The intriguing allure of blockchain-based Friend.tech, a social media application that reimagines one’s social network as a marketplace, is undeniable. An invitation-only beta test of this decentralized platform paved its way into the blockchain universe last Thursday. The concept promotes tokenizing people’s profiles, allowing their followers to purchase their “shares” and thereby fostering the exchange of private messages among individuals. More seasoned influencers are particularly the target, some of whom have already taken the leap of faith to this relatively novel approach.
This revolutionary application leverages Base, Coinbase‘s brand-new layer 2 network, and its successful launch has stirred quite a buzz on Crypto Twitter. In the short span since its birth, it amassed upwards of 126,000 transactions contributing to a trading volume of roughly 4,400 ETH (approximately $8.1 million), according to data derived from Dune analytics. Surprisingly, it surpassed the trading volume of OpenSea, a leading NFT marketplace, by almost double.
However, this popularity presents its own set of challenges. The rapidly scaling user base led to network outages on the very first day due to the massive inflow of users. Complaints about lag times and application crashes were reported by those rushing to get on board.
Even amongst its skyrocketing success, certain reservations surround Friend.tech’s founders, roadmap, and data privacy. The platform is the brainchild of a pseudonymous developer known as Racer, who was previously associated with TweetDAO – a decentralized autonomous organization. Yet, the Twitter account of TweetDAO is currently suspended and there’s also no website connected to it. Following the hype fade, Racer bounced back with another decentralized platform.
Although the initial hours following its launch saw Friend.tech explode in popularity and trading volume, the platform’s beginnings, its future roadmap, and its approach to data privacy raise a few eyebrows. There’s notably no whitepaper offering information about the project or introducing the founders, which contradicts the common practices of most reputable blockchain projects that value transparency during their launch.
The platform has undoubtedly given crypto influencers a profitable space to trade their “shares”, yet the workings of its prices and data privacy have raised some concerns. While the potential returns of joining Friend.tech might sound alluring, caution is advised. Lack of transparency over the origins of the project, the aims down the line, and potentially dubious data usage calls for a thorough assessment of the pros and cons before hopping on the platform.
In sum, this entrancing foray into decentralized social media, combined with clarity concerning data usage and the roadmap, could potentially lead to an upgrade in the way we view social interactions. However, until Friend.tech addresses these red flags, the jury remains out on whether this ‘marketplace for friends’ is indeed as friendly as it claims to be.
Source: Coindesk
