📕 Better than Yesterday with BSCStation #21: Friend.tech - The New Trend
💎 Friend.tech, the newest social app for Web3, is taking online communities by storm. Friend.tech discussions are all over Twitter (now X), with users clamoring to access invite codes and join.
Identified as a market where users can trade the popularity, likeness, and network strength of creators and influencers, Friend.tech aims to become a better version of the DeSo (decentralized social) BitClout — an open-source, decentralized social network.
💬 Let's explore every aspect of this new social app — from use cases to registration and potential red flags with BSCStation!
💠 What is the Friend.tech app?
Friend.tech is a decentralized social network where friends or, rather, their networks become Shares or Keys. You can invest in your friend’s social network or any set of users to tokenize their credibility.
This decentralized social app is different than anything we have ever seen. Out here, every user is like a social token. You can buy that social token, sell it for a higher price, or keep holding it as the token appreciates in line with the users’ credibility.
The shares, on the other hand, give access to gated influencer-specific chat rooms, exclusive content, and more.
💠 How does Friend.tech work?
The concept behind Friend.tech is fairly simple. As a user or a follower, you can buy shares to join a particular influencer group.
This gives a direct line to the influencer and access to the private group chats. The money spent by you is inclusive of the platform fee and also what the influencer or the creator gets.
If you are into specifics, every share-related buy-sell transaction attracts a 10% fee — half of which goes to the person you are buying from or selling to, and the other half goes to the Friend.tech treasury.
💠 What makes it unique?
There have been many so-called decentralized social network offerings over the past few months, including Damus, Mastodon, and more. Yet, Friend.tech is different as it actually allows users to tokenize their presence.
As the influencer group expands, the number of group shares also increases. In this case, the rise in the number of shares doesn’t dilute the price of joining or the price at which shares are sold.
Instead, the build-up of shares increases the base price of joining the group. Individuals who want to leave the group can sell their shares — a method of liquidation.
For creators, the financial benefits include incentives, and for the followers, flipping shares at higher prices — provided the creator’s popularity increases — is the way to procure monetary perks.
💠 Friend.tech features
Every user is either a creator or a follower at Friend.tech. Here is what that means:
Imagine you have a friend who is a creator and new to Friend.tech. You can purchase shares of their account or follow them at the base price. Depending on how big the friend’s network grows, the share prices appreciate, which is good for them as a creator and you, a shareholder.
Someone can even buy shares of your account, depending on what value your network offers. At Friend.tech, the quality of the network is the net worth of the individual.
Friend.tech has recently renamed Shares to Keys, depicting its true utility as a way to unlock chatroom access to followers.
🔔 Stay tuned for Part 2 as we dive deeper and build a complete overview of Friend.tech, the new hype of the Cryptocurrency Industry!
About BSCStation
BSCStation - The fully decentralized protocol for launching new ideas. An all-in-one Incubation Hub with a full-stack Defi platform across all main blockchain networks. We provide exclusive services including IDO/INO Launchpad, Yield farming, NFT Auction, Marketplace, and BSCSwap.
BSCStation operates on top of all main blockchain networks and is designed to offer maximum value to consumers and institutions.
BSCStation platform uses the Sharing Economy Model for the purpose of profit-sharing, helping users to access DeFi platforms in the easiest, safest, and most cost-effective way. BSCStation is the most convenient bridge to connect users and application products on all main blockchain networks.