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FriendTech App Decentralized Social Cryptography App What it is How it works

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FriendTech App Decentralized Social Cryptography App What it is How it works

Friendship is often touted as one of life’s most priceless treasures, a bond that transcends material wealth. Interestingly, in the age of cryptocurrency and blockchain, this relationship is being commoditized and tokenized through the raging phenomenon called Friend.Tech.

How much is a true friendship really worth to you? And would you be willing to sell that friendship to the highest bidder? These are the burning questions put to the test by this controversial new platform that has taken the cryptocurrency world by storm.

So what exactly is Friend.Tech? How does this decentralized social app work? And, most importantly, in symbolizing human connection itself, is he proving himself to be a trusted companion or an enemy who undermines the true essence of friendship? Let’s peel back the layers on this viral craze.

What is Friend.Tech?

The concept of a decentralized social app (or Social DApp) is not new, but Friend.Tech has emerged as the most successful Web3 “anti-Facebook” to date. Built on the Base network, Friend.Tech boasts over 200,000 users and an astonishing $309 million in trading volume. Its popularity helped Base surpass Ethereum, Arbitrum, and Optimism in transactions per second after launch.

Surprisingly, Friend.Tech is now one of the most profitable crypto protocols, surpassing giants like Uniswap, MakerDAO, and even Bitcoin itself, all within months of its release on August 10th.

Origin of Friend.Tech

Interestingly, Friend.Tech started out under a different name than the two-person team Racer and Shrimp. Racer’s first decentralized social project was TweetDAO, where egg NFTs granted access to a shared Twitter account before being shut down.

Then came Stealcam, rebranded as Friend.Tech in May, where users could mint images as invisible-until-purchased NFTs, which could also disappear if someone else bought them from you.

How does Friend.Tech work?

The premise is simple: Friend.Tech allows you to buy and sell “keys” that represent shares of your friends or any user. A larger number of keys makes future keys exponentially more expensive. Each transaction carries a 10% commission: half goes to the buyer/seller and half to the platform. Key owners get access to private chat rooms and exclusive content from that “friend.”

The hype behind Friend.Tech

So why this advertisement? Probably the prospect of a future airdrop, as suggested by Friend.Tech’s “airdrop” tab which states “Points released every Friday will have future uses.” Popular Crypto Twitter personalities like Hsaka, Cobie, and Pranksy were among the first, along with celebrities like Grayson Allen and FaZe Banks whose keys were stolen by fans.

VCs like Paradigm have also come on board. The attraction of these chats is that their owners can offer trading insights, token choices, or access to seed funding deals, which increases the value of the shares.

To get started, you will need an invitation code from friends or influencers. Then create an account linked to X (formerly Twitter) and deposit at least 0.01 ETH from Ethereum or Base into the automatically created wallet. Using a wallet burner is advisable for privacy. Once set up, start buying and exchanging friend keys!

To accumulate launch points you must actively buy, sell and share invitation codes. However, many question Friend.Tech’s staying power, given the openly teased airdrop and questionable sustainability with top keys ranging from 0.1 to over 7 ETH. Is the activity simply supported by whales hungry for airdrops? The 5% revenue share for exchange users also incentivizes public figures to sign up for “easy money” without providing real value.

Although volatile, Friend.Tech was earning over $1 million a day in commissions at its peak in August with over 100,000 users, an extremely high figure for a crypto app. Some key influencers like @Cobie and @HsakaTrades have reached almost $5,000. Business waned as the shine faded, but saw an influx of $7 million in early April ahead of the launch of Version 2 expanding beyond Twitter in May 2024. Weekly rates recently topped 1.3 million dollars for the first time since November.

Developers have also teased a FRIEND token, with the expectation that it could be launched based on accumulated usage points. However, privacy concerns persist as one researcher easily doxxed users by linking Twitter profiles to wallet addresses generated upon registration. The wisdom of trusting Friend.Tech with private keys is also questionable.

Ultimately, Friend.Tech exemplifies how anything can be tokenized in cryptocurrencies, innovatively monetizing attention and influence in a similar way to OnlyFans or Patreon. But is the price of these friendships exchanged on blockchain what you are willing to pay?

