Brief content
Friend.tech offers creators a new way to monetize content through attention tokenization, but faces privacy and security issues.
Using a unique "key" system, friend.tech allows creators to monetize their influence and also gives users access to exclusive content.
Despite the difficulties, Friend.tech's innovative approach to content monetization predicts a promising future, changing the way social networks and blockchain interact.
What is Friend.tech and how does it work?
Friend.tech is a token-enabled, decentralized social app built on Base that allows creators to monetize their content or knowledge. Creators interact with their online community through tokenized attention, and creator influence is represented by "Keys". Keys are essentially promotions that give you access to exclusive private user chats, tips, or any other account-related bonuses.
Since its launch on August 10, 2023, Friend.tech has generated a lot of hype. As of October 4, 2023, the app has collected over 317,000 unique buyers, 314,000 unique subjects, and over 11,000 ETH. These figures illustrate the potential of Friend.tech to become an influential SocialFi 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 will look at some of the main elements and features of Friend.tech.
1. Invitation codes
To start using the Friend.tech app, you will need an invitation code. The easiest way to get it is through friends, Reddit forums, or searching X (Twitter). After receiving the code, you can set up your Friend.tech account (see the next section).
2. Access to Friend.tech
After creating an account and successfully depositing funds, users will be prompted to purchase 1 free key linked to their account. In addition, each person who registers receives three invitation codes that can be distributed to friends to join the app.
3. Friend.tech keys
After purchasing a key, users can use the app and purchase keys from their favorite creators to receive benefits associated with their accounts. These benefits include access to private chats, as well as sweepstakes and any other bonuses, depending on the account.
The value of these keys depends on the influence of the creator and the demand for them, because the more people who hold the key, the higher the value of the keys. If a person decides to leave the group, they can do so by selling their key.
4. Commissions
When buying keys, the money spent includes the commission of the platform and the creator. Every key buy/sell transaction is charged a 10% fee, half of which goes to the person you're buying from and the other half goes to Friend.tech's treasury.
For example, if someone buys John's key for 1 ETH, John will receive 0.05 ETH and the Friend.tech treasury will also receive 0.05 ETH.
5. Airdrop points
The Friend.tech app has a tab dedicated to airdrops. Airdrops currently consist of "points" that are issued to users every Friday on a weekly basis. The app mentions that the points will have future uses on Friend.tech and may turn into token airdrops. But this is just a guess, so pay attention to the official Friend.tech accounts to get information about the project.
How to create a Friend.tech account?
To use the Friend.tech application, you must first create an account. To do this, follow these steps.
1. Visit the Friend.tech website via your phone or computer browser and download the Friend.tech app. Please note that you must obtain an invitation code from an existing member of the application. The best way to get an invite code is through the X (Twitter) or Reddit forums.
2. Once you have accessed the app, you must sign in and link your X (Twitter) account to the app using your phone number or Google account.
3. The next step is to link your X (Twitter) account to the Friend.tech app and authorize access to X (Twitter).
4. You can now deposit Ether on the mainnet and transfer a minimum of 0.01 to your Base wallet account. In addition, you can make a deposit on the main network through the Friend.tech platform, which is much more convenient.
5. After confirming the deposit, you will be prompted to first buy your own key to start using the platform.
6. After purchasing your own key, you will be taken to the main page of the platform.
7. Now it's time to explore Friend.tech and buy the keys.
What are the benefits of Friend.tech?
The main advantages of Friend.tech:
1. Channel monetization
Friend.tech presents a unique and effective way of monetizing content. Users earn revenue by offering exclusive content and privileges to users who purchase one of their keys.
2. Simplification of the interaction process in Web3
Friend.tech offers significant advantages when it comes to simplifying certain processes related to Web3, making it more user-friendly.
After logging into the account and making a deposit, you can get seamless access to the platform, bypassing repeated authentication and transaction procedures. This alleviates the complexity typically associated with blockchain-based transactions.
In addition, the application is available for download on both Google Play and the App Store, allowing users to conveniently manage their activity 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 a great opportunity to capitalize on social networks, relationships and community engagement, turning them into a tangible economic asset.
What are the limitations of Friend.tech?
The main restrictions related to Friend.tech:
1. Privacy issues
Mandatory linking of account X (Twitter) to Friend.tech is a potential risk. Given that X is a favorite target for hackers, it's important to be vigilant. The recommended measure for users to reduce this risk is to revoke app permissions through X (Twitter) settings, which will eliminate any unwanted data connections and protect their digital identity. Additionally, using Friend.tech on your computer and setting it up with developer tools can also provide an additional layer of protection.
2. Security issues
Some members of the crypto community have expressed concerns about security issues. One of these problems is that the wallet keys reside on the Friend.tech server, which is partially custodial. This creates security risks due to potential hacks and reliance on third-party access.
Another risk associated with Friend.tech is that there is no protection against bots on the server. The lack of bot protection means increased vulnerability, as it facilitates the creation of bots that constantly check Friend.tech's servers for new account creation activity. These bots can use this information to quickly obtain the keys of new users after their first on-chain purchase, thus giving the bots an unfair advantage.
3. The issue of profitability
Generating significant income on Friend.tech can be challenging without a large social media following due to the platform's influence monetization design, which means the size of your audience directly affects the potential to earn from exclusive content or offers.
Results
Friend.tech has shown significant potential since its launch. The unique use of keys, combined with factors such as creator influence and demand, creates an intriguing environment for creators and users alike.
Despite issues such as privacy and security, the platform sees them as opportunities for growth and improvement. Looking to the future, the simplicity and efficiency of Friend.tech's approach could change the way social networks and blockchain technology interact.
As it continues to grow, the platform is expected to continue to attract users and empower creators. Friend.tech is increasingly attracting the attention of users, and it will be interesting to see how the project will develop in the future. But the product is still new, so it's important to do your own research when working on new projects.
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