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A new social application based on cryptocurrency was launched on August 10, and since then it has gained rapid traction within the crypto Twitter community. The social application was named ‘Friend.Tech’, and it is exclusively available on mobile devices. It is built on or established on the recently introduced Layer 2 blockchain, known as Base. The development of Base was spearheaded by the centralized exchange, Coinbase.
How Does Friend.tech Work?
Friend.Tech operates as a SocialFi platform, allowing individuals to trade shares of specific Twitter accounts featured on the platform. Numerous prominent Twitter accounts have already become part of this ecosystem.
Upon purchasing a share, you gain entry to the individual’s channel, where you can engage in direct communication.
These messages remain exclusively viewable by the shareholding individual. Meanwhile, any content posted by the account holder is accessible to all shareholders.
When acquiring a share from someone, the price follows an increment pattern, similar to a staircase that adjusts with each buy and sell transaction.
Apart from the normal trading activities within this community, some fees are involved: The Frend.Tech Treasury has access to 5% of the share price. Also, the person from whom you are buying or selling the share has access to 5% of the share price.
Clearly, the latter fee holds significant appeal for sizable accounts that generate substantial trading volume.
It is interesting to discover that some of the larger accounts effortlessly generate 1 ETH daily through this system.
The Airdrop
The downside, however, is the heavy fees, which will definitely hurt anyone buying or selling the shares. But to make up for this, there is the airdrop.
Currently, there remains a great deal of speculation, and the nature of whether this pertains to a token or other element is uncertain.
Every Friday, throughout the six-month duration of the beta phase, a distribution of ‘points’ will take place, with these points holding potential future significance within the Friend.Tech ecosystem.
The criteria for earning these points are currently not well defined, but it is believed that they primarily stem from the fees generated through the purchase and sale of shares.
It’s probable that engagement with your own shares also contributes to earning points. This strategy is clever, as it encourages ongoing platform activity by attracting both airdrop enthusiasts and individuals who find justification in trading, given the potential for future airdrops.
As before, the true nature of these points and whether they hold monetary value remain uncertain.
The Future Projection of Friend.Tech
This concept has been attempted before without success. Will this attempt yield different results? Only time will tell!
Numerous enhancements are necessary, such as the incorporation of image posting and overall improvements to the user interface. Presently, the user base mainly comprises individuals from CryptoTwitter.
Most individuals purchase a single share to access the value provided by that person. As share prices increase, expectations of value rise. However, personal value has limitations, and individuals must continually deliver to satisfy their shareholders.
In the grand scheme of things, equilibrium should prevail. Currently, the most influential accounts are worth approximately $500K when the share price is multiplied by the number of shares held.
Comparatively, these sums are still modest when viewed in the context of the NFTs. Thus, the potential for this platform’s survival does seem plausible, particularly if the airdrop generates enthusiasm and sustains the ecosystem over the next six months.
Interested in Getting Onboard Friend.Tech? You will Need to Obtain a Code and Establish Connection
To become a part of Friend.Tech, securing a code is the initial step. Fortunately, acquiring one has become relatively straightforward.
A quick search within the comment section of Friend.Tech-associated tweets should yield results. Upon your initial registration, you’ll receive three codes. Firstly, navigate to the website and add it to your home screen. Multiple registration options are available. Subsequently, you’ll be prompted to link your Twitter account and finance your wallet.
Moving forward, it is essential to fund your wallet with sufficient funds to cover the fee for minting your personal share.
For this purpose, you will need to possess $ETH within a wallet on the Base chain.
It is advisable to use a newly created or disposable wallet for this process, as linking your wallet back to your Twitter account could be easily traceable.
- Create a Metamask wallet.
- Deposit ETH into the wallet.
- Transfer the ETH to the Base Chain using the official bride by @BuildONBase, which can be found on their website.
- Integrate the Base Chain RPC into the metamask.
- Await the arrival of your ETH.
- Fund your Friend.Tech wallet using the provided address.
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