Friend.tech

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7 Feb 2024

What is Friend.tech and How Does It Work?

Friend.tech is a decentralized social token application developed on Base that allows creators to monetize their content or expertise. Content creators connect with their online communities through tokenized attention, and a content creator's influence is represented by “Keys” (shares). At their most basic, keys are shares that allow you to access private chats, recommendations, or other privileges that a user shares through their account.

Friend.tech has generated a lot of interest since its launch on August 10, 2023. The app has over 317,000 unique recipients, over 314,000 unique topics, and over 11,000 ETH in revenue as of October 4, 2023. These figures show the potential of Friend.tech to become an effective SocialFi application.

Source: Cryptokoryo's Dune Analytics .

Regardless of its popularity, it is important to understand how Friend.tech works before joining the ecosystem. In the next section, we will talk about some of the basic elements and features of Friend.tech.

1. Invitation codes

To start using the Friend.tech app, you need an invitation code. The easiest way to find this code is through friends, Reddit forums, or a Twitter search. Once you receive your code, you can start creating a Friend.tech account (see how to do this in the next section).

2. Access to Friend.tech

Once users create an account and successfully deposit funds, they are directed to purchase a free “Key” linked to their account. In addition, everyone who signs up receives three invitation codes to gift to their friends to join the app.

3. Friend.tech Keys

After purchasing their "Keys", users can use the app and purchase the "Keys" of their favorite content creators to enjoy the benefits offered by their accounts. These benefits include access to private chats, as well as gifts and other account-exclusive perks.

The value of these Keys depends on the influence of the content creator and the demand for the key. Therefore, the more people who have keys, 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

The amount paid when purchasing "Keys" includes platform and creator fees. A 10% commission is charged for each purchase/sale transaction regarding shares. Half of this commission goes to the person you make the purchase from, and the other half goes to the Friend.tech treasury.

For example, if a person buys the "Key of John" for 1 ETH, John will receive 0.05 ETH and the friend.tech treasury will receive 0.05 ETH.

5. Airdrop Points

The Friend.tech app has a tab dedicated to airdrops . For now, airdrops consist of "points" that are airdropped weekly to users every Friday. The app states that these points will become available on friend.tech in the future, which could mean a future token airdrop.However, since this is only an estimate, it would be better to check the official Friend.tech accounts for information about the project.

How to Create a Friend.tech Account?

To use the Friend.tech application, you must first create an account. You can create an account by following the steps below.

1. Go to Friend.tech via your phone's browser or your computer and download the Friend.tech application. Remember that you need to get an invitation code from a person who is a member of the application. The best way to get an invite code is via Twitter (X) or Reddit forums.

2. After accessing the application, you must log in and connect your Twitter account to the application via your phone number or Google account.

3. The next step is to connect your X (Twitter) account to the Friend.tech app and allow access to X.

4. You can now deposit Ether to the mainnet and link at least 0.01 to your Base wallet account. Instead, you can also fund the mainnet through the Friend.tech platform. This second option is much easier.

5. Once the deposit is confirmed, you will first be asked to purchase your own key to start using the platform.

6. After purchasing your own key, you will be presented with the home page of the platform.

7. You can now explore Friend.tech and buy Keys.

What are the Advantages of Friend.tech?

The main advantages of Friend.tech include:

1. Making money through the channel

Friend.tech offers a unique and effective way to monetize content. Users earn revenue by offering exclusive content and privileges to users who purchase one of their Keys.

2. Simplifying Web3 processes

Friend.tech offers notable benefits in streamlining certain web3-related processes, making web3 more user-friendly for everyone.

Once you log in and deposit funds, you can access the platform uninterruptedly without having to authenticate and complete transaction procedures each time. This reduces the complexity often encountered in blockchain-based transactions.

Moreover, the easy access to the application, which can be downloaded from both Google Play and the App Store, allows users to conveniently manage their activities 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 an exciting opportunity to capture value through social networks, relationships and community engagement and turn them into a tangible economic asset.

What are the Limitations of Friend.tech?

Major limitations of Friend.tech include:

1. Privacy concerns

Having to associate Friend.tech with Twitter poses a risk potential. Considering Twitter is a favorite target of hackers, it's important to be careful. A recommended precaution for users to reduce this risk is to revoke app permissions via Twitter settings. This will eliminate unwanted data connections and keep digital identities safe. Instead, using Friend.tech on a computer and changing the settings with developer tools can also offer an additional layer of protection.

2. Security concerns

Some people in the crypto community have expressed various concerns regarding security. One of these concerns is that wallet keys are kept on Friend.tech's partially escrow-based server. This creates security risks due to possible attacks and reliance on third-party accessibility.

Another risk with Friend.tech is that there is no bot protection on the backend. The lack of bot protection means the risk of vulnerability is further increased, as it makes it easier to create bots that constantly search Friend.tech servers for new account creation activities. These bots can gain an unfair advantage by leveraging this information to quickly capture new users' shares after their first on-chain purchase.

3. Profitability concerns

Due to the platform's influence-monetizing design, it can be difficult to generate significant income without a large amount of social followers. This means that the larger your audience, the more likely you are to earn revenue from the exclusive content or benefits you share.

