.tech's innovative approach to content monetization hints at a promising future, changing the way social networks and blockchain interact.

What is Friend.tech and how does it work?

Friend.tech is a decentralized social token application built on Base that allows creators to monetize their content or expertise. Creators connect with their online community through tokenized attention, where a creator's influence is represented by "Keys" (shares). Keys are essentially pieces of lock that give you access to closed chats, user tips, or any other perks associated with the account.

Since its launch on August 10, 2023, Friend.tech has created many crazes. As of October 4, 2023, the app had more than 317,000 unique buyers, 314,000 different topics, and achieved revenue of more than 11,000 ETH. These numbers make Friend.tech gradually become an influential SocialFi application.

Source: Analysis table from Dune Analytics' Cryptokoryo, as of October 5, 2023.

No matter how famous Friend.tech is, we need to understand how it works before participating in the ecosystem. In the following section, we will learn some of the core features of Friend.tech.

1. Invitation code

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

2. Visit Friend.tech

Once an account has been set up and funds have been successfully deposited, users will be prompted to purchase a free "Key" to link to their account. Additionally, each registrant will receive three invitation codes to give to friends who join the app.

3. Key Friend.tech

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

The value of these Keys is related to the creator's influence and demand for them, so the greater the number of key holders, the higher the value of the "Key". If an individual decides to leave the group, they can do so by selling their Key.

4. Fees

When purchasing “Key”, the amount spent includes platform fees and creator fees. For each buy/sell transaction involving shares, you will incur a fee of 10%, of which half will go to the person you are buying from, while the other half will go to the Friend's treasury. tech.

For example, if someone buys “John Key” for 1 ETH, John will receive 0.05 ETH and the Friend.tech treasury will also receive 0.05 ETH.

5. Airdrop points

In the Friend.tech app, there is a tab dedicated to airdrops. Currently, the airdrop includes “points” that are airdropped to users every Friday. The app mentions that these points will be used in Friend.tech in the future, possibly in a token airdrop at some point. However, this is just speculation, so keep an eye on the official Friend.tech accounts for information related to the project.

How do I create a Friend.tech account?

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

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

2. Once you have access to 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 (Twitter) account to the Friend.tech app and grant access to X.

4. Now you can deposit ETH to mainnet and connect a minimum of 0.01 ETH to your Base Wallet account. Additionally, you can deposit on mainnet through the Friend.tech platform, which is much more convenient.

5. Once the deposit has been confirmed, you will first be prompted to purchase your own key to start using the platform.

6. Once your key has been purchased, you will see the platform's home page.

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

What are the benefits of Friend.tech?

Key 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 providing unique content and perks only to those who purchase one of their keys.

2. Simplify web3 processes

Friend.tech offers notable benefits by streamlining certain processes related to web3, making it friendlier to the user community.

Once you log in and deposit funds, you can seamlessly access the platform, bypassing authentication procedures and repeated transactions. This reduces the complexity often associated with blockchain operations.

Furthermore, the app is extremely accessible as it is available for download on both the App Store and iOS, allowing users to manage their activities conveniently 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 exciting opportunity to capture value from social networks, relationships and community engagement, turning it into a tangible economic asset.

What are the limitations of Friend.tech?

The main limitations associated with Friend.tech include:

1. Privacy concerns

Friend.tech's forced association with Twitter carries risks. Since Twitter is a favorite target for hackers, it's important to stay vigilant. A recommended measure for users to mitigate this risk is to revoke app permissions through Twitter settings, which will remove any unwanted data binding and secure their digital identity . Additionally, using Friend.tech on your computer and adjusting settings through developer tools can also provide an additional layer of protection.

2. Security concerns

A number of security concerns have been raised by individuals in the cryptocurrency community. One of these concerns is that the Key wallet is on Friend.tech's servers and this is partially monitored. This poses a security risk due to the possibility of hacking and reliance on third-party access.

Another risk associated with Friend.tech is the lack of bot protection on the backend. The lack of bot protection means vulnerabilities are heightened because it simplifies the creation of bots that continuously poll Friend.tech servers for new account creation activity. These bots can exploit this information to quickly take market share from new users after their first on-chain purchase, thereby giving the bots an unfair advantage.

3. Concerns about profits

Benefiting from a significant income on Friend.tech can be challenging without a large social media following due to the platform's design which helps monetize your influence, meaning your audience The bigger it is, the higher the potential to monetize shared content or exclusive offers.

summary

Since its launch, Friend.tech has shown significant potential. The use of Key is quite unique, combined with factors such as influence level and creator needs, creating an attractive environment for both creators and users.

Despite challenges such as privacy and security concerns, the platform sees it as an opportunity to grow and continue to improve. Looking ahead, Friend.tech's simple approach and efficiency could change the way social media and blockchain technology interact.

As it continues to grow, the platform is expected to continue attracting users and empowering creators. There's a lot to watch out for with Friend.tech and it will be interesting to see how it develops in the future. However, this product is still new so it's important to do your own research when looking at new projects.

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