Friend.tech, the newest decentralised social media app in the cryptocurrency space, has come under fire as it threatens users who choose to use forks or imitations of their tokenized social media platform. Users switching to forks and copies will instantly opt out of earning Points and forfeit existing points. Tech X account stated in a tweet on August 28.
Every week, Friend.tech has been airdropping “reward points” to its beta testers; in total, 100 million points will be distributed over six months. The company only stated on August 15 that the points “will have a special purpose when the app enters official release status but has not yet revealed what the points will be used for in the end.”
Friend.tech- The multi-purpose software
The newest social software for Web3, Friend. tech is sweeping online groups. Twitter (now X) is awash in Friends. tech talks, and people are clamouring to get invite codes so they may sign up.
Friend.tech, a platform where users may exchange the name, likeness, and network power of artists and influencers, promises to be a better version of the open-source, decentralised social network DeSo (decentralised) BitClout. The whole functionality of this brand-new social app is covered in this article, from use cases to registration and any red flags.
The controversial Announcement made by Friend.tech
The crypto community was not pleased as Friend.tech threatens users. The notification received hundreds of angry comments and reposts within the first hour of being posted, mocking the app for its anti-competitive move. Threatening or punishing consumers for trying out other platforms goes directly against everything this sector stands for, according to a statement from anonymous trader CryptoKaleo to the announcement.
Less than three weeks have passed since the public debut on August 11 before the announcement. Key measures include activity, inflows, and volume on Friend. tech has decreased during the last few days.
According to data from Dune Analytics, Friend.tech transactions have decreased more than 90% as of the time of publication from their peak of approximately 525,000 transactions on August 21 to fewer than 50,000 total transactions on August 28.
Apology from Entrepreneurs owing to the controversy
In the past, the protocol threatened people who tried to fork or copy the platform with harsh penalties, including taking away their existing points. The statement indicated a special significance beginning on August 15, coinciding with the app’s formal release. However, the reason for these credits is yet unknown. The community, however, strongly opposed this position. Many humorously pointed out that the application did not repeat its predecessors, but critics viewed it as an unfair form of competition. The creator of Friend. tech expressed sorrow for the prior position in an open letter, admitting that it was motivated by fear and a zero-sum mentality.
The entrepreneur acknowledged his error in deterring people from trying out other products and reaffirmed his dedication to encouraging cooperation and a supportive culture among cryptocurrency users. They apologised for the controversy. Within three weeks, key indicators, including activity, inflows, and volume, saw a significant fall, prompting some detractors to declare the platform “dead.”
Although a friend. tech did not specifically name any rivals, Shares were mentioned by several X users in the replies. On August 31, this new app will go into public beta. Daily fees peaked at $1.7 million on August 21 before falling more than 90% to about $161,000 on August 27. This is according to DefiLlama. Since peaking at $840,000 on August 21 and falling to barely $80,500 on August 27, the app’s daily revenue has decreased by more than 95%.
Also Read: Bitcoin shows Resilience despite Feds indicating rate hikes.
