Crypto News

What’s Friend Tech And Why Is Everyone Talking About It?

In recent years, the technology landscape has undergone rapid and transformative changes, reshaping the way we communicate, work, and interact with the world around us.

One term that has been buzzing in tech circles and beyond in recent times is “Friend Tech.” But what exactly is Friend Tech, and why is it capturing the attention of so many? Adrian Zduńczyk, a Polish entrepreneur asked on the X app recently.

The Friend Tech Ideology

Friend Tech, a term generating intrigue and conversation, has been attributed to Racer (@0xRacerAlt), a prominent figure in the development of applications like TweetDAO and Stealcam. 

Yuga Cohler, a senior staff software engineer at Coinbase highlighted in a Tweet that Friend Tech is a decentralized social media platform for crypto personalities. Cohler added that at the heart of Friend Tech’s innovation lies in its utilization of “shares” as digital assets. These shares symbolize ownership in the context of interacting with crypto personalities. The concept mirrors the stock market’s principle of ownership, where owning shares equates to a stake in a particular company.

At first glance, the essential functionalities of Friend Tech bear resemblance to familiar platforms like WeChat groups or Telegram groups. However, the distinct factor lies in the organic process of entering and exiting group chats, a feature that defines the essence of Friend Tech.

Users can choose to join certain groups, earning a share of the selected group by paying the base price. This base amount serves as the participation fee. If users later decide to leave the group, they can liquidate their group shares.

Friend Tech enters the scene with a seamless and user-friendly onboarding process. iOS users can conveniently access the official website on their devices and add it to their home screens. Remarkably, this streamlined approach eliminates the need for third-party downloads, ensuring a smooth entry into the application.

To initiate engagement, users must acquire an invitation code and link their Twitter accounts. Upon satisfying these initial steps, users are required to inject a minimum of 0.01 Ethereum (ETH) into the Base network, Coinbase’s new Layer 2 network. This injection of crypto grants users access to the Friend Tech application and its array of features.

Friend Tech’s Investment Model

Friend Tech adds an exciting layer that is notably fueling its popularity by fusing social engagement with investment opportunities. As the number of participants in a particular group grows and the total quantity of group shares increases, the base price of each group share experiences a corresponding rise. However, group members can decide to sell their own shares if they wish to exit the group, as mentioned earlier.

This dynamic implies that joining a particular group has prospective financial benefits in addition to social benefits. From a speculative perspective, users with investment tendencies frequently buy shares of companies they think have potential, including their own group’s shares, especially during the initial stages. 

Friend Tech’s journey has been characterized by swift adoption, even in its infancy. Recent data reveal that the application has managed to facilitate an astonishing 126,000 transactions, with a trading volume that has exceeded 4,400 ETH since its launch.