📕 Better than Yesterday with BSCStation #22: Friend.tech - The New Trend Part 2
🔶 Welcome back to Better than Yesterday with BSCStation #22. One of the most talked about topics among the crypto community right now is Friend Tech. So what are the details of this emerging social media trend? Let’s find out!
💠 What’s good about Friend.tech?
There are a few good things about Friend.tech — and no, we aren’t talking about the money the platform has to offer. Friend.tech simplifies the web3 UI miraculously.
✨ Firstly, once you make the deposit, no signatures are required to initiate transactions. Entering the app once is all you need.
✨ Another good thing about Friend.tech is that you need not install the app from the Play Store or the App Store. It simply works as an app without elaborate downloads and installs.
The pros seem to be rubbing off with Friend.tech recording a higher number of daily transactions like Optimism — one of Ethereum’s more popular layer-2 networks.
💠 Security and privacy concerns
A number of several security and privacy concerns have cropped up surrounding Friend.tech. Let’s take a look at a few:
⚠️ Privacy concerns
🔒 The first one stems from its Twitter (X) linking requirements. As your X account might be a popular interface for hackers to use, it is better to head over to the settings and security and disconnect “X” from the connected app module.
Many users have also tweeted about disconnecting Twitter accounts for the sake of improved privacy.
However, this concern came to the fore after a “Leaked Database” fiasco associated with Friend.tech was misreported. The DeSo platform later clarified that there was no leak, and all the information was scrapped and put together and was already publically available.
🔒 Also, for now, accessing Friend.tech is only mobile-specific. Your smartphone might contain sensitive information, and giving access to it via a new app might not be prudent.
⚠️ Security concerns
Co-founder credentials also seem questionable as Shrimppepe, one of the names associated with the project, was allegedly tangled in the murky space of security fraud.
Also, Shrimppepe and 0xRacerAlt were associated with a failed NFT project — Kosetto.
Another concern was notably explored by Cygaar — a software engineer with a massive Twitter (X) following. Cygaar back-engineered the backend to highlight a few genuine concerns:
The API setup reads prod-api.kosettoo.com, which seems to be a repurposed version of the one associated with the older project. This seems to validate our previous concerns.
There isn’t any “bot” protection on the backend, which might not be good considering the chances of inflated share prices. Employing bots to front-run purchases can lead to rug pulls in the future.
The wallet keys still reside on Friend.tech’s server, which is partially custodial and might be prone to hacks.
And finally, if you head over to the website, there is no account of the privacy policy, which might be disconcerting to some.
💠 What is the future of Friend.tech?
Friend.tech is a cool concept. However, we have seen that crazes fizzle out quickly in the crypto and Web3 space. Yet, Friend.tech hinges a lot on creator economy and social tokenization, ensuring that if creators produce relatable and good content, their shares might remain in demand.
Regardless, it will be interesting to see if Friend.tech adds new features into the mix, like tipping, to make the process more utilitarian.
That said, the share pricing mechanism still looks a tad sketchy, as it tempts users to keep buying and selling their shares, only to spike the prices and earn trading fees in return.
While the pricing model doesn’t look completely sustainable, investing in a creator itself seems rewarding and future-facing.
💠 How to avoid being scammed
To sum it up, here are some of the tips to use the Friend.tech app without getting doxxed or scammed:
Users can start by disconnecting their Twitter accounts from the app.
While setting it up on the phone is easy as you only need to tap add to the home screen and get started, we would recommend using the same on the desktop by changing the user agent to Android. This keeps privacy intact.
Every time you plan to buy and sell shares, look at the spread, number of shares outstanding, and even the buy and sell rates to avoid getting scammed.
Other digital assets might be cropping up with the growing popularity of Friend.tech. However, we would advise discretion, and right now, the only social token is the user share and not a random token listed elsewhere.
Friend.tech is built on the Coinbase-specific Base chain, which is one of the layer-2 networks of Ethereum. And to move ETH to a wallet address of layer 2 networks, you need to pay gas fees. Therefore, do not fall for scams or offers that tell you to onboard in return for zero gas fees.
Try using an anonymous email to register.
Fund the base wallet from a new and fresh wallet.
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.