Social networks are one of the great innovations of Web2. They made it possible to connect people and institutions in a very practical way. At Web3, this is still in the implementation phase, but the Friend.tech project has already brought together the characteristics of social media with the blockchain world.
In traditional social networks, there are still some difficulties in buying and selling cryptocurrencies due to the difference in technology involved. With the Friend.tech platform, this is no longer a problem. The Web3 system already allows connection in the traditional way in the chain.
Blockchain for the lay public
The world of cryptocurrencies may seem inaccessible to most people. Terms like "Ethereum", "Solana", "Bitcoin" and "digital wallets" sound strange. Therefore, the idea of presenting blockchains in a user-friendly format is innovative and attracts attention.
The developers of the Friend.tech project thought about using social media technology to monetize both personal data and interaction between users. Influencers with accounts on this platform also act as incentives for more people to join the system.
To join this network in Web3, it is necessary to receive an invitation from a user, something similar to what happened with Orkut, one of the first social networks. As soon as you enter the name of the person who sent you the invitation, the database does a search, finds the person and allows you to enter.
Tokenization of personal data
Personal data stored on the Friend.tech network becomes tokens, called keys. They can be sold to other users and allow you to use chat rooms with other users.
The keys are linked to accounts on social network X. Each user has their own message area. By leaving the keys for sale, you can control interactions with other users, as sending messages is private, just like on Web2.
As the user gains followers, the value of the keys tends to increase and can even generate profits. The Friend.tech project saw an increase in registrations from Web2 influencers, football players and content creators.
Tier 2 DApp
Friend.tech is a dApp that runs on Coinbase's layer 2 solution. It uses the Ethereum system to create a user-friendly environment in which developers can work on different applications that run on the blockchain.
Solutions on the network are called on-chain and facilitate transactions. As they work at layer 2, they usually run solutions for connecting to other blockchains and increasing transaction scalability.
Friend.tech takes advantage of this functionality to make a large amount of trades on the chain without loading the mainnet. After all, a lot of information circulates in this layer, including personal data, tokens and chat conversations.
Migration to your own chain
The airdrop of the FRIEND token, native to Friend.tech, made 14,598,835 coins available. It caught the attention of the crypto community, as movement in Base layer 2 is intense, so having your own token is an advantage for the network's developers.
However, the creators of the system announced the departure of Base layer 2 for the future Friendchain blockchain. The migration to the new platform is expected to take months, but the news of the new mainnet has already increased the value of the FRIEND token.
Learn more about cryptocurrencies
The idea of Friend.tech is to combine the ease of communication of social networks, the decentralization of blockchains and the monetization of user data. At NovaDAX, you will find FRIEND and dozens of other cryptocurrencies to expand your portfolio. Visit the website and check!
