Friend.tech: The Next Frontier in Crypto Social Networking

Since its unveiling on August 10, 2023, Friend.tech has been captivating the global crypto community with its pioneering approach to social tokenization. This cutting-edge protocol has introduced an innovative feature that allows X (formerly known as Twitter) personalities to issue shares on the app, granting exclusive access to a closed group chat.

A Glimpse into Friend.tech: Friend.tech is a decentralized social application (dApp) built on the Base Network, Coinbase’s recently launched layer two blockchain. Yuga Cohler, a senior staff software engineer at Coinbase, describes Friend.tech as a decentralized social media platform designed for crypto personalities. The platform introduces a novel concept—users can buy and sell “shares” of individuals, affording them ownership and entry into private chats with these personalities.

At its core, Friend.tech empowers users to connect within a completely decentralized framework, bolstered by robust security utilizing MPC key technology. The app is currently in beta testing, during which users will be awarded points over the first six months. Every Friday since August 18, users have been receiving points, with activity assessed up until Thursday at 11:59 p.m. UTC to promote genuine usage and address any point distribution disparities.

Unveiling the Mechanics: Friend.tech’s functionality resonates with popular messaging platforms like WeChat and Telegram groups, but with a unique twist. To access the web3 social app, users must first acquire an invitation code and subsequently link their Twitter accounts.

Upon registration, users can engage in the purchase or sale of keys from any app user, including themselves, by transacting at the prevailing market price of the key. Each key’s price is determined by a formula considering key supply, demand, user trading activity, and trading volume. Although there’s no participation fee for trading keys, a 5% transaction fee is levied, shared between the app’s treasury and the user whose key is traded.

The app’s native token, formerly referred to as “Shares,” has recently been renamed “Keys.” These tokens are linked to the Twitter accounts of personalities, granting buyers access to exclusive in-app private chat rooms with these individuals.

Moreover, users have the option to liquidate their group shares should they choose to exit the chat group, underlining the financial potential that comes alongside social engagement in Friend.tech.

Notable Personalities Embrace Friend.tech: Several prominent crypto personalities have already embraced Friend.tech:

• Defi_Maestro: A core figure in the layer 2 network Mantle, boasting over 45,700 followers on X.
• RookieXBT: A trading personality with 383,500 followers and the curator of @magnetmoneyshow, a crypto giveaway live stream with over 35,500 followers.
• Frank degods: Renowned NFT artist and founder behind projects like DeGods and y00ts, with over 210,800 followers on X.
• gainzy: Derivatives trader and Owner of Degen Parlays, followed by 216,200 users.
• Crypto Bitlord: Recent adopter with a following of 297,400.
• Grayson Allen: NBA basketball player for the Milwaukee Bucks, who welcomed the platform and its potential.

Paving the Way to Success: Friend.tech’s journey has been impressive since its launch, processing over 1,597,065 transactions and amassing a trading volume exceeding 38,884.7 ETH. Notably, the platform has generated over $1.68 million in fees within the past 24 hours alone, accounting for 5% of each transaction’s value. This translates to $840,889 worth of ether in revenue, post gas fees and associated costs.

Friend.tech’s debut underscores the ongoing innovation within the crypto space, blending social networking and blockchain technology to forge a new era of engagement, connection, and financial opportunity.