Have you heard about a social media platform that has been racking up millions in trading volume lately? The decentralized platform is called Friend.Tech.
The platform, which calls itself “the marketplace for your friends, has received so much hype lately by taking the crypto world by storm. But some folks are asking if worth getting involved with.
Well, let us dive into the main gist of the mystery surrounding this new technology, learn about how it works, and see if it is safe to board the hype train.
What is Friend.Tech?
Friend.Tech is a decentralized social media (DeSo) network with a digital currency twist, but with better vision, transparency and attributes than conventional social media platforms have.
Imagine having absolute control over what you see and share on your social media platform. Imagine a world where your data is not a commodity and algorithms don’t have control over your feed. This is what Friend.Tech preaches.
It recognizes your irritation at algorithms choosing what ought to show up in your social media feed and muting the conversations that are not important to you.
It is a platform that allows users to make money from their identity and presence on social media by selling keys (formerly known as shares) of themselves to their followers.
Friend.Tech is hosted on a base network, an Ethereum scaling network made available by cryptocurrency exchange Coinbase.
As a result, stockholders are likewise followers. As a result, they get access to a unique personalized interaction option on their chosen social media sites, such as X (which used to be nicknamed Twitter) and Telegram, and can communicate with the user personally.
How Does Friend.Tech Work?
The idea behind Friend.tech is like that of the financial marketplace’s idea of possession, where owning stock entitles one to an interest in a particular business.
Friend.tech, at first glance, resembles other texting services like WeChat or Telegram. What distinguishes it from other platforms is its decentralized social media application.
The application allows users to join and leave group chats at will. So how does it work?
Users can join particular groups by purchasing an annual membership fee (in Ether), which grants them a portion of the group’s resources.
If you decide to exit the group in the future, you may dispose of shares in order to recover the money you invested. So, Participants in the group have the choice of exchanging their stakes and leaving whenever the value of their assets increases.
This implies that joining an organization has both potential social and economic rewards.
To start using this platform, you need to connect your X (formerly known as Twitter) account. You will be sent an invitation code to authenticate your login or sign up.
Once that is done, there is a need for you to at least add 0.01 Ethereum to the base blockchain after finishing these other steps. With the deposit, you will have access to all the features on the platform.
Is Friend.Tech Safe or a Scam?
People are anxious but eager to participate considering all of the fuss surrounding Friend.tech, and notables in the cryptocurrency sector have applauded the network’s accomplishments.
David Phelps, a co-founder of Jokerace and EcoDAO, lauded Friend.tech for having the greatest user interface in the cryptocurrency sector.
He recognized three crucial elements that contribute to the app’s importance as a digital currency innovation.
First off, decentralization is highlighted by the fact that users are not required to obtain the app via a smartphone store account.
The program also instantly links cash, which streamlines payments. Lastly, the program enables users to buy and trade shares without continually signing agreements by allowing them to make a deposit of their ETH once.
The necessity of continual validation of transactions using MetaMask signatures has been criticized in several decentralized crypto applications.
Concerns About the Platform
Several critics additionally raised concerns about the decentralized online social platform.
Ignas, a researcher in decentralized finance (DeFi), claims that Friend.tech doesn’t increase investor ownership because it solely makes money via trading commissions.
To put it another way, “controversial individuals could be paid more, or even generating FUD can be used as an approach for earning fees.”
Additionally, Friend.tech’s future was pessimistically predicted by Legendary, an anonymous Web3 marketer, by drawing comparisons to BitClout, a DeSo app from 2021.
According to him:
“The platform, in my opinion, will fail just like BitClout did. Nothing can be done because the market is in a bear market. Everyone seizes the chance to generate funds, but I believe the platform will be finished in the coming weeks or months.”
These concerns beg the question of whether social media platform is currently a good investment or just chasing clout.
Is Friend.tech a Good Investment?
Whether the excitement is real or not, Friend.tech stands out as a unique and potential participant in the social media space thanks to its decentralization, privacy, emphasis on authenticity, and variety of content alternatives.
Web3 and the larger internet need decentralized social media, yet it feels like most possibilities and ideas are still only available to people currently involved in the crypto realm.
Meanwhile, according to a Dune dashboard, the initiative processed over one million trades and more than 110,000 unique dealers (which essentially equates to active Friend.tech users) over the exact same period window, generating much more than $3.32 million via its social network.
Similarly, Defi Llama data also shows that since the start of its beta program, Friend.tech has earned fees of $6.64 million.
Currently, one can say that this hyped crypto platform is doing well. However, there are still serious concerns for investors. This is because, every new platform that promises good potential to traders and investors alike, they are also susceptible to various types of manipulation.
While this is not a piece of financial advice, it is still important not to test the depth of the waters with your two feet.
Also, because it is a new platform, many fear that it might go under sooner than we all think experts believe that this crypto platform lacks all the requirements and reasons to stand the test of time.
In all, if you must invest, use capital that you can part with. This is because, if it stands the test of time, then you win.
Stay tuned as we bring you more updates on this development.