Friend.tech has demonstrated great potential since its launch. In addition to its unique use of keys, factors such as a creator's influence and demand for that person create an engaging environment for both creators and users.
Despite challenges such as privacy and security concerns, the platform sees these as opportunities for growth and development. Looking ahead, the simplicity and efficiency of Friend.tech's approach could transform the way social media and blockchain technology interact.
It is expected that the platform will continue to attract users and empower creators as it continues to evolve. There are a lot of things to note about Friend.tech and it will be interesting to see how the project shapes up in the future. But considering that the product is still new, it is very important that you do your own research on this project.

How do stocks gain or lose value?

According to friend.tech, whether a stock gains or loses value depends entirely on the status of the profile. Let's say each profile is quite popular, has a lot of interaction and reaches more and more people. In such a scenario, the stock value increases. Otherwise, shares lose value. By the way, let's say that the account owner earns 5 percent commission from every transaction you make. friend.tech takes 10 percent commission from each transaction.

One of the features highlighted during the marketing of the system is direct communication . Let's say you are one of the users who invested in Webtekno. In such a case, you can contact us quickly. Some influencers argue that this is a revolution. After all, it is very difficult for accounts with hundreds of thousands of followers to keep track of the DMs sent to them. It is said that communication will become easier with this method .

How to Buy Shares on the Friend Tech Platform?

First of all, you need to deposit $ETH on the Base network . You can use the official base bridge for this: https://bridge.base.org/deposit
In the app you will be given an address to which you can send your ETH.
After sending ETH to the address provided in the app, you can purchase your first share.

Background of Friend Tech

The app was developed by an anonymous developer using the pseudonym “Racer”. It is known that Racer was previously the founder of TweetDAO and Stealcam. TweetDAO, which allows people who sell an NFT called Eggs and buy the NFT to send one tweet per day from the DAO 's Twitter account without any content restrictions , was opened in April 2022. The excitement created by TweetDAO, which gained good momentum in the first days, faded after a while and the Twitter account was suspended.

Stealcam's Friend Tech

Racer switched to Stealcam after TweetDAO. Last March, he teamed up with another anonymous developer, Shrimp, who also co-founded Friend Tech, to launch Stealcam.

Stealcam worked like this: Users uploaded images or videos to the platform and converted them into NFTs, which were pixelated so that they could not be recognized by anyone other than the owner. Thus, users were encouraged to steal NFTs from each other, with the price increasing by 10 percent with each transaction. So, before you bought the NFT, you couldn't see what it was.

In addition, someone else could take it without your permission and only had to pay 10 percent more than the price you bought it for. Stealcam was essentially turning NFT trading into an art theft game.

To understand the background of Friend Tech, it would be remiss not to mention both TweetDAO and Stealcam. Because Stealcam announced that it would rebrand as Friend Tech in May. So today's Friend Tech was born from Stealcam.

The goal of the branding, according to the founders, was to attract a wider audience with new features, expanding the social experience beyond photos and NFTs. On the other hand, Stealcam could not maintain the momentum it had already gained. Stealcam was built at Arbitrum. Friend Tech was expected to be the same, but we came across Coinbase's new network, Base.

How to make money at Friend Tech?

One of the most interesting aspects of Friend Tech is that the profile owner can earn money by earning a 5 percent commission income every time their shares are traded. So, in order to make money on Friend Tech, you need to have an account and the shares of your account must be bought and sold. Essentially, the application deducts a 10 percent commission on every trade. Half of this goes to Friend Tech and the other half goes to the profile owner whose shares are bought and sold. This is basically the revenue model of the startup. Shares of a popular account on Twitter are often bought and sold at a high rate, so it is possible to generate a good income from the commissions accumulated in a short time. For example, David Hoffman, founder of Bankless, who has 183 thousand followers on Twitter, has earned 3.12 ETH so far from transaction fees, according to a post he made yesterday. An amount equivalent to 5 thousand 200 dollars at current prices... Another example, the famous American Youtuber Faze Banks, who has 2.7 million followers on Twitter, earned 20 thousand dollars from transaction fees in less than 3 hours. Earnings can be withdrawn to your wallet whenever desired. David Hoffman's Friend Tech earnings and portfolio value David Hoffman's Friend Tech earnings and portfolio value The earning opportunity is not limited to transaction fees. In fact, you create a portfolio from the profiles you buy shares of. As the value of the profiles increases, your portfolio value also increases. There is also an airdrop tab in the application. Points airdrop is made to users every Friday for the next six months. In this way, a total of 100 million points will be distributed, but it is unclear how they will be used. Without giving further details, the team states that the points will have a specific purpose when the app leaves beta testing and moves on to the official launch. The first thing that comes to mind here is the possibility that if a token is issued in the future, it will be distributed to early users according to points.

Friend Tech, kullanıcıların sosyal profillerini token’laştırabildikleri bir Web3 uygulamasıdır. Kullanıcılar, Friend Tech’te profillerini hisselere bölebilir ve bu hisseleri satabilirler. Hisselerinizi alanlar, sizinle sohbet etme imkanına sahip olurlar.