In recent weeks, crypto enthusiasts have witnessed the emergence of several buzzworthy terms like ‘Friend.tech,’ ‘keys,’ ‘shares,’ and ‘invite’ within the industry.
These terms all revolve around Friend.tech, a platform positioning itself as “the marketplace for your friends.” In just a little over a month, this network has gained substantial attention and garnered interest from Web3 enthusiasts.
However, many are still unfamiliar with what the app is, how it operates, and the potential benefits it offers. This article aims to provide a comprehensive explanation of Friend.tech.
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Understanding Friend.tech
Friend.tech is a browser-based application conceived by Twitter users oxRacerAlt and Shrimppepe. It has been launched on the Base Network, an Ethereum scaling network developed by the renowned crypto exchange Coinbase.
Functioning as a decentralized social platform, Friend.tech facilitates the buying and selling of keys, previously known as shares, which are linked to X accounts (formerly Twitter accounts).
How Friend.tech Works
These keys grant access to private in-app chat rooms and exclusive content provided by specific X users. Additionally, each Friend.tech user has a chat group akin to Telegram.
The central aspect of the platform involves users purchasing keys to gain entry into another user’s private chats. Importantly, users have the option to sell these keys should they choose to exit a chat group.
In essence, Friend.tech can be characterized as a more decentralized counterpart to Twitter (now X), incorporating pre-existing X features while introducing Web3 elements like airdropped rewards, fee sharing, and more.
To commence using Friend.tech, new users require an invite code from existing members. Currently, each platform member is equipped with three invite codes to distribute. Users can access Friend.tech by visiting the “Friends.tech” link via their mobile browser, with the caveat that iOS needs to be updated to the latest version.
Once the link is live, users can locate the “share” button at the screen’s bottom and tap the “Add to Home Screen” shortcut. The next step involves opening the icon on the home screen and inputting the invite code.
Following the onboarding process, users link their Google and Twitter (X) accounts and then bridge ETH from Arbitrum to the base wallet address, enabling them to buy and sell keys and engage in private chats.
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Monetization Aspects
Within this decentralized network, users can assume one of two roles: creators or followers, and both roles can yield returns.
Creators earn income by selling their shares (now keys), while followers can purchase shares from creators. Depending on the growth of a creator’s network, share prices can appreciate, benefiting both creators and shareholders. Monetization revolves around the quality and reach of a creator’s network.
Closing Thoughts
Friend.tech boasts several advantages, including its unique monetization system and its user-friendly nature, which doesn’t require app downloads or installations from the Play Store or App Store.
However, the platform has raised some valid security and privacy concerns. The linking of X (Twitter) accounts has prompted questions regarding privacy and potential hacking risks.
Additionally, as a mobile-exclusive network for now, there are concerns that using Friend.tech via mobile devices may pose a risk of third-party access to sensitive information.
Conclusion
Nonetheless, the concept behind Friend.tech is intriguing. Given the rapid rise and fall of many promising ideas in the Web3 space, it remains to be seen whether Friend.tech will introduce new features to ensure its sustainability in the ever-evolving landscape of decentralized technology.
