INTRODUCTION
Blockchain technology has disrupted various industries, and social networks are no exception. As we delve into the world of decentralized social networks, one platform stands out: friend.tech.
In this article, we will explore the significant impact of blockchain on social networks and how friend.tech is at the forefront of this revolution.
TABLE OF CONTENT
THE EVOLUTION OF SOCIAL NETWORKS
Social networks have come a long way since the early days of MySpace and Facebook. Today, they connect people, share information, and foster communities.
However, traditional social networks are not without their challenges, including issues related to data privacy, censorship, centralized control and High cost of customer acquisition.
BLOCKCHAIN’S INFLUENCE ON SOCIAL NETWORKS
Blockchain technology offers a solution to many of these challenges. Here’s how it’s making a substantial impact on social networks:
Enhanced Security: Blockchain’s inherent security features make it extremely difficult for malicious actors to tamper with user data. This ensures that user information is safeguarded.
Data Privacy
With blockchain, users have more control over their data. They can choose what information to share and with whom, reducing the risk of data breaches.
Censorship Resistance
Blockchain-based social networks are resistant to censorship. Content cannot be removed or manipulated by a central authority, ensuring freedom of expression.
Reducing Development Costs and Fostering Competition
Harness The Power Of Blockchain 2023 by Agile dynamics
In Web3, data and code are accessible to everyone, which makes it cost-effective for new products to enter the market.
User data can be aggregated from various nodes and chains, and any frontend can easily aggregate this data for users to socialize and interact with.
Users can switch between different front ends while maintaining the same identity. This reduces the cost of acquiring new customers for products(front end).
The open-source nature of the code fosters competition and innovation among Web3 developers, as successful products can be duplicated and enhanced to serve users better.
Social protocols like Lens and Cyberconnect have created social graphs that other platforms can build upon, significantly reducing the cost of developing decentralized social networks.
FRIEND.TECH: REDEFINING SOCIAL NETWORKS IN WEB3
Friend.tech is a social application developed on Base a L2 blockchain.
To use the app, individuals must connect their X profile to the platform, and then the platform sets up a unique wallet address.
The platform aims to revolutionize the traditional membership concept on creator-oriented platforms such as TikTok, Twitch, and Patreon.
Friend.tech enables users to establish direct interactions with creators, a level of engagement not typically found on conventional platforms.
For instance, a Music (afrobeat) enthusiast can acquire Burna Boy’s ‘Key’ to converse with him. Additionally, it introduces the concept of membership resale, allowing users to speculate on the growth of profiles or creators by purchasing their keys.
Friend.tech is an exemplary blockchain-powered social network that embodies the principles of decentralization and user empowerment.
Here are some key ways friend.tech influences social networking:
Early Adoption Benefits
Creating an account on friend.tech unlocks exclusive platform features and access to upcoming campaigns through NFT badges.
It turns the user’s journey into a gamified experience, offering unique incentives.
Grassroots Growth
Unlike traditional social networks, where popularity often leads to wealth accumulation, friend.tech offers opportunities for lesser-known personalities to rise to the top.
Users like Levi have demonstrated innovative strategies to build valuable communities.
A DEEP DIVE INTO FRIEND.TECH ON-CHAIN PERFORMANCE
A deep dive into Friend.tech’s on-chain performance reveals some impressive numbers. In its initial two weeks after launch, Friend.tech amassed $6 million in Total Value Locked (TVL), generated $3 million in revenue, and attracted approximately 100,000 users.
Fast forward to the present, and it now boasts a remarkable $52 million TVL, with creators having earned $18 million in revenue and a user base of over 305,000.
Such remarkable results are made possible thanks to the capabilities of the web3 platform.
Friend.tech’s success is not only a testament to its own performance but also a pioneering example of the growing trend of Social Fi platforms within the broader web3 ecosystem.
User stats. and Interactions. Source: @21co on Dune
User transactions on Friend.Tech. Source: @21co on Dune
The success of social networks is typically gauged by metrics such as the number of sign-ups, daily active users, and user retention.
However, regarding Social Fi (Social Finance), we focus on factors like the total volume locked and daily transaction activities, particularly in the context of buying and selling.
New user growth over time. Source: @21co on Dune
Friend.tech TVL in USD. Source: @21co on Dune
EXPLORING THE FRIEND.TECH FORKS
Friend.tech has inspired a range of forks on different blockchain networks. These forks aim to offer unique value propositions and cater to specific communities.
Some noteworthy forks include Post Tech, Alpha, Fan Tech, StarShares, and Friendzy. Each brings its own twist to the decentralized social networking experience.
DOWNSIDES OF SOCIALFI: FRIEND.TECH
There’s a risk of individuals intercepting ENS domains and creating fake profiles, deceiving others into believing they’re someone they’re not.
The web3 ecosystem requires a proof system to verify users without exposing their data on-chain.
Some users may only be motivated to use the platform because they expect certain rewards.
This can shift the focus of platforms like SocialFi towards being a financial platform rather than their intended purpose, which is supposed to be a content engagement platform.
The downsides of Friend.Tech has been documented in a Post on X by Tom Wan.
THE FUTURE OF SOCIAL NETWORKS WITH BLOCKCHAIN
As blockchain technology evolves, its impact on social networks will likely grow.
While challenges remain, including scalability and user adoption, the promise of decentralized, secure, and censorship-resistant social networks is compelling.
CONCLUSION
In conclusion, the impact of blockchain on social networks is undeniable, and friend.tech is a prime example of how this technology is reshaping how we connect online.
With its emphasis on user control, security, and gamified experiences, friend.tech is at the forefront of the decentralized social networking revolution.
As the blockchain and social networking industries continue to intersect, we can expect even more innovation and transformation in how we interact and share online.