Summary
Friend.tech offers a new way for creators to monetize content through tokenized attention, but faces issues regarding privacy and security.
Using a unique system called 'Key', Friend.tech enables creators to monetize their influence while giving users access to exclusive content.
Despite the challenges, Friend.tech's innovative approach to content monetization shows a promising future that could change the way social media and blockchain interact.
What is Friend.tech and How Does It Work?
Friend.tech is a decentralized social token-based application built on Base that allows creators to monetize their content or skills. Creators connect with their online communities through tokenized attention. In this way, the creator's influence is represented by âKeyâ (stake). Keys are essentially shares that give access to a user's private chat or exclusive advice, or other facilities related to the account.
Since its launch on August 10 2023, Friend.tech has received high hype. As of October 04, 2023, the app had over 317,000 unique buyers, 314,000 unique subjects, and over 11,000 ETH in revenue. These numbers illustrate the potential that Friend.tech has to become an influential SocialFi application.
Source: Dune Analytics Dashboard by Cryptokoryo as of October 05, 2023.
Despite its popularity, you should understand how Friend.tech works before participating in this ecosystem. In the next section, we'll explore some of Friend.tech's key elements and features.
1. Invitation code
To start using the Friend.tech app, you need an invitation code. The easiest way to get it is through friends, Reddit forums, or a search on X, formerly known as Twitter. After getting the code, you are ready to set up a Friend.tech account (see next section).
2. Access to Friend.tech
Once the account is ready and funds have been successfully deposited, the user is asked to purchase 1 free âKeyâ associated with his account. In addition, everyone who registers will receive three invitation codes that can be shared with friends to join this application.
3. Key Friend.tech
After purchasing a âKeyâ, users can use the app and purchase âKeysâ from their favorite creators to benefit from the account-related facilities. These benefits include access to private chats as well as giveaways or other perks specific to that account.
This Key value is related to the influence of the creator and the demand for it. So, the greater the number of people who have the "Key", the higher the value. If someone decides to leave the group, he can do so by selling his Key.
4. Cost
When purchasing a "Key", the money spent includes platform and creator fees. For every buy/sell transaction related to shares, there is a fee of 10%. Half goes to the person who sold it, while the other half goes to Friend.tech's coffers.
For example, if someone buys a âJohn Keyâ worth 1 ETH, John will receive 0.05 ETH and Friend.tech cash will receive 0.05 as well.
5. Poin Airdrop
In the Friend.tech application, there is a tab specifically for airdrops. For now, the airdrop consists of âpointsâ distributed to users on Friday of each week. The application states that these points will have a use at Friend.tech in the future which may imply a token airdrop in the future. However, this is still speculation. So, pay attention to the official Friend.tech account to get information related to the project.
How to Create a Friend.tech Account?
To use the Friend.tech application, you must create an account first. To do this, follow these steps.
1. Visit Friend.tech via your mobile or computer browser, then download the Friend.tech application. Note that you must obtain an invitation code from an existing member of the app. The best way to get an invite code is through Twitter (X) or the Reddit forum.
2. After getting access to the app, you need to log in and link your X account to the app via mobile number or Google account.
3. The next step is to link your X (Twitter) account to the Friend.tech app and allow access to X.
4. You can now deposit Ether to mainnet and bridge a minimum of 0.01 to your Base wallet account. You can also deposit to mainnet via the Friend.tech platform which is much easier.
5. Once the deposit is confirmed, you will be asked to purchase your own key first to start using the platform.
6. Once your own key is purchased, you will see the platform homepage.
7. Now, it's time to explore Friend.tech and purchase the Key.
What are the benefits of Friend.tech?
The main benefits related to Friend.tech include the following:
1. Channel monetization
Friend.tech introduces a unique and effective way of content monetization. Users generate revenue by offering exclusive content and privileges to users who purchase one of their Keys.
2. Simplification of web processes3
Friend.tech offers important benefits in terms of simplifying certain processes related to web3, thereby making it more user-friendly for the general public.
After logging in and depositing funds, you can get uninterrupted access to the platform by bypassing repetitive authentication and transactional procedures. This reduces the complexity typically associated with blockchain-based operations.
In addition, this application is very easy to access because it can be downloaded on the app store and iOS, so users can manage their activities easily from their cellphone.
3. Social Capital
In web3, social capital is the power and influence gained by having a large community of supporters or being actively involved. Friend.tech offers an exciting opportunity to capture value from social networks, relationships and community participation by converting them into tangible economic assets.
What are the limitations of Friend.tech?
The main limitations regarding Friend.tech include the following:
1. Privacy concerns
The obligation to link Friend.tech with X creates potential risks. Considering that X is a favorite target for hackers, you should remain vigilant. The recommended step for users to mitigate this risk is through revoking app permissions via X settings which will remove any unwanted data bindings and secure digital identity. Alternatively, using Friend.tech on a computer and changing settings via developer tools can also provide an additional layer of protection.
2. Security concerns
Several security concerns have been raised by individuals within the crypto community. One of these concerns is that the wallet key is on the Friend.tech server, which is partly a custodian. This poses security risks due to potential hacking and reliance on third-party accessibility.
Another risk regarding Friend.tech is that there is no bot protection on the backend. The absence of bot protection implies a higher vulnerability because this condition simplifies the creation of bots that continuously investigate new account creation activities on Friend.tech's servers. The bots can exploit this information to quickly take shares of new users after their first on-chain purchase, giving the bots an unfair advantage.
3. Profitability concerns
Generating substantial revenue on Friend.tech can be challenging without a large following on social media based on the platform's influence monetizing design. This means that the larger your audience, the higher the potential for earning from shared content or exclusive offers.
Closing
Friend.tech has shown great potential since its launch. The unique use of Key along with factors such as creator influence and demand for it creates an attractive environment for both creators and users.
Despite challenges such as privacy and security issues, the platform views them as opportunities to grow and improve. Going forward, the simplicity and effectiveness of Friend.tech's approach could change the way social media and blockchain technology interact.
As it develops, the platform is expected to continue attracting users and empowering creators. There is a lot to look forward to from Friend.tech. Future developments will be interesting to monitor. That said, this product is still new, so you need to do your own research when dealing with a new project.
Further Reading
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What is Polygon (MATIC)?
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