Your social circle represents your value. How does decentralized social application friend.tech interpret this statement?
How does friend.tech, a decentralized social application, interpret the statement that your social circle represents your value?
Overnight, the entire crypto community was flooded with “friend.tech invitation code”.
So what exactly is “friend.tech”?
In simple terms, friend.tech is a decentralized social platform that allows users to purchase shares of any user on friend.tech through Ethereum on the Base chain, which is strongly linked to Twitter (now renamed X), and gain the right to have direct conversations with them, as well as the potential to profit from it.
1. Get the APP
The iOS system must be upgraded to version 16.4 or above to use this APP.
Add friend.tech to the home screen.
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In the Safari browser menu, click the “Share” icon, then select “Add to Home Screen” from the options. Then open friend.tech on the home screen.
2. Account Setup
After opening the APP on the home screen, users can choose to log in with Google or the App Store.
After completing the registration, users will come to the “invitation code needed” section, where they need to enter an invitation code to gain access.
Readers can try using the above three invitation codes (cannot be reused) or ask their peers for codes in the community after registering.
3. Bind Twitter and Transfer 0.01 ETH
After filling in the invitation code, users need to bind their own Twitter account and transfer 0.01 ETH based on Coinbase to the address to activate the account on the Base chain.
At this point, you not only have three invitation codes, but also the right to purchase shares of other users and communicate with them directly, unlocking your value as a member of the community network.
4. Purchase Shares
After entering the APP, you can see the current hottest users on the home page and purchase their shares. You can also use the Explore button to search for users you follow and purchase their shares.
Not only is the initial price of each user’s share set based on Twitter data, but the price of the shares will also increase as more purchases are made.
Before purchasing, there will be a lock icon on the chat interface after clicking on the user, indicating that the user needs to purchase shares. After the purchase is completed, you can have a one-on-one chat. To prevent spam messages, friend.tech allows each holder to send three messages, then wait for the other party to reply and reset the limit.
It is worth noting that because Twitter usernames can be repeated, when purchasing shares, users can click on the user’s Twitter bird icon to check, or view the unique handle in the Explore interface. Try to minimize cases of “wrong person”.
Newcomer or Flash in the Pan?
In fact, this type of social product based on shares is not the first to appear. As early as 2021, Nader Al-Naji, the founder of Basis, released the decentralized social product BitClout. With the endorsement of top institutions such as Sequoia Capital, A16z, and Coinbase Ventures, BitClout attracted the attention of the entire crypto community as soon as it was launched.
However, the practice of BitClout putting user data on its platform without user consent also sparked strong community dissatisfaction.
In the criticism of opponents and the excitement of participants, BitClout quickly went from a peak to a low point. Later, BitClout was integrated into Nader’s third project, DeSo.
Unlike BitClout, friend.tech does not use Bitcoin for purchase, but instead chose the more acceptable Ethereum by the community, and is built on Coinbase’s latest launched Base Chain.
According to the “Web3 Creator Economy Report: Production Relations Reconstruction in the Decentralized Context from SocialFi to CreatorFi” report previously published by Chainnews, the Creator Coin of DeSo is issued by users through creating personal profiles (i.e., configuration profiles), and its price fluctuates according to market supply and demand. Users use the native DeSo token DESO to purchase other personal social tokens, and the transactions do not involve AMM and other DeFi-related mechanisms. Currently, Creator Coin is only an asset tool for DeSo users to buy, sell, and speculate.
Related reading: “Web3 Creator Economy Report: Production Relations Reconstruction in the Decentralized Context from SocialFi to CreatorFi”
Overall, friend.tech not only has a relatively low entry barrier, but also has vitality. Starting from the perspective of Twitter KOL, which has the most topics and audience, it is the most cost-effective marketing method. Moreover, the expected airdrop built into friend.tech is also attractive enough.
Points will be airdropped every Friday and will be used in friend.tech in the future. The first distribution will be on 8/18/23.
The popularity of friend.tech can be seen from the current user experience of the APP. In addition, the official announcement this morning even announced that the server capacity has reached its limit. After configuring more network resources, friend.tech also jokingly said, “We really didn’t realize that there are so many people enthusiastic about cryptocurrencies.”