(The author is the Vice President of WazirX)

Disclaimer: The opinions, beliefs and views expressed by the various authors and forum participants on this website are their own and do not reflect the opinions, beliefs and views of ABP Network Pvt. Ltd. Crypto products and NFTs are not regulated and can be highly risky. There may be no regulatory recourse for any losses arising from such transactions. Cryptocurrency is not legal tender and is subject to market risks. Readers are advised to seek expert advice and carefully read the offering documents along with relevant relevant literature on the subject before making any type of investment. Cryptocurrency market forecasts are speculative and any investments made will be at the sole cost and risk of the readers.

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We are the editorial team of BlockChainGuardian, where seriousness meets clarity in cryptocurrency analysis. With a robust team of finance and blockchain technology experts, we are dedicated to meticulously exploring complex crypto markets with detailed assessments and an unbiased approach. Our mission is to democratize access to knowledge of emerging financial technologies, ensuring they are understandable and accessible to all. In every article on BlockChainGuardian, we strive to provide content that not only educates, but also empowers our readers, facilitating their integration into the financial digital age.

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Hollywood.ai by FAME King Sheeraz Hasan Promulgates a Complete Ecosystem that Unites Web3, Cryptography, AI and Entertainment for Spectacular Global Tech Innovation

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Hollywood.ai by FAME King Sheeraz Hasan Promulgates a Complete Ecosystem that Unites Web3, Cryptography, AI and Entertainment for Spectacular Global Tech Innovation

The one and only FAME King Sheeraz Hasan is launching Hollywood.ai, a revolutionary platform designed to integrate the cutting-edge realms of Web3, cryptocurrency, AI, finance and entertainment. This revolutionary initiative is set to create a seamless, interactive and intuitive ecosystem where the world’s leading technology luminaries can collaborate on innovations, ultimately redefining the future of digital interaction.

Hollywood.ai represents the convergence of the most complex technologies of all time. Fusing Web3 principles, cryptocurrency utilities, AI advances, and financial machinery, Sheeraz’s platform aims to become the nucleus for innovation and modernization. It provides a high-tech environment where technology and creativity collide harmoniously, paving the way for new paths in the digital economy.

A defining feature of Hollywood.ai is the integration of cryptocurrency into the AI ​​ecosystem, transforming AI into a tokenized asset with full cryptographic utility. Sheeraz’s novel approach presents new avenues to leverage the myriad capabilities of AI in the financial realm, unlocking unprecedented opportunities for developers and users alike. Through the amalgamation of AI and cryptocurrency, Hollywood.ai is paving the way for an incredibly interconnected digital space unlike anything seen before.

The platform’s design emphasizes the undeniable symbiosis between various technology sectors. Under Sheeraz’s careful orchestration, Web3 technologies facilitate decentralized collaboration, while AI tools offer enhanced potential for data analytics, content creation, and audience engagement. Additionally, the inclusion of financial innovations ensures rapid mobility of both monetization and investments, providing a holistic environment that meets the ever-evolving demands of the technology and entertainment segments.

Sheeraz’s Hollywood.ai is poised to become the premier hub for industry leaders, developers, and creators to support and empower the next generation of digital experiences. This initiative aspires to drive the emergence of new tools, applications, and services that set new standards for advanced engagement and interaction.

Known for making the impossible possible, Sheeraz envisions a future where global audiences actively participate in designing the next A-list stars from scratch. Hollywood.ai will allow users to watch their creations evolve from simple concepts to 3D talents that can act, sing and perform just like human actors.

The Hollywood.ai platform leverages AI technology to deliver personalized fan engagement, real-time sentiment analysis, and informed content creation. By combining cutting-edge AI capabilities with Sheeraz’s deep understanding of celebrity branding, Hollywood.ai gains immense control over public figures.

Undeniably, FAME’s number one strategist Sheeraz Hasan continues to cement his reputation as a pioneer in the fields of FAME and technology. The power and influence of this latest development brings him closer to total world domination.

