Friend.tech (FRIEND)

Social Interaction

Friend.tech is a decentralized social platform where users buy and sell "keys" (shares) linked to Twitter accounts. These keys grant access to private group chats and exclusive content from the account owner.

Creator Monetization

Creators can monetize their influence by selling keys to followers. They earn a percentage of fees whenever their keys are traded, creating a new way to profit from their social presence.

Tokenized Attention

The platform tokenizes social connections, allowing users to invest in others' social standing. Key prices change based on supply and demand, reflecting the popularity and influence of the account holder.

Easy Onboarding and Use

Users can sign up using phone numbers, Google, or Apple accounts, and get a self-custodial wallet automatically. This simplifies access to the app and its features without complex crypto setup.

Trading and Rewards

Keys are tradable on the platform, and users can potentially profit by buying low and selling high. Friend.tech also offers weekly airdrops of points that may have future uses within the app.

Built on Base Network

Friend.tech runs on Base, a layer-2 Ethereum network, which helps reduce transaction costs and improve scalability for everyday social and trading activities.

In short, Friend.tech combines social media with crypto by letting users buy shares of others to chat privately and support creators financially.

Pros of Friend.tech

• Decentralized Social Platform: Friend.tech is built on the Base network, a layer 2 Ethereum solution, offering a transparent and user-controlled social media experience.
• Monetization for Creators: Users can sell “keys” (shares) of themselves to followers, allowing creators to earn money by offering exclusive content and private chat access.
• Exclusive Access: Buying keys grants access to private group chats, special content, and direct communication with influencers or creators.
• User-Friendly: Available on Android and iOS with an embedded wallet, making it easier for users to join without complex crypto setup.
• Innovative SocialFi Model: Combines social media with finance, allowing fans to invest in creators and potentially profit from their success.
• Growing Community: Quickly attracted over 100,000 users and significant trading volume, showing strong interest and engagement.

Cons of Friend.tech

• Invite-Only Access: New users need an invitation code to join, which can limit accessibility and create a barrier to entry.
• High Fees: The platform charges transaction fees (around 5-10%), which can reduce profits for both creators and users.
• Price Volatility: The price of keys can rise quickly due to bonding curve mechanics, making it expensive to join popular creators.
• Centralization Concerns: Despite being decentralized, some control aspects like wallet key storage are managed by Friend.tech servers, raising questions about data control.
• Limited Transparency: The project has faced criticism for unclear origins, lack of a detailed whitepaper, and uncertain long-term plans.
• Potential for Bots and Speculation: Early phases saw sniper bots and speculative trading, which can affect genuine user experience.
• Still in Beta: The platform is relatively new and evolving, so features and stability may change over time.

Friend.tech offers a fresh way to connect and monetize social relationships using blockchain but comes with trade-offs in fees, access, and platform maturity.

Founders of Friend.tech

Friend.tech was co-founded by two pseudonymous developers known as 0xRacerAlt (Racer) and Shrimp (Shrimppepe). They previously worked together on projects like Stealcam before launching Friend.tech. The founders have connections to a past NFT project called Kosetto. They have focused on scaling the platform and managing its rapid growth since its launch in August 2023.

Investors in Friend.tech

Friend.tech has raised funding primarily through a seed round on August 19, 2023. The main investors involved are:

• Paradigm: A well-known venture capital firm focused on crypto and blockchain projects.
• Notation Capital: Another venture firm that participated in the seed round.

These two investors are the key backers publicly known for supporting Friend.tech during its early funding stage.

Halal Status of Friend.tech

• Yes, Friend.tech can be considered halal by some scholars because it functions as a social platform where users buy and sell access to profiles, rather than dealing with interest (riba) or gambling (maisir).
• However, opinions may vary depending on how the platform is used and individual interpretations of Islamic finance principles.