Today, I want to share my take on a hot topic that’s buzzing in the crypto world right now: Friend.tech. I’ve been diving deep into this, and here’s everything you need to know.
What is Friend.tech?
At its core, Friend.tech is a decentralized social media application or dApp developed on the Base Network, which is Coinbase’s latest layer-two blockchain. It’s essentially a social media platform with a crypto twist. Rather than just chatting, liking, and retweeting, you buy and sell shares (or rather, ‘keys’) of people. This key grants you access to an exclusive chat room with that particular individual. Imagine having a premium, private chat with your favorite crypto influencer!
Joining this platform is by invite-only. You need an invite code, and then you link your Twitter (or as some call it now, ‘X’) account. Remember when exclusive, invite-only platforms were all the rage? This feels like a throwback, and I’m here for it.
Earning on Friend.tech
There’s no denying that there’s real money to be made. Within just days of its launch, Friend.tech saw transactions exceeding $1 million. Some crypto influencers have reported earning in ether, which as of this writing, is around $1,670 per ether. The app does this by letting you buy and sell keys. The price of these keys varies based on supply, demand, and the user’s activity. And yes, there’s a transaction fee, but it’s split between the app’s treasury and the user whose key is being traded. This kind of direct financial incentive is what’s driving so many to this platform.
Like every new thing in the crypto space, it’s not all roses. Some users have expressed concerns:
Linking Accounts: The app requires linking to your Ethereum wallet with your X account. There were instances where Friend.tech could post and retweet on a user’s behalf. Not cool if you ask me.
Data Leak: There was a leak where Friend.tech’s database showed the link between an X account and the crypto wallet it was tied to. Privacy concerns? Absolutely.
Past History: Digging into the past, the team behind Friend.tech were also reportedly behind another project called Kosetto. That project was abandoned without any notice.
Anonymous Team: We don’t know who’s behind Friend.tech. As someone who’s seen plenty of projects come and go, I’m always wary when I can’t put a face or name to a project.
Benefits vs Drawbacks
Direct financial rewards.
Premium access to top crypto influencers.
Backed by a credible crypto VC firm.
Data privacy concerns.
Potential for market manipulation by big names.
History of the team behind the app.
Friend.tech is undoubtedly making waves. With backing from the crypto VC firm Paradigm, there’s some credibility. But remember, Paradigm also backed FTX, which turned out to be a disaster.
While the potential earnings are tempting, always be cautious. This might be the next big thing, or it might be another flash in the pan. If you’re thinking of jumping in, do your research, and never invest more than you’re willing to lose.
Stay safe, and happy crypto surfing! 😊🚀🔐