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Online Broker Futu Offers Cryptocurrency Trading in Hong Kong, With Nvidia and Alibaba Stock as Rewards

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Online Broker Futu Offers Cryptocurrency Trading in Hong Kong, With Nvidia and Alibaba Stock as Rewards

Futu Securities International, Hong Kong’s largest online broker, has launched retail cryptocurrency trading in the city, offering shares of Alibaba Holding Group AND Nvidia as a reward in an attempt to attract investors. Futu has begun allowing Hong Kong residents to trade Bitcoin and ether, the world’s two largest cryptocurrencies, directly on the brokerage platform using Hong Kong or U.S. dollars, the company announced Thursday.

The online retail broker said last month that it had received an upgrade to its securities license from the Securities and Futures Commission (SFC), allowing Futu to offer virtual asset trading services to both professional and retail clients in the city.

Futu’s move comes as Hong Kong seeks to boost its attractiveness as a business hub for virtual assets, with the city government launching a series of new cryptocurrency policy initiatives over the past two years, including a mandatory licensing regime for cryptocurrency exchanges.

In addition to offering cryptocurrency trading on its flagship brokerage app, Futu is also seeking a cryptocurrency trading license for its new PantherTrade platform. That platform is among 11 in Hong Kong that are currently “deemed licensed” for cryptocurrency trading, an arrangement that allows them to operate in the city while they await full approval from the SFC.

Hong Kong’s progress in becoming a crypto hub has encountered various challenges, including exit of the major global platforms and relatively low trading activity for cryptocurrency exchange-traded funds offered on local stock exchanges.

Futu is now offering a series of incentives to potential investors, amid a cryptocurrency bull market that has seen the price of bitcoin rise 45 percent this year.

Hong Kong investors who open accounts in August and deposit HK$10,000 (US$1,280) over the next 60 days can receive HK$600 worth of bitcoin, a HK$400 supermarket voucher or a single Chinese stock. e-commerce giant Alibaba. Alibaba owns the South China Morning Post.

By holding 80,000 U.S. dollars for the same period, users can get 1,000 Hong Kong dollars in bitcoin or a share of U.S. artificial intelligence (AI) chip maker Nvidia, whose shares have risen more than 140 percent this year.

A Futu representative said the brokerage firm will also waive cryptocurrency trading fees starting Thursday until further notice.

Futu is the first online brokerage in Hong Kong to allow retail investors to buy cryptocurrency directly on its platform. SFC rules require it to offer this service through a tie-up with a licensed cryptocurrency exchange. Futu is partnering with HashKey Exchange, one of only two licensed exchanges in Hong Kong, according to the representative.

Futu’s local rival Tiger Brokers also said in May that it had begun offering cryptocurrency trading services to professional investors on its platform following a license update. The SFC defines professional investors as those with more than HK$8 million in their investment portfolios or corporate entities with assets exceeding HK$40 million.

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Tech Crash: $2.6 Trillion Market Cap Vanishes as ‘Magnificent 7’ Prices Stumble

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Tech Crash: $2.6 Trillion Market Cap Vanishes as ‘Magnificent 7’ Prices Stumble

A group of seven megacap tech stocks, often called the Magnificent 7, have lost more than $2.6 trillion in value over the past 20 days, or an average of $125 billion per day over the period. In total, these stocks have lost “three times the value of the entire Brazilian stock market.”

This according to the economic news agency Letter from Kobeissiwho noted on the microblogging platform X (formerly known as Twitter) that the Magnificent 7 batch “is worth as much as Nvidia’s entire current market cap in 20 days,” with Nvidia itself having lost $1 trillion from its high.

Source:Letter from Kobeissi on the X

The group, which includes Nvidia, Microsoft, Amazon, Apple, Alphabet, Meta and Tesla, has undergone a significant correction: in the last 20 days Nvidia has lost 23% of its value, or about $800 billion, while Tesla has fallen 19%, losing $164 billion.

Microsoft, Apple, Amazon, Alphabet and Meta all posted losses of between 9% and 15%, losing between $257 billion and $554 billion in market capitalization, wiping out a total of $200 billion more “than every single German stock market tock combined.”

Tech titans, which have outperformed the broader S&P 500 index since the market bottom of 2022, are now facing a reckoning as investors grow increasingly wary about the sustainability of their meteoric rise, with Nvidia taking the lead soaring 110% since the beginning of the year and over 2,300% in the last five years.

