Friend Tech, a crypto-powered social network that emerged on the Ethereum scene in August 2023, has been making significant waves in the cryptocurrency community. This groundbreaking platform introduces a novel concept where users are required to acquire shares of others to initiate conversations. While users can join friend.tech by signing up through their X (formerly Twitter) accounts, concerns surrounding privacy have surfaced, causing some prospective users to hesitate. In this article, we will delve into how to utilise friend.tech and shed light on the privacy risks associated with this Dapp.
How does Friend Tech work ?
Friend.tech stands as a decentralised social network that revolves around the notion that users must obtain ‘shares’ of fellow users to engage in conversations. To register on friend.tech, users link their X accounts, and each user possesses shares tied to their account that can be traded. The value of these shares fluctuates in response to supply and demand dynamics. Users also accrue trading fees whenever their shares change hands. Friend.tech made its debut on Ethereum’s layer two blockchain known as Base in August 2023.
Friend.tech aptly brands itself as “the marketplace for your friends.” Below is a step-by-step guide on how to harness this platform’s potential:
1. Friend Tech invite code
As of the present, friend.tech operates on an invite-only basis. To gain access, you’ll require an invite code from an existing user, such as a friend or colleague.
2. friend.tech Sign-Up
Friend.tech currently operates in beta mode and does not have a dedicated mobile app available on the App Store or Google Playstore. Moreover, it cannot be accessed through desktop or laptop browsers. Instead, you can access friend.tech via your mobile browser and add it to your home screen, creating a convenient shortcut. During the sign-up process, you will be prompted to provide either your Gmail or Apple email account.
3. Linking Your X Account
Upon obtaining an invite code, the next step is to link your friend.tech profile with your X account.
4. Wallet Funding
To proceed further, you must transfer Ethereum (ETH) from your personal wallet to your friend.tech in-app wallet. Without ETH in your in-app wallet, access to the platform will be restricted.
5. Profile Creation, Trading, and More
After successfully depositing ETH into your in-app wallet, you can “acquire your first share” at no cost. This process’s completion will furnish you with your friendtech wallet, which can also be exported to other wallet providers like MetaMask. Subsequently, you can explore other users’ profiles using their X usernames, facilitating the purchase and sale of their shares. The “Chats” tab facilitates communication with other users whose shares you hold.
Friend.tech’s Utility and Advantages
Friend.tech harbors the potential for various applications, including:
Community Building: Users can establish and participate in communities on the platform.
Access to Influential Figures: The ability to purchase shares of renowned individuals or influencers facilitates easy connection.
Earning Opportunities: Users stand to earn a portion of trading fees each time their shares change ownership.
The Ethereum Dapp Sensation
Friend.tech made its debut shortly following the public launch of the Base blockchain in August 2023. It quickly garnered attention and became Ethereum’s most-discussed Dapp. As of August 22, 2023, data reported by Yearn Finance developer banteg indicated that over 101,000 users had registered on friend.tech. In terms of generated fees, only Ethereum’s mainnet outperformed friend.tech, amassing $3.45 million in fees over the last 24 hours, as per DefiLlama’s data.
The buzz surrounding friend.tech predominantly centers on its financial aspects rather than its social networking functionalities. Crypto enthusiasts are speculating on the shares of famous personalities, aiming to capitalize on their trades. Dedicated websites such as FriendMEX have emerged, tracking share prices on friend.tech. Traders are even employing maximal extractable value (MEV) bots to identify accounts with substantial X followings, acquiring their shares at lower prices and later selling them for profit. Furthermore, crypto derivatives platform Aevo introduced an index perpetual contract, enabling traders to speculate on the total market capitalization of all friend.tech accounts.
Friend.tech presents a captivating means of integrating social media with cryptocurrencies, offering opportunities for artists, content creators, and influencers to monetise their work. Nevertheless, caution is essential, as friend.tech remains relatively new and has yet to provide adequate reassurance regarding its safety and dependability as a Dapp. Users are urged to exercise discretion and due diligence when engaging with this platform.
Disclaimer: This article is meant for informational purposes only and should not be considered financial or investment advice. The cryptocurrency and blockchain field is ever-changing, and readers are encouraged to perform their research and exercise caution when engaging with decentralized applications (Dapps).
