What Is Friend - Tech - Binance Academy

10/19/23, 12:19 AM What Is Friend.tech?
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What Is Friend.tech?
Beginner Updated Oct 5, 2023 7m
TL;DR
Friend.tech offers a novel way for creators to monetize content through tokenized
attention, yet faces challenges regarding privacy and security.
1
Using a unique system of 'Keys', friend.tech allows creators to monetize their influence
while also providing users access to exclusive content.
https://academy.binance.com/en/articles/what-is-friend-tech 1/15
10/19/23, 12:19 AM What Is Friend.tech? | Binance Academy
Despite its challenges, Friend.tech's innovative approach to content monetization

suggests a promising future, changing how social media and blockchain interact.
What Is Friend.tech and How Does it Work?

Friend.tech is a decentralized social token-driven app built on Base that allows creators to
monetize their content or expertise. Creators connect to their online community through
tokenized attention, where a creator’s influence is represented by “Keys” (shares). Keys are
essentially shares that give you access to a user's exclusive private chats, advice or any other
perk associated with the account.
Since its launch on August 10, 2023, Friend.tech has generated plenty of hype. As of October 4,
2023, the app has experienced over 317,000 unique buyers, 314,000 unique subjects and over
11,000 ETH in revenue. These numbers illustrate the potential that Friend.tech has to become
an influential SocialFi app.
Source: Dune Analytics dashboard by Cryptokoryo, as of October 5, 2023.
Regardless of the popularity, it's important to understand how Friend.tech works before
participating in the ecosystem. In the following section, we will explore some of Friend.tech’s
core elements and features.
1. Invite codes
To start using the Friend.tech app, you need an invite code. The easiest way to get your hands
on one is through friends, Reddit forums, or a Twitter search. Once you have your code, you're
ready to set up a Friend.tech account (check the next section).
2. Access to Friend.tech
Once an account has been set up and funds have been successfully deposited, users are
prompted to buy 1 free "Key" linked to their account. Additionally, each person who signs up
receives three invite codes to give away to friends to join the app.
1
3. Friend.tech Keys
After purchasing their “Key”, users can use the app and purchase “Keys” from their favorite
creators to benefit from the perks associated with that account. These benefits include access
to private chats, as well as giveaways or any other perk specific to the account.
The value of these Keys is relative to the creator's influence and the demand for them, so the
larger the number of people holding the key, the higher the value of the “Keys”. If an individual
decides to leave the group, they can do so by selling their Key.
4. Fees
When purchasing “Keys”, the money spent is inclusive of the platform and creator fees. For
every share-related buy/sell transaction, there is a 10% fee, of which half goes to the person
you are buying from, whilst the other half goes to the Friend.tech treasury.
For example, if someone buys “John Key” for 1 ETH, John would receive 0.05 ETH and the
Friend.tech treasury would receive 0.05 ETH too.
5. Airdrop Points
Within the Friend.tech app, there is a tab dedicated to airdrops. For now, the airdrops consist of
“points” airdropped to users every Friday on a weekly basis. The app mentions that the points
will have future uses in Friend.tech, which may translate to a future token airdrop.
Nevertheless, this is speculative, so pay attention to the official Friend.tech accounts for
information regarding the project.
How Do You Create a Friend.tech Account?

In order to use the Friend.tech app, you must first create an account. To do this, follow the
subsequent steps.
1. Visit Friend.tech via your phone browser or computer and download the Friend.tech app.
Note that you must get an invite code from an existing member of the app. The best way to get
an invite code is via Twitter (X) or Reddit forums.
2. Once you have gained access to the app, you must log in and link your Twitter account to the
app through your phone number or Google account.
3. The next step is to link your X (Twitter) account to the Friend.tech app and authorize access
to X.
4. Now you can deposit Ether to the mainnet and bridge a minimum of 0.01 to your Base wallet
account. Alternatively, you can deposit on the mainnet through the Friend.tech platform, which
is much more convenient.
5. Once the deposit has been confirmed, you are prompted to buy your own key first in order to
start using the platform.
6. Once your own key has been purchased, you will encounter the platform's home page.
1
8. Now it's time to explore Friend.tech and buy some Keys.
What Are the Benefits of Friend.tech?