Earnings reports from these companies, starting with Microsoft and culminating with Nvidia in late August, will be closely watched for signs of weakness. Their performance could set the tone for broader market sentiment, with implications for everything from cryptocurrency to other high-risk assets.

Their poor performance comes after a leading macroeconomist, Henrik Zeberg, reiterated his forecast of an impending recession that will be preceded by a final wave in key sectors of the market, but which can potentially be the worst the market has seen since 1929the worst bear market in Wall Street history.

In particular, the Hindenburg Omen, a technical indicator designed to identify potential stock market crashes, began flashing just a month after its previous signal, raising concerns about a possible impending stock market downturn.

The indicator compares the percentage of stocks hitting new 52-week highs and lows to a specific threshold. When the number of stocks hitting both extremes exceeds a certain level, the indicator is said to be triggered, suggesting a greater risk of a crash.

Featured Image via Disinfect.

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Trump Fights for Cryptocurrency Vote at Bitcoin Conference

BlockChainGuardian Staff

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A large conference hall filled with enthusiastic attendees, Bitcoin logos prominently displayed, and a podium with an American flag

To the Bitcoin Conference 2024 In Nashville, Tennessee, former President Donald Trump delivered a keynote speech.

Trump, the Republican presidential candidate, used the platform to appeal to the tech community and solicit donations for the campaign. During the conference, He said:

I promise the Bitcoin community that the day I take the oath of office, Joe Biden and Kamala Harris’ anti-crypto crusade will be over… If we don’t embrace cryptocurrency and Bitcoin technology, China will, other countries will. They will dominate, and we can’t let China dominate. They are making too much progress as it is.

Trump’s speech focused heavily on cryptocurrency policy, positioning it as a partisan issue. He said that if reelected, he would fire SEC Chairman Gary Gensler on his first day in office, a statement that drew enthusiastic applause from the audience. This statement marked a stark contrast to Gensler’s tenure, which has been characterized by rigorous oversight of the cryptocurrency industry.

The former president outlined several pro-crypto initiatives he would undertake if elected. These include transforming the United States into a global cryptocurrency hub, keeping all government-held Bitcoin as a “national Bitcoin reserve,” establishing a presidential advisory council on Bitcoin and cryptocurrency, and developing power plants to support cryptocurrency mining, emphasizing the use of fossil fuels.

Trump’s current embrace of cryptocurrencies represents a reversal from his stance in 2021, when described Bitcoin as a “scam against the dollar.” He also noted that his campaign has received $25 million in donations since accepting cryptocurrency payments two months ago.

The event featured other political figures, including Republican Senators Tim Scott and Tommy Tuberville, as well as Democratic Representatives Wiley Nickel and Ro Khanna. Independent presidential candidate Robert F. Kennedy Jr. also spoke at the conference.

Trump’s appearance at Bitcoin 2024 reflects growing support for his campaign from some tech leaders, including Tesla CEO Elon Musk and cryptocurrency entrepreneurs Cameron and Tyler Winklevoss.

While Trump has described the current administration as “anti-crypto,” Democratic Congressman Wiley Nickel said Vice President Kamala Harris is taking a “forward-thinking approach to digital assets and blockchain technology.”

This event underscores the growing political importance of cryptocurrency policy in the upcoming presidential election.

Kamala Harris and Democrats Respond on Cryptocurrencies

In a strategic move to repair strained relations, Vice President Kamala Harris’ team has initiated a dialogue with major cryptocurrency industry players. This outreach aims to restore the Democratic Party’s stance on digital assets and promote a more collaborative approach.

THE Financial Times reports that Harris’s advisors have reached out to representatives from industry leaders like Coinbase, Circle, and Ripple Labs. This move comes as the cryptocurrency community increasingly supports Republican candidate Donald Trump, reflecting growing dissatisfaction with the current administration’s cryptocurrency policies.

THE disclosure follows a letter from Democratic lawmakers and 2024 candidates urging the party to reevaluate its approach to digital assets. Harris’s team stresses that this effort is less about securing campaign contributions and more about engaging in constructive dialogue to develop sensible regulations.

The move is part of a broader strategy to reshape the Democratic Party’s image among business leaders, countering perceptions of an anti-business stance. Harris’ campaign aims to project a “pro-business, responsible business” message.

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