Friend.tech: Everything to Know
By Beluga Research August 23, 2023
- Friend.tech is a decentralized social media platform that combines finance and socialization
- Users can create groups, buy shares in other users, and earn rewards for activity
- The platform is still in its early stages but has already attracted many users and investors
- It is built on the Coinbase Base network and uses multiparty computation (MPC) essential tech to provide top-tier security
Friend.tech is a decentralized social media platform that combines finance and socialization. It is built on the Coinbase Base network. Users can create groups, buy shares from other users and earn rewards for activity on the platform. Friend.tech is designed to be a more secure and transparent social media platform than traditional platforms like Facebook and Twitter.
The platform uses MPC tech to protect user data. It is fully decentralized, meaning that no one entity has control over the platform. In just a few months, Friend.tech has amassed over 100,000 users and generated over $25 million in revenue. The platform is still under development, but it has the potential to revolutionize how we interact online.
A Brief History
Friend.tech was founded by a pseudonymous developer named Racer. Racer launched the app on Base in August 2023. The beta version of friend.tech went live on August 10th, with over 30,000 transactions in the first 24 hours. The app quickly gained popularity among crypto enthusiasts and influencers, who saw it as a way to monetize online presence and reach new audiences.
Several prominent investors, including Paradigm and Coinbase Ventures, have backed Friend.tech. The platform has also received favorable coverage from major media outlets like The New York Times and The Wall Street Journal. Friend.tech has attracted much attention and controversy since its launch.
What is Friend.tech?
Friend.tech is a decentralized social media platform that allows users to tokenize social networks. This means that users can buy and sell "shares" of connections. The popularity of the user determines the value of a share. Users can use these shares to access exclusive content and features, such as creating private chat rooms. Friend.tech also uses MPC to provide top-notch security. This means that users' data is protected even if a hacker were to gain access to the platform's servers.
Friend.tech is not like other social media apps. It is not available on the App Store or Google Play Store. Users must visit the website on a mobile device and add the app to the home screen. Users also need a web3 wallet to use the app. Friend.tech also uses a different network than other apps. It uses Base, a protocol developed by Coinbase. This is a layer 2 solution that aims to make Ethereum faster and cheaper.
Friend.tech is a new way to monetize social networking and interacting with followers. It is a viral crypto social media app that has driven millions of dollars in trading volume in less than a month since its launch. Friend.tech claims to be the first DeSo (decentralized social media) app that is fully decentralized, censorship-resistant and user-owned.
- Create a web3 Wallet. A web3 Wallet (e.g., MetaMask or Coinbase Wallet) must interact with the app and store ETH and social tokens. Base must also be added to the supported networks.
- Bridge ETH to Base. Some ETH has to be transferred from the wallet to the Base network using a trusted bridge service. This will enable the use of ETH on the app and the trade of social tokens.
- Download the app. The Friend.tech website has to be visited on a mobile device, and the app has to be added to the home screen. The app is not available on the App Store or Google Play Store.
- Set up an account. A name, username, bio and profile picture must be entered. Some ETH must also be sent to the account deposit address from the web3 wallet on Base. This will fund the account and allow the purchase or sale of social tokens.
- Get an invite code. An invite code from an existing user is needed to join the app. An invite code can be obtained from someone known, followed on social media or bought from a secondary market.
- Start trading. The app can now be browsed, and other users can be discovered. Social tokens of any user can be bought or sold as long as users have enough supply or demand. Posts, stories and moments can be created and shared on the app, and followers can earn tips.
- AI-powered matching. Friend.tech uses artificial intelligence to match users with others who share interests, values and goals. This is done by analyzing user profiles, including interests, activities and location. The app then uses this information to create a list of potential matches.
- Community-driven. Friend.tech is built on the principle of community. Users can create and join groups based on interests and participate in discussions and events to get to know each other better. This helps to develop a sense of belonging and support among users.
- Privacy-focused. Friend.tech is committed to protecting users' privacy. Users can control who sees profiles and what information users share. This is done through various privacy settings, such as the ability to choose who can see profile, photos and posts.
- Social features. Friend.tech has social features like chat rooms, groups and events. This makes it an excellent platform for connecting with friends and building relationships.
- Free to use. Friend.tech is a free social media platform. Users can use it without paying any subscription fees. This is a significant advantage over traditional social media platforms, which often charge users a monthly fee.
- Easy to use. Friend.tech is designed to be easy to use, even for people unfamiliar with social media. The interface is clean and straightforward, and the features are easy to understand. This makes it a good choice for people new to social media or uncomfortable with complex technology.
- Secure. End-to-end encryption to protect users' messages and other data. Only the user and the people users are communicating with can see messages. Unlike regular social media, this does not use user data for ads or other reasons.
- Anonymous . It is possible to use Friend.tech anonymously if users want to. This means users can create a profile without revealing real names or other personal information. This is a significant advantage for people who want to protect privacy or use social media without being tracked.
- Reliable. Friend.tech is a dedicated social media platform. A team of experienced engineers backs it and is constantly updated with new features and security enhancements. This means users can be confident that data is safe and that the platform will be up and running when needed.
- Lack of transparency. Questions have been raised regarding the project's founders, roadmap and legal status. The app does not disclose its source code or governance model. This makes it hard to verify its claims or hold it accountable.
- High fees. The app charges a 5% fee on every transaction, much higher than other decentralized social media platforms. This could discourage users from engaging with the app or make it less profitable for creators.
- Security risks. The app relies on Base, which has been criticized for its centralization and vulnerability to hacking. Users must trust Base with private keys and personal data, which could expose them to identity theft or loss of funds.
- Unsustainable hype. The app has generated a lot of buzz and excitement in the crypto community. However, it is still being determined if it can sustain its growth and user retention. The app could compete with other decentralized social media platforms, offering more features. The app could also lose appeal if the crypto market crashes or users lose interest in social tokens.