The key benefits associated with Friend.tech include the following:
1. Monetization of channel
Friend.tech introduces a unique and effective way for content monetization. Users generate
income by offering exclusive content and privileges to users who purchase one of their Keys.
2. Simplification of web3 process

Friend.tech offers notable benefits when it comes to streamlining certain processes associated
with web3, making it more user-friendly for the general public.
Upon logging in and depositing funds, you are able to get uninterrupted access to the platform,
bypassing repetitive authentication and transactional procedures. This alleviates the
complexity usually associated with blockchain-based operations.
Furthermore, the application is incredibly easy to access as it’s available for download on both
the app store and iOS, allowing users to manage their activities conveniently from their
smartphones.
3. Social Capital
In web3, social capital refers to the power and influence that comes from having a large or
engaged community of supporters. Friend.tech offers an exciting opportunity to derive value
from social networks, relationships, and community participation, converting it into a tangible
economic asset.
What Are the Limitations of Friend.tech?

The key limitations associated with Friend.tech include the following:
1. Privacy concerns 1
The mandatory association of Friend.tech with Twitter poses a potential risk. Given that Twitter
is a favorite target for hackers, it's vital to stay vigilant. A recommended measure for users to
mitigate this risk is through revocation of app permissions via Twitter settings, which will
remove any unwanted data ties and secure their digital identity. Alternatively, using Friend.tech
on a computer and tweaking settings through developer tools could also provide an additional
layer of protection.
2. Security concerns
Several security concerns have been raised by individuals within the crypto community. One of
these concerns is that wallet Keys reside on Friend.tech’s server, which is partially custodial.
This poses security risks due to potential hacks and dependency on third-party accessibility.
Another risk associated with Friend.tech is that there is no bot protection on the backend. The
absence of bot protection implies a heightened vulnerability as it simplifies the creation of bots
that continuously probe Friend.tech servers for new account creation activity. These bots can
exploit this information to swiftly snap up shares of new users following their first on-chain
purchase, thereby providing an unfair advantage to bots.
3. Profitability concerns
Earning substantial income on Friend.tech can be challenging without a sizeable social
following due to the platform's design, which monetizes influence, meaning the larger your
audience, the higher the potential to earn from shared exclusive content or offers.
Closing Thoughts
Friend.tech has shown significant potential since its launch. Its unique use of Keys, combined
with factors like a creator's influence and demand, creates an intriguing environment for both
creators and users.
Despite challenges such as privacy and security concerns, the platform sees these as
opportunities for growth and improvement. Looking forward, the simplicity and effectiveness of
Friend.tech's approach could change the way social media and blockchain technology interact. 1
As it continues to develop, the platform is expected to keep attracting users and empowering
creators. There's a lot to look out for with Friend.tech, and it will be interesting to see how it
shapes up in the future. Nevertheless, the product is still new, so it’s important to do your own
research when dealing with new projects.
Further Reading
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10/19/23, 12:19 AM What Is Friend.tech?

Tech Web3 Community

Home > Articles > What Is Friend.tech?

Despite its challenges, Friend.tech's innovative approach to content monetization

What Is Friend.tech and How Does it Work?

Source: Dune Analytics dashboard by Cryptokoryo, as of October 5, 2023.

How Do You Create a Friend.tech Account?

What Are the Benefits of Friend.tech?

2. Simplification of web3 process

What Are the Limitations of Friend.tech?

What Is Polygon (MATIC)?

Optimistic vs. Zero-Knowledge Rollups: What’s the Difference?

What Is Etherscan and How to Use It?

Threshold Signatures Explained

Double Spending Explained

Explore all of our content

Terms & Conditions

© 2023 Binance Academy. All Rights Reserved.

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